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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    March&#160;31, 2010</B>
</DIV>

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    <B><!-- /XBRL,dc -->Registration
    No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</B>
</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 14pt">UNITED STATES<BR>
    SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">AMERESCO, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
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<TD align="center" valign="top">
    <B>Delaware<BR>
    </B><I><FONT style="font-size: 8pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>4931<BR>
    </B><I><FONT style="font-size: 8pt">(Primary Standard
    Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>04-3512838<BR>
    </B><I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification No.) </FONT></I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>111 Speen Street, Suite&#160;410</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Framingham, Massachusetts 01701</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(508)&#160;661-2200</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>George P. Sakellaris</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>President and Chief Executive Officer</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>111 Speen Street, Suite&#160;410</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Framingham, Massachusetts 01701</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(508)&#160;661-2200</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TD align="center" valign="top">
    <B>Mark G. Borden,&#160;Esq.<BR>
    Patrick J. Rondeau,&#160;Esq.<BR>
    Wilmer Cutler Pickering Hale and Dorr LLP<BR>
    60 State Street<BR>
    Boston, Massachusetts 02109<BR>
    <FONT style="white-space: nowrap">(617)&#160;526-6000</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Thomas R. Burton,&#160;III,&#160;Esq.<BR>
    Sahir Surmeli,&#160;Esq.<BR>
    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,&#160;P.C.<BR>
    One Financial Center<BR>
    Boston, Massachusetts 02111<BR>
    (617) 542-6000</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:</B>&#160;&#160;As soon as practicable after this
    Registration Statement is declared effective.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this form are
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;) please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, please check the
    following box and list the Securities Act registration statement
    number of the earlier effective registration statement for the
    same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, please check the
    following box and list the Securities Act registration statement
    number of the earlier effective registration statement for the
    same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in Rule
    <FONT style="white-space: nowrap">12b-2</FONT> of the
    Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">Large
    accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    <FONT style="white-space: nowrap">Non-accelerated</FONT>
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
</TR>

</TABLE>



<DIV align="center" style="margin-left: 22%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Do not check if a smaller
    reporting company)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
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<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>&#160;&#160;&#160;&#160;&#160;Title of Each Class of
    Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Offering Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fee(2)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Class&#160;A Common Stock, par value $0.0001 per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    125,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    8,913
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Estimated solely for the purpose of
    computing the registration fee in accordance with
    Rule&#160;457(o) under the Securities Act of 1933, as amended.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Calculated pursuant to
    Rule&#160;457(o) based on an estimate of the proposed maximum
    aggregate offering price.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act or until the Registration Statement shall
    become effective on such date as the Commission, acting pursuant
    to Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 10pt; color: #E8112D">The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="color: #E8112D">Subject to Completion
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="color: #E8112D">Preliminary Prospectus dated March
    31, 2010
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <BR>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">P R O
    S P E C T U S</FONT></U></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b79273b7927301.gif" alt="(AMERESCO LOGO)"><B><FONT style="font-size: 18pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Class&#160;A Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is Ameresco&#146;s initial public offering. We are
    selling&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock and the selling stockholders
    are
    selling&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock. We will not receive any
    proceeds from the sale of shares to be offered by the selling
    stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this offering, we will have two classes of authorized
    common stock: Class&#160;A common stock and Class&#160;B common
    stock. The rights of the holders of our Class&#160;A common
    stock and our Class&#160;B common stock will be identical,
    except with respect to voting and conversion. Each share of our
    Class&#160;A common stock will be entitled to one vote per share
    and will not convert into any other shares of our capital stock.
    Each share of our Class&#160;B common stock will be entitled
    to&#160;&#160;&#160;&#160;&#160; votes per share and will
    convert into one share of our Class&#160;A common stock upon the
    occurrence of specified events.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect the public offering price to be between
    $&#160;&#160;&#160;&#160;&#160; and
    $&#160;&#160;&#160;&#160;&#160; per share. Currently, no public
    market exists for the shares. After pricing of the offering, we
    expect that the shares will trade on either the New York Stock
    Exchange or the NASDAQ Global Market under the symbol
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the Class&#160;A common stock involves risks
    that are described in the &#147;Risk Factors&#148; section
    beginning on page&#160;11 of this prospectus.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the selling stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters may also purchase up to an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    from us, and up to an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    from the selling stockholders, at the public offering price,
    less the underwriting discount, within 30&#160;days from the
    date of this prospectus to cover overallotments, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The shares will be ready for delivery on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sole Book-Running Manager</I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">BofA Merrill Lynch</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Lead Manager</I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">RBC Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Oppenheimer&#160;&#038;
    Co.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Special Note Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Dividend Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Dilution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Selected Consolidated Financial Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Business</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Management</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Related Person Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Principal and Selling Stockholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Shares&#160;Eligible for Future Sale</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Material U.S. Federal Tax Considerations for
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    110
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Underwriting (Conflicts of Interest)</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Index to Consolidated Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w1.htm">EX-10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w2.htm">EX-10.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w3.htm">EX-10.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w4.htm">EX-10.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w5.htm">EX-10.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w6.htm">EX-10.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w7.htm">EX-10.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w8.htm">EX-10.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w9.htm">EX-10.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv10w14.htm">EX-10.14</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b79273exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained in this
    prospectus and any free writing prospectus we may specifically
    authorize to be delivered or made available to you. We have not,
    and the selling stockholders and the underwriters have not,
    authorized anyone to provide you with additional or different
    information. The information contained in this prospectus or any
    free writing prospectus is accurate only as of its date,
    regardless of its time of delivery or of any sale of shares of
    our common stock. Our business, financial condition, results of
    operations and prospects may have changed since that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is an offer to sell only the shares offered
    hereby but only under circumstances and in jurisdictions where
    it is lawful to do so.
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights information contained elsewhere in
    this prospectus. You should read this summary together with the
    more detailed information appearing in this prospectus,
    including our consolidated financial statements and related
    notes, and the risk factors beginning on page&#160;11, before
    deciding whether to purchase shares of our Class&#160;A common
    stock. Unless the context otherwise requires, we use the terms
    &#147;Ameresco,&#148; &#147;our company,&#148; &#147;we,&#148;
    &#147;us&#148; and &#147;our&#148; in this prospectus to refer
    to Ameresco, Inc. and its subsidiaries.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. Our solutions enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services addresses almost all
    aspects of purchasing and using energy within a facility. Our
    services include upgrades to a facility&#146;s energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. As one of the few large, independent
    energy efficiency service providers, we are able to objectively
    select and provide the products and technologies best suited for
    a customer&#146;s needs. Having grown from four offices in three
    states in 2001 to 54&#160;offices in 29&#160;states and four
    Canadian provinces in 2009, we now combine a North American
    footprint with strong local operations. Since our inception in
    2000, we have served more than 2,000 customers, which include
    primarily governmental, educational, utility, healthcare and
    other institutional, commercial and industrial entities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal service is the development, design, engineering
    and installation of projects that reduce the energy and
    operations and maintenance, or O&#038;M, costs of our
    customers&#146; facilities. These projects typically include a
    variety of measures customized for the facility and designed to
    improve the efficiency of major building systems, such as
    heating, ventilation, air conditioning and lighting systems. We
    typically enter into energy savings performance contracts, or
    ESPCs, under which we commit to our customers that our energy
    efficiency projects will satisfy
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    performance standards upon installation or achieve specified
    increases in energy efficiency. In most cases, the forecasted
    lifetime energy and operating cost savings of the energy
    efficiency measures we install will defray all or almost all of
    the cost of such measures. In many cases, we assist customers in
    obtaining third-party financing for the cost of constructing the
    facility improvements, resulting in little or no upfront capital
    expenditure by the customer. After a project is complete, we may
    operate, maintain and repair the customer&#146;s energy systems
    under a multi-year O&#038;M contract, which provides us with
    recurring revenue and visibility into the customer&#146;s
    evolving needs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also serve certain customers by developing and building
    small-scale renewable energy plants located at or close to a
    customer&#146;s site. Depending on the customer&#146;s
    preference, we will either retain ownership of the completed
    plant or build it for the customer. Most of our plants have to
    date been constructed adjacent to landfills and use landfill
    gas, or LFG, to generate energy. Our largest renewable energy
    plant is currently under construction and will use biomass as
    the source of energy. In the case of the plants that we own, the
    electricity, thermal energy or processed LFG generated by the
    plant is sold under a long-term supply contract with the
    customer, which is typically a utility, municipality, industrial
    facility or other large purchaser of energy. We also sell and
    install photovoltaic, or PV, panels and integrated PV systems
    that convert solar energy to power. By enabling our customers to
    procure renewable sources of energy, we help them reduce or
    stabilize their energy costs, as well as realize environmental
    benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenue has increased from $20.9&#160;million in 2001, our
    first full year of operations, to $428.5&#160;million in 2009.
    We achieved profitability in 2002 and have been profitable every
    year since then.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Industry
    Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy and
</DIV>
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    <BR>
    1
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    environmental issues. End-users, utilities and governmental
    agencies are increasingly viewing energy efficiency measures as
    a cost-effective solution for saving energy, renewing aging
    facility infrastructure and reducing harmful emissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to a 2008 Frost&#160;&#038; Sullivan report, activity
    by energy services companies in the North American market for
    energy management services, including energy efficiency, demand
    response and other services, grew at a compound annual growth
    rate, or CAGR, of 22% from 2004 through 2008, with the estimated
    size of the market reaching more than $5&#160;billion in 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Large purchasers of energy and utilities are also increasingly
    seeking to use renewable sources of energy, such as LFG, wind,
    biomass, geothermal and solar, to reduce or stabilize their
    energy costs, meet regulatory mandates for use of renewable
    energy, diversify their fuel sources and realize environmental
    benefits, such as the reduction of greenhouse gas emissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe the following trends and developments are driving the
    growth of our industry:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Rising and Volatile Energy Prices.</I>&#160;Over the past
    decade, energy-linked commodity prices, including oil, gas, coal
    and electricity, have all increased and exhibited significant
    volatility. From 1999 to 2009, average U.S. retail electricity
    prices have increased by more than 50%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Potential of Energy Efficiency Measures to Significantly
    Reduce Energy Consumption</I>.&#160;The implementation of energy
    efficiency measures can significantly reduce the rate at which
    energy consumption is expected to increase. According to a July
    2009 report by McKinsey&#160;&#038; Company, economically viable
    and commercially available energy efficiency measures, if fully
    implemented, have the potential to save more than one
    trillion&#160;kWh of electricity, or 23% of overall U.S. demand,
    by 2020.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Aging and Inefficient Facility Infrastructure.</I>&#160;Many
    organizations continue to operate with an energy infrastructure
    that is significantly less efficient and cost-effective than now
    available through more advanced technologies applied to
    lighting, heating, cooling and other building systems. As these
    organizations explore alternatives for renewing their aging
    facilities, they often identify multiple areas within their
    facilities that could benefit from the implementation of energy
    efficiency measures, including the possible use of renewable
    sources of energy.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increased Focus on Cost Reduction.</I>&#160;The current
    economic environment has led many organizations to search for
    opportunities to reduce their operating costs. There has been a
    growing awareness that reduced energy consumption presents an
    opportunity for significant long-term savings in operating costs
    and that the installation of energy efficiency measures can be a
    cost-effective way to achieve such reductions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Movement Toward Industry Consolidation.</I>&#160;As energy
    efficiency solutions continue to increase in technological
    complexity and customers look for service providers that can
    offer broad geographic and product coverage, we believe smaller
    niche energy efficiency companies will continue to look for
    opportunities to combine with larger companies that can better
    serve their customers&#146; needs. Increased market presence and
    size of energy efficiency companies should, in turn, create
    greater customer awareness of the benefits of energy efficiency
    measures.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increasing Legislative Support and Initiatives.</I>&#160;In
    the United States and Canada, federal, state, provincial, and
    local governments have enacted and are considering legislation
    and regulations aimed at increasing energy efficiency, reducing
    greenhouse gas emissions and encouraging the expansion of
    renewable energy generation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increased Use of Third-Party Financing.</I>&#160;Many
    organizations desire to use their existing sources of capital
    for core investments or do not have the internal capacity to
    finance improvements to their energy infrastructure. These
    organizations often require innovative structures to facilitate
    the financing of energy efficiency and renewable energy
    projects. Customers seeking to upgrade or renew their energy
    systems are increasingly seeking to enter into ESPCs or other
    creative arrangements that facilitate third-party financing for
    their projects.
</TD>
</TR>

</TABLE>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Competitive Strengths</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe our competitive strengths include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>One-Stop, Comprehensive Service Provider.</I>&#160;We offer
    our customers expertise in addressing almost all aspects of
    purchasing and using energy within a facility. Our experienced
    project development and engineering staff provide us with the
    capability and flexibility to determine the combination of
    energy efficiency measures that is best suited to achieve the
    customer&#146;s energy efficiency and environmental goals.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Independence.</I>&#160;We are an independent company with no
    affiliation to any equipment manufacturer, utility or fuel
    company. Unlike affiliated service companies, we have the
    freedom and flexibility to be objective in selecting particular
    products and technologies available from different manufacturers
    in order to optimize our solutions for customers&#146;
    particular needs.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Strong Customer Relationships.</I>&#160;We have served over
    2,000 customers since our inception, including over 1,000
    customers in 2009. Our design, engineering and support
    activities, which typically span multiple years, foster a close
    relationship with our customers, which positions us to identify
    their future needs and provide additional services to them.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Creative Solutions.</I>&#160;Our engineering staff has
    expertise in a broad range of technologies and energy savings
    strategies encompassing different types of electrical, heating,
    cooling, lighting, water, renewable energy and other facility
    infrastructure systems. We apply this expertise to design and
    engineer innovative solutions customized to meet the specific
    needs of each customer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Strong National and Local Presence.</I>&#160;We have a
    nationwide presence in both the United States and Canada and
    serve certain of our customers in European locations. We
    maintain a centralized staff of engineering, financial and legal
    personnel at our headquarters in Massachusetts, who provide
    support to our seven regional offices and 46 other field offices
    located throughout the United States and Canada. We believe that
    our organizational structure enables us to be fast, flexible and
    cost-effective in responding to our customers&#146; needs.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Experienced Management and Operations Team.</I>&#160;Our
    executive officers have an aggregate of over 150&#160;years of
    experience in the energy efficiency field. As of
    December&#160;31, 2009, we employed over 200 engineers, whose
    experience with respect to fuels, rates, technologies and
    geography-specific regulation and economic benefits enables us
    to propose and design energy efficiency solutions that take into
    account the economic, technological, environmental and
    regulatory considerations that we believe underlie the cost
    efficiencies and operational success of a project.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Federal and State Qualifications.</I>&#160;The federal
    governmental program under which federal agencies and
    departments can enter into ESPCs requires that energy service
    providers have a track record in the industry and meet other
    specified qualifications. Over 20&#160;states require similar
    qualifications. In 2008, we renewed our qualification to enter
    into an indefinite delivery, indefinite quantity, or IDIQ,
    contract under the U.S.&#160;Department of Energy program for
    ESPCs. This IDIQ has an aggregate maximum potential ordering
    amount of $5&#160;billion and expires in 2019. We are currently
    qualified to enter into ESPCs in most states that require
    qualification. The scope of our qualifications provides us with
    the opportunity to continue to grow our business with federal,
    state and other governmental customers and differentiates us
    from energy efficiency companies that have not been similarly
    qualified.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Integration of Strategic Acquisitions.</I>&#160;We have a
    track record of completing over ten acquisitions that have
    enabled us to broaden our offerings, expand our geographical
    reach and accelerate our growth. We believe that our ability to
    offer a comprehensive set of energy efficiency services across
    North America has been, and will continue to be, enhanced by our
    expertise in identifying and completing acquisitions that expand
    our service offerings, as well as
</TD>
</TR>
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    <BR>
    3
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="5%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    by our ability to integrate and leverage the skilled
    engineering, sales and operational personnel that come to us
    through these acquisitions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our goal is to capitalize on our strong customer base and broad
    range of service offerings to become the leading provider of
    comprehensive energy efficiency and renewable energy solutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Key elements of our strategy include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Pursue Organic Growth.</I>&#160;We plan to open additional
    local offices in the regions we currently serve, as well as hire
    additional sales personnel. We also plan to expand
    geographically by opening new offices in regions we do not
    currently serve in the United States and Canada, as well as in
    Europe.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Continue to Maintain Customer Focus.</I>&#160;We will
    continue to maintain an entrepreneurial approach toward our
    customers and remain flexible in designing projects tailored
    specifically to meet their needs.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Expand Scope of Product and Service Offerings.</I>&#160;We
    plan to continue to expand our offerings by including new types
    of energy efficiency services, products and improvements to
    existing products based on technological advances in energy
    savings strategies, equipment and materials.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Meet Market Demand for Cost-Effective,
    Environmentally-Friendly Solutions</I>.&#160;&#160;Through our
    energy efficiency measures and small-scale renewable energy
    plants and products, we enable customers to conserve energy and
    reduce emissions of carbon dioxide and other pollutants. We plan
    to continue to focus on providing sustainable energy solutions
    that will address the growing demand for products and services
    that create environmental benefits for customers.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increase Recurring Revenue.</I>&#160;For many of our energy
    efficiency projects, we enter into multi-year O&#038;M
    contracts, and we plan to continue to grow both the number and
    scope of such contracts. We also obtain recurring revenue from
    sales of electricity, thermal energy and gas generated by the
    small-scale renewable energy and central plants that we
    construct and own, and we plan to continue to seek opportunities
    to construct such plants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Grow Through Select Strategic Acquisitions.</I>&#160;We plan
    to continue to pursue complementary acquisitions that will
    enable us to both expand geographically in North America and
    abroad, and broaden our product and service offerings.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Associated with Our Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business is subject to numerous risks, as more fully
    described in the section entitled &#147;Risk Factors&#148;
    immediately following this prospectus summary.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our Dual
    Class&#160;Capital Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this offering, we will have two classes of common
    stock: Class&#160;A common stock and Class&#160;B common stock.
    The rights of the holders of our Class&#160;A common stock and
    our Class&#160;B common stock will be identical, except with
    respect to voting and conversion. Each share of our Class&#160;A
    common stock will be entitled to one vote per share and will not
    be convertible into any other shares of our capital stock. Each
    share of our Class&#160;B common stock will be entitled
    to&#160;&#160;&#160;&#160;&#160;votes per share, will be
    convertible at any time into one share of our Class&#160;A
    common stock at the option of the holder of such share and will
    also automatically convert into one share of our Class&#160;A
    common stock upon the occurrence of certain specified events,
    including a transfer of such shares (other than to such
    holder&#146;s family members, descendants or certain affiliated
    persons or entities). See &#147;Description of Capital
    Stock&#160;&#151; Common Stock.&#148;
</DIV>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Corporate
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were incorporated in Delaware in April 2000. Our principal
    executive offices are located at 111 Speen Street,
    Suite&#160;410, Framingham, Massachusetts 01701 and our
    telephone number is
    <FONT style="white-space: nowrap">(508)&#160;661-2200.</FONT>
    Our website address is www.ameresco.com. Information contained
    on our website is not incorporated by reference into this
    prospectus, and you should not consider information contained on
    our website to be part of this prospectus or in deciding whether
    to purchase shares of our Class&#160;A common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Ameresco,&#148; the Ameresco logo,
    &#147;Green&#160;&#149;&#160;Clean&#160;&#149;&#160;Sustainable,&#148;
    &#147;AXIS&#148; and other trademarks or service marks of
    Ameresco appearing in this prospectus are the property of
    Ameresco. This prospectus contains additional trade names,
    trademarks and service marks of other companies, which are the
    property of their respective owners.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conflicts
    of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bank of America, N.A., an affiliate of Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, an underwriter in this
    offering, is acting as the agent and a lender under our
    revolving line of credit. We intend to use a portion of the net
    proceeds from this offering to repay the balance outstanding
    under our $50&#160;million revolving senior secured credit
    facility, of which $19.9&#160;million in principal was
    outstanding as of December&#160;31, 2009. See &#147;Use of
    Proceeds&#148; and &#147;Underwriting.&#148;
</DIV>
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    <BR>
    5
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Class A Common stock offered by:</TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Ameresco</TD>
    <TD></TD>
    <TD valign="bottom">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Selling stockholders</TD>
    <TD></TD>
    <TD valign="bottom">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Total</TD>
    <TD></TD>
    <TD valign="bottom">
    <DIV style="position:relative; display:inline; border-bottom:3px double #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</DIV>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Common stock to be outstanding after this offering: </TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Class&#160;A</TD>
    <TD></TD>
    <TD valign="bottom">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Class&#160;B</TD>
    <TD></TD>
    <TD valign="bottom">
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#160;&#160;Total</TD>
    <TD></TD>
    <TD valign="bottom">
    <DIV style="position:relative; display:inline; border-bottom:3px double #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</DIV>Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to use our net proceeds from this offering (i)&#160;to
    repay the balance outstanding under our $50&#160;million
    revolving senior secured credit facility, under which
    $19.9&#160;million in principal was outstanding as of
    December&#160;31, 2009, (ii)&#160;to repay the $3.0&#160;million
    subordinated note held by our president and chief executive
    officer and (iii)&#160;for working capital and other general
    corporate purposes, which may include opening additional offices
    in the United States and abroad, expanding sales and marketing
    activities, and funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures. We may also use a portion of our net proceeds for
    acquisitions of complementary companies, assets or technologies.
    We will not receive any proceeds from the shares sold by the
    selling stockholders. See &#147;Use of Proceeds&#148; for more
    information.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Risk Factors</TD>
    <TD></TD>
    <TD valign="bottom">
    You should read the &#147;Risk Factors&#148; section and other
    information included in this prospectus for a discussion of
    factors to consider carefully before deciding to invest in
    shares of our Class&#160;A common stock.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Proposed symbol</TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of our Class&#160;A common stock and our
    Class&#160;B Common Stock to be outstanding after this offering
    is based on 7,271,142&#160;shares of our Class&#160;A common
    stock and 9,000,000&#160;shares of our Class&#160;B common stock
    outstanding as of December&#160;31, 2009, and excludes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    202,643&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of a warrant that was outstanding and
    exercisable as of December&#160;31, 2009 at an exercise price of
    $0.01 per share, which will remain outstanding after this
    offering if not exercised prior to this offering;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    4,725,100&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of stock options outstanding as of
    December&#160;31, 2009 at a weighted-average exercise price of
    $5.36 per
    <FONT style="white-space: nowrap">share;&#160;and</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock that will be available for
    future issuance under our 2010 stock incentive plan, or our 2010
    stock plan, which will become effective upon the closing of this
    offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    6
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Except as otherwise noted, all information in this
    prospectus:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the amendment and restatement of our
    certificate of incorporation and amendment and restatement of
    our by-laws to be effected prior to the closing of this
    offering;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the reclassification of all outstanding
    shares of our common stock as Class&#160;A common stock to be
    effected prior to the closing of this offering;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the conversion of each outstanding option to
    purchase shares of our common stock into an option to purchase
    an equal number of shares of our Class&#160;A common stock at
    the same exercise price per share;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the conversion of an outstanding warrant to
    purchase 202,643&#160;shares of our common stock into a warrant
    to purchase an equal number of shares of our Class&#160;A common
    stock at the same exercise price per share;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the election of all holders of our
    convertible preferred stock, other than George P. Sakellaris,
    our founder, principal stockholder, president and chief
    executive officer, to convert all of their shares of our
    convertible preferred stock into shares of our Class&#160;A
    common stock prior to the closing of this offering;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>gives effect to the automatic conversion of all outstanding
    shares of our convertible preferred stock, which will then be
    held solely by Mr. Sakellaris, into shares of our Class&#160;B
    common stock prior to the closing of this offering; and</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>assumes no exercise by the underwriters of their
    over-allotment option.</I>
</TD>
</TR>

</TABLE>
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</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Consolidated Financial Data</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables summarize the consolidated financial data
    for our business for the periods presented. Our historical
    results for prior periods are not necessarily indicative of
    results to be expected for any future period. You should read
    this summary consolidated financial data together with our
    consolidated financial statements and related notes included
    elsewhere in this prospectus and the information under
    &#147;Selected Consolidated Financial Data&#148; and
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(In thousands, except share and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Statement of Income Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Energy efficiency revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    345,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    325,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    340,636
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Renewable energy revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,881
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378,477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,854
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    428,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Energy efficiency expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Renewable energy expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,072
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,472
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,038
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    318,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,817
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,284
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,042
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other (expense) income, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,138
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,188
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,563
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Income before provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax provision
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,714
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,215
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,950
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,545
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,907
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income per share attributable to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted-average number of common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,560,511
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,339,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,995,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,698,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,789,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,964,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Operating Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted EBITDA(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pro forma consolidated balance sheet data give effect to
    (i)&#160;the reclassification of all outstanding shares of our
    common stock as Class&#160;A common stock, (ii) the election by
    all holders of our convertible preferred stock, other than Mr.
    Sakellaris, to convert all of their shares of our convertible
    preferred stock into shares of our Class A common stock and
    (iii)&#160;the conversion of all outstanding shares of our
    convertible preferred stock into shares of our Class&#160;B
    common stock. The pro forma as adjusted consolidated balance
    sheet data also give effect to the sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock offered by us at an assumed
    initial public offering price of $&#160;&#160;&#160;&#160;&#160;
    per share, the midpoint of the estimated price range shown on
    the cover page of this prospectus and after deducting the
    estimated underwriting discount and estimated offering expenses
    payable by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375,545
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, less current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,807
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    We define adjusted EBITDA as operating income before
    depreciation and amortization expense, share-based compensation
    expense and a non-recurring non-cash recovery of a contingency
    in 2008. Adjusted EBITDA is a non-GAAP financial measure and
    should not be considered as an alternative to operating income
    or any other measure of financial performance calculated and
    presented in accordance with U.S. generally accepted accounting
    principles, or GAAP.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe adjusted EBITDA is useful to investors in evaluating
    our operating performance for the following reasons:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA and similar non-GAAP measures are widely used by
    investors to measure a company&#146;s operating performance
    without regard to items that can vary substantially from company
    to company depending upon financing and accounting methods, book
    values of assets, capital structures and the methods by which
    assets were acquired;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    securities analysts often use adjusted EBITDA and similar
    non-GAAP measures as supplemental measures to evaluate the
    overall operating performance of companies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    by comparing our adjusted EBITDA in different historical
    periods, our investors can evaluate our operating results
    without the additional variations of depreciation and
    amortization expense, share-based compensation expense and the
    non-recurring non-cash recovery of a contingency in 2008.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our management uses adjusted EBITDA:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    as a measure of operating performance, because it does not
    include the impact of items that we do not consider indicative
    of our core operating performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for planning purposes, including the preparation of our annual
    operating budget;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to allocate resources to enhance the financial performance of
    our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to evaluate the effectiveness of our business
    strategies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    in communications with our board of directors and investors
    concerning our financial performance.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that, although measures similar to adjusted EBITDA
    are frequently used by investors and securities analysts in
    their evaluation of companies, adjusted EBITDA has limitations
    as an analytical tool, and you should not consider it in
    isolation or as a substitute for analysis of our results of
    operations as reported under GAAP. Some of these limitations are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or other contractual
    commitments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect changes in, or cash
    requirements for, our working capital needs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect stock-based compensation
    expense;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect cash requirements for income
    taxes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect net interest income (expense);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    although depreciation and amortization are non-cash charges, the
    assets being depreciated or amortized will often have to be
    replaced in the future, and adjusted EBITDA does not reflect any
    cash requirements for these replacements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    other companies in our industry may calculate adjusted EBITDA
    differently than we do, limiting its usefulness as a comparative
    measure.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To properly and prudently evaluate our business, we encourage
    you to review the GAAP financial statements included elsewhere
    in this prospectus, and not to rely on any single financial
    measure to evaluate our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents a reconciliation of adjusted EBITDA
    to operating income, the most comparable GAAP measure:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and impairment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,278
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,679
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Recovery of contingency
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,850
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>An investment in our Class&#160;A common stock involves a
    high degree of risk. In deciding whether to invest, you should
    carefully consider the following risk factors. Any of the
    following risks could have a material adverse effect on our
    business, financial condition and operating results and cause
    the value of our Class&#160;A common stock to decline, which
    could cause you to lose all or part of your investment. When
    determining whether to invest in our Class&#160;A common stock,
    you should also refer to the other information in this
    prospectus, including the consolidated financial statements and
    related notes.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    demand for our energy efficiency and renewable energy solutions
    does not develop as we expect, our revenue will suffer and our
    business will be harmed.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenue has increased significantly since January&#160;1,
    2005. We believe, and our growth expectations assume, that the
    market for energy efficiency and renewable energy solutions will
    continue to grow, that we will increase our penetration of this
    market and that our revenue from selling into this market will
    continue to increase. If our expectations as to the size of this
    market and our ability to sell our products and services in this
    market are not correct, our revenue will suffer and our business
    will be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    projects we undertake for our customers generally require
    significant capital, which our customers or we may finance
    through third parties, and such financing may not be available
    to our customers or to us on favorable terms, if at
    all.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our projects are typically financed by third parties. The cost
    of these projects to our customers can reach up to
    $200&#160;million. For our energy efficiency projects, we often
    assist our customers in arranging third-party financing. For
    small-scale renewable energy plants that we own, we typically
    rely on a combination of our working capital and debt to finance
    construction costs. The significant disruptions in the credit
    and capital markets in the last several years have made it more
    difficult for our customers and us to obtain financing on
    acceptable terms or, in some cases, at all. If we or our
    customers are unable to raise funds on acceptable terms when
    needed, we may be unable to secure customer contracts, the size
    of contracts we do obtain may be smaller or we could be required
    to delay the development and construction of projects, reduce
    the scope of those projects or otherwise restrict our operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, we entered into a $50&#160;million revolving senior
    secured credit facility that matures in June 2011. Availability
    under the facility is based on two times our EBITDA for the
    preceding four quarters, and we are required to maintain a
    minimum EBITDA of $20&#160;million on a rolling four-quarter
    basis and a minimum level of tangible net worth. This facility
    may not be sufficient to meet our needs as our business grows,
    and we may be unable to extend or replace it on acceptable
    terms, or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any inability by us or our customers to raise the funds
    necessary to finance our projects, or any inability by us to
    extend or replace our revolving credit facility, could
    materially harm our business, financial condition and operating
    results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    operating results may fluctuate significantly from quarter to
    quarter and may fall below expectations in any particular fiscal
    quarter.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results are difficult to predict and have
    historically fluctuated from quarter to quarter due to a variety
    of factors, many of which are outside of our control. As a
    result, comparing our operating results on a
    <FONT style="white-space: nowrap">period-to-period</FONT>
    basis may not be meaningful, and you should not rely on our past
    results as an indication of our future performance. If our
    revenue or operating results fall below the expectations of
    investors or any securities analysts that follow our company in
    any period, the trading price of our Class&#160;A common stock
    would likely decline.
</DIV>
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    <BR>
    11
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Factors that may cause our operating results to fluctuate
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to arrange financing for projects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in federal, state and local government policies and
    programs related to, or a reduction in governmental support for,
    energy efficiency and renewable energy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the timing of work we do on projects where we recognize revenue
    on a percentage of completion basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    seasonality in construction and in demand for our products and
    services;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a customer&#146;s decision to delay our work on, or other risks
    involved with, a particular project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    availability and costs of labor and equipment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the addition of new customers or the loss of existing customers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the size and scale of new customer projects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the availability of bonding for our projects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ability to control costs, including operating expenses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in the mix of our products and services;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the rates at which customers renew their O&#038;M contracts with
    us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the length of our sales cycle;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the productivity and growth of our sales force;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the timing of opening of new offices or making other significant
    investments in the growth of our business, as the revenue we
    hope to generate from those expenses often lags several quarters
    behind those expenses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in pricing by us or our competitors, or the need to
    provide discounts to win business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    costs related to the acquisition and integration of companies or
    assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    general economic trends, including changes in energy efficiency
    spending or geopolitical events such as war or incidents of
    terrorism;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    future accounting pronouncements and changes in accounting
    policies.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating expenses do not always vary directly with revenue
    and may be difficult to adjust in the short term. As a result,
    if revenue for a particular quarter is below our expectations,
    we may not be able to proportionately reduce operating expenses
    for that quarter, and therefore such a revenue shortfall could
    have a disproportionate effect on our operating results for that
    quarter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to maintain or increase our
    profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have been profitable on an annual basis since the year ended
    December&#160;31, 2002. However, we have incurred net losses in
    certain quarters since that time. We may not succeed in
    maintaining our profitability and could incur quarterly or
    annual losses in future periods. We intend to increase our
    expenses as we grow our business and expand into new geographic
    locations, and we expect to incur additional accounting, legal
    and other expenses associated with being a public company. If
    our revenue does not increase sufficiently to offset these
    increases in costs, our operating results will be harmed. Our
    historical operating results should not be considered as
    necessarily indicative of future operating results and we can
    provide no assurance that we will be able to maintain or
    increase our profitability in the future.
</DIV>
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    <BR>
    12
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not recognize all revenue from our backlog or receive all
    payments anticipated under awarded projects and customer
    contracts.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had backlog of approximately
    $590&#160;million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for, projects with estimated total future revenue of
    an additional $700&#160;million. We also expect to realize
    recurring revenue both under long-term O&#038;M contracts and
    under long-term energy supply contracts for renewable energy
    plants that we own.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our customers have the right under some circumstances to
    terminate contracts or defer the timing of our services and
    their payments to us. In addition, our government contracts are
    subject to the risks described below under &#147;Provisions in
    government contracts may harm our business, financial condition
    and operating results.&#148; The payment estimates for projects
    that have been awarded to us but for which we have not yet
    signed contracts have been prepared by management and are based
    upon a number of assumptions, including that the size and scope
    of the awarded projects will not change prior to the signing of
    customer contracts, that we or our customers will be able to
    obtain any necessary third-party financing for the awarded
    projects, and that we and our customers will reach agreement on
    and execute contracts for the awarded projects. We are not
    always able to enter into a contract for an awarded project on
    the terms proposed. As a result, we may not receive all of the
    revenue that we include in our backlog or that we estimate we
    will receive under awarded projects. If we do not receive all of
    the revenue we currently expect to receive, our future operating
    results will be adversely affected. In addition, a delay in the
    receipt of revenue, even if such revenue is eventually received,
    may cause our operating results for a particular quarter to fall
    below our expectations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business is affected by seasonal trends and construction cycles,
    and these trends and cycles could have an adverse effect on our
    operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to seasonal fluctuations and construction cycles,
    particularly in climates that experience colder weather during
    the winter months, such as the northern United States and
    Canada, or at educational institutions, where large projects are
    typically carried out during summer months when their facilities
    are unoccupied. In addition, government customers, many of which
    have fiscal years that do not coincide with ours, typically
    follow annual procurement cycles and appropriate funds on a
    fiscal-year basis even though contract performance may take more
    than one year. Further, government contracting cycles can be
    affected by the timing of, and delays in, the legislative
    process related to government programs and incentives that help
    drive demand for energy efficiency and renewable energy
    projects. As a result, our revenue and operating income in the
    third quarter are typically higher, and our revenue and
    operating income in the first quarter are typically lower, than
    in other quarters of the year. As a result of such fluctuations,
    we may occasionally experience declines in revenue or earnings
    as compared to the immediately preceding quarter, and
    comparisons of our operating results on a
    <FONT style="white-space: nowrap">period-to-period</FONT>
    basis may not be meaningful.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business depends in part on federal, state, provincial and local
    government support for energy efficiency and renewable energy,
    and a decline in such support could harm our
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We depend in part on government legislation and policies that
    support energy efficiency and renewable energy projects and that
    enhance the economic feasibility of our energy efficiency
    services and small-scale renewable energy projects. The U.S. and
    Canadian federal governments and several of the states and
    provinces in which we operate support our existing and potential
    customers&#146; investments in energy efficiency and renewable
    energy through legislation and regulations that authorize and
    regulate the manner in which certain governmental entities do
    business with us, encourage or subsidize governmental
    procurement of our services, provide regulatory, tax and other
    incentives to others to procure our services and provide us with
    tax and other incentives that reduce our costs or increase our
    revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For example, U.S. legislation authorizing federal agencies to
    enter into ESPCs, such as those we enter into with our
    customers, was enacted in 1992. In 2007, three years after the
    expiration of the original legislation, new ESPC legislation was
    enacted without an expiration provision, and in the same year,
    the
</DIV>
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    President of the United States issued an executive order
    requiring federal agencies to set goals to reduce energy use and
    increase renewable energy sources and use. In addition, the
    American Recovery and Reinvestment Act of 2009 allocated
    $67&#160;billion to promote clean energy, energy efficiency and
    advanced vehicles. Additionally, the Emergency Economic
    Stabilization Act of 2008 instituted the 1603 cash grant
    program, which provides cash in lieu of an investment tax credit
    for eligible renewable energy generation sources for which
    construction commences in 2010. The Internal Revenue Code, or
    the Code, currently provides production tax credits for the
    generation of electricity from wind projects and from LFG-fueled
    power projects, and an investment tax credit or grant in lieu of
    such tax credits for investments in LFG, wind, biomass and solar
    power generation projects. Various state and local governments
    have also implemented similar programs and incentives, including
    legislation authorizing the procurement of ESPCs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, our customers and prospective customers frequently depend on
    these programs to help justify the costs associated with, and to
    finance, energy efficiency and renewable energy projects. If any
    of these incentives are adversely amended, eliminated or not
    extended beyond their current expiration dates, or if funding
    for these incentives is reduced, it could adversely affect our
    ability to complete projects for existing customers and obtain
    project commitments from new customers. A delay or failure by
    government agencies to administer, or make procurements under,
    these programs in a timely and efficient manner could have a
    material adverse effect on our existing and potential
    customers&#146; willingness to enter into project commitments
    with us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, some of our customers purchase electricity, thermal
    energy or processed LFG from our renewable energy plants, or
    purchase other energy services from us, because tax, energy and
    environmental laws encourage or in some cases require these
    customers to procure power from renewable or low-emission
    sources, or to reduce their electricity use. Changes to these
    tax, energy and environmental laws could reduce our
    customers&#146; incentives and mandates to purchase the kinds of
    services that we supply, and could thereby adversely affect our
    business, financial condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changes
    in the laws and regulations governing the public procurement of
    ESPCs could have a material impact on our
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We derive a significant amount of our revenue from ESPCs with
    our government customers. While federal, state and local
    government rules governing such contracts vary, such rules may,
    for example, permit the funding of such projects through
    long-term financing arrangements; permit long-term payback
    periods from the savings realized through such contracts; allow
    units of government to exclude debt related to such projects
    from the calculation of their statutory debt limitation; allow
    for award of contracts on a &#147;best value&#148; instead of
    &#147;lowest cost&#148; basis; and allow for the use of sole
    source providers. To the extent these rules become more
    restrictive in the future, our business could be harmed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    significant decline in the fiscal health of federal, state,
    provincial and local governments could reduce demand for our
    energy efficiency and renewable energy projects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, approximately 85% of our revenue was derived from sales
    to federal, state, provincial or local governmental entities. A
    significant decline in the fiscal health of these existing and
    potential customers may make it difficult for them to enter into
    contracts for our services or to obtain financing necessary to
    fund such contracts, or may cause them to seek to renegotiate or
    terminate existing agreements with us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    of third parties to manufacture quality products or provide
    reliable services in a timely manner could cause delays in the
    delivery of our services and completion of our projects, which
    could damage our reputation, have a negative impact on our
    relationships with our customers and adversely affect our
    growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our success depends on our ability to provide services and
    complete projects in a timely manner, which in part depends on
    the ability of third parties to provide us with timely and
    reliable services and products, such as boilers, chillers,
    cogeneration systems, PV panels, lighting and other complex
    components. In providing our services and completing our
    projects, we rely on products that meet our design
    specifications
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and components manufactured and supplied by third parties, as
    well as on services performed by subcontractors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We rely on subcontractors to perform substantially all of the
    construction and installation work related to our projects. We
    provide all design and engineering work related to, and act as
    the general contractor for, our projects. We have established
    relationships with subcontractors that we believe to be reliable
    and capable of producing satisfactory results, but we often need
    to engage subcontractors with whom we have no experience for our
    projects. If any of our subcontractors are unable to provide
    services that meet or exceed our customers&#146; expectations or
    satisfy our contractual commitments, our reputation, business
    and operating results could be harmed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The warranties provided by our third-party suppliers and
    subcontractors typically limit any direct harm we might
    experience as a result of our relying on their products and
    services. However, there can be no assurance that a supplier or
    subcontractor will be willing or able to fulfill its contractual
    obligations and make necessary repairs or replace equipment. In
    addition, these warranties generally expire within one to five
    years or may be of limited scope or provide limited remedies. If
    we are unable to avail ourselves of warranty protection, we may
    incur liability to our customers or additional costs related to
    the affected products and components, including replacement and
    installation costs, which could have a material adverse effect
    on our business, financial condition and operating results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Moreover, any delays, malfunctions, inefficiencies or
    interruptions in these products or services&#160;&#151; even if
    covered by warranties&#160;&#151; could adversely affect the
    quality and performance of our solutions. This could cause us to
    experience difficulty retaining current customers and attracting
    new customers, and could harm our brand, reputation and growth.
    In addition, any significant interruption or delay by our
    suppliers in the manufacture or delivery of products or services
    on which we depend could require us to expend considerable time,
    effort and expense to establish alternate sources for such
    products and services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    have liability to our customers under our ESPCs if our projects
    fail to deliver the energy use reductions to which we are
    committed under the contract.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For our energy efficiency projects, we typically enter into
    ESPCs under which we commit that the projects will satisfy
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    performance standards appropriate to the project. These
    commitments are typically structured as guarantees of increased
    energy efficiency that are based on the design, capacity,
    efficiency or operation of the specific equipment and systems we
    install. Our commitments generally fall into three categories:
    pre-agreed, equipment-level and whole building-level. Under a
    pre-agreed efficiency commitment, our customer reviews the
    project design in advance and agrees that, upon or shortly after
    completion of installation of the specified equipment comprising
    the project, the pre-agreed increase in energy efficiency will
    have been met. Under an equipment-level commitment, we commit to
    a level of increased energy efficiency based on the difference
    in use measured first with the existing equipment and then with
    the replacement equipment upon completion of installation. A
    whole building-level commitment requires measurement and
    verification of increased energy efficiency for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    verification may be required only once, upon installation, based
    on an analysis of one or more sample installations, or may be
    required to be repeated at agreed upon intervals generally over
    periods of up to 20&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. We rely in
    part on warranties from our equipment suppliers and
    subcontractors to back-stop the warranties we provide to our
    customers and, where appropriate, pass on the warranties to our
    customers. However, the warranties we provide to our customers
    are sometimes broader in scope or longer in duration than the
    corresponding warranties we receive from our suppliers and
    subcontractors, and we bear the risk for any differences, as
    well as the risk of warranty default by our suppliers and
    subcontractors.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Typically, our performance commitments apply to the aggregate
    overall performance of a project rather than to individual
    energy efficiency measures. Therefore, to the extent an
    individual measure underperforms, it may be offset by other
    measures that overperform. In the event that an energy
    efficiency project does not perform according to the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. From our
    inception to December&#160;31, 2009, our total payments to
    customers and incurred equipment replacement and maintenance
    costs under our energy efficiency commitments, after customer
    acceptance of a project, have been less than $100,000 in the
    aggregate. However, we may incur additional or increased
    liabilities or expenses under our ESPCs in the future. Such
    liabilities or expenses could be substantial, and they could
    materially harm our business, financial condition or operating
    results. In addition, any disputes with a customer over the
    extent to which we bear responsibility to improve performance or
    make payments to the customer may diminish our prospects for
    future business from that customer or damage our reputation in
    the marketplace.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    assume responsibility under customer contracts for factors
    outside our control, including, in connection with some customer
    projects, the risk that fuel prices will increase.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We typically do not take responsibility under our contracts for
    a wide variety of factors outside our control. We have, however,
    in a limited number of contracts assumed some level of risk and
    responsibility for certain factors&#160;&#151; sometimes only to
    the extent that variations exceed specified
    thresholds&#160;&#151; and may also do so under certain
    contracts in the future, particularly in our contracts for
    renewable energy projects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For example, under a contract for the construction and operation
    of a cogeneration facility at the U.S.&#160;Department of Energy
    Savannah River Site in South Carolina, a subsidiary of ours is
    exposed to the risk that the price of the biomass that will be
    used to fuel the cogeneration facility may rise during the
    <FONT style="white-space: nowrap">19-year</FONT>
    performance period of the contract. Several provisions in that
    contract mitigate the price risk, including a specified annual
    increase in the price our subsidiary charges the customer for
    biomass fuel, incentives for the customer to make
    <FONT style="white-space: nowrap">on-site</FONT>
    biomass available to the cogeneration facility, an escrow fund
    from which our subsidiary can withdraw funds should the price of
    biomass in a given year exceed that charged to the customer, the
    right to reduce the amount of steam generated by the use of
    biomass to a stipulated minimum level and the ability to use
    other fuels, such as used tires, to produce up to 30% of the
    facility&#146;s total production. In addition, although we
    typically structure our contracts so that our obligation to
    supply a customer with LFG, electricity or steam, for example,
    does not exceed the quantity produced by the production
    facility, in some circumstances we may commit to supply a
    customer with specified minimum quantities based on our
    projections of the facility&#146;s production capacity. In such
    circumstances, if we are unable to meet such commitments, we may
    be required to incur additional costs or face penalties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Despite the steps we have taken to mitigate risks under these
    and other contracts, such steps may not be sufficient to avoid
    the need to incur increased costs to satisfy our commitments,
    and such costs could be material. Increased costs that we are
    unable to pass through to our customers could have a material
    adverse effect on our operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business depends on experienced and skilled personnel and
    substantial specialty subcontractor resources, and if we lose
    key personnel or if we are unable to attract and integrate
    additional skilled personnel, it will be more difficult for us
    to manage our business and complete projects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The success of our business depends in large part on the skill
    of our personnel. Accordingly, it is critical that we maintain,
    and continue to build, a highly experienced management team and
    specialized workforce, including engineers, project and
    construction management, and business development and sales
    professionals. In addition, our construction projects require a
    significant amount of trade labor resources, such as
    electricians, mechanics, carpenters, masons and other skilled
    workers, as well as certain specialty subcontractor skills.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Competition for personnel, particularly those with expertise in
    the energy services and renewable energy industries, is high,
    and identifying candidates with the appropriate qualifications
    can be costly and difficult. We may not be able to hire the
    necessary personnel to implement our business strategy given our
    anticipated hiring needs, or we may need to provide higher
    compensation or more training to our personnel than we currently
    anticipate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event we are unable to attract, hire and retain the
    requisite personnel and subcontractors, we may experience delays
    in completing projects in accordance with project schedules and
    budgets, which may have an adverse effect on our financial
    results, harm our reputation and cause us to curtail our pursuit
    of new projects. Further, any increase in demand for personnel
    and specialty subcontractors may result in higher costs, causing
    us to exceed the budget on a project, which in turn may have an
    adverse effect on our business, financial condition and
    operating results and harm our relationships with our customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our future success is particularly dependent on the vision,
    skills, experience and effort of our senior management team,
    including our executive officers and our founder, president and
    chief executive officer, George P. Sakellaris. If we were to
    lose the services of any of our executive officers or key
    employees, our ability to effectively manage our operations and
    implement our strategy could be harmed and our business may
    suffer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    cannot obtain surety bonds and letters of credit, our ability to
    operate may be restricted.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Federal and state laws require us to secure the performance of
    certain long-term obligations through surety bonds and letters
    of credit. In addition, we are occasionally required to provide
    bid bonds or performance bonds to secure our performance under
    energy efficiency contracts. Our sureties have historically
    required that our principal stockholder, George P. Sakellaris,
    who is also our founder, president and chief executive officer,
    personally indemnify them for up to an aggregate of
    $50&#160;million of losses associated with the bonds they have
    provided on our behalf. We expect this indemnity will terminate
    following the closing of this offering. In addition, in the
    event that Mr.&#160;Sakellaris no longer controls our company,
    our sureties may reevaluate our eligibility for surety bonds.
    Although we expect the net proceeds of this offering to increase
    our bonding capacity, our ability to obtain required bonds or
    letters of credit depends in large part upon our capitalization,
    working capital, past performance, management expertise and
    reputation, and external factors beyond our control, including
    the overall capacity of the surety market. Our ability to obtain
    letters of credit under our existing credit arrangements is
    limited. We are not permitted to have more than $10&#160;million
    in letters of credit outstanding at any time (including letters
    of credit that have been drawn upon but not repaid on our
    behalf) under the terms of our revolving senior secured credit
    facility. Moreover, our use of letters of credit limits our
    borrowing capability under our revolving senior secured credit
    facility as the aggregate amount of letters of credit we have
    outstanding at any time reduces our borrowing capacity under the
    facility by an equal amount. As of December&#160;31, 2009, we
    had no letters of credit outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the future, we may have difficulty procuring or maintaining
    surety bonds or letters of credit, and obtaining them may become
    more expensive, require us to post cash collateral or otherwise
    involve unfavorable terms. Because we are sometimes required to
    have performance bonds or letters of credit in place before
    projects can commence or continue, our failure to obtain or
    maintain those bonds and letters of credit would adversely
    affect our ability to begin and complete projects, and thus
    could have a material adverse effect on our business, financial
    condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    operate in a highly competitive industry, and our current or
    future competitors may be able to compete more effectively than
    we do, which could have a material adverse effect on our
    business, revenue, growth rates and market share.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our industry is highly competitive, with many companies of
    varying size and business models, many of which have their own
    proprietary technologies, competing for the same business as we
    do. Many of our competitors have longer operating histories and
    greater resources than us, and could focus their substantial
    financial resources to develop a competing business model,
    develop products or services that are more attractive to
    potential customers than what we offer or convince our potential
    customers that they should
</DIV>
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    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    require financing arrangements that would be impractical for
    smaller companies to offer. Our competitors may also offer
    energy solutions at prices below cost, devote significant sales
    forces to competing with us or attempt to recruit our key
    personnel by increasing compensation, any of which could improve
    their competitive positions. Any of these competitive factors
    could make it more difficult for us to attract and retain
    customers, cause us to lower our prices in order to compete, and
    reduce our market share and revenue, any of which could have a
    material adverse effect on our financial condition and operating
    results. We can provide no assurance that we will continue to
    effectively compete against our current competitors or
    additional companies that may enter our markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may also face competition based on technological
    developments that reduce demand for electricity, increase power
    supplies through existing infrastructure or that otherwise
    compete with our products and services. We also encounter
    competition in the form of potential customers electing to
    develop solutions or perform services internally rather than
    engaging an outside provider such as us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be unable to complete or operate our projects on a profitable
    basis or as we have committed to our customers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Development, installation and construction of our energy
    efficiency and renewable energy projects, and operation of our
    renewable energy projects, entails many risks, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    failure to receive critical components and equipment that meet
    our design specifications and can be delivered on schedule;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    failure to obtain all necessary rights to land access and use;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    failure to receive quality and timely performance of third-party
    services;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increases in the cost of labor, equipment and commodities needed
    to construct or operate projects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    permitting and other regulatory issues, license revocation and
    changes in legal requirements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    shortages of equipment or skilled labor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    unforeseen engineering problems;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    failure of a customer to accept or pay for renewable energy that
    we supply;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    weather interferences, catastrophic events including fires,
    explosions, earthquakes, droughts and acts of terrorism; and
    accidents involving personal injury or the loss of life;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    labor disputes and work stoppages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    mishandling of hazardous substances and waste;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    other events outside of our control.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of these factors could give rise to construction delays and
    construction and other costs in excess of our expectations. This
    could prevent us from completing construction of our projects,
    cause defaults under our financing agreements or under contracts
    that require completion of project construction by a certain
    time, cause projects to be unprofitable for us, or otherwise
    impair our business, financial condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    small-scale renewable energy plants may not generate expected
    levels of output.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The small-scale renewable energy plants that we construct and
    own are subject to various operating risks that may cause them
    to generate less than expected amounts of processed LFG,
    electricity or thermal energy. These risks include a failure or
    degradation of our, our customers&#146; or utilities&#146;
    equipment; an inability to find suitable replacement equipment
    or parts; less than expected supply of the plant&#146;s source
    of renewable energy, such as LFG or biomass; or a faster than
    expected diminishment of such supply. Any extended interruption
    in the plant&#146;s operation, or failure of the plant for any
    reason to generate the expected amount of
</DIV>
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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    output, could have a material adverse effect on our business and
    operating results. In addition, we have in the past, and could
    in the future, incur material asset impairment charges if any of
    our renewable energy plants incurs operational issues that
    indicate that our expected future cash flows from the plant are
    less than its carrying value. Any such impairment charge could
    have a material adverse effect on our operating results in the
    period in which the charge is recorded.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be unable to manage our growth effectively.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business and operations have expanded rapidly in the last
    several years, and we anticipate that further expansion of our
    organization and operations will be required to achieve our
    expectations for future growth. In addition, in order to manage
    our expanding operations, we will also need to continue to
    improve our management, operational and financial controls and
    our reporting systems and procedures. All of these measures will
    require significant expenditures and will demand the attention
    of management. If we do not continue to enhance our management
    personnel and our operational and financial systems and controls
    in response to growth in our business, we could experience
    operating inefficiencies that could impair our competitive
    position and could increase our costs more than we had planned.
    If we are unable to manage growth effectively, our business,
    financial condition and operating results could be adversely
    affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that some of our growth will be accomplished through
    the opening of new offices and the hiring of additional
    personnel to staff those offices. Even if an office is
    ultimately successful in generating additional revenue and
    profit for us, there is generally a lag of several years before
    we are able to recoup the expenses associated with opening that
    office.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In
    order to secure contracts for new projects, we typically face a
    long and variable selling cycle that requires significant
    resource commitments and requires a long lead time before we
    realize revenue.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sales, design and construction process for energy efficiency
    and renewable energy projects typically takes from 12 to
    36&#160;months, with sales to federal government and housing
    authority customers tending to require the longest sales
    processes. Our existing and potential customers generally have
    extended budgeting and procurement processes, and sometimes must
    engage in regulatory approval processes, related to our
    services. Most of our potential customers issue a request for
    proposal, or RFP, as part of their consideration of alternatives
    for their proposed project. In preparation for responding to an
    RFP, we typically conduct a preliminary audit of the
    customer&#146;s needs and the opportunity to reduce its energy
    costs. For projects involving a renewable energy plant that is
    not located on a customer&#146;s site or that uses sources of
    energy not within the customer&#146;s control, the sales process
    also involves the identification of sites with attractive
    sources of renewable energy, such as a landfill or a site with
    high winds, and it may involve obtaining necessary rights and
    governmental permits to develop a project on that site. If we
    are awarded a project, we then perform a more detailed audit of
    the customer&#146;s facilities, which serves as the basis for
    the final specifications of the project. We then must negotiate
    and execute a contract with the customer. In addition, we or the
    customer typically need to obtain financing for the project.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This extended sales process requires the dedication of
    significant time by our sales and management personnel and our
    use of significant financial resources, with no certainty of
    success or recovery of our related expenses. A potential
    customer may go through the entire sales process and not accept
    our proposal. All of these factors can contribute to
    fluctuations in our quarterly financial performance and increase
    the likelihood that our operating results in a particular
    quarter will fall below investor expectations. These factors
    could also adversely affect our business, financial condition
    and operating results due to increased spending by us that is
    not offset by increased revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Provisions
    in our government contracts may harm our business, financial
    condition and operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A significant majority of our contract backlog and projects that
    have been awarded to us but have not yet been committed to
    signed contracts is attributable to customers that are
    government entities. Our contracts with the federal government
    and its agencies, and with state, provincial and local
    governments, customarily
</DIV>
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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contain provisions that give the government substantial rights
    and remedies, many of which are not typically found in
    commercial contracts, including provisions that allow the
    government to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    terminate existing contracts, in whole or in part, for any
    reason or no reason;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reduce or modify contracts or subcontracts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    decline to award future contracts if actual or apparent
    organizational conflicts of interest are discovered, or to
    impose organizational conflict mitigation measures as a
    condition of eligibility for an award;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    suspend or debar the contractor from doing business with the
    government or a specific government agency;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    pursue criminal or civil remedies under the False Claims Act,
    False Statements Act and similar remedy provisions unique to
    government contracting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, government contracts contain provisions permitting
    unilateral termination or modification, in whole or in part, at
    the government&#146;s convenience. Under general principles of
    government contracting law, if the government terminates a
    contract for convenience, the terminated company may recover
    only its incurred or committed costs, settlement expenses and
    profit on work completed prior to the termination. If the
    government terminates a contract for default, the defaulting
    company is entitled to recover costs incurred and associated
    profits on accepted items only and may be liable for excess
    costs incurred by the government in procuring undelivered items
    from another source. In most of our contracts with the federal
    government, the government has agreed to make a payment to us in
    the event that it terminates the agreement early. The
    termination payment is designed to compensate us for the cost of
    construction plus financing costs and profit on the work
    completed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In ESPCs for governmental entities, the methodologies for
    computing energy savings may be less favorable than for
    non-governmental customers and may be modified during the
    contract period. We may be liable for price reductions if the
    projected savings cannot be substantiated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the right of the federal government to terminate
    its contracts with us, federal government contracts are
    conditioned upon the continuing approval by Congress of the
    necessary spending to honor such contracts. Congress often
    appropriates funds for a program on a September 30 fiscal-year
    basis even though contract performance may take more than one
    year. Consequently, at the beginning of many major governmental
    programs, contracts often may not be fully funded, and
    additional monies are then committed to the contract only if, as
    and when appropriations are made by Congress for future fiscal
    years. Similar practices are likely to also affect the
    availability of funding for our contracts with Canadian, as well
    as state and local, government entities. If one or more of our
    government contracts were terminated or reduced, or if
    appropriations for the funding of one or more of our contracts
    is delayed or terminated, our business, financial condition and
    operating results could be adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Government contracts normally contain additional terms and
    conditions that may increase our costs of doing business, reduce
    our profits and expose us to liability for failure to comply
    with these terms and conditions. These include, for example:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    specialized accounting systems unique to government contracting,
    which may include mandatory compliance with federal Cost
    Accounting Standards;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    mandatory financial audits and potential liability for
    adjustments in contract prices;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    public disclosure of contracts, which may include pricing
    information;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    mandatory socioeconomic compliance requirements, including small
    business promotion, labor, environmental and
    U.S.&#160;manufacturing requirements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    requirements for maintaining current facility
    <FONT style="white-space: nowrap">and/or</FONT>
    personnel security clearances to access certain government
    facilities or to maintain certain records, and related
    industrial security compliance requirements.
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our contracts with Canadian governmental entities frequently
    involve similar risks. Any failure by us to comply with these
    governmental requirements could adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    renewable energy projects, particularly our LFG projects, depend
    on locating and acquiring suitable operating sites, of which
    there are a limited number.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our small-scale renewable energy projects must be situated at
    sites that have access to renewable sources of energy.
    Specifically, LFG projects must originate on or near landfill
    sites, of which approximately 500 are currently available in the
    United States for economically viable LFG projects. Sites for
    our renewable energy plants must be suitable for construction
    and efficient operation, which, among other things, requires
    appropriate road access. Further, many plants must be
    interconnected to electricity transmission or distribution
    networks. Once we have identified a suitable operating site,
    obtaining the requisite LFG
    <FONT style="white-space: nowrap">and/or</FONT> land
    rights (including access rights, setbacks and other easements)
    requires us to negotiate with landowners and local government
    officials. These negotiations can take place over a long time,
    are not always successful and sometimes require economic
    concessions not in our original plans. The property rights
    necessary to construct and interconnect our plants must also be
    insurable and otherwise satisfactory to our financing
    counterparties. In addition, our ability to obtain adequate LFG
    <FONT style="white-space: nowrap">and/or</FONT>
    property rights is subject to competition. If a competitor or
    other party obtains LFG
    <FONT style="white-space: nowrap">and/or</FONT> land
    rights critical to our project development efforts and we are
    unable to reach agreement for their use, we could incur losses
    as a result of development costs for sites we do not develop,
    which we would have to write off. If we are unable to obtain
    adequate LFG
    <FONT style="white-space: nowrap">and/or</FONT>
    property or other rights for a renewable energy plant, including
    its interconnection, that plant may be smaller in size or
    potentially unfeasible. Failure to obtain insurable property
    rights for a project satisfactory to our financing sources would
    preclude our ability to obtain third-party financing and could
    prevent ongoing development and construction of that project.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    plan to expand our business in part through future acquisitions,
    but we may not be able to identify or complete suitable
    acquisitions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, acquisitions have been a significant part of our
    growth strategy. We plan to continue to use acquisitions of
    companies or assets to expand our project skill-sets and
    capabilities, expand our geographic markets, add experienced
    management and increase our product and service offerings.
    However, we may be unable to implement this growth strategy if
    we cannot identify suitable acquisition candidates, reach
    agreement with acquisition targets on acceptable terms or
    arrange required financing for acquisitions on acceptable terms.
    In addition, the time and effort involved in attempting to
    identify acquisition candidates and consummate acquisitions may
    divert members of our management from the operations of our
    company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Any
    future acquisitions that we may make could disrupt our business,
    cause dilution to our stockholders and harm our business,
    financial condition or operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we are successful in consummating acquisitions, those
    acquisitions could subject us to a number of risks, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the purchase price we pay could significantly deplete our cash
    reserves or result in dilution to our existing stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may find that the acquired company or assets do not improve
    our customer offerings or market position as planned;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may have difficulty integrating the operations and personnel
    of the acquired company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    key personnel and customers of the acquired company may
    terminate their relationships with the acquired company as a
    result of the acquisition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may experience additional financial and accounting challenges
    and complexities in areas such as tax planning and financial
    reporting;
</TD>
</TR>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may assume or be held liable for risks and liabilities
    (including for environmental-related costs) as a result of our
    acquisitions, some of which we may not discover during our due
    diligence or adequately adjust for in our acquisition
    arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our ongoing business and management&#146;s attention may be
    disrupted or diverted by transition or integration issues and
    the complexity of managing geographically or culturally diverse
    enterprises;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may incur one-time write-offs or restructuring charges in
    connection with the acquisition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may acquire goodwill and other intangible assets that are
    subject to amortization or impairment tests, which could result
    in future charges to earnings;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may not be able to realize the cost savings or other
    financial benefits we anticipated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These factors could have a material adverse effect on our
    business, financial condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    need governmental approvals and permits, and we typically must
    meet specified qualifications, in order to undertake our energy
    efficiency projects and construct, own and operate our
    small-scale renewable energy projects, and any failure to do so
    would harm our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The design, construction and operation of our energy efficiency
    and small-scale renewable energy projects require various
    governmental approvals and permits, and may be subject to the
    imposition of related conditions that vary by jurisdiction. In
    some cases, these approvals and permits require periodic
    renewal. We cannot predict whether all permits required for a
    given project will be granted or whether the conditions
    associated with the permits will be achievable. The denial of a
    permit essential to a project or the imposition of impractical
    conditions would impair our ability to develop the project. In
    addition, we cannot predict whether the permits will attract
    significant opposition or whether the permitting process will be
    lengthened due to complexities and appeals. Delay in the review
    and permitting process for a project can impair or delay our
    ability to develop that project or increase the cost so
    substantially that the project is no longer attractive to us. We
    have experienced delays in developing our projects due to delays
    in obtaining permits and may experience delays in the future. If
    we were to commence construction in anticipation of obtaining
    the final, non-appealable permits needed for that project, we
    would be subject to the risk of being unable to complete the
    project if all the permits were not obtained. If this were to
    occur, we would likely lose a significant portion of our
    investment in the project and could incur a loss as a result.
    Further, the continued operations of our projects require
    continuous compliance with permit conditions. This compliance
    may require capital improvements or result in reduced
    operations. Any failure to procure, maintain and comply with
    necessary permits would adversely affect ongoing development,
    construction and continuing operation of our projects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the projects we perform for governmental agencies
    are governed by particular qualification and contracting
    regimes. Certain states require qualification with an
    appropriate state agency as a precondition to performing work or
    appearing as a qualified energy service provider for state,
    county and local agencies within the state. For example, the
    Commonwealth of Massachusetts and the states of Colorado and
    Washington pre-qualify energy service providers and provide
    contract documents that serve as the starting point for
    negotiations with potential governmental clients. Most of the
    work that we perform for the federal government is performed
    under IDIQ agreements between a government agency and us or a
    subsidiary. These IDIQ agreements allow us to contract with the
    relevant agencies to implement energy projects, but no work may
    be performed unless we and the agency agree on a task order or
    delivery order governing the provision of a specific project.
    The government agencies enter into contracts for specific
    projects on a competitive basis. We and our subsidiaries and
    affiliates are currently party to an IDIQ agreement with the
    U.S.&#160;Department of Energy that expires in 2019. If we are
    unable to maintain or renew our IDIQ qualification under the
    U.S.&#160;Department of Energy program for ESPCs, or similar
    federal or state qualification regimes, our business could be
    materially harmed.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Many
    of our small-scale renewable energy projects are, and other
    future projects may be, subject to or affected by U.S. federal
    energy regulation or other regulations that govern the
    operation, ownership and sale of the facility, or the sale of
    electricity from the facility.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Public Utility Holding Company Act of 1935, or PUHCA, and
    the Federal Power Act, or FPA, regulate public utility holding
    companies and their subsidiaries and place constraints on the
    conduct of their business. The FPA regulates wholesale sales of
    electricity and the transmission of electricity in interstate
    commerce by public utilities. Under the Public Utility
    Regulatory Policies Act of 1978, or PURPA, all of our current
    small-scale renewable energy projects are small power
    &#147;qualifying facilities&#148; (facilities meeting statutory
    size, fuel and ownership requirements) that are exempt from
    regulations under PUHCA, most provisions of the FPA and state
    rate regulation. None of our renewable energy projects are
    currently subject to rate regulation for wholesale power sales
    by the Federal Energy Regulatory Commission, or FERC, under the
    FPA, but certain of our projects that are under construction or
    development could become subject to such regulation in the
    future. Also, we may acquire interests in or develop generating
    projects that are not qualifying facilities. Non-qualifying
    facility projects would be fully subject to FERC corporate and
    rate regulation, and would be required to obtain FERC acceptance
    of their rate schedules for wholesale sales of energy, capacity
    and ancillary services, which requires substantial disclosures
    to and discretionary approvals from FERC. FERC may revoke or
    revise an entity&#146;s authorization to make wholesale sales at
    negotiated, or market-based, rates if FERC determines that we
    can exercise market power in transmission or generation, create
    barriers to entry or engage in abusive affiliate transactions or
    market manipulation. In addition, many public utilities
    (including any non-qualifying facility generator in which we may
    invest) are subject to FERC reporting requirements that impose
    administrative burdens and that, if violated, can expose the
    company to civil penalties or other risks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of our wholesale electric power sales are subject to certain
    market behavior rules. These rules change from time to time, by
    virtue of FERC rulemaking proceedings and FERC-ordered
    amendments to utilities&#146; FERC tariffs. If we are deemed to
    have violated these rules, we will be subject to potential
    disgorgement of profits associated with the violation
    <FONT style="white-space: nowrap">and/or</FONT>
    suspension or revocation of our market-based rate authority, as
    well as potential criminal and civil penalties. If we were to
    lose market-based rate authority for any non-qualifying facility
    project we may acquire or develop in the future, we would be
    required to obtain FERC&#146;s acceptance of a cost-based rate
    schedule and could become subject to, among other things, the
    burdensome accounting, record keeping and reporting requirements
    that are imposed on public utilities with cost-based rate
    schedules. This could have an adverse effect on the rates we
    charge for power from our projects and our cost of regulatory
    compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wholesale electric power sales are subject to increasing
    regulation. The terms and conditions for power sales, and the
    right to enter and remain in the wholesale electric sector, are
    subject to FERC oversight. Due to major regulatory restructuring
    initiatives at the federal and state levels, the
    U.S.&#160;electric industry has undergone substantial changes
    over the past decade. We cannot predict the future design of
    wholesale power markets or the ultimate effect ongoing
    regulatory changes will have on our business. Other proposals to
    further regulate the sector may be made and legislative or other
    attention to the electric power market restructuring process may
    delay or reverse the movement towards competitive markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we become subject to additional regulation under PUHCA, FPA
    or other regulatory frameworks, if existing regulatory
    requirements become more onerous, or if other material changes
    to the regulation of the electric power markets take place, our
    business, financial condition and operating results could be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compliance
    with environmental laws could adversely affect our operating
    results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Costs of compliance with federal, state, provincial, local and
    other foreign existing and future environmental regulations
    could adversely affect our cash flow and profitability. We are
    required to comply with numerous environmental laws and
    regulations and to obtain numerous governmental permits in
    connection with energy efficiency and renewable energy projects,
    and we may incur significant additional costs to comply with
    these requirements. If we fail to comply with these
    requirements, we could be subject to
</DIV>
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    civil or criminal liability, damages and fines. Existing
    environmental regulations could be revised or reinterpreted and
    new laws and regulations could be adopted or become applicable
    to us or our projects, and future changes in environmental laws
    and regulations could occur. These factors may materially
    increase the amount we must invest to bring our projects into
    compliance and impose additional expense on our operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, private lawsuits or enforcement actions by federal,
    state, provincial
    <FONT style="white-space: nowrap">and/or</FONT>
    foreign regulatory agencies may materially increase our costs.
    Certain environmental laws make us potentially liable on a joint
    and several basis for the remediation of contamination at or
    emanating from properties or facilities we currently or formerly
    owned or operated or properties to which we arranged for the
    disposal of hazardous substances. Such liability is not limited
    to the cleanup of contamination we actually caused. Although we
    seek to obtain indemnities against liabilities relating to
    historical contamination at the facilities we own or operate, we
    cannot provide any assurance that we will not incur liability
    relating to the remediation of contamination, including
    contamination we did not cause. For example, in 2009, a customer
    for which we were performing an energy efficiency project
    initiated a legal proceeding against us as a result of project
    delays that we believe were attributable to the discovery of
    hazardous materials and need for remediation by the customer. An
    adverse outcome in this proceeding could have an adverse effect
    on our operating results in the period in which the outcome is
    determined.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not be able to obtain or maintain, from time to time, all
    required environmental regulatory approvals. A delay in
    obtaining any required environmental regulatory approvals or
    failure to obtain and comply with them could adversely affect
    our business and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">International
    expansion is one of our growth strategies, and international
    operations will expose us to additional risks that we do not
    face in the United States, which could have an adverse effect on
    our operating results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We generate a significant portion of our revenue from operations
    in Canada, and although we are engaged in overseas projects for
    the U.S.&#160;Department of Defense, we currently derive a small
    amount of revenue from outside of North America. However,
    international expansion is one of our growth strategies, and we
    expect our revenue and operations outside of North America will
    expand in the future. These operations will be subject to a
    variety of risks that we do not face in the United States, and
    that we may face only to a limited degree in Canada, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    building and managing highly experienced foreign workforces and
    overseeing and ensuring the performance of foreign
    subcontractors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increased travel, infrastructure and legal and compliance costs
    associated with multiple international locations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    additional withholding taxes or other taxes on our foreign
    income, and tariffs or other restrictions on foreign trade or
    investment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    imposition of, or unexpected adverse changes in, foreign laws or
    regulatory requirements, many of which differ from those in the
    United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    increased exposure to foreign currency exchange rate risk;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    longer payment cycles for sales in some foreign countries and
    potential difficulties in enforcing contracts and collecting
    accounts receivable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    difficulties in repatriating overseas earnings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    general economic conditions in the countries in which we
    operate;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    political unrest, war, incidents of terrorism, or responses to
    such events.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our overall success in international markets will depend, in
    part, on our ability to succeed in differing legal, regulatory,
    economic, social and political conditions. We may not be
    successful in developing and implementing policies and
    strategies that will be effective in managing these risks in
    each country where we
</DIV>
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    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    do business. Our failure to manage these risks successfully
    could harm our international operations, reduce our
    international sales and increase our costs, thus adversely
    affecting our business, financial condition and operating
    results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    insurance and contractual protections may not always cover lost
    revenue, increased expenses or liquidated damages
    payments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we maintain insurance, obtain warranties from
    suppliers, obligate subcontractors to meet certain performance
    levels and attempt, where feasible, to pass risks we cannot
    control to our customers, the proceeds of such insurance,
    warranties, performance guarantees or risk sharing arrangements
    may not be adequate to cover lost revenue, increased expenses or
    liquidated damages payments that may be required in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If the
    cost of energy generated by traditional sources does not
    increase, or if it decreases, demand for our services may
    decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Decreases in the costs associated with traditional sources of
    energy, such as prices for commodities like coal, oil and
    natural gas, may reduce demand for energy efficiency and
    renewable energy solutions. Technological progress in
    traditional forms of electricity generation or the discovery of
    large new deposits of traditional fuels could reduce the cost of
    electricity generated from those sources and as a consequence
    reduce the demand for our solutions. Any of these developments
    could have a material adverse effect on our business, financial
    condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have a material weakness in our internal control over financial
    reporting. If we fail to establish and maintain proper and
    effective internal controls, our ability to produce accurate
    financial statements could be impaired, which could adversely
    affect our operating results, our ability to operate our
    business and investors&#146; and customers&#146; views of
    us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a public company, we will become subject to a set of laws and
    regulations requiring that we establish and maintain internal
    control over financial reporting. Internal control over
    financial reporting is defined under Securities and Exchange
    Commission, or SEC, rules as a process designed by, or under the
    supervision of, our principal executive and principal financial
    officers and effected by our board of directors, management and
    other personnel, to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    GAAP. We have not yet begun the process of documenting,
    reviewing and, as appropriate, improving our internal controls
    and procedures in anticipation of being a public company and
    eventually becoming subject to the SEC rules concerning internal
    control over financial reporting, which take effect beginning
    with the filing of our second Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    (which will be due in March 2012). Establishing and maintaining
    adequate internal financial and accounting controls and
    procedures so that we can produce accurate financial statements
    on a timely basis is a costly and time-consuming effort that
    needs to be re-evaluated frequently, and may distract our
    officers and employees from the operation of our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not currently have personnel with an appropriate level of
    knowledge, experience or training in the selection, application
    and implementation of GAAP as it relates to certain complex
    accounting issues, income taxes and SEC financial reporting
    requirements. This constitutes a material weakness in our
    internal control over financial reporting that could result in
    material misstatements in our financial statements not being
    prevented or detected. Although we plan to remediate this
    material weakness by hiring additional personnel with the
    requisite expertise, we may experience difficulties or delays in
    doing so, and new employees will require time and training to
    learn our business and operating processes and procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we fail to enhance and then maintain our internal control
    over financial reporting, we may be unable to report our
    financial results timely and accurately, and we may be less
    likely to prevent fraud. In addition, such failure could
    increase our operating costs, materially impair our ability to
    operate our business, result in SEC investigations and penalties
    and lead to the delisting of our common stock from
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The resulting damage to our reputation in the marketplace and
    our financial credibility could significantly
</DIV>
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    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    impair our sales and marketing efforts with customers. Further,
    investors&#146; perceptions that our internal controls are
    inadequate or that we are unable to produce accurate financial
    statements could adversely affect the market price of our
    Class&#160;A common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changes
    in utility regulation and tariffs could adversely affect our
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business is affected by regulations and tariffs that govern
    the activities of utilities. For example, utility companies are
    commonly allowed by regulatory authorities to charge fees to
    larger industrial customers for disconnecting from the electric
    grid or for having the capacity to use power from the electric
    grid for
    <FONT style="white-space: nowrap">back-up</FONT>
    purposes. These fees could increase the cost to our customers of
    taking advantage of our services and make them less desirable,
    thereby harming our business, financial condition and operating
    results. Our current generating projects are all operated as
    qualifying facilities. FERC regulations under the FPA confer
    upon these facilities key rights to interconnection with local
    utilities, and can entitle qualifying facilities to enter into
    power purchase agreements with local utilities, from which the
    qualifying facilities benefit. Changes to these federal laws and
    regulations could increase our regulatory burdens and costs, and
    could reduce our revenue. In addition, modifications to the
    pricing policies of utilities could require renewable energy
    systems to achieve lower prices in order to compete with the
    price of electricity from the electric grid and may reduce the
    economic attractiveness of certain energy efficiency measures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of the demand-reduction services we provide for utilities
    and institutional clients are subject to regulatory tariffs
    imposed under federal and state utility laws. In addition, the
    operation of, and electrical interconnection for, our renewable
    energy projects are subject to federal, state or provincial
    interconnection and federal reliability standards that are also
    set forth in utility tariffs. These tariffs specify rules,
    business practices and economic terms to which we are subject.
    The tariffs are drafted by the utilities and approved by the
    utilities&#146; state and federal regulatory commissions. These
    tariffs change frequently and it is possible that future changes
    will increase our administrative burden or adversely affect the
    terms and conditions under which we render service to our
    customers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    activities and operations are subject to numerous health and
    safety laws and regulations, and if we violate such regulations,
    we could face penalties and fines.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to numerous health and safety laws and
    regulations in each of the jurisdictions in which we operate.
    These laws and regulations require us to obtain and maintain
    permits and approvals and implement health and safety programs
    and procedures to control risks associated with our projects.
    Compliance with those laws and regulations can require us to
    incur substantial costs. Moreover, if our compliance programs
    are not successful, we could be subject to penalties or to
    revocation of our permits, which may require us to curtail or
    cease operations of the affected projects. Violations of laws,
    regulations and permit requirements may also result in criminal
    sanctions or injunctions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Health and safety laws, regulations and permit requirements may
    change or become more stringent. Any such changes could require
    us to incur materially higher costs than we currently have. Our
    costs of complying with current and future health and safety
    laws, regulations and permit requirements, and any liabilities,
    fines or other sanctions resulting from violations of them,
    could adversely affect our business, financial condition and
    operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    credit facilities and debt instruments contain financial and
    operating restrictions that may limit our business activities
    and our access to credit.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provisions in our credit facilities and debt instruments impose
    restrictions on our and certain of our subsidiaries&#146;
    ability to, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    incur additional debt, or debt related to federal projects in
    excess of specified limits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    pay cash dividends and make distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    make certain investments and acquisitions;
</TD>
</TR>

</TABLE>
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    <BR>
    26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    guarantee the indebtedness of others or our subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    redeem or repurchase capital stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    create liens;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    enter into transactions with affiliates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    engage in new lines of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    sell, lease or transfer certain parts of our business or
    property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    enter into sale-leaseback arrangements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    merge or consolidate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These agreements also contain other customary covenants,
    including covenants that require us to meet specified financial
    ratios and financial tests. We may not be able to comply with
    these covenants in the future. Our failure to comply with these
    covenants may result in the declaration of an event of default
    and cause us to be unable to borrow under our credit facilities
    and debt instruments. In addition to preventing additional
    borrowings under these agreements, an event of default, if not
    cured or waived, may result in the acceleration of the maturity
    of indebtedness outstanding under these agreements, which would
    require us to pay all amounts outstanding. If an event of
    default occurs, we may not be able to cure it within any
    applicable cure period, if at all. If the maturity of our
    indebtedness is accelerated, we may not have sufficient funds
    available for repayment or we may not have the ability to borrow
    or obtain sufficient funds to replace the accelerated
    indebtedness on terms acceptable to us or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If our
    subsidiaries default on their obligations under their debt
    instruments, we may need to make payments to lenders to prevent
    foreclosure on the collateral securing the debt.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We typically set up subsidiaries to own and finance our
    renewable energy projects. These subsidiaries incur various
    types of debt which can be used to finance one or more projects.
    This debt is typically structured as non-recourse debt, which
    means it is repayable solely from the revenue from the projects
    financed by the debt and is secured by such projects&#146;
    physical assets, major contracts and cash accounts and a pledge
    of our equity interests in the subsidiaries involved in the
    projects. Although our subsidiary debt is typically non-recourse
    to Ameresco, if a subsidiary of ours defaults on such
    obligations, or if one project out of several financed by a
    particular subsidiary&#146;s indebtedness encounters
    difficulties or is terminated, then we may from time to time
    determine to provide financial support to the subsidiary in
    order to maintain rights to the project or otherwise avoid the
    adverse consequences of a default. In the event a subsidiary
    defaults on its indebtedness, its creditors may foreclose on the
    collateral securing the indebtedness, which may result in our
    losing our ownership interest in some or all of the
    subsidiary&#146;s assets. The loss of our ownership interest in
    a subsidiary or some or all of a subsidiary&#146;s assets could
    have a material adverse effect on our business, financial
    condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    exposed to the credit risk of some of our
    customers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most of our revenue is derived under multi-year or long-term
    contracts with our customers, and our revenue is therefore
    dependent to a large extent on the creditworthiness of our
    customers. During periods of economic downturn in the global
    economy, our exposure to credit risks from our customers
    increases, and our efforts to monitor and mitigate the
    associated risks may not be effective in reducing our credit
    risks. In the event of non-payment by one or more of our
    customers, our business, financial condition and operating
    results could be adversely affected.
</DIV>
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    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    use and enjoyment of real property rights for our small-scale
    renewable energy projects may be adversely affected by the
    rights of lienholders and leaseholders that are superior to
    those of the grantors of those real property rights to
    us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our small-scale renewable energy projects generally are, and are
    likely to continue to be, located on land we or our customers
    occupy pursuant to long-term easements and leases. The ownership
    interests in the land subject to these easements and leases may
    be subject to mortgages securing loans or other liens (such as
    tax liens) and other easement and lease rights of third parties
    (such as leases of oil or mineral rights) that were created
    prior to our or our customers&#146; easements and leases. As a
    result, the rights under these easements or leases may be
    subject, and subordinate, to the rights of those third parties.
    We typically perform title searches and obtain title insurance
    to protect ourselves or our customers against these risks. Such
    measures may, however, be inadequate to protect against all risk
    of loss of rights to use the land on which these projects are
    located, which could have a material adverse effect on our
    business, financial condition and operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fluctuations
    in foreign currency exchange rates can impact our
    results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A significant portion of our total revenue is generated by our
    Canadian subsidiary, Ameresco Canada. Changes in exchange rates
    between the Canadian dollar and the U.S.&#160;dollar may
    adversely affect our operating results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    trading price of our Class&#160;A common stock is likely to be
    volatile, and you may not be able to sell your shares at or
    above the initial public offering price.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Class&#160;A common stock has no prior trading history. The
    initial public offering price for our Class&#160;A common stock
    will be determined through negotiations between us and the
    representatives of the underwriters. This price will not
    necessarily reflect the price at which investors in the market
    will be willing to buy and sell shares of our Class&#160;A
    common stock following this offering. In addition, the trading
    price of our Class&#160;A common stock is likely to be highly
    volatile and could be subject to wide fluctuations in response
    to various factors. In addition to the risks described in this
    section, factors that may cause the market price of our
    Class&#160;A common stock to fluctuate include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    fluctuations in our quarterly financial results or the quarterly
    financial results of companies perceived to be similar to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in estimates of our future financial results or
    recommendations by securities analysts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    investors&#146; general perception of us;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in general economic, industry and market conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if the stock market in general experiences a
    significant decline, the trading price of our Class&#160;A
    common stock could decline for reasons unrelated to our
    business, financial condition or operating results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some companies that have had volatile market prices for their
    securities have had securities class actions filed against them.
    If a suit were filed against us, regardless of its merits or
    outcome, it would likely result in substantial costs and divert
    management&#146;s attention and resources. This could have a
    material adverse effect on our business, operating results and
    financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    securities have no prior market and an active public trading
    market for our Class&#160;A common stock may not
    develop.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for
    shares of our Class&#160;A common stock. Although we have
    applied to list our Class&#160;A common stock on
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    an active public trading market for our Class&#160;A common
    stock may not develop or, if it develops, may not be maintained
    after this offering. For example, applicable stock market rules
    impose certain securities trading requirements, including
    minimum trading price, minimum number of stockholders and
    minimum market capitalization. If an active public
</DIV>
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    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    trading market for our Class&#160;A common stock does not
    develop or is not sustained, it may be difficult for you to sell
    your shares of our Class&#160;A common stock at an attractive
    price or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Holders
    of our Class&#160;A common stock, which is the stock we are
    selling in this offering, are entitled to one vote per share,
    and holders of our Class&#160;B common stock are entitled
    to&#160;&#160;&#160;&#160;&#160; votes per share. The lower
    voting power of our Class&#160;A common stock may negatively
    affect the attractiveness of our Class&#160;A common stock to
    investors and, as a result, its market value.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon consummation of this offering, we will have two classes of
    common stock: Class&#160;A common stock, which is the stock we
    are selling in this offering and which is entitled to one vote
    per share, and Class&#160;B common stock, which is entitled
    to&#160;&#160;&#160;&#160;&#160; votes per share. The difference
    in the voting power of our Class&#160;A and Class&#160;B common
    stock could diminish the market value of our Class&#160;A common
    stock because of the superior voting rights of our Class&#160;B
    common stock and the power those rights confer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">For
    the foreseeable future, Mr.&#160;Sakellaris or his affiliates
    will be able to control the selection of all members of our
    board of directors, as well as virtually every other matter that
    requires stockholder approval, which will severely limit the
    ability of other stockholders to influence corporate
    matters.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except in certain limited circumstances required by applicable
    law, holders of Class&#160;A and Class&#160;B common stock vote
    together as a single class on all matters to be voted on by our
    stockholders. Immediately following the completion of this
    offering, Mr.&#160;Sakellaris will own all of our Class&#160;B
    common stock, representing&#160;&#160;&#160;&#160;&#160;% of the
    combined voting power of our outstanding Class&#160;A and
    Class&#160;B common stock. Under our restated certificate of
    incorporation, holders of shares of Class&#160;B common stock
    may generally transfer those shares to family members, including
    spouses and descendents or the spouses of such descendents, as
    well as to affiliated entities, without having the shares
    automatically convert into shares of Class&#160;A common stock.
    Therefore, Mr.&#160;Sakellaris, his affiliates, and his family
    members and descendents will, for the foreseeable future, be
    able to control the outcome of the voting on virtually all
    matters requiring stockholder approval, including the election
    of directors and significant corporate transactions such as an
    acquisition of our company, even if they come to own, in the
    aggregate, as little as&#160;&#160;&#160;&#160;&#160;% of the
    economic interest of the outstanding shares of our Class&#160;A
    and Class&#160;B common stock. Moreover, these persons may take
    actions in their own interests that you or our other
    stockholders do not view as beneficial. See &#147;Principal and
    Selling Stockholders&#148; and &#147;Description of Capital
    Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    sales of shares by existing stockholders could cause our stock
    price to decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once a trading market develops for our Class&#160;A common
    stock, many of our stockholders for the first time will have an
    opportunity to sell their shares, subject to the contractual
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements and other restrictions on resale discussed in this
    prospectus. Sales by our existing stockholders of a substantial
    number of shares in the public market, or the threat that
    substantial sales might occur, could cause the market price of
    the Class&#160;A common stock to decrease significantly. These
    factors could also make it difficult for us to raise additional
    capital by selling our Class&#160;A common stock. See
    &#147;Shares&#160;Eligible for Future Sale&#148; for further
    details regarding the number of shares eligible for sale in the
    public market after this offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    securities or industry analysts do not publish research or
    publish inaccurate or unfavorable research about our business,
    our stock price and trading volume could decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading market for our Class&#160;A common stock will depend
    in part on any research reports that securities or industry
    analysts publish about us or our business. After this offering,
    if no securities or industry analysts initiate coverage of our
    company, the trading price for our Class&#160;A common stock may
    be negatively impacted. In the event securities or industry
    analysts cover our company and one or more of these analysts
    downgrade our stock or publish unfavorable reports about our
    business, our stock price would likely decline. In addition, if
    any securities or industry analysts cease coverage of our
    company or fail to publish reports on us regularly, demand for
    our Class&#160;A common stock could decrease, which could cause
    our stock price and trading volume to decline.
</DIV>
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    <BR>
    29
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    will experience substantial dilution as a result of this
    offering and future equity issuances.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial public offering price per share of our Class&#160;A
    common stock is substantially higher than the pro forma net
    tangible book value per share of our Class&#160;A common stock.
    As a result, investors purchasing Class&#160;A common stock in
    this offering will experience immediate dilution of
    $&#160;&#160;&#160;&#160;&#160; per share, at an assumed initial
    public offering price of $&#160;&#160;&#160;&#160;&#160; per
    share, which is the midpoint of the range listed on the cover
    page of this prospectus. In addition, we have granted options
    and a warrant to acquire Class&#160;A common stock at prices
    significantly below the initial public offering price. To the
    extent outstanding options and the warrant are exercised, there
    will be further dilution to investors in this offering. See
    &#147;Dilution.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    management will have broad discretion over the use of the
    proceeds we receive in this offering and might not apply the
    proceeds in ways that increase the value of your
    investment.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to use a portion of the net proceeds to us from this
    offering to repay the balance outstanding under our
    $50&#160;million revolving senior secured credit facility, under
    which $19.9&#160;million in principal was outstanding at of
    December&#160;31, 2009, and the $3.0&#160;million subordinated
    note held by Mr.&#160;Sakellaris. We intend to use the balance
    of the net proceeds for working capital and other general
    corporate purposes, which may include opening additional offices
    in the United States and abroad, expanding sales and marketing
    activities, funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures. Our management will have broad discretion over the
    use of the net proceeds from this offering, and you will be
    relying on the judgment of our management regarding the
    application of those net proceeds. Although it is the intention
    of our management to use the net proceeds from the offering in
    the best interests of the company, our management might not
    apply the net proceeds from this offering in ways that increase
    the value of your investment or in ways with which you agree.
    See &#147;Use of Proceeds.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We do
    not anticipate paying any cash dividends on our capital stock in
    the foreseeable future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have never declared or paid any cash dividends on our capital
    stock and do not currently expect to pay any cash dividends for
    the foreseeable future. Our revolving senior secured credit
    facility with Bank of America limits our ability to declare and
    pay cash dividends during the term of that agreement. See
    &#147;Dividend Policy.&#148; We intend to use our future
    earnings, if any, in the operation and expansion of our
    business. Accordingly, you are not likely to receive any
    dividends on your Class&#160;A common stock for the foreseeable
    future, and your ability to achieve a return on your investment
    will therefore depend on appreciation in the market price of our
    Class&#160;A common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Anti-takeover
    provisions in our charter documents and Delaware law could
    discourage, delay or prevent a change in control of our company
    and may affect the trading price of our Class&#160;A common
    stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a Delaware corporation and the anti-takeover provisions
    of the Delaware General Corporation Law may discourage, delay or
    prevent an acquisition of our company by prohibiting us from
    engaging in a business combination with an interested
    stockholder for a period of three years after the person becomes
    an interested stockholder, even if a change in control would be
    supported by our existing stockholders. In addition, our
    restated certificate of incorporation and by-laws may
    discourage, delay or prevent an acquisition or a change in our
    management that stockholders may consider favorable. Our
    restated certificate of incorporation and by-laws, which will be
    in effect upon the closing of this offering:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide for a dual class capital structure that allows our
    founder, principal stockholder, president and chief executive
    officer, George P. Sakellaris, to control the outcome of the
    voting on virtually all matters requiring stockholder approval,
    including the election of directors and significant corporate
    transactions such as an acquisition of our company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    authorize the issuance of &#147;blank check&#148; preferred
    stock that could be issued by our board of directors to thwart a
    takeover attempt;
</TD>
</TR>

</TABLE>
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    <BR>
    30
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    establish a classified board of directors, as a result of which
    only approximately one-third of our directors are presented to a
    stockholder vote for re-election at any annual meeting of
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide that directors may be removed from office only for cause
    and only upon a supermajority stockholder vote;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide that vacancies on our board of directors, including
    newly created directorships, may be filled only by a majority
    vote of directors then in office;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    do not permit stockholders to call special meetings of
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    prohibit stockholder action by written consent, requiring all
    actions to be taken at a meeting of the stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    establish advance notice requirements for nominations for
    election to our board of directors or for proposing matters that
    can be acted upon by stockholders at stockholder
    meetings;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    require a supermajority stockholder vote to effect certain
    amendments to our restated certificate of incorporation and
    by-laws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information regarding these and other
    anti-takeover provisions, see &#147;Description of Capital
    Stock&#160;&#151; Anti-Takeover Effects of Delaware Law and Our
    Restated Certificate of Incorporation and By-Laws.&#148;
</DIV>
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    <BR>
    31
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains forward-looking statements. All
    statements other than statements of historical facts contained
    in this prospectus, including statements regarding our strategy,
    future operations, future financial position, future revenue,
    projected costs, prospects, plans, objectives of management and
    expected market growth are forward-looking statements. These
    statements involve known and unknown risks, uncertainties and
    other important factors that may cause our actual results,
    performance or achievements to be materially different from any
    future results, performance or achievements expressed or implied
    by the forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The words &#147;anticipate,&#148; &#147;believe,&#148;
    &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148;
    &#147;may,&#148; &#147;plan,&#148; &#147;predict,&#148;
    &#147;project,&#148; &#147;will,&#148; &#147;would&#148; and
    similar expressions are intended to identify forward-looking
    statements, although not all forward-looking statements contain
    these identifying words. These forward-looking statements
    include, among other things, statements about:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our expectations as to the future growth of our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the expected future growth of the market for energy efficiency
    and renewable energy solutions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our backlog, awarded projects and recurring revenue;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the expected energy and cost savings of our projects; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the expected energy production capacity of our renewable energy
    plants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These forward looking statements are only predictions and we may
    not actually achieve the plans, intentions or expectations
    disclosed in our forward-looking statements, so you should not
    place undue reliance on our forward-looking statements. Actual
    results or events could differ materially from the plans,
    intentions and expectations disclosed in the forward-looking
    statements we make. We have based these forward-looking
    statements largely on our current expectations and projections
    about future events and trends that we believe may affect our
    business, financial condition and operating results. We have
    included important factors in the cautionary statements included
    in this prospectus, particularly in the &#147;Risk Factors&#148;
    section, that could cause actual future results or events to
    differ materially from the forward-looking statements that we
    make. Our forward-looking statements do not reflect the
    potential impact of any future acquisitions, mergers,
    dispositions, joint ventures or investments we may make.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward-looking statements in this prospectus represent our
    views as of the date of this prospectus. We anticipate that
    subsequent events and developments will cause our views to
    change. However, while we may elect to update these
    forward-looking statements at some point in the future, we have
    no current intention of doing so except to the extent required
    by applicable law. You should, therefore, not rely on these
    forward-looking statements as representing our views as of any
    date subsequent to the date of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus also contains estimates and other statistical
    data made by independent parties and by us relating to market
    size and growth and other data about our industry. We obtained
    the industry and market data in this prospectus from our own
    research as well as from industry and general publications,
    surveys and studies conducted by third parties. This data
    involves a number of assumptions and limitations and contains
    projections and estimates of the future performance of the
    industries in which we operate that are subject to a high degree
    of uncertainty. We caution you not to give undue weight to such
    projections, assumptions and estimates. Further, industry and
    general publications, studies and surveys generally state that
    they have been obtained from sources believed to be reliable,
    although they do not guarantee the accuracy or completeness of
    such information. While we believe that these publications,
    studies and surveys are reliable, we have not independently
    verified the data contained in them. In addition, while we
    believe that the results and estimates from our internal
    research are reliable, such results and estimates have not been
    verified by any independent source.
</DIV>
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    <BR>
    32
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that we will receive net proceeds from this offering
    of approximately $&#160;&#160;&#160;&#160;&#160;&#160;million,
    based on an assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share, which is the midpoint
    of the estimated price range shown on the cover of this
    prospectus, and after deducting the estimated underwriting
    discount and estimated offering expenses payable by us. At an
    assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share, the selling
    stockholders will receive
    $&#160;&#160;&#160;&#160;&#160;&#160;million from their sale of
    our Class&#160;A common stock in this offering, after deducting
    the estimated underwriting discount. We will not receive any
    proceeds from the sale of shares by the selling stockholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A $1.00 increase (decrease) in the assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; would increase
    (decrease) the net proceeds to us from this offering by
    $&#160;&#160;&#160;&#160;&#160;&#160;million, assuming the
    number of shares offered by us, as set forth on the cover of
    this prospectus, remains the same.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to use the net proceeds we receive from this offering
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to repay the outstanding balance under our $50&#160;million
    revolving senior secured credit facility ($19.9&#160;million
    outstanding as of December&#160;31, 2009), which as of
    December&#160;31, 2009 bears interest at a weighted-average rate
    of 3.34% per annum and matures on June&#160;30, 2011;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    approximately $3.0&#160;million to repay the subordinated note
    held by Mr.&#160;Sakellaris, which currently bears interest at
    10.0% per annum and is payable on demand;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the balance for working capital and other general corporate
    purposes, which may include opening additional offices in the
    United States and abroad, expanding sales and marketing
    activities, funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may use a portion of the net proceeds that we receive from
    this offering to expand our current business through
    acquisitions of complementary companies, assets or technologies.
    We currently have no understandings, commitments or agreements
    to make any acquisitions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending specific utilization of the net proceeds as described
    above, we intend to invest the net proceeds of the offering in
    short-term investment grade and U.S.&#160;government securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bank of America, N.A., an affiliate of Merrill, Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, an underwriter of this
    offering, is acting as the agent and a lender under our
    revolving senior secured credit facility. See
    &#147;Underwriting&#160;&#151; Conflicts of Interest.&#148;
</DIV>
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    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have never declared or paid any cash dividends on our capital
    stock. We currently intend to retain earnings, if any, to
    finance the growth and development of our business and do not
    expect to pay any cash dividends for the foreseeable future. Our
    revolving senior secured credit facility with Bank of America
    contains provisions that limit our ability to declare and pay
    cash dividends during the term of that agreement. Payment of
    future dividends, if any, will be at the discretion of our board
    of directors and will depend on our financial condition, results
    of operations, capital requirements, restrictions contained in
    current or future financing instruments, provisions of
    applicable law, and other factors our board of directors deems
    relevant.
</DIV>
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    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash and cash equivalents and
    capitalization as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on an actual basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on a pro forma basis to reflect (1)&#160;the reclassification of
    all outstanding shares of our common stock as Class&#160;A
    common stock, (2)&#160;the election by all holders of our
    convertible preferred stock, other than Mr.&#160;Sakellaris, to
    convert all of their shares of our convertible preferred stock
    into shares of our Class&#160;A common stock and (3)&#160;the
    conversion of all outstanding shares of our convertible
    preferred stock into shares of our Class&#160;B common
    stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on a pro forma as adjusted basis to reflect, in addition, the
    sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock offered by us at an assumed
    initial public offering price of $&#160;&#160;&#160;&#160;&#160;
    per share, the midpoint of the estimated price range shown on
    the cover page of this prospectus and after deducting the
    estimated underwriting discount and estimated offering expenses
    payable by us, including the sale of shares of our Class&#160;A
    common stock by the selling stockholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should read this table together with our consolidated
    financial statements and the related notes appearing at the end
    of this prospectus and the &#147;Management&#146;s Discussion
    and Analysis of Financial Condition and Results of
    Operations&#148; section of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>as Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(In thousands, except share and per share amounts)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, including current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    110,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Series&#160;A convertible preferred stock, par value $0.0001 per
    share; 3,500,000&#160;shares authorized, 3,210,000&#160;shares
    issued and outstanding, actual; no shares authorized, issued or
    outstanding, pro forma and pro forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, par value $0.0001 per share;
    30,000,000&#160;shares authorized, 8,999,084&#160;shares issued
    and 6,641,142 outstanding, actual; no shares authorized, issued
    or outstanding, pro forma and pro forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Class&#160;A common stock, par value $0.0001 per share; no
    shares authorized, issued or outstanding,
    actual;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized, no shares issued or outstanding, pro
    forma;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    issued and outstanding, pro forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Class&#160;B common stock, par value $0.0001 per share; no
    shares authorized, issued or outstanding,
    actual;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized, 9,000,000&#160;shares issued and outstanding, pro
    forma;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized, 9,000,000&#160;shares issued and outstanding, pro
    forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Preferred stock, par value $0.0001 per
    share;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    authorized, no shares issued or outstanding, actual, pro forma
    and pro forma as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,883
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,832
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Treasury stock, 2,357,942&#160;shares, at cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,414
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    216,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A $1.00 increase (decrease) in the assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; would increase
    (decrease) each of additional paid-in capital and total
    stockholders&#146; equity in the pro forma as adjusted column by
    $&#160;&#160;&#160;&#160;&#160;&#160;million, assuming the
    number of shares of our Class&#160;A common stock offered by us,
    as set forth on the cover of this prospectus, remains the same.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table above excludes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    202,643&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of a warrant outstanding and exercisable as of
    December&#160;31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    4,725,100&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of stock options outstanding as of
    December&#160;31, 2009 at a weighted-average exercise price of
    $5.36 per share;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock that will be available for
    future issuance under our 2010 stock plan, which will become
    effective upon the closing of this offering.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DILUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you invest in our Class&#160;A common stock in this offering,
    your interest in our company will be diluted immediately to the
    extent of the difference between the initial public offering
    price per share of our Class&#160;A common stock and the pro
    forma as adjusted net tangible book value per share of our
    Class&#160;A and Class&#160;B common stock after this offering.
    Our pro forma net tangible book value as of December&#160;31,
    2009 was $&#160;&#160;&#160;&#160;&#160;&#160;million, or
    $&#160;&#160;&#160;&#160;&#160; per share of our Class&#160;A
    and Class&#160;B common stock. Our pro forma net tangible book
    value per share set forth below represents our total tangible
    assets less total liabilities and convertible preferred stock,
    divided by the number of shares of our Class&#160;A and
    Class&#160;B common stock outstanding on December&#160;31, 2009,
    after giving effect to (i)&#160;the reclassification of all
    outstanding shares of our common stock as Class&#160;A common
    stock, (ii)&#160;the election by all holders of our convertible
    preferred stock, other than Mr.&#160;Sakellaris, to convert all
    of their shares of our convertible preferred stock into shares
    of our Class&#160;A common stock and (iii)&#160;the conversion
    of all outstanding shares of our convertible preferred stock
    into shares of our Class&#160;B common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After giving effect to our issuance and sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Class&#160;A common stock in this offering at an assumed
    initial public offering price of $&#160;&#160;&#160;&#160;&#160;
    per share, the midpoint of the estimated price range shown on
    the cover of this prospectus, and after deducting the estimated
    underwriting discount and estimated offering expenses payable by
    us, the pro forma as adjusted net tangible book value as of
    December&#160;31, 2009 would have been
    $&#160;&#160;&#160;&#160;&#160;&#160;million, or
    $&#160;&#160;&#160;&#160;&#160; per share of Class&#160;A and
    Class&#160;B common stock. This represents an immediate increase
    in net tangible book value to existing stockholders of
    $&#160;&#160;&#160;&#160;&#160; per share of Class&#160;A and
    Class&#160;B common stock. New investors who purchase shares of
    Class&#160;A common stock in this offering will suffer an
    immediate dilution of their investment of
    $&#160;&#160;&#160;&#160;&#160; per share. Dilution per share to
    new investors is determined by subtracting the pro forma as
    adjusted net tangible book value per share of our Class&#160;A
    and Class&#160;B common stock after this offering from the
    initial public offering price per share of our Class&#160;A
    common stock paid by a new investor. The following table
    illustrates this per share dilution to new investors purchasing
    shares of Class&#160;A common stock in this offering:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Assumed initial public offering price per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Pro forma net tangible book value per share of Class&#160;A and
    Class&#160;B common stock as of December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Increase in pro forma net tangible book value per share
    attributable to new investors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Pro forma as adjusted net tangible book value per share after
    the offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dilution per share to new investors in Class&#160;A common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A $1.00 increase (decrease) in the assumed initial public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share of
    Class&#160;A common stock would increase (decrease) our net
    tangible book value by $&#160;&#160;&#160;&#160;&#160; per share
    of Class&#160;A and Class&#160;B common stock and increase
    (decrease) the dilution in net tangible book value per share to
    investors in this offering by $&#160;&#160;&#160;&#160;&#160;
    per share, assuming that the number of shares of Class&#160;A
    common stock offered by us, as set forth on the cover page of
    this prospectus, remains the same.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the underwriters exercise their over-allotment option in
    full, the pro forma as adjusted net tangible book value will
    increase to $&#160;&#160;&#160;&#160;&#160; per share of
    Class&#160;A and Class&#160;B common stock, representing an
    immediate increase in net tangible book value to existing
    stockholders of $&#160;&#160;&#160;&#160;&#160; per share of
    Class&#160;A and Class&#160;B common stock and an immediate
    dilution of $&#160;&#160;&#160;&#160;&#160; per share of
    Class&#160;A common stock to new investors. If any shares of our
    Class&#160;B common stock are issued upon exercise of
    outstanding options or warrants, new investors will experience
    further dilution (see below in this section for additional
    information).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes, on a pro forma basis as of
    December&#160;31, 2009 (giving effect to the reclassification of
    all outstanding shares of our common stock as Class&#160;A
    common stock, the election by all holders of our convertible
    preferred stock, other than Mr.&#160;Sakellaris, to convert all
    of their shares of our convertible preferred stock into shares
    of our Class&#160;A common stock and the conversion of all
    outstanding convertible preferred stock into Class&#160;B common
    stock) the differences between the number of shares of
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    common stock purchased from us, the total consideration paid to
    us, and the average price per share paid by existing
    stockholders and by new investors purchasing shares of our
    Class&#160;A common stock in this offering. The calculation
    below is based on an assumed initial public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share, the midpoint of the
    estimated price range shown on the cover of this prospectus,
    before the deduction of the estimated underwriting discount and
    estimated offering expenses payable by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares Purchased</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Consideration</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Existing stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,271,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,054,832
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    New investors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of common stock purchased from us prior to
    this offering by existing stockholders is based on
    7,271,142&#160;shares of our Class&#160;A common stock and
    9,000,000&#160;shares of our Class&#160;B common stock
    outstanding as of December&#160;31, 2009 after giving effect to
    (i)&#160;the reclassification of all outstanding shares of our
    common stock as Class&#160;A common stock, (ii)&#160;the
    election by all holders of our convertible preferred stock,
    other than Mr.&#160;Sakellaris, to convert all of their shares
    of our convertible preferred stock into shares of our
    Class&#160;A common stock and (iii)&#160;the conversion of all
    outstanding shares of our convertible preferred stock into
    shares of Class&#160;B common stock, and excludes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    202,643&#160;shares of Class&#160;A common stock issuable upon
    the exercise of a warrant outstanding and exercisable as of
    December&#160;31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    4,725,100&#160;shares of Class&#160;A common stock issuable upon
    the exercise of stock options outstanding as of
    December&#160;31, 2009 at a weighted-average exercise price of
    $5.36 per share;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock that will be available for
    future issuance under our 2010 stock plan, which will become
    effective upon the closing of this offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that the warrant or any of the outstanding options
    are exercised, there will be further dilution to new investors.
    To the extent the warrant and all of such outstanding options
    had been exercised as of December&#160;31, 2009, the pro forma
    net tangible book value of our Class&#160;A and Class&#160;B
    common stock would be $&#160;&#160;&#160;&#160;&#160; per share,
    the pro forma as adjusted net tangible book value of our
    Class&#160;A and Class&#160;B common stock after this offering
    would be $&#160;&#160;&#160;&#160;&#160; per share, and total
    dilution to new investors in shares of Class&#160;A common stock
    would be $&#160;&#160;&#160;&#160;&#160; per share. If the
    warrant and all options outstanding as of December&#160;31, 2009
    had been exercised in full, new investors would have
    contributed&#160;&#160;&#160;&#160;&#160;% of the total
    consideration paid for our Class&#160;A and Class&#160;B common
    stock outstanding but would own
    only&#160;&#160;&#160;&#160;&#160;% of our Class&#160;A and
    Class&#160;B common stock outstanding after the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the underwriters exercise their over-allotment option in
    full, the number of shares held by new investors will increase
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    or&#160;&#160;&#160;&#160;&#160;% of the total number of shares
    of our Class&#160;A and Class&#160;B common stock outstanding
    after this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sale
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Class&#160;A common stock to be sold by the selling
    stockholders in this offering will reduce the number of shares
    held by existing stockholders
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    or&#160;&#160;&#160;&#160;&#160;% of the total shares of our
    Class&#160;A and Class&#160;B common stock outstanding, and will
    increase the number of shares held by new investors
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    or&#160;&#160;&#160;&#160;&#160;% of the total shares of our
    Class&#160;A and Class&#160;B common stock outstanding. If the
    underwriters exercise their over-allotment option in full, the
    shares held by existing stockholders will further decrease
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    or&#160;&#160;&#160;&#160;&#160;% of the total shares of our
    Class&#160;A and Class&#160;B common stock outstanding, and the
    number of shares held by new investors will further increase
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    or&#160;&#160;&#160;&#160;&#160;% of the total shares of our
    Class&#160;A and Class&#160;B common stock outstanding.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables summarize our consolidated financial data
    for the periods presented. You should read the following
    selected consolidated financial data in conjunction with our
    consolidated financial statements and the related notes
    appearing at the end of this prospectus and the
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; section of this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We derived the consolidated statement of income data for the
    fiscal years ended December&#160;31, 2007, 2008 and 2009, and
    the consolidated balance sheet data as of December&#160;31, 2008
    and 2009, from our audited consolidated financial statements
    that are included in this prospectus. We derived the
    consolidated statement of income data for the fiscal years ended
    December&#160;31, 2005 and 2006, and the consolidated balance
    sheet data as of December&#160;31, 2005, 2006 and 2007, from our
    audited consolidated financial statements that are not included
    in this prospectus. Our historical results for any prior period
    are not necessarily indicative of results to be expected for any
    future period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(In thousands, except share and per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Consolidated Statement of Income Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Energy efficiency revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    248,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    264,477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    345,936
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    325,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    340,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Renewable energy revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,881
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    277,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378,477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,854
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    428,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Direct expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Energy efficiency expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    202,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,320
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Renewable energy expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,072
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,472
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    212,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,038
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    318,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,817
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 29pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,284
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Operating expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,042
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 29pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other (expense) income, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,842
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,138
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,188
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,563
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 29pt">
    Income before provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Income tax provision
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,223
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,337
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,714
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,215
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,950
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,545
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,907
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net income per share attributable to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted-average number of common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,694,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,787,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,560,511
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,339,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,995,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,093,088
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,159,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,698,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,789,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,964,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Other Operating Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Adjusted EBITDA(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,790
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,335
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    154,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,432
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    268,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    262,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375,545
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,730
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    91,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, less current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,807
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,888
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,963
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    We define adjusted EBITDA as operating income before
    depreciation and amortization expense, share-based compensation
    expense and a non-recurring non-cash recovery of a contingency
    in 2008. Adjusted EBITDA is a non-GAAP financial measure and
    should not be considered as an alternative to operating income
    or any other measure of financial performance calculated and
    presented in accordance with GAAP.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe adjusted EBITDA is useful to investors in evaluating
    our operating performance for the following reasons:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA and similar non-GAAP measures are widely used by
    investors to measure a company&#146;s operating performance
    without regard to items that can vary substantially from company
    to company depending upon financing and accounting methods, book
    values of assets, capital structures and the methods by which
    assets were acquired;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    securities analysts often use adjusted EBITDA and similar
    non-GAAP measures as supplemental measures to evaluate the
    overall operating performance of companies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    by comparing our adjusted EBITDA in different historical
    periods, our investors can evaluate our operating results
    without the additional variations of depreciation and
    amortization expense, stock-based compensation expense and the
    non-recurring non-cash recovery of a contingency in 2008.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our management uses adjusted EBITDA:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    as a measure of operating performance, because it does not
    include the impact of items that we do not consider indicative
    of our core operating performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for planning purposes, including the preparation of our annual
    operating budget;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to allocate resources to enhance the financial performance of
    our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to evaluate the effectiveness of our business
    strategies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    in communications with our board of directors and investors
    concerning our financial performance.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that, although measures similar to adjusted EBITDA
    are frequently used by investors and securities analysts in
    their evaluation of companies, adjusted EBITDA has limitations
    as an analytical tool, and you should not consider it in
    isolation or as a substitute for analysis of our results of
    operations as reported under GAAP. Some of these limitations are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or other contractual
    commitments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect changes in, or cash
    requirements for, our working capital needs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect stock-based compensation
    expense;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect cash requirements for income
    taxes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    adjusted EBITDA does not reflect net interest income (expense);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    although depreciation and amortization are non-cash charges, the
    assets being depreciated or amortized will often have to be
    replaced in the future, and adjusted EBITDA does not reflect any
    cash requirements for these replacements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    other companies in our industry may calculate adjusted EBITDA
    differently than we do, limiting its usefulness as a comparative
    measure.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To properly and prudently evaluate our business, we encourage
    you to review the GAAP financial statements included elsewhere
    in this prospectus, and not to rely on any single financial
    measure to evaluate our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents a reconciliation of adjusted EBITDA
    to operating income, the most comparable GAAP measure:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and impairment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,238
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,278
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,679
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,941
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Recovery of contingency
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,850
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF<BR>
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should read the following discussion and analysis of our
    financial condition and results of operations together with our
    consolidated financial statements and the related notes and
    other financial information included elsewhere in this
    prospectus. Some of the information contained in this discussion
    and analysis or set forth elsewhere in this prospectus,
    including information with respect to our plans and strategy for
    our business and related financing, includes forward-looking
    statements that involve risks and uncertainties. You should
    review the &#147;Risk Factors&#148; section of this prospectus
    for a discussion of important factors that could cause actual
    results to differ materially from the results described in or
    implied by the forward-looking statements contained in the
    following discussion and analysis.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. We operate in one
    business segment&#160;&#151; providing solutions that enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services includes upgrades to
    a facility&#146;s energy infrastructure and the construction and
    operation of small-scale renewable energy plants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenue has increased from $20.9&#160;million in 2001, our
    first full year of operations, to $428.5&#160;million in 2009.
    We achieved profitability in 2002, and we have been profitable
    every year since then.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to organic growth, strategic acquisitions of
    complementary businesses and assets have been an important part
    of our development. Since inception, we have completed more than
    ten acquisitions, which have enabled us to broaden our service
    offerings and expand our geographical reach. Our acquisition of
    the energy services business of Duke Energy in 2002 expanded our
    geographical reach into Canada and the southeastern United
    States and enabled us to penetrate the federal government market
    for energy efficiency projects. The acquisition of the energy
    services business of Exelon in 2004 expanded our geographical
    reach into the Midwest. Our acquisition of the energy services
    business of Northeast Utilities in 2006 substantially grew our
    capability to provide services for the federal market and in
    Europe. Our acquisition of Southwestern Photovoltaics, Inc. in
    2007 significantly expanded our offering of solar energy
    products and services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Energy
    Savings Performance and Energy Supply Contracts</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For our energy efficiency projects, we typically enter into
    ESPCs under which we agree to develop, design, engineer and
    construct a project and also commit that the project will
    satisfy
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    performance standards that vary from project to project. These
    performance commitments are typically based on the design,
    capacity, efficiency or operation of the specific equipment and
    systems we install. Our commitments generally fall into three
    categories: pre-agreed, equipment-level and whole
    building-level. Under a pre-agreed energy reduction commitment,
    our customer reviews the project design in advance and agrees
    that, upon or shortly after completion of installation of the
    specified equipment comprising the project, the commitment will
    have been met. Under an equipment-level commitment, we commit to
    a level of energy use reduction based on the difference in use
    measured first with the existing equipment and then with the
    replacement equipment. A whole building-level commitment
    requires demonstration of energy usage reduction for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    demonstration may be required only once, upon installation,
    based on an analysis of one or more sample installations, or may
    be required to be repeated at agreed upon intervals generally
    over up to 20&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. Typically,
    our performance commitments apply to the aggregate overall
    performance of a project rather than to individual energy
    efficiency measures. Therefore, to the extent an individual
    measure underperforms, it may be offset by other measures that
    overperform. In the event that an energy efficiency project does
    not perform according to the
</DIV>
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    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. Many of our
    equipment supply, local design, and installation subcontracts
    contain provisions that enable us to seek recourse against our
    vendors or subcontractors if there is a deficiency in our energy
    reduction commitment. From our inception to December&#160;31,
    2009, our total payments to customers and incurred equipment
    replacement and maintenance costs under our energy reduction
    commitments, after customer acceptance of a project, have been
    less than $100,000 in the aggregate. See &#147;Risk
    Factors&#160;&#151; We may have liability to our customers under
    our ESPCs if our projects fail to deliver the energy use
    reductions to which we are committed under the contract.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments by the federal government for energy efficiency
    measures are based on the services provided and the products
    installed, but are limited to the savings derived from such
    measures, calculated in accordance with federal regulatory
    guidelines and the specific contract&#146;s terms. The savings
    are typically determined by comparing energy use and other costs
    before and after the installation of the energy efficiency
    measures, adjusted for changes that affect energy use and other
    costs but are not caused by the energy efficiency measures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For projects involving the construction of a small-scale
    renewable energy plant that we own and operate, we enter into
    long-term contracts to supply the electricity, processed LFG,
    heat or cooling generated by the plant to the customer, which is
    typically a utility, municipality, industrial facility or other
    large purchaser of energy. The rights to use the site for the
    plant and purchase of renewable fuel for the plant are also
    obtained by us under long-term agreements with terms at least as
    long as the associated output supply agreement. Our supply
    agreements typically provide for fixed prices or prices that
    escalate at a fixed rate or vary based on a market benchmark.
    See &#147;Risk Factors&#160;&#151; We may assume responsibility
    under customer contracts for factors outside our control,
    including, in connection with some customer projects, the risk
    that fuel prices will increase.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Project
    Financing</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To finance projects with federal governmental agencies, we
    typically sell to the lenders our right to receive a portion of
    the long-term payments from the customer arising out of the
    project for a purchase price reflecting a discount to the
    aggregate amount due from the customer. The purchase price is
    generally advanced to us over the implementation period based on
    completed work or a schedule predetermined to coincide with the
    construction of the project. Under the terms of these financing
    arrangements, we are required to complete the construction or
    installation of the project in accordance with the contract with
    our customer, and the debt remains on our consolidated balance
    sheet until the completed project is accepted by the customer.
    Once the completed project is accepted by the customer, the
    financing is treated as a true sale and the related receivable
    and financing liability are removed from our consolidated
    balance sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Institutional customers, such as state and local governments,
    schools and public housing authorities, typically finance their
    energy efficiency and renewable energy projects through either
    tax-exempt leases or issuances of municipal bonds. We assist in
    the structuring of such third-party financing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In some instances, customers prefer that we retain ownership of
    the renewable energy plants and related project assets that we
    construct for them. In these projects, we typically enter into a
    long-term supply agreement to furnish electricity, gas, heat or
    cooling to the customer&#146;s facility. To finance the
    significant upfront capital costs required to develop and
    construct the plant, we rely either on our internal cash flow
    or, in some cases, third-party debt. For project financing by
    third-party lenders, we typically establish a separate
    subsidiary, usually a limited liability company, to own the
    project assets and related contracts. The subsidiary contracts
    with us for construction and operation of the project and enters
    into a financing agreement directly with the lenders.
    Additionally, we will provide assurance to the lender that the
    project will achieve commercial operation. Although the
    financing is secured by the assets of the subsidiary and a
    pledge of our equity interests in the subsidiary, and is
    non-recourse to Ameresco, we may from time to time determine to
    provide financial support to the subsidiary in order to maintain
    rights to the project or otherwise avoid the adverse
    consequences of a default. The amount of such financing is
    included on our consolidated balance sheet.
</DIV>
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    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to project-related debt, we currently maintain a
    $50&#160;million revolving senior secured credit facility with a
    commercial bank to finance our working capital needs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Effects
    of Seasonality</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to seasonal fluctuations and construction cycles,
    particularly in climates that experience colder weather during
    the winter months, such as the northern United States and
    Canada, or at educational institutions, where large projects are
    typically carried out during summer months when their facilities
    are unoccupied. In addition, government customers, many of which
    have fiscal years that do not coincide with ours, typically
    follow annual procurement cycles and appropriate funds on a
    fiscal-year basis even though contract performance may take more
    than one year. Further, government contracting cycles can be
    affected by the timing of, and delays in, the legislative
    process related to government programs and incentives that help
    drive demand for energy efficiency and renewable energy
    projects. As a result, our revenue and operating income in the
    third quarter are typically higher, and our revenue and
    operating income in the first quarter are typically lower, than
    in other quarters of the year. As a result of such fluctuations,
    we may occasionally experience declines in revenue or earnings
    as compared to the immediately preceding quarter, and
    comparisons of our operating results on a
    <FONT style="white-space: nowrap">period-to-period</FONT>
    basis may not be meaningful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our annual and quarterly financial results are also subject to
    significant fluctuations as a result of other factors, many of
    which are outside our control. See &#147;Risk
    Factors&#160;&#151; Our operating results may fluctuate
    significantly from quarter to quarter and may fall below
    expectations in any particular fiscal quarter.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backlog
    and Awarded Projects</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had backlog of approximately
    $590&#160;million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for, projects with estimated total future revenue of
    an additional $700&#160;million. We also expect to realize
    recurring revenue both under long-term O&#038;M contracts and
    under energy supply contracts for renewable energy plants that
    we own. See &#147;Risk Factors&#160;&#151; We may not recognize
    all revenue from our backlog or receive all payments anticipated
    under awarded projects and customer contracts.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Operations Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We derive revenue from energy efficiency and renewable energy
    products and services. Our energy efficiency products and
    services include the design, engineering and installation of
    equipment and other measures to improve the efficiency and
    control the operation of a facility&#146;s energy
    infrastructure. Our renewable energy products and services
    include the construction of small-scale plants that produce
    electricity, gas, heat or cooling from renewable sources of
    energy, the sale of such electricity, processed LFG, heat or
    cooling from plants that we own, and the sale and installation
    of solar energy products and systems.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While in any particular quarter a single customer may account
    for more than ten percent of revenue, in 2007, 2008 and 2009, no
    customer accounted for more than ten percent of our revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Direct
    Expenses and Gross Margin</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Direct expenses include the cost of labor, materials, equipment,
    subcontracting and outside engineering that are required for the
    development and installation of our projects, as well as
    preconstruction costs, sales incentives, associated travel,
    inventory obsolescence charges, and, if applicable, costs of
    procuring financing. A majority of our contracts have fixed
    price terms; however, in some cases we negotiate protections,
    such as a cost-plus structure, to mitigate the risk of rising
    prices for materials, services and equipment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Direct expenses also include the costs of maintaining and
    operating the small-scale renewable energy plants that we own,
    including the cost of fuel (if any) and depreciation charges.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gross margin, which is gross profit as a percent of revenue, is
    affected by a number of factors, including the type of services
    performed and the geographic region in which the sale is made.
    Renewable energy projects that we own and operate typically have
    higher margins than energy efficiency projects, and sales in the
    United States typically have higher margins than in Canada due
    to the typical mix of products and services that we sell there.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Operating
    Expenses</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Operating expenses consist of salaries and benefits, project
    development costs, and general, administrative and other
    expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Salaries and benefits.</I>&#160;Salaries and benefits consist
    primarily of expenses for personnel not directly engaged in
    specific project or revenue generating activity. These expenses
    include the time of executive management, legal, finance,
    accounting, human resources, information technology and other
    staff not utilized in a particular project. We employ a
    comprehensive time card system which creates a contemporaneous
    record of the actual time by employees on project activity. We
    expect salaries and benefits to increase as we incur additional
    costs related to operating as a publicly-traded company,
    including accounting, compliance and legal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Project development costs.</I>&#160;Project development costs
    consist primarily of sales, engineering, legal, finance and
    third-party expenses directly related to the development of a
    specific customer opportunity. This also includes associated
    travel and marketing expenses. We intend to hire additional
    sales personnel and initiate additional marketing programs as we
    expand into new regions or complement existing development
    resources. Accordingly, we expect that our project development
    costs will continue to increase, but will moderate as a
    percentage of revenue over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General, administrative and other expenses.</I>&#160;These
    expenses consist primarily of rents and occupancy, professional
    services, insurance, unallocated travel expenses,
    telecommunications and office expenses. Professional services
    consist principally of recruiting costs, external legal, audit,
    tax and other consulting services. We expect general and
    administrative expenses to increase as we incur additional costs
    related to operating as a publicly-traded company, including
    increased audit and legal fees, costs of compliance with
    securities, corporate governance and other regulations, investor
    relations expenses and higher insurance premiums, particularly
    those related to director and officer insurance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Income (Expense), net</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense), net consists primarily of interest
    income on cash balances, interest expense on borrowings and
    amortization of deferred financing costs, unrealized gains and
    losses on derivatives not accounted for as hedges, and realized
    gains on derivatives not accounted for as hedges. Interest
    expense will vary periodically depending on the amounts drawn on
    our revolving senior secured credit facility and the prevailing
    short-term interest rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Provision
    for Income Taxes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provision for income taxes is based on various rates set by
    federal and local authorities and is affected by permanent and
    temporary differences between financial accounting and tax
    reporting requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies and Estimates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This discussion and analysis of our financial condition and
    results of operations is based upon our consolidated financial
    statements, which have been prepared in accordance with GAAP.
    The preparation of these consolidated financial statements
    requires management to make estimates and assumptions that
    affect the reported amounts of assets, liabilities, revenue,
    expense and related disclosures. The most significant estimates
    with regard to these consolidated financial statements relate to
    estimates of final contract profit in accordance with long-term
    contracts, project development costs, project assets, impairment
    of goodwill, impairment of long-lived assets, fair value of
    derivative financial instruments, income taxes and stock-based
    compensation expense. Such estimates and assumptions are based
    on historical experience and on various other factors that
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    management believes to be reasonable under the circumstances.
    Estimates and assumptions are made on an ongoing basis, and
    accordingly, the actual results may differ from these estimates
    under different assumptions or conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following critical accounting policies, among others, affect
    our more significant judgments and estimates used in the
    preparation of our consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each arrangement we have with a customer, we typically
    provide a combination of one or more of the following services
    or products:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    installation or construction of energy efficiency measures,
    facility upgrades
    <FONT style="white-space: nowrap">and/or</FONT> a
    renewable energy plant to be owned by the customer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    sale and delivery, under long-term agreements, of electricity,
    gas, heat, chilled water or other output of a renewable energy
    or central plant that we own and operate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    sale and delivery of PV equipment and other renewable energy
    products for which we are a distributor;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    O&#038;M services provided under long-term O&#038;M agreements,
    as well as consulting services.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Often, we will sell a combination of these services and products
    in a bundled arrangement. We divide bundled arrangements into
    separate deliverables and revenue is allocated to each
    deliverable based on the relative fair market value of all the
    elements. The fair market value is determined based on the price
    of the deliverable sold on a stand-alone basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recognize revenue from the installation or construction of a
    project on a
    <FONT style="white-space: nowrap">percentage-of-completion</FONT>
    basis. The
    <FONT style="white-space: nowrap">percentage-of-completion</FONT>
    for each project is determined on an actual
    <FONT style="white-space: nowrap">cost-to-estimated</FONT>
    final cost basis. In accordance with industry practice, we
    include in current assets and liabilities the amounts of
    receivables related to construction projects that are payable
    over a period in excess of one year. We recognize revenue
    associated with contract change orders only when the
    authorization for the change order has been properly executed
    and the work has been performed and accepted by the customer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the estimate on a contract indicates a loss, or claims
    against costs incurred reduce the likelihood of recoverability
    of such costs, our policy is to record the entire expected loss
    immediately, regardless of the percentage of completion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred revenue represents circumstances where (i)&#160;there
    has been a receipt of cash from the customer for work or
    services that have yet to be performed, (ii)&#160;receipt of
    cash where the product or service may not have been accepted by
    the customer or (iii)&#160;when all other revenue recognition
    criteria have been met, but an estimate of the final total cost
    cannot be determined. Deferred revenue will vary depending on
    the timing and amount of cash receipts from customers and can
    vary significantly depending on specific contractual terms. As a
    result, deferred revenue is likely to fluctuate from period to
    period. Unbilled receivables represent amounts earned and
    billable that were not invoiced at the end of the fiscal period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recognize revenue from the sale and delivery of products,
    including the output of our renewable energy plants, when
    produced and delivered to the customer, in accordance with the
    specific contract terms, provided that persuasive evidence of an
    arrangement exists, our price to the customer is fixed or
    determinable and collectibility is reasonably assured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recognize revenue from O&#038;M contracts and consulting
    services as the related services are performed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a limited number of contracts under which we receive
    additional revenue based on a share of energy savings, we
    recognize such additional revenue as energy savings are
    generated.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Project
    Development Costs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We capitalize as project development costs only those costs
    incurred in connection with the development of energy efficiency
    and renewable energy projects, primarily direct labor, interest
    costs, outside contractor services, consulting fees, legal fees
    and associated travel, if incurred after a point in time when
    the realization of related revenue becomes probable. Project
    development costs incurred prior to the probable realization of
    revenue are expensed as incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Project
    Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We capitalize interest costs relating to construction financing
    during the period of construction. The interest capitalized is
    included in the total cost of the project at completion. The
    amount of interest capitalized for the years ended
    December&#160;31, 2007, 2008 and 2009 were $0, $0.2&#160;million
    and $1.4&#160;million, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Routine maintenance costs are expensed in the current
    year&#146;s consolidated statements of income and comprehensive
    income to the extent that they do not extend the life of the
    asset. Major maintenance, upgrades and overhauls are required
    for certain components of our assets. In these instances, the
    costs associated with these upgrades are capitalized and are
    depreciated over the shorter of the life of the asset or until
    the next required major maintenance or overhaul period. Gains or
    losses on disposal of property and equipment are reflected in
    general and administrative expenses in the consolidated
    statements of income and comprehensive income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We evaluate our long-lived assets for impairment as events or
    changes in circumstances indicate the carrying value of these
    assets may not be fully recoverable. We evaluate recoverability
    of long-lived assets to be held and used by estimating the
    undiscounted future cash flows before interest associated with
    the expected uses and eventual disposition of those assets. When
    these comparisons indicate that the carrying value of those
    assets is greater than the undiscounted cash flows, we recognize
    an impairment loss for the amount that the carrying value
    exceeds the fair value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008, we determined that impairment had incurred on two
    of our LFG energy facilities. One facility&#146;s landfill owner
    was experiencing permanent operational issues with its existing
    well field equipment. The volume of LFG supplied to our facility
    was impaired by this factor, resulting in a write-down of the
    asset value. The second facility&#146;s industrial customer
    filed for bankruptcy in 2008. We assessed the likelihood of the
    industrial customer emerging from bankruptcy and the resulting
    impact on future cash flows to the project in determining the
    amount of the impairment. A total of $3.5&#160;million was
    written down for these two facilities, and is included in direct
    expenses in the accompanying consolidated statement of income
    and comprehensive income for 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2007, we decommissioned one of our LFG facilities as the
    supply agreement with the local utility company expired in
    December 2006. During 2007, the plant was temporarily shut down.
    The plant equipment had been in service for 20&#160;years and
    the cost of maintaining the aged equipment was economically
    unfeasible. The remaining book value of $2.0&#160;million was
    written off, and is included in direct expenses in the
    accompanying consolidated statement of income and comprehensive
    income for 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Impairment
    of Goodwill </FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We apply ASC Topic 350 in accounting for the valuation of
    goodwill and identifiable intangible assets. During our annual
    goodwill impairment tests at December&#160;31, 2009, 2008 and
    2007, we determined that the fair value of equity exceeded the
    carrying value of equity, and therefore that goodwill was not
    impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goodwill represents the excess of cost over the fair value of
    net tangible and identifiable intangible assets of businesses
    acquired. We assess the impairment of goodwill and intangible
    assets with indefinite lives on an annual basis and whenever
    events or changes in circumstances indicate that the carrying
    value of the asset may not be recoverable. We would record an
    impairment charge if such an assessment were to indicate that,
    more likely than not, the fair value of such assets was less
    than their carrying values. Judgment is required in determining
    whether an event has occurred that may impair the value of
    goodwill or identifiable
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    intangible assets. Factors that could indicate that an
    impairment may exist include significant underperformance
    relative to plan or long-term projections, significant changes
    in business strategy, significant negative industry or economic
    trends or a significant decline in the base stock price of our
    public competitors for a sustained period of time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first step, or Step 1, of the goodwill impairment test, used
    to identify potential impairment, compares the fair value of the
    equity with its carrying amount, including goodwill. If the fair
    value of the equity exceeds its carrying amount, goodwill of the
    reporting unit is considered not impaired, thus the second step
    of the impairment test is unnecessary. If the carrying amount of
    a reporting unit exceeds its fair value, the second step of the
    goodwill impairment test shall be performed to measure the
    amount of impairment loss, if any. We performed a Step 1 test at
    our December&#160;31, 2009, 2008 and 2007 annual testing dates
    and determined that the fair value of equity exceeded the
    carrying value of equity, and therefore that goodwill was not
    impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We completed the Step 1 test using both an income approach and a
    market approach. The discounted cash flow method was used to
    measure the fair value of our equity under the income approach.
    A terminal value utilizing a constant growth rate of cash flows
    was used to calculate a terminal value after the explicit
    projection period. Determining the fair value using a discounted
    cash flow method requires that we make significant estimates and
    assumptions, including long-term projections of cash flows,
    market conditions and appropriate discount rates. Our judgments
    are based upon historical experience, current market trends,
    pipeline for future sales and other information. While we
    believe that the estimates and assumptions underlying the
    valuation methodology are reasonable, different estimates and
    assumptions could result in a different outcome. In estimating
    future cash flows, we rely on internally-generated projections
    for a defined time period for sales and operating profits,
    including capital expenditures, changes in net working capital
    and adjustments for non-cash items to arrive at the free cash
    flow available to invested capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the market approach, we estimate the fair value based on
    market multiples of revenue and earnings of comparable
    publicly-traded companies and comparable transactions of similar
    companies. The estimates and assumptions used in our
    calculations include revenue growth rates, expense growth rates,
    expected capital expenditures to determine projected cash flows,
    expected tax rates and an estimated discount rate to determine
    present value of expected cash flows. These estimates are based
    on historical experiences, our projections of future operating
    activity and our weighted-average cost of capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we periodically review the estimated useful lives
    of our identifiable intangible assets, taking into consideration
    any events or circumstances that might result in either a
    diminished fair value or revised useful life. If the Step 1 test
    concludes an impairment is indicated, we will employ a second
    step to measure the impairment. If we determine that an
    impairment has occurred, we will record a write-down of the
    carrying value and charge the impairment as an operating expense
    in the period the determination is made. Although we believe
    goodwill and intangible assets are appropriately stated in our
    consolidated financial statements, changes in strategy or market
    conditions could significantly impact these judgments and
    require an adjustment to the recorded balance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Impairment
    of Long-Lived Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We periodically evaluate long-lived assets for events and
    circumstances that indicate a potential impairment. A review of
    long-lived assets for impairment is performed whenever events or
    changes in business circumstances indicate that the carrying
    amount of the assets may not be fully recoverable or that the
    useful lives of these assets are no longer appropriate. Each
    impairment test is based on a comparison of the estimated
    undiscounted cash flows of the asset as compared to the recorded
    value of the asset. If these estimates or their related
    assumptions change in the future, an impairment charge may be
    required against these assets in the reporting period in which
    the impairment is determined.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Derivative
    Financial Instruments</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for our interest rate swaps as derivative financial
    instruments in accordance with the related guidance. Under this
    guidance, derivatives are carried on our consolidated balance
    sheet at fair value.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair value of our interest rate swaps is determined based on
    observable market data in combination with expected cash flows
    for each instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective January&#160;1, 2009, we adopted new guidance which
    expands the disclosure requirements for derivative instruments
    and hedging activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, we utilize derivative
    contracts as part of our risk management strategy to manage
    exposure to market fluctuations in interest rates. These
    instruments are subject to various credit and market risks.
    Controls and monitoring procedures for these instruments have
    been established and are routinely reevaluated. Credit risk
    represents the potential loss that may occur because a party to
    a transaction fails to perform according to the terms of the
    contract. The measure of credit exposure is the replacement cost
    of contracts with a positive fair value. We seek to manage
    credit risk by entering into financial instrument transactions
    only through counterparties that we believe to be creditworthy.
    Market risk represents the potential loss due to the decrease in
    the value of a financial instrument caused primarily by changes
    in interest rates. We seek to manage market risk by establishing
    and monitoring limits on the types and degree of risk that may
    be undertaken. As a matter of policy, we do not use derivatives
    for speculative purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We did not apply hedge accounting based upon the criteria
    established by the related guidance as we did not designate our
    derivatives as cash flow hedges. We recognize all derivatives in
    our consolidated financial statements at fair value. Cash flows
    from derivative instruments are reported as operating activities
    on the statements of cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are exposed to interest rate risk through our borrowing
    activities. A portion of our project financing includes two
    projects that utilize a variable rate swap instrument. During
    2007, we entered into two
    <FONT style="white-space: nowrap">15-year</FONT>
    interest rate swap contracts under which we agreed to pay an
    amount equal to a specified fixed rate of interest times a
    notional principal amount, and to, in turn, receive an amount
    equal to a specified variable rate of interest times the same
    notional principal amount. We entered into the interest rate
    swap contracts as an economic hedge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to our interest rate swaps, we recorded the
    unrealized gain (loss) in earnings in 2007, 2008 and 2009 of
    approximately $(1.4&#160;million), $(2.8&#160;million) and
    $2.3&#160;million, respectively, as other (expense) income in
    our consolidated statements of income and comprehensive income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We provide for income taxes based on the liability method. We
    provide for deferred income taxes based on the expected future
    tax consequences of differences between the financial statement
    basis and the tax basis of assets and liabilities calculated
    using the enacted tax rates in effect for the year in which the
    differences are expected to be reflected in the tax return.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for uncertain tax positions using a
    &#147;more-likely-than-not&#148; threshold for recognizing and
    resolving uncertain tax positions. The evaluation of uncertain
    tax positions is based on factors that include, but are not
    limited to, changes in tax law, the measurement of tax positions
    taken or expected to be taken in tax returns, the effective
    settlement of matters subject to audit, new audit activity and
    changes in facts or circumstances related to a tax position. We
    evaluate uncertain tax positions on a quarterly basis and adjust
    the level of the liability to reflect any subsequent changes in
    the relevant facts surrounding the uncertain positions. Our
    liabilities for an uncertain tax position can be relieved only
    if the contingency becomes legally extinguished through either
    payment to the taxing authority or the expiration of the statute
    of limitations, the recognition of the benefits associated with
    the position meet the &#147;more-likely-than-not&#148; threshold
    or the liability becomes effectively settled through the
    examination process. We consider matters to be effectively
    settled once: the taxing authority has completed all of its
    required or expected examination procedures, including all
    appeals and administrative reviews; we have no plans to appeal
    or litigate any aspect of the tax position; and we believe that
    it is highly unlikely that the taxing authority would examine or
    re-examine the related tax position. We also accrue for
    potential interest and penalties, related to unrecognized tax
    benefits in income tax expense.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation Expense</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our stock-based compensation expense results from the issuances
    of shares of restricted common stock and grants of stock options
    and warrants to employees, directors, outside consultants and
    others. We recognize the costs associated with option and
    warrant grants using the fair value recognition provisions of
    ASC 718, Compensation&#160;&#151; Stock Compensation (formerly
    SFAS&#160;No.&#160;123(R), Share-Based Payment). Generally, ASC
    718 requires the value of all stock-based payments to be
    recognized in the statement of operations based on their
    estimated fair value at date of grant amortized over the
    grants&#146; vesting period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Grants
    of Restricted Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;25, 2006, we issued 1,000,000&#160;shares of
    restricted stock to our principal shareholder under the 2000
    stock plan in consideration for his personal indemnity of surety
    arrangements required for certain projects. The shares vested in
    full upon the date three years from the date of grant. At the
    time the shares were issued, the fair value was determined to be
    $6.82 per share. We recorded an expense of $2.3&#160;million,
    $2.3&#160;million and $1.9&#160;million in 2007, 2008 and 2009,
    respectively, related to this award. This expense is included in
    salaries and benefits in our consolidated statements of income
    and comprehensive income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Issuance
    of Warrants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of a financing agreement, we issued warrants to acquire
    1,000,000 and 800,000&#160;shares of common stock in 2001 and
    2002. The warrants initially had a per share exercise price of
    $0.01 and $0.60, respectively; however the $0.60 per share
    exercise price was subsequently reduced to $0.01. The holders of
    the warrants are entitled to receive a proportionate share of
    any distributions made to holders of the common stock. The
    warrants expire on June&#160;29, 2011 if unexercised.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008, we repurchased 1,597,357 of these warrants at an
    average price of $5.01 per share, for a total price of
    $8.0&#160;million. We recorded this transaction in additional
    paid-in capital and it is reflected in our consolidated balance
    sheets for 2008 and 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Grants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted stock options to certain employees and directors
    under the 2000 stock plan. At December&#160;31, 2009,
    4,222,800&#160;shares were available for grant under the 2000
    stock plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the 2000 stock plan, all options expire if
    not exercised within ten years after the grant date. The options
    vest over five years, with 20% vesting at the end of the first
    year and five percent vesting every three months beginning one
    year after the grant date. If the employee ceases to be employed
    for any reason before vested options have been exercised, the
    employee generally has three months to exercise vested options
    or they are forfeited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective January&#160;1, 2006, we adopted the fair value
    recognition provisions of ASC 718 requiring that all stock-based
    payments to employees, including grants of employee stock
    options and modifications to existing stock options, be
    recognized in the consolidated statements of income and
    comprehensive income based on their fair values, using the
    prospective-transition method.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective with the adoption of ASC 718, we elected to use the
    Black-Scholes option pricing model to determine the
    weighted-average fair value of options granted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The determination of the fair value of stock-based payment
    awards utilizing the Black-Scholes model is affected by the
    stock price and a number of assumptions, including expected
    volatility, expected life, risk-
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    free interest rate and expected dividends. The following table
    sets forth the significant assumptions used in the model during
    2007, 2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Future dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#151;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk-free interest rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.26-4.84%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.90-5.07%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.00-2.94%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    32-43%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48-54%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    57-59%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will continue to use our judgment in evaluating the expected
    term, volatility and forfeiture rate related to our own
    stock-based compensation on a prospective basis, and
    incorporating these factors into the Black-Scholes pricing
    model. Higher volatility and longer expected lives result in an
    increase to stock-based compensation expense determined at the
    date of grant. In addition, any changes in the estimated
    forfeiture rate can have a significant effect on reported
    stock-based compensation expense, as the cumulative effect of
    adjusting the rate for all expense amortization is recognized in
    the period that the forfeiture estimate is changed. If a revised
    forfeiture rate is higher than the previously estimated
    forfeiture rate, an adjustment is made that will result in a
    decrease to the stock-based compensation expense recognized in
    our consolidated financial statements. If a revised forfeiture
    rate is lower than the previously estimated rate, an adjustment
    is made that will result in an increase to the stock-based
    compensation expense recognized in our consolidated financial
    statements. These expenses will affect our direct expenses,
    project development and marketing expenses, and salaries and
    benefits expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had $6.8&#160;million of total
    unrecognized stock-based compensation cost related to employee
    stock options. We expect to recognize this cost over a
    weighted-average period of 4.02&#160;years after January&#160;1,
    2010. The allocation of this expense between direct expenses,
    project development and marketing expenses, and salaries and
    benefits expense will depend on the salaries and work
    assignments of the personnel holding these options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Determination
    of Fair Value</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe we have used reasonable methodologies and assumptions
    in determining the fair value of our common stock for financial
    reporting purposes. Our board of directors has historically
    estimated the fair value of our common stock. Because there has
    been no public market for our shares, our board of directors
    historically determined the fair value of our common stock based
    primarily on the market approach, together with a number of
    objective and subjective factors, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our results of operations and financial condition during the
    most recently completed period;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    forecasts of our financial results and market conditions
    affecting our business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    developments in our business
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market approach estimates the fair value of a company by
    applying market multiples of publicly-traded, or
    recently-acquired, firms in the same or similar lines of
    business to the results and projected results of the company
    being valued. In establishing exercise prices for our options,
    we followed a methodology designed to result in exercise prices
    that were not lower than, but could be higher than, the then
    fair value of our common stock. When choosing companies for use
    in the market approach, we focused on companies that provide
    energy efficiency services and have high rates of growth. To
    determine our enterprise value, we reviewed the multiple of
    market valuations of the comparable companies to their EBITDA
    for the prior fiscal year (based on publicly-available data), as
    well as the multiples of EBITDA for the prior fiscal year paid
    by us for our acquisitions. Based on this review, we established
    a market multiple which was generally higher than that of our
    comparable companies, and which we then applied to our own
    adjusted EBITDA for the prior fiscal year. To determine equity
    value, we added cash on hand at the end of the period and the
    cash from the pro forma exercise of stock options, and then
    subtracted senior corporate debt. The resulting value was
    divided by the number of common shares outstanding on a fully
    diluted basis to obtain the fair value per share of
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    common stock. Typically, we performed a new valuation annually
    after completing our audited consolidated financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since the beginning of 2007, we granted stock options with
    exercise prices as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Subject to Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exercise Price<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Grant Date or Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grants</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>per Share</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January&#160;24, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July&#160;25, 2007 to January&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    491,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April&#160;30, 2008 to January&#160;28, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    124,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July&#160;22, 2009 to September&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    421,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The analyses undertaken in determining the exercise prices for
    all option grants between January&#160;24, 2007 and
    December&#160;31, 2009 are summarized below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Grants on January&#160;24, 2007.</I>&#160;On October&#160;25,
    2006, our board of directors established the exercise price per
    share of common stock at $6.82 per share. The market approach
    resulted in an enterprise value of $144.6&#160;million,
    determined by applying the market multiple to our adjusted
    EBITDA for the year ended December&#160;31, 2005. That value was
    increased by cash on hand totaling $10.5&#160;million and
    reduced by debt of $11.8&#160;million, for an equity value of
    $145.9&#160;million. The equity value was divided by
    21.4&#160;million fully diluted shares outstanding to arrive at
    the estimated fair value per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Grants from July&#160;25, 2007 to January&#160;30,
    2008.</I>&#160;On July&#160;25, 2007, our board of directors
    established the exercise price per share of common stock at
    $8.44 per share. The market approach resulted in an enterprise
    value of $157.9&#160;million, determined by applying the market
    multiple to our adjusted EBITDA for the year ended
    December&#160;31, 2006. That value was increased by cash on hand
    totaling $43.5&#160;million and reduced by debt of
    $8.0&#160;million, for an equity value of $195.3&#160;million.
    The equity value was divided by 23.1&#160;million fully diluted
    shares outstanding to arrive at the estimated fair value per
    share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Grants from April&#160;30, 2008 to January&#160;28,
    2009.</I>&#160;On April&#160;30, 2008, our board of directors
    established the exercise price per share of common stock at
    $12.11 per share. The market approach resulted in an enterprise
    value of $223.6&#160;million, determined by applying the market
    multiple to our adjusted EBITDA for the year ended
    December&#160;31, 2007. That value was increased by cash on hand
    totaling $43.5&#160;million and reduced by debt of
    $8.0&#160;million. In view of the increase in the number of
    options outstanding, we added the pro forma exercise cash value
    of the options, at a weighted-average exercise price of $3.99
    per share, totaling $21.7&#160;million. This resulted in an
    equity value of $280.7&#160;million, which was divided by
    23.2&#160;million fully diluted shares outstanding to arrive at
    the estimated fair value per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Grants from July&#160;22, 2009 to September&#160;30,
    2009.</I>&#160;On July&#160;22, 2009, our board of directors
    established the exercise price per share of common stock at
    $12.11 per share. Based on the methodology described above, our
    board would have decreased the value of a share of our common
    stock (from $12.11 to $11.32). However, the decrease was due
    primarily to higher corporate debt levels and a lower cash
    balance, which in our board&#146;s view were the result
    primarily of the unprecedented economic conditions prevailing at
    that time. Our board, therefore, determined not to reduce its
    estimate of the fair value of the common stock and to maintain
    the value at $12.11 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2010, in connection with the preparation of our
    consolidated financial statements for the year ended
    December&#160;31, 2009 and in preparing for our initial public
    offering, our board of directors decided to undertake a
    reassessment of the fair value of our common stock in 2007, 2008
    and 2009. As a part of that reassessment, our board of directors
    took into account not only the factors it originally considered
    in determining fair value, but it also considered as of such
    dates:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the liquidation preferences of our preferred stock, including
    any financing and repurchase activities that may have occurred
    in the relevant period;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the illiquid nature of our common stock, including the
    opportunity and timing for any expected liquidity events;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our size and historical operating and financial performance,
    including our recent operating and financial projections as of
    each grant date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our existing backlog;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    important events in the development of our business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the market performance of a peer group comprised of selected
    publicly-traded companies we identified as being guidelines for
    us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In performing this retrospective analysis, we reexamined and
    reapplied the market approach and also applied the current value
    method to allocate the equity to the various share classes as
    outlined in the American Institute of Certified Public
    Accountants Technical Practice Aid, Valuation of Privately-Held
    Company Equity Securities Issued as Compensation, which we refer
    to as the practice aid. We believe that the valuation
    methodologies used in the retrospective analysis are reasonable
    and consistent with the practice aid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In applying the current value method, we considered the rights
    of our Series&#160;A convertible preferred stock, which we refer
    to as our Series&#160;A preferred stock, and which will be
    converted into shares of Class&#160;B common stock upon the
    closing of this offering. The calculated enterprise value as of
    each of the valuation dates was significantly higher than the
    cumulative liquidation preference of our Series&#160;A preferred
    stock of $3.2&#160;million. We also determined that in each
    valuation date, the Series&#160;A preferred stock would receive
    a substantially higher per share value on an &#147;as if&#148;
    converted to common stock basis than by retaining its
    liquidation preference. Thus for the purposes of these
    valuations the total equity value was divided by the fully
    diluted shares outstanding in order to calculate the per share
    value of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this retrospective analysis, in determining
    our enterprise value, our analysis also considered the
    calculated multiple of market valuations of the comparable
    companies to their next 12&#160;months EBITDA, and applied this
    multiple to our own next 12&#160;months projected adjusted
    EBITDA, in addition to considering the enterprise value to
    trailing 12&#160;months adjusted EBITDA. To determine equity
    value, we added cash on hand at the end of the period and the
    cash from the assumed pro forma exercise of
    <FONT style="white-space: nowrap">in-the-money</FONT>
    stock options, and then subtracted senior corporate debt. To
    allocate the equity, we considered the option pricing method
    from the practice aid. In connection with applying the option
    pricing method to value our common stock for these valuation
    dates, we determined that allocating the equity based on
    applying the option pricing method instead of the current value
    method in the contemporaneous valuations resulted in immaterial
    differences from the per share value calculated using the
    current value method.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this retrospective analysis, our board of directors
    determined that the fair value of our common stock remained as
    previously determined in 2007, 2008 and on January 28, 2009, and
    that the fair value was $18.00 per share on July&#160;22, 2009
    and $22.00 per share on September&#160;25, 2009, as described
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>January&#160;28, 2009 Fair Value Calculation.</I>&#160;The
    fair value of our common stock as of January&#160;28, 2009 was
    retrospectively determined to be $12.11 per share. In applying
    the market approach, our next 12 months projected EBITDA was
    primarily affected by the following factors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    continued challenges during 2008 in the U.S.&#160;economy and
    decreased valuations of comparable companies;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    concerns about liquidity during the upcoming fiscal quarters.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>July&#160;22, 2009 Fair Value Calculation.</I>&#160;The fair
    value of our common stock as of July&#160;22, 2009 was
    retrospectively determined to be $18.00 per share. In applying
    the market approach, our next 12 months projected adjusted
    EBITDA was primarily affected by the following factors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we were notified in March 2009 that the U.S.&#160;Department of
    Energy had lifted restrictions on its ability to enter into
    ESPCs, which permitted us to proceed with the execution of
    larger federal contracts;
</TD>
</TR>

</TABLE>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    in May 2009, we executed a contract for our large
    U.S.&#160;Department of Energy Savannah River Site renewable
    energy project; however, we had not yet secured the financing
    necessary to complete this project; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    improvement in general economic and market conditions in the
    first half of 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, this determination took into account our
    expectation that we would undertake an initial public offering
    within one year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>September&#160;25, 2009 Fair Value Calculation.</I>&#160;The
    fair value of our common stock as of September&#160;25, 2009 was
    retrospectively determined to be $22.00 per share. In applying
    the market approach, our next 12 months projected EBITDA was
    primarily affected by our securing in August 2009 the financing
    necessary to complete our Savannah River Site project and a
    large energy efficiency project. In addition, this determination
    took into account our expectation that we would undertake an
    initial public offering within nine months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have incorporated the fair values calculated in the
    retrospective valuations into the Black-Scholes option pricing
    model when calculating the stock-based compensation expense to
    be recognized for the stock options granted during the period
    from July through September 2009. The retrospective valuations
    generated per share fair values of common stock of $18.00 and
    $22.00, respectively, at July&#160;22, 2009 and
    September&#160;25, 2009. This resulted in intrinsic values of
    $5.89 and $9.89 per share, respectively, at each grant date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Valuation models require the input of highly subjective
    assumptions. There are significant judgments and estimates
    inherent in the determination of these valuations. These
    judgments and estimates include assumptions regarding our future
    performance, the time to undertaking and completing an initial
    public offering or other liquidity event, as well as
    determinations of the appropriate valuation methods. If we had
    made different assumptions, our stock-based compensation
    expense, net income and net income per share could have been
    significantly different. Additionally, because our capital stock
    prior to this offering had characteristics significantly
    different from that which will apply upon the closing of this
    offering, and because changes in the subjective input
    assumptions can materially affect the fair value estimate, in
    management&#146;s opinion, the existing models do not
    necessarily provide a reliable, single measure of fair value.
    The foregoing valuation methodologies are not the only valuation
    methodologies available and will not be used to value our
    Class&#160;A or Class&#160;B common stock once this offering is
    complete. We cannot make assurances regarding any particular
    valuation of our shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Internal
    Control Over Financial Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We had a material weakness in our internal control over
    financial reporting in each of 2007, 2008 and 2009. A material
    weakness is defined as a deficiency, or combination of
    deficiencies, in internal control over financial reporting, such
    that there is a reasonable possibility that a material
    misstatement of the company&#146;s annual or interim financial
    statements will not be prevented or detected on a timely basis
    by the company&#146;s internal controls. We do not currently
    have personnel with an appropriate level of knowledge,
    experience and training in the selection, application and
    implementation of GAAP as it relates to certain complex
    accounting issues, income taxes and SEC financial reporting
    requirements. This constitutes a material weakness, which we
    plan to remediate by hiring additional personnel with the
    requisite expertise. See &#147;Risk Factors&#160;&#151; We have
    a material weakness in our internal control over financial
    reporting. If we fail to establish and maintain proper and
    effective internal controls, our ability to produce accurate
    financial statements could be impaired, which could adversely
    affect our operating results, our ability to operate our
    business and investors&#146; and customers&#146; views of
    us.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Revenue</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Total revenue.</I>&#160;Total revenue increased by
    $32.6&#160;million, or 8.3%, from 2008 to 2009, due primarily to
    an increase in energy efficiency revenue and, to a lesser
    extent, an increase in renewable energy revenue.
</DIV>
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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Total revenue increased by $17.4&#160;million, or 4.6%, from
    2007 to 2008 due to an increase in renewable energy revenue,
    offset in part by a decrease in energy efficiency revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Energy efficiency revenue.</I>&#160;Energy efficiency revenue
    increased by $15.6&#160;million, or 4.8%, from 2008 to 2009, due
    to an increase in the number of new projects for municipal and
    other institutional customers that commenced in late 2008 and
    continued through 2009. Revenue decreased by $20.9&#160;million,
    or 6.0%, from 2007 to 2008, primarily because the size of our
    energy efficiency projects in the Canadian market decreased
    significantly from an unusually high level in 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Renewable energy revenue.</I>&#160;Renewable energy revenue
    increased by $17.1&#160;million, or 24.1%, from 2008 to 2009,
    due mainly to an increase in the number of LFG and biomass
    facilities being built by us for federal agencies. Construction
    volume of such plants increased by $16.0&#160;million from 2008
    to 2009. Additionally, in 2009, we placed in service eight new
    plants owned by us that sell and deliver LFG, or electricity
    generated by LFG, to customers. Partially offsetting this
    increase in revenue was a decline in the sales of PV systems and
    components, primarily due to a decline in market prices of solar
    panels. In 2008, renewable energy revenue increased by
    $38.3&#160;million, or 117.6% from 2007. The increase in 2008
    was due primarily to increased sales of solar energy products
    and services, reflecting the first full year of sales from
    Southwestern Photovoltaic, Inc., or SWPV, which we acquired in
    May 2007. Also contributing to the increase in 2008, to a lesser
    extent, was an increase in revenue from the construction of
    biomass and LFG plants for federal agencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Revenue from customers outside the United States, principally
    Canada, was $86.9&#160;million in 2009, compared with
    $87.2&#160;million in 2008 and $100.4&#160;million in 2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Direct
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Total direct expenses.</I>&#160;Direct expenses increased by
    $30.2&#160;million, or 9.5%, from 2008 to 2009, due to higher
    revenue. Lower profit margins caused direct expenses to increase
    at a greater rate than revenue. Direct expenses increased by
    $6.5&#160;million, or 2.1%, from 2007 to 2008, due to the
    increase in revenue, but at a slower rate as profit margins
    improved during the year. Direct expenses generally increase or
    decrease as related revenue increases or decreases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Energy efficiency.</I>&#160;Energy efficiency gross margin
    decreased from 20.3% in 2008 to 17.2% in 2009, due primarily to
    cost overruns on several projects, as well as lower budgeted
    margins on certain Canadian projects. Energy efficiency gross
    margin increased from 17.4% in 2007 to 20.3% in 2008 due
    primarily to the recovery of a cost contingency for a project
    that was completed without requiring the use of such contingency
    and the recovery of a cost contingency relating to an O&#038;M
    contract that was terminated as part of a settlement with a
    customer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Renewable energy.</I>&#160;Renewable energy gross margin
    increased from 15.9% in 2008 to 24.4% in 2009 as a result of the
    completion of seven new renewable energy plants, which typically
    have higher margins than PV products. Renewable energy gross
    margins decreased from 19.9% in 2007 to 15.9% in 2008 due
    primarily to a higher proportion of sales in 2008 represented by
    PV products.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Operating
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Salaries and benefits.</I>&#160;Salaries and benefits
    declined $2.0&#160;million, or 6.7%, from 2008 to 2009, as a
    higher proportion of salaries and benefits was allocated to
    direct expense due to the increased utilization rates of our
    staff resulting from the higher volume of development and
    construction activity in 2009. Lower employee incentive payments
    also contributed to the decrease. Salaries and benefits
    increased from 2007 to 2008 by $4.4&#160;million, or 17.0%, due
    primarily to the addition of personnel from the acquisition of
    SWPV and other staff additions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Project development.</I>&#160;Project development expenses
    declined $3.5&#160;million, or 26.8%, from 2008 to 2009, and
    increased $5.0&#160;million, or 62.6%, from 2007 to 2008. Our
    project development expenses were unusually high in 2008 as a
    result of a major marketing and rebranding initiative that we
    undertook and delays
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in projects due to the limited availability of financing for our
    customers. Expenses that we incurred during such delays are
    recorded as project development expenses rather than direct
    expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General, administrative and other.</I>&#160;General,
    administrative and other expenses increased $7.3&#160;million,
    or 79.5%, from 2008 to 2009, and declined by $3.9&#160;million,
    or 29.6%, from 2007 to 2008. In 2008, we recorded as a reduction
    to general, administrative and other expenses the sum of
    $5.8&#160;million reflecting the recovery of a contingency that
    we had established in connection with our acquisition of Select
    Energy in 2006. Also in 2008, we incurred an additional
    $2.0&#160;million of general, administrative and other expenses
    due to the first full year of operations of SWPV. In 2009,
    general, administrative and other expense included
    $2.2&#160;million paid by us to settle a dispute with a
    competitor related to our PV business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Income (Expense)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense) increased from 2008 to 2009 by
    $6.7&#160;million, from a net expense of $5.2&#160;million to a
    net income of $1.6&#160;million, due primarily to realized and
    unrealized gains from derivatives. In 2008, net expense
    increased by $2.0&#160;million, or 65.3%, due to an increase in
    unrealized losses on derivatives and an increase in net interest
    expense. The following table shows the changes in other income
    (expense) from 2007 to 2008 and from 2008 to 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gain realized from derivative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,493,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unrealized (loss) gain from derivatives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,365,813
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,831,524
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,263,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest expense, net of interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,448,667
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,117,567
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,993,250
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amortization of deferred financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (323,587
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (238,454
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (201,622
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,138,067
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (5,187,545
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,562,910
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Before Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income before taxes increased from 2008 to 2009 by
    $7.4&#160;million, or 37.8%, due to realized and unrealized
    gains on derivatives, partially offset by the $5.8&#160;million
    contingency recovery in 2008. Adjusting for the effect of these
    items, income before taxes in 2009 would have increased by
    $6.0&#160;million, or 36.4%, compared to 2008. Higher revenue
    and improving margins were the principal reasons for the
    improvement in the adjusted results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income before taxes increased from 2007 to 2008 by
    $3.2&#160;million, or 19.9%, due to the contingency recovery
    described above, partially offset by unrealized losses on
    derivatives and higher depreciation charges.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Provision
    for Income Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provision for income taxes is based on various rates set by
    federal and local authorities and are affected by permanent and
    temporary differences between financial accounting and tax
    reporting requirements. Our statutory rate, which is combined
    federal and state rate, has ranged between 36.1% and 41.3%.
    During 2009, we recognized income taxes of $6.9&#160;million, or
    25.8% of pretax income. The principal difference between the
    statutory rate and the effective rate was due to deductions
    permitted under Section&#160;179(d) of the Code, which relate to
    the installation of certain energy efficiency equipment in
    government-owned buildings, as well as production tax credits to
    which we are entitled from the electricity generated by certain
    plants that we own. These energy efficiency tax benefits
    accounted for a $3.0&#160;million reduction in the 2009
    provision, or a reduction of 11.1&#160;percentage points in the
    rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, the tax provision was $1.2&#160;million, or 6.2%, as we
    recognized benefits of the Section&#160;179(d) deduction. These
    cumulative benefits, plus production tax credits for electricity
    generation, resulted in an $8.0&#160;million reduction in the
    tax provision, and decreased our effective rate by
    40.9&#160;percentage points.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2007, the tax provision was $5.7&#160;million, or 35.1%. The
    difference between the statutory rate and our effective rate was
    due primarily to the energy efficiency preferences from the
    Section&#160;179(d) deduction
</DIV>
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    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and production tax credits for electricity generation, resulting
    in an $1.2&#160;million reduction in the tax provision, and a
    decrease in the effective rate by 7.5&#160;percentage points.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Net
    Income</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net income increased in 2009 by $1.6&#160;million, or 8.9%, due
    to higher pre-tax income, partially offset by an increase in the
    tax provision. Earnings per share in 2009 were $3.98 per basic
    share, and $1.24 per diluted share, representing an increase of
    $0.56, or 16.4%, and $0.16, or 14.5%, respectively. The
    weighted-average number of basic and diluted shares decreased by
    6.4% and 4.9%, respectively, as a result of share repurchases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net income in 2008 was $18.3&#160;million, compared with
    $10.5&#160;million in 2007, an increase of $7.7&#160;million, or
    73.3%. The increase was a result of higher income before taxes,
    and a significantly lower tax provision. Earnings per share were
    $3.42 per basic share and $1.09 per diluted share in 2008,
    representing an increase of 80.5% and 83.1%, respectively, from
    2007. The weighted-average number of basic and diluted shares
    outstanding decreased in 2008 by 4.0% and 5.4%, respectively, as
    a result of share and option repurchases.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity
    and Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sources of liquidity.</I>&#160;Since inception, we have
    funded operations primarily through cash flow from operations
    and various forms of debt. We believe that available cash and
    cash equivalents and availability under our revolving senior
    secured credit facility, combined with our access to credit
    markets and the net proceeds from this offering, will be
    sufficient to fund our operations through 2011 and thereafter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital expenditures.</I>&#160;Our total capital expenditures
    were $22.8&#160;million in 2007, $43.0&#160;million in 2008, and
    $21.6&#160;million in 2009, which is net of $12.9&#160;million
    in Section&#160;1603 rebates. Section&#160;1603 of the American
    Recovery and Reinvestment Tax Act of 2009 authorized the
    U.S.&#160;Department of the Treasury to make payments to
    eligible persons who place in service specified energy property.
    This property would have been eligible for production tax
    credits under the Code, but we elected to forego such tax in
    exchange for the payment made under Section&#160;1603.
    Additionally, we invested $10.8&#160;million for an acquisition
    in 2007 and $0.7&#160;million for an acquisition in 2009. We
    currently plan to make capital expenditures of approximately
    $30&#160;million in 2010, principally for new renewable energy
    plants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cash flows from operating activities.</I>&#160;Operating
    activities provided $45.3&#160;million of net cash during 2009.
    In 2009, we had net income of $19.9&#160;million, which is net
    of non-cash compensation, depreciation and amortization totaling
    $10.1&#160;million, partially offset by a $2.3&#160;million
    unrealized gain on derivatives. Increases in accounts payable
    and other liabilities contributed $36.7&#160;million, and
    investment in federal projects used $19.8&#160;million, in 2009.
    Other changes in net assets and liabilities provided the balance
    of net cash during the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Operating activities provided $1.3&#160;million of net cash
    during 2008. We had net income of $18.3&#160;million which
    included non-cash compensation, depreciation and amortization
    totaling $6.7&#160;million, impairments and write-downs totaling
    $4.8&#160;million and a $2.8&#160;million unrealized loss on
    derivatives. Net income also included a non-cash gain related to
    an acquisition of $5.9&#160;million. Payments pursuant to
    O&#038;M contracts decreased by $8.0&#160;million due primarily
    to late customer remittances. Inventory and project development
    costs used $3.8&#160;million and $3.6&#160;million,
    respectively. Other changes in net assets and liabilities used
    $12.3&#160;million of net cash during the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Operating activities provided $30.3&#160;million of net cash
    during 2007. We had net income of $10.5&#160;million which
    included non-cash compensation, depreciation and amortization
    totaling $6.6&#160;million, a $2.0&#160;million asset write-down
    and a $1.4&#160;million unrealized loss from a derivative. Net
    income also included a non-cash gain related to a securitization
    of $2.3&#160;million. Activity related to federal projects
    contributed $11.4&#160;million of cash and changes in net assets
    and liabilities used $3.9&#160;million of net cash during the
    year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cash flows from investing activities.</I>&#160;Cash flows
    from investing activities primarily relate to capital
    expenditures to support our growth.
</DIV>
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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash used in investing activities totaled $22.3&#160;million
    during 2009 and consisted of capital expenditures of
    $21.6&#160;million, primarily related to the development of
    renewable energy plants. This amount was net of
    $12.9&#160;million of Section&#160;1603 rebates. Also,
    $0.7&#160;million of cash was used for an acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash used in investing activities totaled $43.0&#160;million
    during 2008 and consisted solely of capital expenditures
    primarily for development of renewable energy plants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash used in investing activities totaled $33.6&#160;million
    during 2007 and consisted of capital expenditures of
    $22.8&#160;million, primarily related to the development of
    renewable energy plants. Also, $10.8&#160;million of cash was
    used for an acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cash flows from financing activities.</I>&#160;Cash flows
    provided by financing activities totaled $4.1&#160;million
    during 2009 and included proceeds, net of financing costs, of
    $25.4&#160;million from a construction and term loan facility
    provided by a bank. These proceeds were offset by repayments of
    $14.6&#160;million on our revolving senior secured credit
    facility, repayments of $3.6&#160;million on other long-term
    debt and payments of $3.1&#160;million into restricted cash
    accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash flows provided by financing activities totaled
    $22.2&#160;million during 2008 and included proceeds of
    $34.5&#160;million from our revolving senior secured credit
    facility and proceeds from project finance debt of
    $9.3&#160;million. These proceeds were partially offset by
    repayments of $2.5&#160;million on long-term debt,
    $2.9&#160;million of project debt, $0.9&#160;million in
    financing fees, $12.9&#160;million for the repurchase of stock
    and warrants and payments of $2.4&#160;million into restricted
    cash accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash flows used in financing activities totaled
    $3.2&#160;million during 2007, primarily related to the
    repayment of long-term debt of $4.4&#160;million, repayment of
    senior debt of $2.5&#160;million and the repurchase of employee
    stock and options of $2.5&#160;million, partially offset by
    $6.2&#160;million of proceeds from project financing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordinated
    Note</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the organization of Ameresco, on May&#160;17,
    2000, we issued a subordinated note to our principal stockholder
    in the amount of $3.0&#160;million. The subordinated note bears
    interest at the rate of 10.00% per annum, payable monthly in
    arrears, and is subordinate to our revolving senior secured
    credit facility. The subordinated note is payable upon demand.
    We incurred $0.3&#160;million of interest related to the
    subordinated note during each of 2007, 2008 and 2009. The note
    will be repaid out of the proceeds of this offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Revolving
    Senior Secured Credit Facility</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;10, 2008, we entered into a credit and security
    agreement with a bank, consisting of a $50&#160;million
    revolving facility. The agreement requires us to pay monthly
    interest at various rates in arrears, based on the amount
    outstanding. This facility has a maturity date of June&#160;30,
    2011. The facility is secured by a lien on all of our assets
    other than renewable energy projects that we own that were
    financed by others, and limits our ability to enter into other
    financing arrangements. Availability under the facility is based
    on two times our EBITDA for the preceding four quarters, and we
    are required to maintain a minimum EBITDA of $20&#160;million on
    a rolling four-quarter basis and a minimum level of tangible net
    worth. The full line of credit was available to us as of
    December&#160;31, 2009. There was $34.5&#160;million and
    $19.9&#160;million in principal outstanding under the facility
    as of December&#160;31, 2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Project
    Financing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Construction and Term Loans.</I>&#160;We have entered into a
    number of construction and term loan agreements for the purpose
    of constructing and owning certain renewable energy plants. The
    physical assets and the operating agreements related to the
    energy plants are owned by wholly-owned, single member special
    purpose subsidiaries. These construction and term loans are
    structured as project financings made directly to a subsidiary,
    and upon acceptance of a project, the related construction loan
    converts into a term loan. While we are required under GAAP to
    reflect these loans as liabilities on our balance sheet, they
    are nonrecourse and not
</DIV>
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    <BR>
    58
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    direct obligations of Ameresco, Inc. As of December&#160;31,
    2009, we had outstanding $58.4&#160;million in aggregate
    principal amount under these loans, bearing interest at rates
    ranging from 6.9% to 8.7% and maturing at various dates from
    2014 to 2021. As of December&#160;31, 2009, a term loan in the
    amount of $5.4&#160;million was in default as a result of the
    bankruptcy of the customer for the energy output of the plant
    financed by the loan. This customer has emerged from bankruptcy,
    confirmed its obligations to our subsidiary and made all back
    payments together with interest. We are currently seeking to
    refinance this loan to cure the default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Federal ESPC Receivable Financing.</I>&#160;We have
    arrangements with certain lenders to provide advances to us
    during the construction or installation of projects for certain
    customers, typically federal governmental entities, in exchange
    for our assignment to the lenders of our rights to the long-term
    receivables arising from the ESPCs related to such projects.
    These financings totaled $32.6&#160;million in principal amount
    at December&#160;31, 2009. Under the terms of these financing
    arrangements, we are required to complete the construction or
    installation of the project in accordance with the contract with
    our customer, and the debt remains on our consolidated balance
    sheet until the completed project is accepted by the customer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Contractual
    Obligations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes our significant contractual
    obligations and commitments as of December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payments due by Period</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Less than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>One to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Three to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>More than<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>One Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Five Years</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom">
    <B> (In thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revolving senior secured credit facility(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,915
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,915
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Term loans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,906
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,670
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Construction loans(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Federal ESPC receivable financing(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest obligations(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,641
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,781
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,797
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating leases
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,521
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    127,061
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43,563
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,229
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    For our revolving senior secured credit facility, the table
    above assumes that the variable interest rate in effect as of
    December&#160;31, 2009 remains constant for the term of the
    facility.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    These construction loans will convert during 2010 into term
    loans under our existing construction and term loan agreement
    upon customer acceptance of the projects financed with such
    loans, and the to-be-converted amounts are not reflected in this
    table as term loans following such anticipated conversion.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Federal ESPC receivable financing arrangements relate to the
    installation and construction of projects for certain customers,
    typically federal governmental entities, where we assign to the
    lenders our right to customer receivables. We are relieved of
    the financing liability when the project is completed and
    accepted by the customer.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The table does not include, for our federal ESPC receivable
    financing arrangements, the difference between the aggregate
    amount of the long-term customer receivables sold by us to the
    lender and the amount received by us from the lender for such
    sale.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    During&#160;2010, we have entered into four federal ESPC
    financing arrangements. These financings are with various
    financial institutions, totaling approximately
    $40.4&#160;million. Discount rates vary by project, ranging from
    6.80% to 7.81%.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We did not have during the periods presented, and we do not
    currently have, any off-balance sheet arrangements, as defined
    under SEC rules, such as relationships with unconsolidated
    entities or financial partnerships, which are often referred to
    as structured finance or special purpose entities, established
    for the purpose of facilitating financing transactions that are
    not required to be reflected on our balance sheet.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures About Market Risk</FONT></B>
</DIV>

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    We are exposed to changes in interest rates and foreign currency
    exchange rates because we finance certain operations through
    fixed and variable rate debt instruments and denominate our
    transactions in U.S.&#160;and Canadian dollars. Changes in these
    rates may have an impact on future cash flows and earnings. We
    manage these risks through normal operating and financing
    activities and, when deemed appropriate, through the use of
    derivative financial instruments.
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Risk</FONT></I></B>
</DIV>

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    We had cash and cash equivalents totaling $47.9&#160;million as
    of December&#160;31, 2009, $18.1&#160;million as of
    December&#160;31, 2008, and $40.9&#160;million as of
    December&#160;31, 2007. Our exposure to interest rate risk
    primarily relates to the interest expense paid on our revolving
    line of credit.
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Risk</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    As a result of our operations in Canada, we have significant
    expenses, assets and liabilities that are denominated in a
    foreign currency. Also, a significant number of employees are
    located in Canada. Accordingly, we have a significant amount of
    business transacted in Canadian currency.
</DIV>

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    As a consequence, gross profit, operating results, profitability
    and cash flows are impacted by relative changes in the value of
    the Canadian dollar. We have not repatriated earnings from the
    Canadian subsidiary, but have elected to invest in new business
    opportunities there. We do not hedge our exposure to foreign
    currency exchange risk.
</DIV>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">Derivative
    Instruments</FONT></I></B>
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not enter into financial instruments for trading or
    speculative purposes.
</DIV>

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    By using derivative instruments, we are subject to credit and
    market risk. The fair market value of the derivative instruments
    is determined by using valuation models whose inputs are derived
    using market observable inputs, including interest rate yield
    curves, and reflects the asset or liability position as of the
    end of each reporting period. When the fair value of a
    derivative contract is positive, the counterparty owes us, thus
    creating a receivable risk for us. We are exposed to
    counterparty credit risk in the event of non-performance by
    counterparties to our derivative agreements. We minimize
    counterparty credit (or repayment) risk by entering into
    transactions with major financial institutions of investment
    grade credit rating.
</DIV>

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    Our exposure to market risk is not hedged in a manner that
    completely eliminates the effects of changing market conditions
    on earnings or cash flow.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Codification.</I>&#160;In 2009, the Financial Accounting
    Standards Board, or FASB, issued an accounting pronouncement
    establishing the FASB Accounting Standards Codification, or ASC,
    as the source of authoritative accounting principles recognized
    by the FASB to be applied by nongovernmental entities. This
    pronouncement was effective for financial statements issued for
    interim and annual periods ending after September&#160;15, 2009
    for most entities. On the effective date, all non-SEC accounting
    and reporting standards were superseded. We adopted this new
    accounting pronouncement during 2009, and it did not have a
    material impact on our consolidated financial statements.
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    <I>Subsequent Events.</I>&#160;In May 2009, the FASB issued
    guidance on subsequent events, which sets forth general
    standards of accounting for and disclosure of events that occur
    after the balance sheet date but before financial statements are
    issued or are available to be issued. We adopted the guidance
    during 2009, and it did not have a material impact on our
    consolidated financial statements.
</DIV>

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    <I>Fair Value Measurement.</I>&#160;In January 2010, the FASB
    issued guidance on improving disclosures about fair value
    measurements. This guidance has new requirements for disclosures
    related to recurring or
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    nonrecurring fair-value measurements including significant
    transfers into and out of Level&#160;1 and Level&#160;2
    fair-value measurements and information on purchases, sales,
    issuances and settlements in a rollforward reconciliation of
    Level&#160;3 fair-value measurements. This guidance is effective
    for the first reporting period beginning after December&#160;15,
    2009, and, as a result, it was effective for us beginning on
    January&#160;1, 2010. The Level&#160;3 reconciliation
    disclosures are effective for fiscal years beginning after
    December&#160;15, 2010, which will be effective for us for the
    year ending December&#160;31, 2011. We do not expect our
    adoption of this guidance to have a material impact on our
    consolidated financial statements.
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    On January&#160;1, 2007, we adopted the related guidance for
    fair value measurements. The guidance defines fair value,
    establishes a framework for measuring fair value in accordance
    with GAAP and expands disclosures about fair value measurements.
    In addition, in 2009, we adopted fair value measurements for all
    of our
    <FONT style="white-space: nowrap">non-financial</FONT>
    assets and non-financial liabilities, except for those
    recognized at fair value in our consolidated financial
    statements at least annually. These assets include goodwill and
    long-lived assets measured at fair value for impairment
    assessments, and non-financial assets and liabilities initially
    measured at fair value in a business combination. Our adoption
    of this guidance did not have a material impact on our
    consolidated financial statements.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2009, the FASB issued guidance related to revenue
    arrangements with multiple deliverables as codified in
    ASC&#160;605, Revenue Recognition, or ASC&#160;605. ASC&#160;605
    provides greater ability to separate and allocate arrangement
    consideration in a multiple element revenue arrangement. In
    addition, ASC&#160;605 requires the use of estimated selling
    price to allocate arrangement considerations, therefore
    eliminating the use of the residual method of accounting.
    ASC&#160;605 will be effective for fiscal years beginning after
    June&#160;15, 2010 and may be applied retrospectively or
    prospectively for new or materially modified arrangements.
    Earlier application is permitted.  We do not expect our adoption
    of this guidance will have a material effect on our consolidated
    financial statements.
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    <B><FONT style="font-family: 'Times New Roman', Times">BUSINESS</FONT></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">Company
    Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. Our solutions enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services addresses almost all
    aspects of purchasing and using energy within a facility. Our
    services include upgrades to a facility&#146;s energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. As one of the few large, independent
    energy efficiency service providers, we are able to objectively
    select and provide the products and technologies best suited for
    a customer&#146;s needs. Having grown from four offices in three
    states in 2001 to 54 offices in 29&#160;states and four Canadian
    provinces in 2009, we now combine a North American footprint
    with strong local operations, which enable us to remain close to
    our customers and serve them effectively.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy costs and environmental issues. End-users and
    governmental agencies are increasingly viewing energy efficiency
    measures as a cost-effective solution for saving energy,
    renewing aging facility infrastructure and reducing harmful
    emissions.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal service is the development, design, engineering
    and installation of projects that reduce the energy and O&#038;M
    costs of our customers&#146; facilities. These projects
    typically include a variety of measures customized for the
    facility and designed to improve the efficiency of major
    building systems, such as heating, ventilation, air conditioning
    and lighting systems. We typically commit to customers that our
    energy efficiency projects will satisfy
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    performance standards upon installation or achieve specified
    increases in energy efficiency. In most cases, the forecasted
    lifetime energy and operating cost savings of the energy
    efficiency measures we install will defray all or almost all of
    the cost of such measures. In many cases, we assist customers in
    obtaining third-party financing for the cost of constructing the
    facility improvements, resulting in little or no upfront capital
    expenditure by the customer. After a project is complete, we may
    operate, maintain and repair the customer&#146;s energy systems
    under a multi-year O&#038;M contract, which provides us with
    recurring revenue and visibility into the customer&#146;s
    evolving needs.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also serve certain customers by developing and building
    small-scale renewable energy plants located at or close to a
    customer&#146;s site. Depending on the customer&#146;s
    preference, we will either retain ownership of the completed
    plant or build it for the customer. Most of our plants have to
    date been constructed adjacent to landfills and use LFG to
    generate energy. Our largest renewable energy plant is currently
    under construction and will use biomass as the source of energy.
    In the case of the plants that we own, the electricity, thermal
    energy or processed LFG generated by the plant is sold under a
    long-term supply contract with the customer, which is typically
    a utility, municipality, industrial facility or other large
    purchaser of energy. We also sell and install PV panels and
    integrated PV systems that convert solar energy to power. By
    enabling our customers to procure renewable sources of energy,
    we help them reduce or stabilize their energy costs, as well as
    realize environmental benefits.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We provide our services primarily to governmental, educational,
    utility, healthcare and other institutional, commercial and
    industrial entities. Since our inception in 2000, we have served
    more than 2,000 customers.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revenue has increased from $20.9&#160;million in 2001, our
    first full year of operations, to $428.5&#160;million in 2009.
    We achieved profitability in 2002 and have been profitable every
    year since then.
</DIV>

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    As of December&#160;31, 2009, we had backlog of approximately
    $590&#160;million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for,
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    projects with estimated total future revenue of an additional
    $700&#160;million over the same period. We also expect to
    realize recurring revenue both under long-term O&#038;M
    contracts and under energy supply contracts for renewable energy
    plants that we own. See &#147;Risk Factors&#160;&#151; We may
    not recognize all revenue from our backlog or receive all
    payments anticipated under awarded projects and customer
    contracts.&#148;
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    <B><FONT style="font-family: 'Times New Roman', Times">Industry
    Overview</FONT></B>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Energy efficiency companies, sometimes referred to as energy
    services companies, or ESCOs, develop, install and arrange
    financing for projects designed to improve the energy efficiency
    of buildings and other facilities. Typical products and services
    offered by energy efficiency companies include boiler and
    chiller replacement, HVAC upgrades, lighting retrofits,
    equipment installations,
    <FONT style="white-space: nowrap">on-site</FONT>
    cogeneration, renewable energy plants, load management, energy
    procurement, rate analysis, risk management and billing
    administration. Energy efficiency companies often offer their
    products and services through ESPCs. Under these contracts,
    energy efficiency companies assume certain responsibilities for
    the performance of the installed measures, under assumed
    conditions, for a portion of the project&#146;s economic
    lifetime.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Energy
    Efficiency</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy and environmental issues. End-users, utilities and
    governmental agencies are increasingly viewing energy efficiency
    measures as a cost-effective solution for saving energy,
    renewing aging facility infrastructure and reducing harmful
    emissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to a 2008 Frost&#160;&#038; Sullivan report, as shown
    in the table below, activity by ESCOs in the North American
    market for energy management services, including energy
    efficiency, demand response and other services, grew at a
    compound annual growth rate, or CAGR, of 22% from 2004 through
    2008, with the estimated size of the market reaching more than
    $5&#160;billion in 2008:
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b79273b7927302.gif" alt="(GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In a 2009 report, McKinsey&#160;&#038; Company estimated that
    energy savings worth $1.2 trillion are available if the full
    amount of economically viable and commercially available energy
    efficiency potential is implemented in the United States through
    2020, which would require upfront investment of
    $520&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, Frost&#160;&#038; Sullivan estimated that government
    and institutional facilities accounted for approximately 60% of
    energy management services revenue, with commercial and
    industrial customers accounting for 32% of the market and
    residential customers accounting for the balance. While we
    expect these existing U.S.&#160;markets will continue to grow,
    we also believe that the international markets provide
    opportunities for significant additional growth. For example,
    Frost&#160;&#038; Sullivan in its 2008 report estimated that
</DIV>
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    the spending for energy efficiency measures outside North
    America will reach approximately $216&#160;billion over the
    ensuing four to five years.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S. federal government has over the past decade
    significantly increased its interest in and spending on energy
    efficiency measures. Legislation authorizing federal agencies to
    enter into ESPCs was originally passed in 1992, and in 2007,
    three years after the sunset of the original legislation,
    Congress passed new ESPC legislation without a sunset provision.
    As of the end of 2009, ESPCs have been awarded by 19 different
    federal agencies and departments in 48&#160;states, resulting in
    more than 485 federal energy efficiency projects cumulatively
    worth $2.7&#160;billion. In December 2008, the
    U.S.&#160;Department of Energy awarded new IDIQ contracts that
    permit 16&#160;companies to propose and procure ESPCs with
    federal agencies. Of these 16&#160;companies, only two are
    independent companies not affiliated with an equipment
    manufacturer, utility or fuel company.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are three principal types of energy efficiency companies:
</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Independent Energy Services Companies</I>&#160;&#151; Energy
    efficiency companies not associated with an equipment
    manufacturer, utility or fuel company. Most of these companies
    are small and focus either on a specific geography or specific
    customer base.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Utility-Affiliated Energy Services Companies</I>&#160;&#151;
    Companies owned by regulated North American utilities, many of
    which were traditionally focused on the service territories of
    their affiliated utilities. Many of these companies have since
    expanded their geographical markets. Examples include
    Constellation Energy Projects and Services and ConEdison
    Solutions.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Equipment Manufacturers</I>&#160;&#151; Companies owned by
    building equipment or controls manufacturers. Many of these
    companies have a national presence through an extensive network
    of branch offices. Examples include Honeywell, Johnson Controls
    and Siemens.
</TD>
</TR>

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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">Renewable
    Energy</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Utilities and large purchasers of energy are increasingly
    seeking to use renewable sources of energy, such as LFG, wind,
    biomass, geothermal and solar, to reduce or stabilize their
    energy costs, meet regulatory mandates for use of renewable
    energy, diversify their fuel sources and realize environmental
    benefits, such as the reduction of greenhouse gas emissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to the International Energy Agency, utilities
    worldwide are expected to increase their overall renewable
    generation capacity as a percentage of their overall capacity
    from less than four percent in 2007 to 13% in 2030.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Industry
    Trends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe the following trends and developments are driving the
    growth of our industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Rising and Volatile Energy Prices.</I>&#160;Over the past
    decade, energy-linked commodity prices, including oil, gas, coal
    and electricity, have all increased and exhibited significant
    volatility. From 1999 to 2009, average U.S. retail electricity
    prices have increased by more than 50%. Over an
    <FONT style="white-space: nowrap">18-month</FONT>
    period from January 2007 to July 2008, oil prices increased by
    almost 200%. According to the U.S.&#160;Energy Information
    Administration, or EIA, oil prices are expected to increase by
    approximately 115% from 2009 to 2035 and electricity prices are
    expected to increase by approximately six percent annually over
    the same time period. We believe that rising energy prices
    combined with significant volatility have resulted in growing
    demand for energy efficiency measures that reduce energy usage
    and for sources of renewable energy that can stabilize energy
    costs.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Potential of Energy Efficiency Measures to Significantly
    Reduce Energy Consumption</I>. According to the EIA,
    U.S.&#160;energy demand is expected to increase nearly twofold
    from 2010 to
</TD>
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    2035 in the absence of any improvements in energy efficiency,
    but the implementation of energy efficiency measures can
    significantly reduce energy consumption, as shown below:
</TD>
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    <B><FONT style="font-family: 'Times New Roman', Times">Total
    U.S. Energy Consumption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b79273b7927303.gif" alt="(GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to a July 2009 report by McKinsey&#160;&#038; Company,
    economically viable and commercially available energy efficiency
    measures, if fully implemented, have the potential to save more
    than one trillion kWh of electricity, or 23% of overall U.S.
    demand, by 2020.
</DIV>

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    <I>Aging and Inefficient Facility Infrastructure.</I>&#160;Many
    organizations continue to operate with an energy infrastructure
    that is significantly less efficient and cost-effective than
    that now available through more advanced technologies applied to
    lighting, heating, cooling and other building systems. As these
    organizations explore alternatives for renewing their aging
    facilities, they often identify multiple areas within their
    facilities that could benefit from the implementation of energy
    efficiency measures, including the possible use of renewable
    sources of energy. According to a July 2009 report by
    McKinsey&#160;&#038; Company, increased energy efficiency
    through facility renewal of government buildings, community
    infrastructure and existing homes in the United States
    represents a $76&#160;billion market opportunity through 2020,
    and could result in energy savings of $174&#160;billion over the
    same period.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increased Focus on Cost Reduction.</I>&#160;The current
    economic environment has led many organizations to search for
    opportunities to reduce their operating costs. There has been a
    growing awareness that reduced energy consumption presents an
    opportunity for significant long-term savings in operating costs
    and that the installation of energy efficiency measures can be a
    cost-effective way to achieve such reductions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Movement Toward Industry Consolidation.</I>&#160;As energy
    efficiency solutions continue to increase in technological
    complexity and customers look for service providers that can
    offer broad geographic and product coverage, we believe smaller
    niche energy efficiency companies will continue to look for
    opportunities to combine with larger companies that can better
    serve their customers&#146; needs. In addition, we believe
    utilities will continue to consider divesting their energy
    management services divisions, in part because of the potential
    conflicts between the interests of an energy provider and the
    interests of a provider of energy efficiency services. Increased
    market presence and size of energy efficiency companies should,
    in turn, create greater customer awareness of the benefits of
    energy efficiency measures.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>Increased Use of Third-Party Financing.</I>&#160;Many
    organizations desire to use their existing sources of capital
    for core investments or do not have the internal capacity to
    finance improvements to their energy infrastructure. These
    organizations often require innovative structures to facilitate
</TD>
</TR>
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    the financing of energy efficiency and renewable energy
    projects. Customers seeking to upgrade or renew their energy
    systems are increasingly seeking to enter into ESPCs or other
    creative arrangements that facilitate third-party financing for
    their projects.
</TD>
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    <I>Increasing Legislative Support and Initiatives.</I>&#160;In
    the United States and Canada, federal, state, provincial and
    local governments have enacted and are considering legislation
    and regulations aimed at increasing energy efficiency, reducing
    greenhouse gas emissions and encouraging the expansion of
    renewable energy generation. Examples of such legislation and
    regulation are:
</TD>
</TR>

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    <I>Federal.</I>&#160;In 2007, the United States enacted the
    Energy Independence and Security Act which mandates that federal
    buildings reduce energy consumption by 30% by 2015 compared to
    their 2003 baseline and contains multiple provisions promoting
    long-term ESPCs. The U.S.&#160;Department of Energy also has a
    number of research, development, grant and financing
    programs&#160;&#151; most notably the DOE Loan Guarantee
    Program&#160;&#151; to encourage energy efficiency and renewable
    energy. Additionally, the United States has adopted federal
    incentives for renewable energy, including the production tax
    credit, investment tax credit and accelerated depreciation.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    <I>States.</I>&#160;At the U.S.&#160;state level, significant
    measures to support energy efficiency and renewable energy have
    been implemented, including as of December&#160;31, 2009, the
    following:
</TD>
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    <TD align="left">
    20&#160;states have adopted energy efficiency resource
    standards, or EERS, and long-term energy savings targets for
    utilities.
</TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    29 U.S.&#160;states and the District of Columbia have renewable
    portfolio standards, or RPS, in place, and six states have
    renewable portfolio goals.
</TD>
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    14&#160;states have passed legislation enabling a new financing
    mechanism known as Property Assessed Clean Energy (PACE) Bonds.
    The bonds provide funds that can be used by commercial and
    residential property owners to finance efficiency measures and
    small-scale renewable energy systems.
</TD>
</TR>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b79273b7927304.gif" alt="(GRAPH)">
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</TD>
    <TD align="left">
    The U.S.&#160;Senate and House of Representatives have passed
    various forms of EERS and RPS legislation and, if enacted, all
    50&#160;states would have additional incentives to support
    energy efficiency and renewable energy.
</TD>
</TR>

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    <TD>&nbsp;</TD>
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</TD>
    <TD align="left">
    <I>Canada.</I>&#160;The federal, provincial and local
    governments have also provided incentives for the development of
    energy efficiency and renewable energy projects, and facility
    renewal. In 2010, the federal government announced its 2020
    greenhouse gas emissions reduction target under the Copenhagen
    Accord, a 17% reduction from 2005 levels, subject to adjustment
    to remain consistent with the U.S.&#160;target. In 2009, Ontario
    and Quebec both passed enabling legislation to establish
    <FONT style="white-space: nowrap">cap-and-trade</FONT>
    programs, which aim at reducing emissions by 15% below 1990
    levels by 2020 and 20% by 2020, respectively. Ontario also
    passed the Green Energy and Green Economy Act in May 2009 to
    expand renewable energy production, encourage energy
    conservation and create green jobs. The act established a
    feed-in tariff
</TD>
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    program with pricing incentives to encourage the development of
    renewable energy. Similarly, British Columbia has also passed
    enabling legislation to establish a
    <FONT style="white-space: nowrap">cap-and-trade</FONT>
    program and a greenhouse gas reduction target of at least 33%
    below 2007 levels by 2020. Under the federal Economic Action
    Plan, the federal government has committed to multi-year
    expenditures of $4&#160;billion for new infrastructure funding,
    and has established program funds of $1&#160;billion for
    sustainable energy and other green projects and $2&#160;billion
    to repair, retrofit and expand facilities at post-secondary
    institutions.
</TD>
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    <TD>&nbsp;</TD>
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    <I>Economic Stimuli.</I>&#160;Governments worldwide have
    allocated significant portions of economic stimuli to clean
    energy. The American Recovery and Reinvestment Act of 2009
    allocated $67&#160;billion to promote clean energy, energy
    efficiency and advanced vehicles. Additionally, the Emergency
    Economic Stabilization Act instituted a grant program that
    provides cash in lieu of the investment tax credit for eligible
    renewable energy generation sources which commence construction
    in 2010.
</TD>
</TR>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These trends and developments are contributing to the growth of
    the market for energy efficiency and renewable energy solutions
    and create opportunities for energy efficiency companies that
    can provide the comprehensive range of services and deep level
    of expertise necessary to cost-effectively meet customers&#146;
    energy and facility renewal needs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Ameresco Solution</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ameresco&#146;s solutions enable customers to increase energy
    efficiency, reduce costs and realize environmental benefits. Our
    comprehensive set of services addresses almost all aspects of
    purchasing and using energy within a facility. We have
    significant in-house expertise in identifying, designing and
    installing the improvements necessary to enhance the energy
    efficiency of a facility. As an independent company unaffiliated
    with any specific equipment manufacturer or utility, we have the
    freedom and flexibility to be objective in selecting, purchasing
    and integrating the particular systems best suited for a
    facility&#146;s infrastructure.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We can reduce our customers&#146; energy costs in several ways.
    The energy efficiency measures that we design, install and
    manage, such as boilers, chillers, lighting systems and control
    systems, can reduce the usage of energy and water, thereby
    significantly reducing operating costs. By upgrading aging
    facilities, we can also significantly reduce ongoing O&#038;M
    costs. In addition, customers buying energy from our renewable
    energy plants can reduce or stabilize their energy prices under
    10- to
    <FONT style="white-space: nowrap">20-year</FONT>
    supply contracts with us. We also sell and install equipment,
    such as solar energy products, that enable customers to benefit
    from federal and state tax credits and other governmental
    incentives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most customers undertaking an energy efficiency project desire
    to minimize their upfront costs and overall cost of system
    ownership. We assist customers in achieving their economic
    objectives by helping to arrange third-party financing, which
    often results in little or no upfront capital expenditure by the
    customer. By committing that our energy efficiency measures will
    achieve specified performance standards upon installation or
    specified increases in energy efficiency over a multi-year
    period, we enable our customers to reduce the risk that the
    systems we install will not achieve forecasted energy usage
    savings. In most cases, the forecasted lifetime savings of the
    energy efficiency measures we install will defray all or almost
    all of the cost of such measures. For customers desiring to
    procure renewable energy sources, we provide financing
    flexibility by offering either to build a small-scale renewable
    energy plant that will be owned and financed by the customer
    itself or to build and finance a plant that we will own and that
    will supply energy or gas to the customer under a long-term
    contract.
</DIV>

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    Our solutions also assist our customers in achieving their
    environmental goals and, in the case of governmental customers,
    complying with federal and state energy efficiency and emission
    reduction mandates. Our energy efficiency improvements enable
    customers to achieve environmental benefits both by reducing
    their energy and water usage and by reducing their reliance on
    conventional energy sources. Customers procuring electricity,
    thermal energy or processed gas from the renewable energy plants
    that we construct can further reduce their emissions of
    greenhouse gases and other pollutants.
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    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Competitive Strengths</FONT></B>
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    We believe our competitive strengths include the following:
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    <I>One-Stop, Comprehensive Service Provider.</I>&#160;We offer
    our customers expertise in addressing almost all aspects of
    purchasing and using energy within a facility. Our experienced
    project development and engineering staff provide us with the
    capability and flexibility to determine the combination of
    energy efficiency measures that is best suited to achieve the
    customer&#146;s energy efficiency and environmental goals. Our
    solutions range from smaller projects, such as a lighting system
    retrofit, to larger and more complex projects comprising new
    heating, cooling and electrical infrastructure, solar panels and
    a small-scale renewable energy plant serving multiple buildings.
</TD>
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    <I>Independence.</I>&#160;We are an independent company with no
    affiliation to any equipment manufacturer, utility or fuel
    company. Unlike affiliated service companies, we have the
    freedom and flexibility to be objective in selecting particular
    products and technologies available from different
    manufacturers. By bundling components from multiple sources, we
    can optimize our solution for customers&#146; particular needs.
    In addition, we can leverage the high volume of equipment
    purchases that originate across our North American operations to
    obtain attractive pricing terms that enable us to provide
    cost-effective solutions to our customers.
</TD>
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    <I>Strong Customer Relationships.</I>&#160;We have served over
    2,000 customers since our inception, including over 1,000
    customers in 2009. The sales, design and construction process
    for energy efficiency and renewable energy projects typically
    takes from 12 to 36&#160;months, during which time our engineers
    work closely with the customer to ensure a successful
    installation. For certain projects, we enter into a multi-year
    O&#038;M contract under which we have personnel
    <FONT style="white-space: nowrap">on-site</FONT>
    monitoring and controlling the customer&#146;s energy systems.
    Our services include helping customers procure energy and
    managing their utility bill payment processes. All of these
    design, engineering and support activities foster a close
    relationship with our customers, which positions us to identify
    their future needs and provide additional services to them. For
    example, for a single federal facility, we have completed three
    separate projects over the period from 2005 to 2009.
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    <I>Creative Solutions.</I>&#160;We seek to provide innovative
    solutions to meet our customers&#146; energy efficiency,
    facility renewal and environmental goals. Our engineering staff
    has expertise in a broad range of technologies and energy
    savings strategies encompassing different types of electrical,
    heating, cooling, lighting, water, renewable energy, and other
    facility infrastructure systems. We are constantly seeking to
    identify new services, products and technologies that can be
    incorporated into our energy efficiency and renewable energy
    solutions to enhance their performance. We apply this expertise
    to design and engineer innovative solutions customized to meet
    the specific needs of each client. We also have an internal
    structured finance team that is skilled and experienced in
    arranging third-party financing for our customers&#146; projects.
</TD>
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    <I>Strong National and Local Presence.</I>&#160;We have a
    nationwide presence in both the United States and Canada and
    serve certain of our customers in European locations. We
    maintain a centralized staff of engineering, financial and legal
    personnel at our headquarters in Massachusetts, who provide
    support to our seven regional offices and 46 other field offices
    located throughout the United States and Canada. We leverage our
    centralized resources and local offices by sharing experiences
    and best practices across the offices. We are able to maintain
    an entrepreneurial approach toward our customers by delegating
    significant responsibility to our regional offices and making
    them accountable for their own operational and financial
    performance. We believe that our organizational structure
    enables us to be fast, flexible and cost-effective in responding
    to our customers&#146; needs.
</TD>
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    <I>Experienced Management and Operations Team.</I>&#160;Our
    executive officers have an aggregate of over 150&#160;years of
    experience in the energy efficiency field. Some have worked
    together for over
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    15&#160;years and most have worked together at Ameresco for over
    five years. In addition, we have accumulated significant
    in-house expertise in our sales, engineering, financing, legal,
    construction and operations functions. As of December&#160;31,
    2009, we employed over 200 engineers, whose experience with
    respect to fuels, rates, technologies and geography-specific
    regulation and economic benefits enables us to propose and
    design energy efficiency solutions that take into account the
    economic, technological, environmental and regulatory
    considerations that we believe underlie the cost efficiencies
    and operational success of a project. Many of our employees were
    previously employed by utilities, construction companies,
    financial institutions, engineering firms, consultancies and
    government agencies, which provides them with specialized
    experience in solving problems and creating value for our
    customers.
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    <I>Federal and State Qualifications.</I>&#160;The federal
    governmental program under which federal agencies and
    departments can enter into ESPCs requires that energy service
    providers have a track record in the industry and meet other
    specified qualifications. Over 20&#160;states require similar
    qualifications to do business with state agencies and, in
    certain cases, with other governmental agencies in the state. In
    2008, we renewed our IDIQ qualification under the
    U.S.&#160;Department of Energy program for ESPCs, and we are
    currently qualified to enter into ESPCs in most states that
    require qualification. Our projects accounted for almost half of
    the total dollar amount of published task orders issued under
    the Department of Energy&#146;s IDIQ program for ESPCs in fiscal
    2009. The scope of our qualifications provides us with the
    opportunity to continue to grow our business with federal, state
    and other governmental customers and differentiates us from
    energy efficiency companies that have not been similarly
    qualified.
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    <I>Integration of Strategic Acquisitions.</I>&#160;We have a
    track record of completing over ten acquisitions that have
    enabled us to broaden our offerings, expand our geographical
    reach and accelerate our growth. We follow a disciplined
    approach in evaluating and valuing potential acquisition
    candidates and frequently improve their operating performance
    significantly following our acquisition. Our acquisition of the
    energy services business of Duke Energy in 2002 expanded our
    geographical reach into Canada and the southeastern United
    States, and enabled us to penetrate the federal government
    market for energy efficiency projects. Our acquisition of the
    energy services business of Northeast Utilities in 2006 further
    grew our capability to provide services for the federal market
    and in Europe. Our acquisition of Southwestern Photovoltaics in
    2007 significantly expanded our offering of solar energy
    products and services. We believe that our ability to offer a
    comprehensive set of energy efficiency services across North
    America has been, and will continue to be, enhanced by our
    expertise in identifying and completing acquisitions that expand
    our service offerings, as well as by our ability to integrate
    and leverage the skilled engineering, sales and operational
    personnel that come to us through these acquisitions.
</TD>
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    <B><FONT style="font-family: 'Times New Roman', Times">Strategy</FONT></B>
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    Our goal is to capitalize on our strong customer base and broad
    range of service offerings to become the leading provider of
    comprehensive energy efficiency and renewable energy solutions.
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    Key elements of our strategy include the following:
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    <I>Pursue Organic Growth.</I>&#160;We plan to grow primarily by
    leveraging our core expertise in designing, engineering and
    installing energy efficiency solutions to reach additional
    customers in our target markets. To achieve this goal, we plan
    to open additional local offices in the regions we currently
    serve, as well as hire additional sales personnel. We also plan
    to expand geographically by opening new offices in regions we do
    not currently serve in the United States and Canada, as well as
    in Europe.
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    <I>Continue to Maintain Customer Focus.</I>&#160;Our success
    will continue to depend in large part on our ability to
    understand and meet our customers&#146; energy infrastructure
    requirements. We will
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    maintain an entrepreneurial approach toward our customers and
    remain flexible in designing projects tailored specifically to
    meet their needs. We will also continue to monitor and explore
    alternative services, products and technologies that might offer
    improved system performance and will seek to design and engineer
    innovative solutions for our customers.
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    <I>Expand Scope of Product and Service Offerings.</I>&#160;We
    believe the breadth of our services differentiates us from our
    competitors. We plan to continue to expand our offerings by
    including new types of energy efficiency services, products and
    improvements to existing products based on technological
    advances in energy savings strategies, equipment and materials.
    Examples of services that we have added to complement our energy
    efficiency services include asset planning, new construction,
    waste reduction, water conservation, demand response, management
    of utility and non-utility invoices and web-based software for
    tracking of a customer&#146;s carbon footprint, electrical
    distribution upgrades, meters with communication capabilities,
    transformer replacements and power factor correction. Through
    our acquisition of Southwestern Photovoltaics in 2007, we
    significantly expanded our offering of solar energy products,
    which enabled us both to integrate solar solutions into broad
    energy efficiency projects and to target projects based
    specifically on solar energy. We plan to seek similar
    opportunities to broaden our offerings of complementary products
    and services.
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    <I>Meet Market Demand for Cost-Effective,
    Environmentally-Friendly Solutions.</I>&#160;We believe that
    addressing climate change will remain a global theme for
    governmental, institutional and commercial organizations.
    Through our energy efficiency measures and small-scale renewable
    energy plants and products, we enable customers to conserve
    energy and reduce emissions of carbon dioxide and other
    pollutants. We plan to continue to focus on providing
    sustainable energy solutions that will address the growing
    demand for products and services that create environmental
    benefits for customers.
</TD>
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    <I>Increase Recurring Revenue.</I>&#160;We intend to continue to
    seek opportunities to increase our sources of recurring revenue.
    For many of our energy efficiency projects, we enter into
    multi-year O&#038;M contracts, and we plan to continue to grow
    both the number and scope of such contracts. We also obtain
    recurring revenue from sales of electricity, thermal energy and
    gas generated by the small-scale renewable energy and central
    plants that we construct and own, and we plan to continue to
    seek opportunities to construct such plants based on LFG,
    biomass, biogas, solar, wind, geothermal and other sources of
    energy.
</TD>
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    <I>Grow through Select Strategic Acquisitions.</I>&#160;We have
    been able to accelerate the expansion of our service offerings,
    customer base and geographic reach through targeted
    acquisitions. We will continue to follow a disciplined approach
    in evaluating and valuing potential acquisition candidates. We
    plan to pursue complementary acquisitions that will enable us to
    both expand geographically in North America and abroad, and
    broaden our product and service offerings.
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    <B><FONT style="font-family: 'Times New Roman', Times">Ameresco&#146;s
    Products and Services</FONT></B>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We offer a comprehensive set of services that includes the
    design and installation of upgrades to a facility&#146;s energy
    infrastructure, the design and construction of renewable energy
    plants, the sale of other renewable energy products and the
    arranging of financing for customer projects.
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Energy
    Efficiency Services</FONT></I></B>
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    Our services typically includes the design, engineering and
    installation of, and the arranging of financing for, equipment
    to improve the efficiency, and control the operation, of a
    building&#146;s heating, ventilation, cooling and lighting
    systems. In certain projects, we also design and construct a
    central plant or cogeneration system providing power, heat
    <FONT style="white-space: nowrap">and/or</FONT>
    cooling to a building. Our projects generally range in size and
    scope from a one-month project to design and retrofit a lighting
    system to a more complex
    <FONT style="white-space: nowrap">30-month</FONT>
    project to design and install a central plant or cogeneration
    system.
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    At the commencement of a project, we typically evaluate the
    customer&#146;s energy needs and opportunities to reduce costs.
    We start by reviewing and analyzing the customer&#146;s utility
    and other energy bills, using in complex cases our proprietary
    AXIS software for bill scanning and analyses. Our in-house
    personnel can, for example, analyze whether a customer is
    eligible for lower rates in a different utility rate class. Our
    experienced engineers then review and assess the customer&#146;s
    current energy systems and determine how to optimize federal,
    state or local energy, utility and environmental-based payments
    or credits available for usage reductions or renewable power
    generation. Upon customer approval of a project, our engineers,
    with the assistance in some cases of local or specialized
    engineers, design and engineer the project.
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    <I>Energy Efficiency Measures</I>
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    In designing a project for a customer, we typically include a
    combination of the following energy efficiency measures:
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    <I>Boilers and Furnaces.</I>&#160;We replace low efficiency
    boilers and furnaces with higher efficiency equipment. In
    addition, to reduce emissions, we can install emissions controls
    or either modify existing equipment or install new equipment to
    use cleaner fuels. We can also install biomass boilers for
    customers that have access to organic materials, such as waste
    from agricultural or food processing activities.
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    <I>Chillers.</I>&#160;Small buildings are cooled by air
    conditioners and large buildings are cooled by chillers. We
    replace older low efficiency chillers with new higher efficiency
    chillers capable of delivering the same cooling with less energy
    input, often eliminating the use of atmospheric ozone depleting
    chlorofluorocarbon-based refrigerants in the process. We
    retrofit existing chillers with new, more sophisticated,
    automated controls, high efficiency motors and variable speed
    drives to improve efficiency in cases where complete equipment
    replacement is not necessary. If the customer has an
    <FONT style="white-space: nowrap">on-site</FONT>
    source of recoverable waste heat, we may replace an electric
    chiller with an absorption chiller that can utilize the waste
    heat to directly produce cooling with reduced need to purchase
    energy for chiller operation.
</TD>
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    <I>Central Plants.</I>&#160;Customers that have multiple
    buildings in close proximity on a site may benefit from
    installation of a single central plant to provide power, heat or
    cooling to these buildings. The central plant typically contains
    multiple large boilers, chillers or combined heat and power, or
    CHP, systems to handle the combined requirements of all site
    buildings. Pipes are installed to distribute steam, hot water or
    chilled water from the central plant to the individual
    buildings. Any centrally generated power is delivered via
    interconnection with the existing site-wide electrical
    distribution system. A central plant allows the multiple smaller
    and less energy efficient individual building heating and
    cooling plants to be decommissioned. In addition to improved
    energy efficiency, centralization can create other scale
    benefits in operating labor, equipment maintenance and operating
    reliability. Where a customer already has a central plant, we
    can improve the efficiency of the plant by implementing improved
    equipment controls and by retrofit or replacement of existing
    equipment for enhanced energy efficiency.
</TD>
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    <I>Cogeneration or Combined Heat and Power.</I>&#160;CHP systems
    produce both heat and power simultaneously at a customer site,
    displacing power purchases from the utility grid and
    conventional sources of heat generation at the customer
    facility. When utilities produce power at large central station
    plants, the heat produced as a byproduct of the power generation
    process is typically wasted via disposal to the atmosphere or a
    nearby waterway. This wasted heat is generally a majority of the
    energy value of the input fuel to the power generation process.
    With on site power generation, the waste heat can be recovered
    from the power generation process and used as a substitute for
    heat that would otherwise be generated using site purchased
    fuels. Through use of heat driven chillers, also known as
    absorption chillers, this recovered heat can also be employed to
    provide building cooling. For facilities with large and
    relatively constant needs for power and heat or cooling, the
    cost of fuel for the cogeneration system operation can often be
    less than the cost of the purchased utility power and
    conventional heating fuel that is
</TD>
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    displaced. Installing a CHP that uses a lower-cost fossil fuel
    or a renewable fuel source can create further economic benefits.
</TD>
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    <I>Energy Management Systems.</I>&#160;Automating building
    system adjustments for optimum performance under changing
    building operating conditions is one of the most cost effective
    energy saving strategies. We install energy management system,
    or EMS, projects consisting of small computers, wiring or
    wireless communication systems, and sensors and controllers
    located at energy-using equipment and at locations that need
    monitoring for such conditions as temperature and flow.
    Equipment that may be controlled through an energy management
    system includes lights, boilers, chillers, and fans and pumps
    that move energy throughout a building. We program the computers
    to automatically turn the equipment on and off or to adjust
    equipment operating setpoints for lower energy use in response
    to monitored conditions. For example, when the outdoor air is
    cool and the building requires cooling, instead of turning on
    the chillers to cool the building, the EMS may turn on building
    fans to draw the cool outside air into the building and
    significantly reduce the energy use under that condition. Both
    we and the customer can access the EMS information through a
    personal computer and reprogram the energy-saving strategies
    through secure, hard-wired or web-based communications systems.
</TD>
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    <I>Lighting.</I>&#160;We replace lighting system components with
    more efficient components in both indoor and outdoor lighting
    systems. We may alternatively redesign and install a new
    lighting system. Typical measures include replacing incandescent
    lighting with compact fluorescent lighting, metal halide
    lighting with fluorescent lighting and low efficiency
    fluorescent lighting with higher efficiency fluorescent
    lighting. Also, lighting controls may be installed to turn off
    lights when the lit space is unoccupied or if natural light
    through windows or skylights is adequate.
</TD>
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    <I>Retro-commissioning.</I>&#160;Over time, the performance of
    building systems can degrade due to a variety of factors, such
    as a failure of dampers, actuators and switches to operate in
    accordance with the building control system or modifications to
    equipment without taking into account their interaction with
    other building systems. Cumulatively, these factors can lead to
    significant increased energy consumption and reduce the quality
    of the indoor environment. Through a retro-commissioning
    process, we systematically repair and restore building equipment
    and systems so that they function together in an optimal manner
    to enhance overall building performance.
</TD>
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    <I>Motors.</I>&#160;The energy cost over the life of a motor is
    often many times the original cost of the motor. We replace
    older low efficiency motors with new higher efficiency motors.
    Often, motors are over-sized for the application and additional
    savings can be attained by replacing an existing motor with an
    appropriately sized motor. We may also replace the sheave and
    belt drives associated with motors so that the motor output is
    transmitted to the driven device with reduced energy loss.
</TD>
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    <I>Variable Speed Drives or Variable Frequency
    Drives.</I>&#160;Motors driving building equipment such as fans,
    pumps, chillers and elevators are typically selected and
    operated at the size and speed necessary to deliver services
    under worst case or peak load conditions. This causes
    inefficiencies when operating at less than peak load conditions.
    We install electronic devices called variable speed drives, or
    VSDs, that automatically adjust the characteristics of the power
    supplied to a motor so that the motor is operated at only the
    speed necessary to meet the load conditions at any time.
</TD>
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    <I>Electric Load Shaping.</I>&#160;Many customers pay an energy
    charge per kWh of electricity used and a demand charge based on
    their highest or peak use of electricity in a 15 minute period
    during the month. By installing an EMS or an
    <FONT style="white-space: nowrap">on-site</FONT>
    generator and controlling the system using our monitoring and
    analysis of the customer&#146;s electricity use, we can reduce
    the customer&#146;s peak electricity use and thus its demand
    charge. We may also shift energy use from expensive on-peak
    (weekday) periods to less expensive off-peak periods (nights and
    weekends). For example, by adding chilled water storage tanks to
    a facility, cooling systems can be operated at night to
</TD>
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    generate stored chilled water and the chilled water can then be
    withdrawn to cool the building during the next day without
    operating the cooling equipment during daytime peak periods.
</TD>
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    <I>Utility Rate Reductions.</I>&#160;A customer&#146;s cost of
    gas and electricity is a function of how much energy is used and
    what rate the customer is charged for the energy. We analyze a
    customer&#146;s energy use and the various utility rates that
    the customer is eligible to select. By switching a customer to
    the optimal rate, the customer can typically save energy costs.
    We may be able to switch a customer into a better rate by
    installing an EMS or an
    <FONT style="white-space: nowrap">on-site</FONT>
    generator.
</TD>
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    <I>Geothermal Heat Pumps.</I>&#160;Heat pumps are designed to
    efficiently provide both heat and cooling to a facility. The
    geothermal heat pump system works to store and recapture energy
    from the ground on a seasonally advantageous basis. Beneath the
    surface, the earth is warmer than the air in winter and cooler
    than the air in summer. Using the heat pump, heat removed from a
    building to cool it during the summer can be stored in the
    ground. This stored heat can then be withdrawn by the heat pump
    in the winter to provide necessary building heating. We install
    piping loops in the ground and heat pumps in buildings. Water
    piped underground captures the stored geothermal energy and heat
    pumps deliver the energy efficiently to the building interior.
</TD>
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    <I>Window Replacement.</I>&#160;Existing windows are often the
    most inefficient component of a building envelope. We may
    replace existing inefficient windows with new windows with
    features that more effectively control the sources of window
    heat transfer.
</TD>
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    <I>Roofs.</I>&#160;An existing roof with inadequate insulation
    levels or with water damage compromising the effectiveness of
    insulation is a source of unnecessary energy waste. We replace
    existing roofs with new roofs with higher insulation levels to
    reduce heat losses in winter and heat gains in summer. We may
    employ membrane roof technology for better protection of the
    insulation against degradation.
</TD>
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    <I>Insulation.</I>&#160;Insulating materials reduce unwanted
    transfer of heat that can increase energy usage. We apply
    additional insulation to building shell components, such as
    walls, ceilings, floors and foundations, to reduce heat loss in
    winter and heat gain in summer. We may add to or fully replace
    existing insulation on equipment such as piping, storage tanks
    and heat exchangers to reduce energy losses and the equipment
    inefficiency that results from these losses.
</TD>
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    <I>Asset Planning.</I>&#160;Asset planning tools enable
    organizations to identify and prioritize current and future
    facility renewal requirements and associated capital-investment
    needs. We have developed software that helps organizations
    measure the condition of their facilities, the costs necessary
    to improve the facilities and make them more energy efficient
    and the funding alternatives for any such improvements. Our
    asset planning tools enable customers to develop facility
    renewal plans that will effectively leverage their available
    sources of capital and meet their future needs.
</TD>
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    <I>Demand Response and Demand-Side Management.</I>&#160;Electric
    utilities and regional or independent system operators, or ISOs,
    are responsible for ensuring that power is available at all
    times throughout a region&#146;s electrical transmission and
    distribution system. It is expensive to provide power during
    peak times such as a hot summer afternoon when customers are
    turning on their air conditioners and chillers. Utilities and
    ISOs seek to reduce the peak load demand and are willing to pay
    customers to reduce their power usage at these times, either
    during pre-arranged hours or in response to a call to reduce
    power. We help utilities and ISOs to attract customers to their
    programs and coordinate the customers&#146; participation in the
    programs. Typically we enter into a contract with a utility or
    ISO, market the program to customers, and share contract
    payments with the customers.
</TD>
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    <I>Utility Data Management.</I>&#160;We have developed
    proprietary software and systems that allow us to efficiently
    collect, optically scan, enter into a data base and perform
    analysis on information from customer utility bills. Using these
    systems, we can deliver a variety of services, including
    centralized and automated collection, processing and preparation
    for payment of utility billing information; identification of
    errors in utility metering or billings; aggregation of multiple
</TD>
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    location billings from a single utility to facilitate payment;
    modeling of available utility tariff rates against a database of
    historical energy use to identify the most economical rate; and
    analysis of utility use data in multiple ways to identify and
    report usage and cost trends, variances and performance relative
    to benchmarks.
</TD>
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    <I>Carbon Emissions Tracking.</I>&#160;Our carbon management
    program provides greenhouse gas, or GHG, emissions accounting
    and reporting services to our customers. With an international,
    multi-tiered approach, we can support a wide variety of GHG
    accounting and reporting standards, including utility-based GHG
    and full ISO 14064 compliance reporting. This service helps
    customers, for example, to develop corporate social
    responsibility reports and prepare for an audit of their GHG
    emissions.
</TD>
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    We typically purchase the equipment for our projects either from
    local vendors or, in certain cases, from vendors with which we
    have a company-wide relationship. Our large volume of equipment
    purchases enables us to achieve cost-efficiencies with our
    significant vendors. In most cases, we use local subcontractors
    to install the purchased equipment in accordance with our design
    and under the supervision of our project manager.
</DIV>

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    <I><FONT style="font-family: 'Times New Roman', Times">Customer
    Arrangements</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For our energy efficiency projects, we typically enter into
    ESPCs under which we agree to develop, design, engineer and
    construct a project and also commit that the project will
    satisfy
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    performance standards that vary from project to project. These
    performance commitments are typically based on the design,
    capacity, efficiency or operation of the specific equipment and
    systems we install. Our commitments generally fall into three
    categories: pre-agreed, equipment-level and whole
    building-level. Under a pre-agreed energy reduction commitment,
    our customer reviews the project design in advance and agrees
    that, upon or shortly after completion of installation of the
    specified equipment comprising the project, the commitment will
    have been met. Under an equipment-level commitment, we commit to
    a level of energy use reduction based on the difference in use
    measured first with the existing equipment and then with the
    replacement equipment. A whole building-level commitment
    requires demonstration of energy usage reduction for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    demonstration may be required only once, upon installation,
    based on an analysis of one or more sample installations, or may
    be required to be repeated at agreed upon intervals generally
    over periods of up to 20&#160;years.
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    Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. Typically,
    our performance commitments apply to the aggregate overall
    performance of a project and not to individual energy efficiency
    measures. Therefore, to the extent an individual measure
    underperforms, it may be offset by other measures that
    overperform during the same period. In the event that an energy
    efficiency project does not perform according to the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. Many of our
    equipment supply, local design, and installation subcontracts
    contain provisions that enable us to seek recourse against our
    vendors or subcontractors if there is a deficiency in our energy
    reduction commitment. From our inception to December&#160;31,
    2009, our total payments to customers and incurred costs under
    our energy reduction commitments, after customer acceptance of a
    project, have been less than $100,000 in the aggregate. See
    &#147;Risk Factors&#160;&#151; We may have liability to our
    customers under our ESPCs if our projects fail to deliver the
    energy use reductions to which we are committed under the
    contract.&#148;
</DIV>

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    The projects that we perform for governmental agencies are
    governed by particular qualification and contracting regimes.
    Certain states require qualification with an appropriate state
    agency as a precondition to performing work or appearing as a
    qualified energy service provider for state, county and local
    agencies
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    within the state. Most of the work that we perform for the
    federal government is performed under IDIQ agreements between
    government agencies and us or our subsidiaries. These IDIQ
    agreements allow us to contract with the relevant agencies to
    implement energy projects, but no work may be performed unless
    we and the agency agree on a task order or delivery order
    governing the provision of a specific project. The government
    agencies enter into contracts for specific projects on a
    competitive basis. We and our subsidiaries and affiliates are
    currently party to an IDIQ agreement with the
    U.S.&#160;Department of Energy, expiring in 2019, with an
    aggregate maximum potential ordering amount of $5&#160;billion.
    Payments by the federal government for energy efficiency
    measures are based on the services provided and products
    installed, but are limited to the savings derived from such
    measures, calculated in accordance with federal regulatory
    guidelines and the specific contract terms. The savings are
    typically determined by comparing energy use and O&#038;M costs
    before and after the installation of the energy efficiency
    measures, adjusted for changes that affect energy use and
    O&#038;M costs but are not caused by the energy efficiency
    measures.
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    <I><FONT style="font-family: 'Times New Roman', Times">Engineering
    and Installation Controls</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    Our engineering and construction quality, schedule and budget
    goals are managed through several control processes. We follow
    formal processes for the review and approval of the technical
    and economic content of all proposals by senior managers. Our
    engineers employ standardized, and in some cases proprietary,
    software tools for technical and economic analysis to establish
    a baseline for quality and accuracy during the development stage
    of our projects. We fully review final design, engineering and
    construction document preparation efforts at selected
    milestones, using internal or subcontracted specialized
    engineering resources. During the construction phase, a
    construction project management team utilizes a number of tools
    to manage quality, cost and schedule. We use agreement
    templates, customized to meet the specific technical
    requirements of each project, to ensure well defined procedures
    and responsibilities to be followed by our equipment suppliers
    and labor subcontractors. We use scheduling software to prepare,
    regularly update and communicate project schedules at a task
    specific level. Inspections of work progress and quality are
    conducted throughout the construction process at frequent
    internals. Both project managers and senior management use a
    computerized project control system throughout the project
    delivery process to track actual project costs against project
    budgets on a real-time basis. In addition, we employ a
    full-time, dedicated safety director who is responsible for
    developing and promulgating best practices and training
    throughout the organization and working with our regional safety
    coordinators to ensure appropriate procedures are in place at
    all job sites.
</DIV>

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    <I><FONT style="font-family: 'Times New Roman', Times">Operations
    and Maintenance Services</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After a project is completed, we often provide ongoing O&#038;M
    services under a multi-year contract. These services include
    operating, maintaining and repairing facility energy systems
    such as boilers, chillers and building controls, as well as
    central power plants. For larger projects, we often maintain
    staff
    <FONT style="white-space: nowrap">on-site</FONT> to
    perform these services.
</DIV>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">Renewable
    Energy Projects and Products</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our services offering includes the development, construction and
    operation of, and the arrangement of financing for, small-scale
    renewable energy plants, as well as the sale and integration of
    solar energy products and systems.
</DIV>

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    We have constructed and are currently designing and constructing
    a wide range of renewable energy plants using LFG, wastewater
    treatment biogas, solar, wind, biomass, food waste, animal waste
    and hydro sources of energy. Most of our renewable energy
    projects to date have involved the generation of electricity
    from LFG or the sale of processed LFG. LFG is created by the
    action of micro-organisms within a landfill that generate
    methane gas as a byproduct of solid waste decay. Generally,
    landfills avoid the unsafe build up of methane-containing LFG by
    venting it into the atmosphere, or in most cases, by collecting
    and flaring it. As methane is suspected of contributing to
    global climate change and is regulated as a pollutant, landfill
    owners are generally required by environmental laws to collect
    and combust LFG, usually in a flare. We purchase the LFG that
    otherwise would be combusted or vented, process it, and either
    sell it or use it in our energy plants. Electricity that we sell
    is generally delivered to the customer at the interconnection of
    our plant with the
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    electrical grid. The thermal energy that we sell is generally
    delivered to the customer at the inlet flange of the thermal
    piping located at the customer&#146;s facilities. The processed
    LFG we sell to industrial customers is generally delivered by us
    to the customer&#146;s facility through a pipeline transmission
    system that we design, construct and operate. Under our energy
    supply agreements, we typically provide all environmental
    attributes associated with the project, including those
    represented by renewable energy certificates, to the customer.
</DIV>

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    Depending on the customer&#146;s preference, we will either
    build, own and operate the completed plant or build it for the
    customer to own. We generally sell the electricity, gas, heat or
    cooling generated by small-scale plants that we own under
    long-term contracts, typically to utilities, industrial
    facilities or other large users of energy. For an LFG-based
    plant, the output will typically be sold under a sales agreement
    with a term covering ten to 20&#160;years of plant operation.
    The right to use the site for the energy plant, and the purchase
    of the renewable energy needed to fuel the plant, are also
    obtained under long-term agreements with terms at least as long
    as that of the associated output sales agreement. Our projects
    are generally designed and permitted by our own engineers,
    although we often obtain additional engineering assistance from
    consulting engineers. We generally subcontract installation of
    project equipment, under the supervision of our construction
    manager.
</DIV>

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    As part of our renewable energy offering, we also distribute and
    integrate solar energy products manufactured by several vendors.
    We are a distributor of PV panels, solar regulators, solar
    charge controllers, inverters, solar-powered lighting systems,
    solar-powered water pumps, solar panel mounting hardware and
    other system components. We also integrate our PV products and
    system components into solar solutions designed specifically for
    customers. We provide solar energy solutions for both on-grid
    applications where the solar power is used in a building
    connected to a utility distribution system, and for off-grid
    applications where the power is used directly in the device
    using the electricity, such as traffic signs.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also design and construct renewable energy plants based on
    wind power. In many parts of the country, available wind
    resources, utility net metering and local incentives can make
    <FONT style="white-space: nowrap">on-site</FONT> wind
    generation a viable solution for meeting a significant portion
    of customers&#146; energy needs. As of December&#160;31, 2009,
    we had completed two projects that included a wind turbine.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we have constructed, and are constructing,
    small-scale renewable energy plants based on biomass. Biomass is
    organic material such as wood, agricultural waste, animal waste
    and waste from food processors. Biomass is typically converted
    to energy by burning or gasifying it in a boiler to produce
    steam or gas. Our largest renewable energy plant is currently
    under construction and will use biomass as the primary source of
    energy.
</DIV>

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    As of December&#160;31, 2009, we had constructed more than 25
    renewable energy plants, and owned and operated 19 renewable
    energy plants. Of the owned plants, 18 are renewable LFG plants.
    These 18 plants have the capacity to generate electricity or
    deliver LFG producing an aggregate of 83&#160;MW (megawatts) or
    MWE (megawatt-equivalents). As of December&#160;31, 2009, we had
    signed contracts for the construction, operation and ownership
    of an additional three LFG plants, two wastewater treatment
    biogas plants, two biomass power and cogeneration plants and
    five biomass boiler projects. If and when completed, the LFG
    plants will be capable of producing an aggregate of
    approximately 15&#160;MW or MWE, the biogas plants will be
    capable of producing an aggregate of approximately eight MW or
    MWE, the biomass power and cogeneration plants will be capable
    of producing approximately 21&#160;MWs, and the biomass boiler
    projects will be capable of producing approximately
    41&#160;million BTU per hour of steam or hot water.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Examples
    of Energy Efficiency and Renewable Energy Projects</FONT></B>
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are examples of energy efficiency and renewable
    energy projects we have designed and either have installed or
    are installing for customers. While most of our projects are
    less complex and smaller in scope than those shown below, these
    examples are intended to demonstrate how various different types
    of energy efficiency measures and renewable energy plants can be
    combined to create a customized solution addressing the multiple
    needs of a customer.
</DIV>

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    <I>Elmendorf Air Force Base (Alaska).</I>&#160;Elmendorf Air
    Force Base had an inefficient,
    <FONT style="white-space: nowrap">costly-to-operate</FONT>
    central heating and power plant and approximately 50&#160;miles
    of aging steam and condensate distribution piping. We
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    modernized the heating system by demolishing the central plant
    and installing over 200 boilers and 20 alternate heating systems
    in over 120 commercial facilities. We worked with the local gas
    utility to install approximately seven miles of gas pipeline to
    serve the new, decentralized boilers and negotiated a new gas
    and electric service for the Base with the local utilities. We
    also installed over 800 energy efficient steam traps and abated
    over 125 steam pits throughout the base. The $49&#160;million
    project is designed to save approximately $4&#160;million of
    energy and energy-related O&#038;M costs per year. This work was
    completed in 2008. We provide a full-time staff of four people
    at the base and have contracted to perform approximately
    $22&#160;million of fixed price O&#038;M services throughout the
    <FONT style="white-space: nowrap">22-year</FONT>
    performance period term of our agreement.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Hill Air Force Base (Utah).</I>&#160;Hill Air Force Base was
    seeking to upgrade its inefficient energy systems and maximize
    the use of renewable energy sources including using gas from an
    off-base landfill to lower its energy costs. In response, during
    the period from 2005 to 2009, we designed and installed
    $17.7&#160;million of energy efficiency and renewable energy
    projects which are designed to save approximately
    $2.1&#160;million of energy costs per year. The energy
    efficiency projects include the installation of a wide range of
    high efficiency lighting, heating and cooling systems and
    associated controls for these and other energy-consuming
    equipment. The Base also provides compressed air, steam, water
    cooling and wastewater treatment services to a nearby industrial
    area. We upgraded and control these systems to reduce the
    disposal of hazardous materials and the loss of steam, water and
    electricity. The renewable energy projects include a 210 kW
    ground-mounted solar PV array and an LFG project involving the
    purchase of gas from the Davis County landfill, piping the gas
    over one mile to the base, processing the gas and producing
    approximately 2.25&#160;MW of power. We operate and maintain the
    LFG project, the PV project, and the steam traps in the heating
    distribution system with an
    <FONT style="white-space: nowrap">on-site</FONT>
    operator and the remote support of two engineers for a fixed
    price of $0.9&#160;million per year under a 20&#160;year
    contract. We believe the PV system was the largest in Utah at
    the time it was installed.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>State of Missouri Correctional Facilities.</I>&#160;The State
    of Missouri and Columbia Water&#160;&#038; Light were seeking to
    lower and stabilize their energy costs by purchasing thermal
    energy and electricity, respectively, from a cogeneration
    facility fueled by LFG from the Jefferson City Landfill owned by
    a subsidiary of Republic Services, Inc. The State of Missouri
    also wanted to upgrade its inefficient energy systems at two
    state-owned correctional facilities, Algoa and Jefferson City.
    In 2009 we completed the design and installation of
    $7.6&#160;million of energy efficiency improvements and the
    design, financing and installation of a 3.2&#160;MW
    $10.4&#160;million cogeneration facility, which together are
    designed to save approximately $0.7&#160;million of energy costs
    per year. The energy efficiency measures include the
    installation of high efficiency lighting systems, electrical
    system improvements, steam traps to reduce steam losses and
    controls for various energy-using equipment within the
    correctional facilities. The LFG project, which we own,
    purchases LFG from Republic, processes the gas and then pipes it
    approximately three miles to the Jefferson City Correctional
    Facility to use as a fuel source in our cogeneration facility
    that produces electricity and thermal energy. Columbia
    Water&#160;&#038; Light purchases the power at a fixed rate per
    kWh for all electricity that is delivered. The State of Missouri
    has a take or pay obligation for a minimum amount of thermal
    energy at a fixed price.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Porta Community Unit School District
    (Illinois).</I>&#160;Porta Community Unit School
    District&#160;#202 was seeking to lower and stabilize its
    operating costs and improve its educational environment. To
    achieve this goal, we designed, installed and completed in 2009
    a $7.6&#160;million energy efficiency and renewable energy
    project, which is designed to save over $0.4&#160;million of
    energy and operating costs per year. The project includes energy
    efficient lighting retrofits, re-commissioning and upgrade of
    the existing heating, ventilation and air conditioning control
    system, domestic hot water system upgrades and swimming pool
    heating system upgrades. The project also includes the design
    and construction of a geothermal heating and cooling system to
    heat and cool the building. In addition, we installed a one kW
    PV energy system and a 600 kW wind energy generating system.
    When the wind turbine generates more electricity than the
    district can use, the excess electricity is sold to the local
    utility under a net metering arrangement. We believe the
    district is the first school district in Illinois to employ a
    combination of geothermal, solar and wind renewable technologies.
</DIV>

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    <I>BMW (South Carolina).</I>&#160;BMW was seeking to lower and
    stabilize its energy costs, and Waste Management was seeking to
    monetize the value of the LFG produced at its Palmetto Landfill.
    To achieve these goals, in 2003, we completed the development,
    design, construction and financing for the $11.4&#160;million
    project to process and deliver LFG to BMW&#146;s factory and
    refurbish BMW&#146;s boilers and turbines to be able to
</DIV>
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    utilize the LFG fuel. BMW also uses the LFG to provide energy
    for its paint shop, incinerator and pollution control devices.
    This project involves buying LFG from Waste Management at its
    Palmetto Landfill, processing and compressing the LFG adjacent
    to the landfill and piping the LFG approximately 9.5&#160;miles
    for delivery to BMW. Over the period from 2005 to 2009, the
    project has delivered from 0.88 to 1.17&#160;million BTU
    annually. BMW pays for the LFG under a multi-year supply
    contract. Our delivery obligations are limited to those volumes
    of LFG supplied to us by Waste Management. In 2009, BMW
    announced that the project produces over 60% of the plant&#146;s
    total energy requirements, saving BMW an average of
    $5&#160;million in energy costs annually while reducing carbon
    dioxide emissions by approximately 92,000 tons per year.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>U.S.&#160;Department of Energy Savannah River Site (South
    Carolina).</I>&#160;The Savannah River Site, or SRS, utilizes
    steam and power for process and heating loads currently
    generated from an aging and inefficient coal power plant. We are
    currently constructing a 20.7 MW cogeneration plant to replace
    this coal power plant. The cogeneration plant will use fuel from
    forest residue, scrap tires, pallets and other clean wood and is
    scheduled to come on-line in December 2011. We will install two
    ten million BTU per hour wood-fired heating plants at other SRS
    locations to replace an old and inefficient fuel oil heating
    plant. These smaller plants are scheduled to come on-line in
    November 2010. This $183.4&#160;million project is designed to
    save approximately $35&#160;million of energy and energy-related
    O&#038;M costs per year. We will provide a full-time staff of 20
    to 25&#160;people at the new plant and have contracted to
    perform approximately $17&#160;million of O&#038;M services
    annually, at escalating fixed rates, throughout the
    <FONT style="white-space: nowrap">19-year</FONT>
    performance period of the agreement.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>City of Vancouver (British Columbia, Canada).</I>&#160;The
    City of Vancouver was seeking to implement a comprehensive
    greenhouse gas reduction project in its larger facilities. From
    2007 to 2010, we designed and installed two-phases of work, with
    an additional third-phase expected to be completed by October
    2010. This comprehensive $15.4&#160;million energy efficiency
    and facility renewal project includes boiler plant replacements
    in 18 facilities, comprehensive lighting upgrades, HVAC
    upgrades, solar hot water, desiccant dehumidification and
    low-emissivity ceilings and heat recovery in ice rinks. The
    project is designed to save $0.9&#160;million per year in energy
    costs.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sales and
    Marketing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our sales and marketing approach is to offer customers
    customized and comprehensive energy efficiency solutions
    tailored to meet their economic, operational and technical
    needs. The sales, design and construction process for energy
    efficiency and renewable energy projects typically takes from 12
    to 36&#160;months, with sales to federal governmental and
    housing authority customers tending to require the longest sales
    processes. We identify project opportunities through referrals,
    requests for proposals, or RFPs, conferences, web searches,
    telemarketing and repeat business from existing customers. Our
    direct sales force develops and follows up on customer leads
    and, in some cases, works with customers to develop their RFPs.
    By working with customers prior to the issuance of an RFP, we
    can gain a deeper understanding of the customers&#146; needs and
    the scope of the potential project. As of December&#160;31,
    2009, we had 105 sales people.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparation for a proposal, we typically conduct a
    preliminary audit of the customer&#146;s needs and the
    opportunity to reduce its energy costs. We start by reading and
    analyzing the customer&#146;s utility and other energy bills. If
    the bills are complex or numerous, we employ our proprietary
    AXIS software for bill scanning and analysis. Our experienced
    engineers visit and assess the customer&#146;s current energy
    systems. Through our knowledge of the federal, state, local
    governmental and utility environment, we assess the availability
    of energy, utility or environmental-based payments for usage
    reductions or renewable power generation, which helps us
    optimize the economic benefits of a proposed project for a
    customer. If we are awarded a project, we perform a more
    detailed audit of the customer&#146;s facilities, which serves
    as the basis for the final specifications of the project and
    final contract terms.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For renewable energy plants that are not located on a
    customer&#146;s site or use sources of energy not within the
    customer&#146;s control, the sales process also involves the
    identification of sites with attractive sources of renewable
    energy, such as a landfill or a site with high wind, and
    obtaining necessary rights and governmental permits to develop a
    plant on that site. For example, for LFG projects, we start with
    gaining control of a LFG resource located close to the
    prospective customer. For solar and wind projects, we look for
</DIV>
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    sites where utilities are interested in purchasing renewable
    energy power at rates that are sufficient to make a project
    feasible. Where governmental agencies control the site and
    resource, such as a landfill owned by a municipality, the
    customer may be required to issue an RFP to use the site or
    resource. Once we believe we are likely to obtain the rights to
    the site and the resource, we seek customers for the energy
    output of the potential project.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Customers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, we served more than 1,000 customers in 49&#160;states
    in the United States and seven Canadian provinces. Our customers
    include government, education, utility, healthcare and other
    institutional, industrial and commercial customers. Outside
    North America, we have constructed projects for U.S.&#160;naval
    bases in Europe, and also sell our off-grid PV systems. In 2007,
    2008 and 2009, no single customer accounted for more than
    ten&#160;percent of our total revenue, and in 2009 the largest
    20 customers accounted for approximately 37% of our revenue. In
    2009, approximately 85% of our revenue was derived from sales to
    federal, state, provincial or local governmental entities. Our
    20 largest customers in 2009, by revenue, in alphabetical order,
    were:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Belleville Township High School District 201 (Belleville,
    Illinois)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bethlehem Pennsylvania Housing Authority (Bethlehem,
    Pennsylvania)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chicago Housing Authority (Chicago, Illinois)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    City of Henderson, Nevada
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Franklin County, Ohio
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Freeport Unified School District (Freeport, New York)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Hamilton-Wentworth District School Board (Hamilton, Ontario)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Hastings Prince Edward District School Board (Belleville,
    Ontario)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Los Angeles Community College District
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Medical University of South Carolina (Charleston, South Carolina)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Portsmouth Naval Shipyard (Portsmouth, New Hampshire)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prairie Valley School District (Regina, Saskatchewan)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Providence Housing Authority (Providence, Rhode Island)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rainbow District School Board (Sudbury, Ontario)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Department of Energy, Savannah River Site (South
    Carolina)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Toronto Community Housing (Toronto, Ontario)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Army&#160;&#151; Adelphi Laboratory Center (Maryland)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    University City School District (University City, Missouri)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Wolf Branch School District (Swansea, Illinois)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Worcester Housing Authority (Worcester, Massachusetts)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Competition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While we face significant competition from a large number of
    companies, we believe few offer the full range of services that
    we provide.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal competitors include Chevron Energy Solutions,
    Constellation Energy, Honeywell, Johnson Controls, Siemens
    Building Technologies and TAC Energy Solutions. We compete
    primarily on the basis of our comprehensive, independent
    offering of energy efficiency and renewable energy services and
    the breadth and depth of our expertise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For renewable energy plants, we compete primarily with many
    large independent power producers and utilities, as well as a
    large number of developers of renewable energy projects. In the
    LFG market, our principal competitors include national project
    developers and owners of landfills which self-develop projects
    using LFG from their landfills. For the sale of solar energy
    products and systems, we face numerous
</DIV>
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    <BR>
    79
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    competitors ranging from small web-based companies that sell
    components to PV module manufacturers and other multi-national
    corporations that sell both products and systems. We compete for
    renewable energy projects primarily on the basis of our
    experience, reputation and ability to identify and complete high
    quality and cost-effective projects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may also face competition based on technological
    developments that reduce demand for electricity, increase power
    supplies through existing infrastructure or that otherwise
    compete with our energy efficiency and renewable energy projects
    and services. We also encounter competition in the form of
    potential customers electing to develop solutions or perform
    services internally rather than engaging an outside provider
    such as us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many of our competitors have longer operating histories and
    greater resources than we do, and there can be no assurance that
    we will continue to be able to compete effectively against our
    current competitors or additional companies that may enter our
    markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulatory</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Various regulations affect the conduct of our business. Federal
    and state legislation and regulations enable us to enter into
    ESPCs with government agencies in the United States. The
    applicable regulatory requirements for ESPCs differ in each
    state and between agencies of the federal government.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our projects must conform to all applicable electric
    reliability, building and safety, and environmental regulations
    and codes, which vary from place to place and time to time.
    Various federal, state, provincial and local permits are
    required to construct an energy efficiency project or renewable
    energy plant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Renewable energy projects are also subject to specific
    governmental safety and economic regulation. States and the
    federal government typically do not regulate the transportation
    or sale of LFG unless it is combined with and distributed with
    natural gas, but this is not uniform among states and may change
    from time to time. The sale and distribution of electricity at
    the retail level is subject to state and provincial regulation,
    and the sale and transmission of electricity at the wholesale
    level is subject to U.S.&#160;federal regulation. While we do
    not own or operate retail-level electric distribution systems or
    wholesale-level transmission systems, the prices for the
    products we offer can be affected by the tariffs, rules and
    regulations applicable to such systems, as well as the prices
    that the owners of such systems are able to charge. The
    construction of power generation projects typically is regulated
    at the state and provincial levels, and the operation of these
    projects also may be subject to state and provincial regulation
    as &#147;utilities.&#148; At the U.S.&#160;federal level, the
    ownership, operation, and sale of power generation facilities
    may be subject to regulation under PURPA, the FPA and PHUCA.
    However, because all of the plants that we have constructed and
    operated to date are small power &#147;qualifying
    facilities&#148; under PURPA, they are subject to less
    regulation by the FPA, PHUCA and related state utility laws than
    traditional utilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we pursue projects employing different technologies or with
    electrical capacities greater than 20&#160;MW, we could become
    subject to some of the regulatory schemes which do not apply to
    our current projects. In addition, the state and federal
    regulations that govern qualifying facilities and other power
    sellers frequently change, and the effect of these changes on
    our business cannot be predicted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    LFG-based power generation facilities require an air emissions
    permit, which may be difficult to obtain in certain
    jurisdictions. Renewable energy projects may also be eligible
    for certain governmental or government-related incentives from
    time to time, including tax credits, cash payments in lieu of
    tax credits, and the ability to sell associated environmental
    attributes, including carbon credits. Government incentives and
    mandates typically vary by jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of the demand-reduction services we provide for utilities
    and institutional clients are subject to regulatory tariffs
    imposed under federal and state utility laws. In addition, the
    operation of, and electrical interconnection for, our renewable
    energy projects are subject to federal, state or provincial
    interconnection and federal reliability standards also set forth
    in utility tariffs. These tariffs specify rules, business
    practices and economic terms to which we are subject. The
    tariffs are drafted by the utilities and approved by the
    utilities&#146; state and federal regulatory commissions.
</DIV>
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    <BR>
    80
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had a total of
    639&#160;employees in offices located in 29&#160;states and four
    Canadian provinces.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the ordinary conduct of our business we are subject to
    periodic lawsuits, investigations and claims. Although we cannot
    predict with certainty the ultimate resolution of such lawsuits,
    investigations and claims against us, we do not believe that any
    currently pending or threatened legal proceedings to which we
    are a party will have a material adverse effect on our business,
    results of operations or financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Facilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our corporate headquarters is located in Framingham,
    Massachusetts, where we occupy approximately 20,000&#160;square
    feet under a sublease agreement expiring on December&#160;31,
    2010. We occupy seven regional offices in Oak Brook, Illinois;
    Columbia, Maryland; Charlotte, North Carolina; Knoxville,
    Tennessee; Tomball, Texas; Spokane, Washington; and North York,
    Ontario, each less than 25,000&#160;square feet, under lease or
    sublease agreements. In addition, we lease space, typically less
    than 5,000&#160;square feet, for 46 field offices throughout
    North America. We also own 21 small-scale renewable energy and
    central plants throughout North America, which are located on
    leased sites or sites provided by customers. We expect to add
    new facilities and expand existing facilities as we continue to
    add employees and expand our business into new geographic areas.
</DIV>
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    <BR>
    81
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<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Officers and Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our executive officers and directors, their current positions
    and their ages as of March&#160;1, 2010 are set forth below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="63%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position&#160;(s)</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    63
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chairman of the Board of Directors, President and Chief
    Executive Officer
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    49
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President, Business Development and Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael T. Bakas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    41
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President, Renewable Energy
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Corrsin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    51
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President and General Counsel and Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    50
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President, Corporate Government Relations
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joseph P. DeManche
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    53
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President, Engineering and Operations
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Keith A. Derrington
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    49
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President and General Manager, Federal Operations
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mario Iusi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    51
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, Ameresco Canada
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    43
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President and General Manager, Central Region
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    53
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President and Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William M. Bulger
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    76
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Guy W. Nichols
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    85
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joseph W. Sutton
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    62
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of compensation committee.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of audit committee.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of nominating and corporate governance committee.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>George P. Sakellaris:</I>&#160;Mr.&#160;Sakellaris has served
    as chairman of our board of directors and our president and
    chief executive officer since founding Ameresco in 2000.
    Mr.&#160;Sakellaris previously founded Noresco, an energy
    services company, in 1989 and served as its president and chief
    executive officer until 2000. Noresco was acquired by Equitable
    Resources, Inc. in 1997. Mr.&#160;Sakellaris was a founding
    member and previously served as the president, and is currently
    a director, of the National Association of Energy Service
    Companies, a national trade organization representing the energy
    efficiency industry. We believe that Mr.&#160;Sakellaris is
    qualified to serve as a director because of his 31&#160;years of
    experience in the energy services and renewable energy
    industries, his leadership experience, skill and familiarity
    with our business gained from serving as our chief executive
    officer for over a decade, as well as his experience developed
    through founding and serving as chief executive officer of two
    previous energy services companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>David J. Anderson:</I>&#160;Mr.&#160;Anderson has served as
    our executive vice president, business development, as well as a
    director, since 2000. From 1992 to 2000, Mr.&#160;Anderson was a
    senior vice president at Noresco. We believe that
    Mr.&#160;Anderson is qualified to serve as a director because of
    his extensive knowledge of our business, gained through more
    than a decade as an executive officer, and his more than
    20&#160;years of experience in the energy services and renewable
    energy industries. We also believe that Mr.&#160;Anderson brings
    a deep understanding of operations and strategy to our board of
    directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Michael T. Bakas:</I>&#160;Mr.&#160;Bakas has served as our
    senior vice president, renewable energy, since March 2010. From
    2000 to February 2010, he was our vice president, renewable
    energy. From 1997 to 2000, Mr.&#160;Bakas was director of energy
    services at Noresco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>David J. Corrsin:</I>&#160;Mr.&#160;Corrsin has served as our
    executive vice president and general counsel, as well as a
    director, since 2000. From 1996 to 2000, Mr.&#160;Corrsin was
    executive vice president of Public Power
</DIV>
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    <BR>
    82
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    International, Inc., an independent developer of power projects
    in south Asia and Europe. We believe that Mr.&#160;Corrsin is
    qualified to serve as a director because of his extensive
    experience with energy regulations, federal, state and local
    regulatory authorities and complex energy construction and
    financing projects, gained through more than 23&#160;years of
    energy-related legal practice, and his more than a decade as an
    executive officer of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>William J. Cunningham:</I>&#160;Mr.&#160;Cunningham has
    served as our senior vice president, corporate government
    relations since January 2008. From April 2007 to January 2008,
    he was a vice president at Dutko Worldwide, a public affairs and
    lobbying firm. From 2004 to 2006, Mr.&#160;Cunningham was senior
    vice president, corporate government relations, at Conseco
    Services, which is a subsidiary of Conseco, Inc., an insurance
    company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joseph P. DeManche:</I>&#160;Mr.&#160;DeManche has served as
    our executive vice president, engineering and operations since
    2002. Mr.&#160;DeManche joined the company as a result of our
    acquisition of DukeSolutions Inc., where he most recently served
    as executive vice president in charge of all commercial
    operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Keith A. Derrington:</I>&#160;Mr.&#160;Derrington has served
    as our executive vice president and general manager, federal
    operations since April 2009. From 2004 to April 2009,
    Mr.&#160;Derrington was our vice president and general manager,
    federal operations. From 2000 to 2004, Mr.&#160;Derrington was
    vice president and general manager of the federal group of the
    ESPC business of Exelon, an electric utility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mario Iusi:</I>&#160;Mr.&#160;Iusi has served as president of
    Ameresco Canada since 2002. From 1998 to 2002, he was president
    of DukeSolutions Canada, a subsidiary of Duke Energy, which we
    acquired in 2002.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Louis P. Maltezos:</I>&#160;Mr.&#160;Maltezos has served as
    our executive vice president and general manager, central
    region, since April 2009. From 2004 until April 2009,
    Mr.&#160;Maltezos was our vice president and general manager,
    midwest region. From 1988 until 2004, Mr.&#160;Maltezos was with
    Exelon, where he most recently served as vice president and
    general manager of Exelon&#146;s ESPC business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Andrew B. Spence:</I>&#160;Mr.&#160;Spence has served as our
    vice president and chief financial officer since 2002. From 1997
    to 2000, Mr.&#160;Spence was chief financial officer of ABB
    Energy Capital L.L.C. an energy-related financial services
    company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>William M. Bulger:</I>&#160;Mr.&#160;Bulger has served as a
    director since 2001. From 2004 to 2009, Mr.&#160;Bulger served
    as an adjunct professor at Suffolk University and a part-time
    faculty member of the political science department at Boston
    College. From 1996 to 2003, Mr.&#160;Bulger was president of the
    University of Massachusetts. From 1970 to 1996, Mr.&#160;Bulger
    was a member of the Massachusetts State Senate, where he served
    as president from 1978 to 1996. Mr.&#160;Bulger was a director
    of New England Electric System until it was acquired by National
    Grid in 2000. We believe that Mr.&#160;Bulger is qualified to
    serve as a director because of his prior experience as a
    director of a large public utility. He has valuable experience
    serving as the leader of large, complex organizations gained
    through his legislative experience, and as president of the
    University of Massachusetts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Guy W. Nichols:</I>&#160;Mr.&#160;Nichols has served as a
    director since 2001. Prior to retiring in 1984, he was chairman,
    president and chief executive officer of New England Electric
    System. We believe that Mr.&#160;Nichols is qualified to serve
    as a director because of his extensive leadership experience in
    the energy, energy services and renewable energy industries,
    including as chief executive officer of New England Electric
    Systems. Mr.&#160;Nichols provides our board of directors with
    critical advice on strategy within the energy services industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joseph W. Sutton:</I>&#160;Mr.&#160;Sutton has served as a
    director since 2002. Since 2000, Mr.&#160;Sutton has been the
    manager of Sutton Ventures Group, LLC, an energy investment firm
    that he founded. From 1992 to November 2000, Mr.&#160;Sutton
    worked for Enron Corporation, an energy company, where he most
    recently served as vice chairman, and served as chief executive
    officer of Enron International. Enron Corporation filed a
    voluntary bankruptcy petition under Chapter&#160;11 of the U.S.
    Bankruptcy Code in December 2001. We believe that
    Mr.&#160;Sutton is qualified to serve as a director because of
    his prior experience as a director of a large public energy and
    energy services company. Mr.&#160;Sutton&#146;s general
    financial expertise and his specific financial knowledge with
    respect to the energy industry also enhance his ability to
    contribute to our board of directors.
</DIV>
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    <BR>
    83
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Composition
    of our Board of Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors currently consists of six members. We
    intend to add&#160;&#160;&#160;&#160;&#160;independent directors
    to our board of directors prior to the closing of this offering.
    Our directors hold office until their successors have been
    elected and qualified or until the earlier of their death,
    resignation or removal. There are no family relationships among
    any of our directors or executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of our restated certificate of
    incorporation and by-laws, our board of directors is divided
    into three classes, each of which consists, as nearly as
    possible, of one-third of the total number of directors
    constituting our entire board of directors and each of whose
    members serve for staggered three-year terms. As a result, only
    one class of our board of directors will be elected each year.
    Upon the expiration of the term of a class of directors,
    directors in that class will be eligible to be elected for a new
    three-year term at the annual meeting of stockholders in the
    year in which their term expires. The members of the classes are
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the class&#160;I directors
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and their term expires at the annual meeting of stockholders to
    be held in 2011;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the class&#160;II directors
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and their term expires at the annual meeting of stockholders to
    be held in 2012;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the class&#160;III directors
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and their term expires at the annual meeting of stockholders to
    be held in 2013.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation and restated by-laws
    provide that the authorized number of directors comprising our
    board of directors may be changed only by resolution of our
    board of directors. Any additional directorships resulting from
    an increase in the number of directors will be distributed among
    the three classes so that, as nearly as possible, each class
    will consist of one-third of the directors. Our restated
    certificate of incorporation and restated by-laws also provide
    that our directors may be removed only for cause by the
    affirmative vote of the holders of at least two-thirds of the
    votes that all our stockholders would be entitled to cast in an
    annual election of directors, and that any vacancy on our board
    of directors, including a vacancy resulting from an enlargement
    of our board of directors, may be filled only by vote of a
    majority of our directors then in office. Our classified board
    could have the effect of delaying or discouraging an acquisition
    of Ameresco or a change in our management.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Independence</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under applicable stock market rules, a director will qualify as
    &#147;independent&#148; if our board of directors affirmatively
    determines that he or she has no material relationship with
    Ameresco (either directly or as a partner, stockholder or
    officer of an organization that has a relationship with us). Our
    board of directors has established guidelines to assist it in
    determining whether a director has such a material relationship.
    Under these guidelines, a director is not considered to have a
    material relationship with Ameresco if he or she is independent
    under applicable stock market rules and he or she:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    is an executive officer of another company which is indebted to
    us, or to which we are indebted, unless the total amount of
    either company&#146;s indebtedness to the other is more than one
    percent of the total consolidated assets of the company he or
    she serves as an executive officer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    serves as an officer, director or trustee of a tax exempt
    organization, unless our discretionary contributions to such
    organization are more than the greater of $1&#160;million or two
    percent of that organization&#146;s consolidated gross revenue.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, ownership of a significant amount of our stock, by
    itself, does not constitute a material relationship.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to applicable stock market rules, a director employed
    by us cannot be deemed to be an &#147;independent
    director,&#148; and consequently neither Mr.&#160;Sakellaris nor
    Mr.&#160;Corrsin nor Mr.&#160;Anderson qualifies as an
    independent director.
</DIV>
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    <BR>
    84
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has affirmatively determined that each of
    Messrs.&#160;Bulger, Nichols and Sutton is
    &#147;independent&#148; under applicable stock market rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Committees
    of our Board of Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has established an audit committee, a
    compensation committee and a nominating and corporate governance
    committee. Each committee operates under a charter approved by
    our board of directors. Following this offering, copies of each
    committee&#146;s charter will be posted on the Investor
    Relations section of our website, which is located at
    www.ameresco.com.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the members of our board&#146;s three standing committees
    described below have been determined to be independent as
    defined under applicable stock market rules and in the case of
    all members of the audit committee, the independence
    requirements contemplated by
    <FONT style="white-space: nowrap">Rule&#160;10A-3</FONT>
    under the Securities Exchange Act of 1934.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of our audit committee
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    Our board of directors has determined that each of the members
    of our audit committee satisfy the requirements for financial
    literacy under applicable stock market and SEC rules and
    regulations.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;is
    the chair of the audit committee and is also an &#147;audit
    committee financial expert,&#148; as defined by SEC rules and
    satisfies the financial sophistication requirements of
    applicable stock market rules. Our audit committee assists our
    board of directors in its oversight of our accounting and
    financial reporting process and the audits of our financial
    statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The audit committee&#146;s responsibilities include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    appointing, approving the compensation of, and assessing the
    independence of our registered public accounting firm;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing the work of our registered public accounting firm,
    including through the receipt and consideration of reports from
    such firm;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and discussing with management and our registered
    public accounting firm our annual and quarterly financial
    statements and related disclosures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    monitoring our internal control over financial reporting,
    disclosure controls and procedures and code of business conduct
    and ethics;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing our internal audit function;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing our risk assessment and risk management policies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    establishing policies regarding hiring employees from our
    registered public accounting firm and procedures for the receipt
    and retention of accounting related complaints and concerns;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    meeting independently with our internal auditing staff,
    registered public accounting firm and management;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and approving or ratifying any related person
    transactions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    preparing the audit committee report required by SEC rules to be
    included in our proxy statement for our annual meeting of
    stockholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All audit services and all non-audit services, other than de
    minimis non-audit services, to be provided to us by our
    registered public accounting firm must be approved in advance by
    our audit committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compensation
    Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of our compensation committee
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;is
    the chair of the compensation committee. Our compensation
    committee assists our board of directors in the discharge of its
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    85
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    responsibilities relating to the compensation of our executive
    officers. The compensation committee&#146;s responsibilities
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    annually reviewing and approving corporate goals and objectives
    relevant to CEO compensation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    determining our CEO&#146;s compensation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and approving, or making recommendations to our board
    of directors with respect to, the compensation of our other
    executive officers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing an evaluation of our senior executives;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing and administering our cash and equity incentive plans;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and making recommendations to our board of directors
    with respect to director compensation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and discussing annually with management our
    &#147;Compensation Discussion and Analysis,&#148; which is
    included beginning on page&#160;87 of this prospectus;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    preparing the compensation committee report required by SEC
    rules to be included in our proxy statement for our annual
    meeting of stockholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nominating
    and Corporate Governance Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of our nominating and corporate governance committee
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;is
    the chair of the nominating and corporate governance committee.
    The nominating and corporate governance committee&#146;s
    responsibilities include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    identifying individuals qualified to become members of our board
    of directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    recommending to our board of directors the persons to be
    nominated for election as directors and to each of the
    committees of our board of directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and making recommendations to our board of directors
    with respect to our board of directors&#146; leadership
    structure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    reviewing and making recommendations to our board of directors
    with respect to management succession planning;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    developing and recommending to our board of directors corporate
    governance principles;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    overseeing an annual evaluation of our board of directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Committee Interlocks and Insider Participation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of our executive officers serves as a member of the board
    of directors or compensation committee, or other committee
    serving an equivalent function, of any entity that has one or
    more executive officers who serve as members of our board of
    directors or our compensation committee. None of the members of
    our compensation committee is an officer or employee of our
    company, nor have they ever been an officer or employee of our
    company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Corporate
    Governance Guidelines</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has adopted corporate governance
    guidelines to assist the board in the exercise of its duties and
    responsibilities and to serve the best interests of our company
    and our stockholders. Following this offering, a copy of these
    guidelines will be posted on the Investor Relations section of
    our website, which is located at www.ameresco.com. These
    guidelines, which provide a framework for the conduct of our
    board&#146;s business, provide that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our board&#146;s principal responsibility is to oversee the
    management of Ameresco;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    86
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a majority of the members of our board of directors shall be
    independent directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the non-management directors meet regularly in executive session;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    directors have full and free access to management and employees
    of our company, and the right to hire and consult with
    independent advisors at our expense;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    new directors participate in an orientation program and all
    directors are expected to participate in continuing director
    education on an ongoing basis;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at least annually, our board of directors and its committees
    will conduct self-evaluations to determine whether they are
    functioning effectively.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Business Conduct and Ethics</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have adopted a written code of business conduct and ethics
    that applies to our directors, officers and employees, including
    our principal executive officer, principal financial officer,
    principal accounting officer or controller, and persons
    performing similar functions. Following this offering, a copy of
    the code of business conduct and ethics will be posted on the
    Investor Relations section of our website, which is located at
    www.ameresco.com. In addition, we intend to post on our website
    all disclosures that are required by law or applicable stock
    exchange listing standards concerning any amendments to, or
    waivers from, any provision of the code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since our company was formed, we have not paid cash compensation
    to any director for his or her service as a director. However,
    non-employee directors are reimbursed for reasonable travel and
    other expenses incurred in connection with attending our board
    and committee meetings. Messrs.&#160;Bulger, Nichols and Sutton
    are our non-employee directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the past, we have granted options to purchase shares of our
    Class&#160;A common stock to our non-employee directors. We did
    not grant any options or shares of restricted stock to our
    non-employee directors during 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of Mr.&#160;Sakellaris, Mr.&#160;Anderson or
    Mr.&#160;Corrsin has ever received any compensation in any form
    in connection with his service as a director, and none of
    Mr.&#160;Bulger, Mr.&#160;Nichols or Mr.&#160;Sutton received
    any compensation in any form in connection with his service as a
    director in 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering, we intend to implement a
    director compensation plan to provide non-employee directors
    with appropriate cash and equity compensation for service on our
    board of directors and committees of the board of directors. The
    amount of this compensation has not been determined, but we
    anticipate that it will be consistent with amounts paid by
    comparable public companies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Discussion and Analysis</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section discusses the material elements of our executive
    compensation policies and decisions and the most important
    factors relevant to an analysis of these policies and decisions.
    It provides qualitative information regarding the manner and
    context in which compensation is awarded to and earned by our
    executive officers and is intended to place in perspective the
    data presented in the tables and narrative that follow.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In preparing to become a public company, we have begun a
    thorough review of all elements of our executive compensation
    program, including the function and design of our annual
    incentive bonus and equity incentive programs. We have begun,
    and we expect to continue in the coming months, to evaluate the
    need for revisions to our executive compensation program to
    ensure our program is competitive with the companies with which
    we compete for executive talent and is appropriate for a public
    company.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Overview
    of Executive Compensation Process</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Roles of Our Board, Chief Executive Officer and Compensation
    Committee in Compensation Decisions.</I>&#160;As a private
    company, our chief executive historically has overseen our
    executive compensation program. In this role, our chief
    executive officer has reviewed all compensation decisions
    relating to our executive officers other than himself. He has
    annually reviewed the performance of each of our other executive
    officers, and, based on these reviews, has made recommendations
    to our board of directors regarding salary adjustments, annual
    incentive bonus payments and equity incentive awards for our
    executive officers. Our chief executive officer has annually met
    in executive session with our board of directors to discuss
    these recommendations. Our chief executive officer has not
    historically been present for board discussions regarding his
    compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In anticipation of becoming a public company, we have
    established a compensation committee, which will oversee our
    executive compensation program. Our chief executive officer will
    make recommendations to the compensation committee regarding the
    compensation of our executive officers, but the compensation
    committee will either make all compensation decisions regarding
    our executive officers or will make recommendations concerning
    executive compensation to our board of directors, with the
    independent directors making such decisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Competitive Market Data and Use of Compensation
    Consultants.</I>&#160;Historically, we have not formally
    benchmarked our executive compensation against compensation data
    of a peer group of companies, but rather have relied on the
    business judgment and experience in the energy services and
    engineering consulting industries of our chief executive officer
    and our executive management team. We have developed substantial
    information about compensation practices and levels at
    comparable companies through extensive recruiting, networking
    and industry research. Once we are a public company, our
    compensation committee may elect to engage an independent
    compensation consulting firm to provide advice regarding our
    executive compensation program and general information regarding
    executive compensation practices in our industry. Although the
    compensation committee would consider such a compensation
    firm&#146;s advice in establishing and approving the various
    elements of our executive compensation program, the compensation
    committee would ultimately make its own decisions, or make
    recommendations to our board of directors, about these matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Objectives and Philosophy of Our Executive Compensation
    Program.</I>&#160;Our primary objective with respect to
    executive compensation is to attract, retain and motivate highly
    talented individuals who have the skills and experience to
    successfully execute our business strategy. Our executive
    compensation program is designed to:
</DIV>

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    reward the achievement of our annual and long-term operating and
    strategic goals;
</TD>
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    recognize individual contributions;
</TD>
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    <TD align="left">
    align the interests of our executives with those of our
    stockholders by rewarding performance that meets or exceeds
    established goals, with the ultimate objective of increasing
    stockholder value;&#160;and
</TD>
</TR>


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    retain and build our executive management team.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To achieve these objectives, our executive compensation program
    ties a portion of each executive&#146;s overall
    compensation&#160;&#151; annual incentive bonuses &#151;&#160;to
    key corporate financial goals and to individual goals. We have
    also provided a portion of our executive compensation in the
    form of restricted stock and option awards that vest over time,
    which we believe helps to retain our executive officers and
    aligns their interests with those of our stockholders by
    allowing them to participate in our long-term performance as
    reflected in the trading price of shares of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Elements of Our Executive Compensation Program.</I>&#160;The
    primary elements of our executive compensation program are:
</DIV>

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    base salaries;
</TD>
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    annual incentive bonuses;
</TD>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
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    equity incentive awards;&#160;and
</TD>
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    other employee benefits.
</TD>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not adopted any formal or informal policies or
    guidelines for allocating compensation among these elements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Base Salaries</I>. We use competitive base salaries to
    attract and retain qualified candidates to help us achieve our
    growth and performance goals. Base salaries are intended to
    recognize an executive officer&#146;s immediate contribution to
    our organization, as well as his or her experience, knowledge
    and responsibilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, our chief executive officer (with respect to
    executive officers other than himself) has annually evaluated
    and adjusted executive officer base salary levels based on
    factors determined to be relevant, including:
</DIV>

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    <TD width="87%"></TD>
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    the executive officer&#146;s skills and experience;
</TD>
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    the particular importance of the executive officer&#146;s
    position to us;
</TD>
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    the executive officer&#146;s individual performance;
</TD>
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    the executive officer&#146;s growth in his or her
    position;&#160;and
</TD>
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    base salaries for comparable positions within our company and at
    other companies.
</TD>
</TR>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our chief executive officer&#146;s base salary has been
    determined by the
    <FONT style="white-space: nowrap">non-management</FONT>
    members of our board of directors, taking into account these
    same factors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have historically made annual base salary adjustments during
    the year, often around the anniversary of the executive&#146;s
    hire, with the adjustments taking effect as of the anniversary
    of hire (rather than as of the beginning of the year). In 2009,
    we increased the base salaries for Messrs.&#160;Anderson,
    Spence, Cunningham and Maltezos by 2.3%, 4.8%, 17.9% and 9.3%,
    respectively, and made no adjustment for Mr.&#160;Sakellaris.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once we are a public company, our compensation committee will
    perform such annual evaluations, and we expect that it will
    consider similar factors, as well as perhaps the input of a
    compensation firm and peer group benchmarking data, in making
    any adjustments to executive officer base salary levels.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Annual Incentive Bonus Program.</I>&#160;Each year we
    establish an incentive bonus program in which all of our
    executive officers, as well as most other full-time employees,
    participate. These annual incentive bonuses are intended to
    compensate our executive officers for our achievement of
    corporate financial goals, as well as individual performance
    goals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our incentive bonus program for 2009, the total bonus pool
    payable is determined based on our performance with respect to
    the following corporate financial goals: revenue, adjusted
    EBITDA from ongoing operations, value of customer contracts
    signed, proposal volume and qualitative operational measures.
    The specific targets for each of these performance metrics were
    established near the beginning of 2009 by our board of
    directors, with input from our chief executive officer and other
    executive officers. These targets were based on our historical
    operating results and growth rates, as well as our expected
    future results, and are designed to require significant effort
    and operational success on the part of our company. The amount
    of the total bonus pool can be up to ten percent of our adjusted
    EBITDA from continuing operations for 2009, with the actual
    percentage based on our performance against these corporate
    financial goals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the total bonus pool is calculated, it is allocated among
    our executive officers and organizational units based on their
    performance with respect to financial and operational goals for
    2009. These goals, and the specific targets with respect to each
    goal, were established near the beginning of 2009 by our board
    of directors, based on recommendations from our executive
    management team, including our chief executive officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the corporate and organizational unit goals
    described above, members of management&#160;&#151; including
    each of our executive officers&#160;&#151; were assigned written
    individual performance goals
</DIV>
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    near the beginning of fiscal 2009. For our executive officers
    other than our chief executive officer, these individual goals
    were set by our chief executive officer in collaboration with
    our executive management team; the individual goals for our
    chief executive officer were set by our board of directors,
    taking into account discussions with our chief executive officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each participant in the 2009 incentive bonus program was
    assigned a maximum bonus, expressed as a percentage of his or
    her annual base salary. The maximum bonus payment for our chief
    executive officer is 50% of his base salary. For each of our
    other executive officers, the maximum bonus payment is 40% of
    his base salary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the total bonus pool for the 2009 program is determined and
    allocated among our executive officers and organizational units,
    the bonus pool for each organizational unit is allocated among
    its members based on their performance with respect to their
    individual performance goals, subject to the maximum payments
    described above. For our executive officers other than our chief
    executive officer, the assessment of performance against
    individual goals and the determination of individual bonus
    payments are done by our chief executive officer, subject to
    approval by our board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bonus payments to our executive officers under our incentive
    bonus program for 2009 have not yet been determined. We expect
    that they will be determined in the second quarter of 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once we are a public company, our compensation committee, or our
    board of directors based on recommendations from our
    compensation committee, will establish and administer our annual
    incentive bonus program for executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Equity Incentive Awards.</I>&#160;Our equity incentive award
    program is the primary vehicle for offering long-term incentives
    to our executive officers. To date, equity incentive awards to
    our executive officers have been made in the form of restricted
    stock awards and stock options, with options being the primary
    form of equity grants in recent years. We believe that equity
    incentive awards:
</DIV>

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    provide our executive officers with a strong link to our
    long-term performance by enhancing their accountability for
    long-term decision making;
</TD>
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    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    help balance the short-term orientation of our annual incentive
    bonus program;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    create an ownership culture by aligning the interests of our
    executive officers with the creation of value for our
    stockholders;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    further our goal of executive retention.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Employees who are considered important to our long-term success
    are eligible to receive equity incentive awards, which generally
    vest over five years. Equity incentive awards have been granted
    to over 25% of our current employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, all equity awards to our executive officers have
    been approved by our board of directors, with input from our
    chief executive officer and our executive management team. In
    determining the size of equity awards to executive officers, our
    board and chief executive officer have generally considered the
    executive&#146;s experience, skills, level and scope of
    responsibilities, existing equity holdings, and comparisons to
    comparable positions in our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once we are a public company, our compensation committee will
    have the authority to make equity awards to our executive
    officers and to administer our equity compensation plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not have any equity ownership guidelines or requirements
    for our executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Employee Benefits.</I>&#160;We maintain broad-based
    benefits that are provided to all employees, including our
    401(k) retirement plan, flexible spending accounts, medical and
    dental care plans, life insurance, short- and long-term
    disability policies, vacation and company holidays. Our
    executive officers are eligible to participate in each of these
    programs on the same terms as non-executive employees; however,
    employees at the director level and above are eligible for life
    insurance coverage equal to three times (rather than twice)
    their annual base salary.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    90
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Severance and Change of Control Arrangements.</I>&#160;We
    have no severance or change of control agreements with our
    executive officers, other than the acceleration of stock option
    vesting as described under &#147;Management &#151;&#160;Stock
    Option and Other Compensation Plans&#148; below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Risk Considerations in our Compensation Program.</I>&#160;We
    do not believe that any risks arising from our employee
    compensation policies and practices are reasonably likely to
    have a material adverse effect on our company. In addition, we
    do not believe that the mix and design of the components of our
    executive compensation program encourage management to assume
    excessive risks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax Considerations.</I>&#160;Section&#160;162(m) of the Code
    generally disallows a tax deduction for compensation in excess
    of $1.0&#160;million paid by a public company to its chief
    executive officer and to each other officer (other than its
    chief executive officer and chief financial officer) whose
    compensation is required to be reported to stockholders by
    reason of being among the three other most highly paid executive
    officers. Qualifying performance-based compensation is not
    subject to the deduction limitation if specified requirements
    are met. We will periodically review the potential consequences
    of Section&#160;162(m) on the various elements of our executive
    compensation program, and we generally intend to structure the
    equity incentives component of our executive compensation
    program, where feasible, to comply with exemptions in
    Section&#160;162(m) so that the compensation remains tax
    deductible to us. However, our board of directors or
    compensation committee may, in its judgment, authorize
    compensation payments that do not comply with the exemptions in
    Section&#160;162(m) when it believes that such payments are
    appropriate to attract and retain executive talent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;409A of the Code applies to plans, agreements and
    arrangements that provide for the deferral of compensation, and
    imposes penalty taxes on employees if those plans, agreements
    and arrangements do not comply with Section&#160;409A. We have
    sought to structure our executive compensation arrangements to
    be exempt from, or comply with, Section&#160;409A.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Summary
    Compensation Table</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding
    compensation earned by our chief executive officer, our chief
    financial officer and our three next most highly compensated
    executive officers during our fiscal year ended
    December&#160;31, 2009. We refer to these individuals as our
    named executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Salary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Bonus<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    George P. Sakellaris(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,049,424
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,576,209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 9pt">
    <I>President and Chief<BR>
    Executive Officer</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,816
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,504
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    251,320
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 9pt">
    <I>Vice President and<BR>
    Chief Financial Officer</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,658
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,528
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 9pt">
    <I>Executive Vice President and General Manager</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 9pt">
    <I>Senior Vice President, Corporate Government Relations</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    David J. Anderson(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    264,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    280,661
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 9pt">
    <I>Executive Vice President, Business Development</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The bonus payments to our executive officers under our incentive
    bonus program for 2009 have not yet been determined. We expect
    that they will be determined in the second quarter of 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Value is equal to the aggregate grant date fair value of stock
    options computed in accordance with ASC Topic 718. These amounts
    do not represent the actual amounts paid to or realized by the
    named executive officer with respect to these option grants. The
    assumptions used by us with respect to the valuation of </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    91
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    option awards are the same as those set forth in Note 11 to our
    consolidated financial statements included elsewhere in this
    prospectus.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts represent the value of perquisites and other personal
    benefits, which are further detailed below.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Matched 401(k)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Group Life<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Auto<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Contribution&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Insurance&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Insurance ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total&#160;($)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,521
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    983
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,504
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,211
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Messrs.&#160;Sakellaris and Anderson are also members of our
    board of directors, but do not receive any additional
    compensation in their capacities as directors.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Grants
    of Plan-Based Awards in 2009</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding grants of
    compensation in the form of plan-based awards during the fiscal
    year ended December&#160;31, 2009 to our named executive
    officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Date<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards:<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fair<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>or Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Market<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Approval<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Date <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)&#160;(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($/Sh)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($/Sh)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9/30/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9/30/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,600,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    900,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    450,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Outstanding
    Equity Awards at Fiscal Year End</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding outstanding
    stock options held by our named executive officers as of
    December&#160;31, 2009. No unvested restricted stock was held by
    our named executive officers as of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option Awards&#160;(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Options (#)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Options (#)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Expiration<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Unexercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9/30/2019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4/25/2012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10/16/2013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/26/2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6/25/2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1/27/2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/25/2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7/22/2019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    92
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    All option awards and stock awards listed in this table were
    granted under the 2000 stock plan. Each option listed above
    vests or has vested as to 20% of the shares on the first
    anniversary of the grant date, and as to an additional five
    percent of the shares at the end of each successive three-month
    period of employment with us until the fifth anniversary of the
    grant date. Under the terms of the individual stock option
    agreements we have entered into with our named executive
    officers, if, an &#147;Acquisition Event&#148; (as defined in
    the 2000 stock plan) involving us occurs, and prior to the
    one-year anniversary of such Acquisition Event the
    executive&#146;s employment is terminated without Cause (as
    defined in the 2000 stock plan) or the executive voluntarily
    terminates his or her employment for Good Reason (as defined in
    the 2000 stock plan) prior to such anniversary, then the number
    of shares subject to the option which would have vested and
    become exercisable had the last 24&#160;months (or if less than
    24&#160;months remained, such lesser period) of scheduled
    vesting been accelerated shall vest and become exercisable
    immediately prior to such named executive officer&#146;s
    termination date.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Option
    Exercises and Stock Vested</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No named executive officer exercised any options during the
    fiscal year ended December&#160;31, 2009. The following table
    sets forth information regarding vesting of restricted stock
    awards held by our named executive officers during the fiscal
    year ended December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option Awards</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock Awards</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value Realized on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value Realized on<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Acquired on Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Acquired on Vesting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Vesting<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)&#160;(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,110,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    There was no public market for our Class&#160;A common stock on
    the date that these shares of restricted stock vested. The value
    realized has been calculated by multiplying the fair value of
    our Class&#160;A common stock as of the date that such shares
    vested, based on the fair value that was most recently
    determined by our board of directors, by the number of vested
    shares.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Potential
    Payments Upon Termination or Change of Control</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below summarizes the potential payments to each of our
    named executive officers if he were to be terminated without
    cause or resign for good reason prior to the
    <FONT style="white-space: nowrap">one-year</FONT>
    anniversary of a sale of our company, based on stock options
    held on December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value of Additional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Vested Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Awards($)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Benefits</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    George P. Sakellaris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew B. Spence
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Louis P. Maltezos
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Valuation of these options is based on a price per share of our
    Class&#160;A common stock of $&#160;&#160;&#160;&#160;&#160;,
    which is the midpoint of the estimated price range shown on the
    cover of this prospectus.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 120,000&#160;shares of Class&#160;A common
    stock would vest and become immediately exercisable.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    93
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 30,000&#160;shares of Class&#160;A common
    stock would vest and become immediately exercisable.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 47,000 shares of Class A common stock would
    vest and become immediately exercisable.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 10,000&#160;shares of Class&#160;A common
    stock would vest and become immediately exercisable.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Option and Other Compensation Plans</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2010
    Stock Incentive Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2010 stock plan, which will become effective upon the
    closing of this offering, was adopted by our board of directors
    in&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2010 and approved by our stockholders
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010. The 2010 stock plan provides for the grant of incentive
    stock options, non-statutory stock options, restricted stock
    awards and other stock-based awards. Upon its
    effectiveness,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock will be reserved for issuance
    under the 2010 stock plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our employees, officers, directors, consultants and advisors are
    eligible to receive awards under the 2010 stock plan; however,
    incentive stock options may only be granted to our employees.
    The maximum number of shares of our Class&#160;A common stock
    with respect to which awards may be granted to any participant
    under the 2010 stock plan
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    per year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the 2010 stock plan, our board
    of directors has authorized our compensation committee to
    administer the 2010 stock plan. Pursuant to the terms of the
    2010 stock plan, our compensation committee will select the
    recipients of awards and determine:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the number of shares of our Class&#160;A common stock covered by
    the award and the dates upon which the award will vest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    with respect to options, the exercise price and period of
    exercise;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    with respect to restricted stock and other stock-based awards,
    the terms and conditions of such awards, including conditions
    for repurchase, issue price and repurchase price.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a merger or other reorganization event, our board of
    directors may, in its sole discretion, take any one or more of
    the following actions pursuant to the 2010 stock plan as to some
    or all outstanding awards:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide that all outstanding awards shall be assumed or
    substituted by the successor corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon written notice to a participant, provide that the
    participant&#146;s unexercised options or awards will terminate
    immediately prior to the consummation of such transaction unless
    exercised by the participant;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide that outstanding awards will become exercisable,
    realizable or deliverable, or restrictions applicable to an
    award will lapse, in whole or in part, prior to or upon the
    reorganization event;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    in the event of a reorganization event pursuant to which holders
    of our Class&#160;A common stock will receive a cash payment for
    each share surrendered in the reorganization event, make or
    provide for a cash payment to the participants equal to the
    excess, if any, of the acquisition price times the number of
    shares of our Class&#160;A common stock subject to such
    outstanding awards (to the extent then exercisable at prices not
    in excess of the acquisition price), over the aggregate exercise
    price of all such outstanding awards and any applicable tax
    withholdings, in exchange for the termination of such
    awards;&#160;and
</TD>
</TR>

</TABLE>
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    <BR>
    94
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    provide that, in connection with a liquidation or dissolution,
    awards convert into the right to receive liquidation proceeds.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence of a reorganization event other than a
    liquidation or dissolution, the repurchase and other rights
    under each outstanding restricted stock award will continue for
    the benefit of the successor company and will, unless the board
    of directors may otherwise determine, apply to the cash,
    securities or other property into which our Class&#160;A common
    stock is converted pursuant to the reorganization event. Upon
    the occurrence of a reorganization event involving a liquidation
    or dissolution, all conditions on each outstanding restricted
    stock award will automatically be deemed terminated or
    satisfied, unless otherwise provided in the agreement evidencing
    the restricted stock award.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No award may be granted under the 2010 stock plan after 2020.
    Our board of directors may amend, suspend or terminate the 2010
    stock plan at any time, except that stockholder approval will be
    required to comply with applicable law or stock market
    requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2000
    Stock Incentive Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2000 stock plan was adopted in October 2000. As of
    December&#160;31, 2009, a maximum of 14,250,000&#160;shares of
    our Class&#160;A common stock was authorized for issuance under
    the 2000 stock plan. The 2000 stock plan allows us to grant
    options, restricted stock awards and other stock-based awards to
    our employees, officers and directors as well as outside
    consultants and advisors we retain from time to time. As of
    December&#160;31, 2009, under the 2000 stock plan, options to
    purchase 4,725,100&#160;shares of our Class&#160;A common stock
    were outstanding, 1,088,350&#160;shares of our Class&#160;A
    common stock had been issued and were outstanding pursuant to
    the exercise of options, 4,211,125&#160;shares of our
    Class&#160;A common stock had been issued pursuant to restricted
    stock awards and remain outstanding, and 4,222,800&#160;shares
    of our Class&#160;A common stock were available for future
    awards. After the effective date of the 2010 stock plan, we will
    grant no further stock options or restricted stock awards under
    the 2000 stock plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">401(k)
    Retirement Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain a 401(k) retirement plan that is intended to be a
    tax-qualified defined contribution plan under
    Section&#160;401(k) of the Code. In general, all of our
    employees are eligible to participate upon commencement of their
    employment. The 401(k) plan includes a salary deferral
    arrangement pursuant to which participants may elect to reduce
    their current compensation by up to the statutorily prescribed
    limit, equal to $16,500 in 2009, plus $5,500 for those age 50
    and over, and have the amount of the reduction contributed to
    the 401(k) plan. We currently match on a per payroll basis up to
    100% of the first six percent of base compensation and
    commissions that a participant contributes to his or her in
    401(k) plan, up to $14,700 in 2009, subject to certain time of
    service and other eligibility conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Liability and Indemnification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As permitted by Delaware law, we have included provisions in our
    restated certificate of incorporation, which will become
    effective upon the closing of this offering, that limit or
    eliminate the personal liability of our directors to the maximum
    extent permitted by Delaware law. Our directors will not be
    personally liable for monetary damages for breaches of their
    fiduciary duties as directors, except liability for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any breach of the director&#146;s duty of loyalty to us or our
    stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any act or omission not in good faith or that involves
    intentional misconduct or a knowing violation of law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any unlawful payments related to dividends or unlawful stock
    repurchases, redemptions or other distributions;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any transaction from which the director derived an improper
    personal benefit.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These limitations do not affect the availability of equitable
    remedies, including injunctive relief or rescission. Any
    amendment to or repeal of these provisions will not eliminate or
    reduce the effect of these
</DIV>
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    <BR>
    95
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provisions in respect of any act, omission or claim that
    occurred or arose prior to such amendment or repeal. If Delaware
    law is amended to authorize the further elimination or limiting
    of a director, then the liability of our directors will be
    eliminated or limited to the fullest extent permitted by
    Delaware law as so amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As permitted by Delaware law, our restated certificate of
    incorporation that will become effective upon the closing of
    this offering also provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we will indemnify our directors and officers to the fullest
    extent permitted by law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we may indemnify our other employees and other agents to the
    same extent that we indemnify our officers and directors, unless
    otherwise determined by our board of directors;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we will advance expenses to our directors and officers in
    connection with legal proceedings in connection with a legal
    proceeding to the fullest extent permitted by law.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indemnification provisions contained in our restated
    certificate of incorporation that will become effective upon the
    closing of this offering are not exclusive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we have entered into indemnification agreements
    with each of our directors and executive officers. Each
    indemnification agreement will provide that we will indemnify
    the director or executive officer to the fullest extent
    permitted by law for claims arising in his or her capacity as
    our director, officer, employee or agent, provided that he or
    she acted in good faith and in a manner that he or she
    reasonably believed to be in, or not opposed to, our best
    interests and, with respect to any criminal proceeding, had no
    reasonable cause to believe that his or her conduct was
    unlawful. In the event that we do not assume the defense of a
    claim against a director or executive officer, we are required
    to advance his or her expenses in connection with his or her
    defense, provided that he or she undertakes to repay all amounts
    advanced if it is ultimately determined that he or she is not
    entitled to be indemnified by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that these provisions and agreements are necessary to
    attract and retain qualified persons as directors and officers.
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933, as amended, which we refer to as the
    Securities Act, may be permitted to directors, officers or
    persons controlling our company pursuant to the foregoing
    provisions, we understand that in the opinion of the SEC such
    indemnification is against public policy as expressed in the
    Securities Act and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we maintain standard policies of insurance under
    which coverage is provided to our directors and officers against
    losses arising from claims made by reason of breach of duty or
    other wrongful act, and to us with respect to payments which may
    be made by us to such directors and officers pursuant to the
    above indemnification provisions or otherwise as a matter of law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    Sales Plans</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our directors and executive officers may adopt written plans,
    known as
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    plans, in which they will contract with a broker to buy or sell
    shares of our common stock on a periodic basis. Under a
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    plan, a broker executes trades pursuant to parameters
    established by the director or officer when entering into the
    plan, without further direction from the director or officer.
    The director or officer may amend or terminate the plan in some
    circumstances. Our directors and executive officers may also buy
    or sell additional shares outside of a
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    plan when they are not in possession of material, nonpublic
    information concerning our company.
</DIV>
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    <BR>
    96
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RELATED
    PERSON TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since January&#160;1, 2007, we have engaged in the following
    transactions with our directors, executive officers and holders
    of more than five percent of our voting securities, and
    affiliates of our directors, executive officers and holders of
    more than five percent of our voting securities. We believe that
    all of the transactions described below were made on terms no
    less favorable to us than could have been obtained from
    unaffiliated third parties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    of Common Stock into Class&#160;A Common Stock and Convertible
    Preferred Stock into Class&#160;B Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the closing of this offering, we will amend and restate
    our certificate of incorporation to (i)&#160;reclassify all
    outstanding shares of our common stock as Class&#160;A common
    stock and (ii)&#160;provide that each share of our convertible
    preferred stock will be convertible into shares of our
    Class&#160;B common stock. Each share of our Class&#160;B common
    stock will be entitled to&#160;&#160;&#160;&#160;&#160; votes
    per share, will be convertible at any time into one share of our
    Class&#160;A common stock at the option of the holder of such
    shares and will automatically convert into one share of our
    Class&#160;A common stock upon the occurrence of certain
    specified events. See &#147;Description of Capital
    Stock&#160;&#151; Common Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of February&#160;28, 2010, three of our executive officers,
    Mr.&#160;Sakellaris, Mr.&#160;Anderson and Mr.&#160;Corrsin, and
    one of our non-employee directors, Mr.&#160;Sutton, beneficially
    owned 1,675,000, 510,000, 650,000 and 500,000&#160;shares of our
    common stock, respectively, which, prior to the amendment and
    restatement of our certificate of incorporation, collectively
    represents approximately 49.65% of our outstanding common stock.
    Upon the amendment and restatement of our certificate of
    incorporation, these shares will be reclassified as 1,675,000,
    510,000, 650,000 and 500,000&#160;shares of our Class&#160;A
    common stock, respectively. Our founder, principal stockholder,
    chief executive officer and president, Mr.&#160;Sakellaris, owns
    3,000,000&#160;shares of our convertible preferred stock, which
    represents all of our outstanding convertible preferred stock.
    Upon the closing of this offering, these shares will
    automatically convert into 9,000,000&#160;shares of our
    Class&#160;B common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordinated
    Note and Indemnity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;17, 2000, our board of directors authorized us to
    borrow $2,998,750 from Mr.&#160;Sakellaris, and this loan is
    evidenced by a subordinated note in favor of
    Mr.&#160;Sakellaris. The subordinated note bears interest at the
    rate of ten percent per annum, which is payable monthly in
    arrears, and all amounts outstanding under the subordinated note
    are payable on demand. During each of 2007, 2008 and 2009, we
    made interest payments of $300,000 to Mr.&#160;Sakellaris under
    the subordinated note. As of February&#160;28, 2010, the entire
    $2,998,750 principal amount under the subordinated note remains
    outstanding. Our obligations under this note are subordinated to
    our obligations under our senior credit facilities. See
    &#147;Management&#146;s Discussion and Analysis&#160;&#151;
    Liquidity and Capital Resources.&#148; We expect to repay this
    subordinated note using net proceeds from this offering. See
    &#147;Use of Proceeds.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our sureties have historically required that Mr.&#160;Sakellaris
    personally indemnify them for up to an aggregate of
    $50&#160;million of losses associated with the bonds they have
    provided on our behalf. As consideration for this personal
    indemnity, in October 2006, we issued to Mr.&#160;Sakellaris
    1,000,000 shares of restricted stock, which vested in full on
    the third anniversary of the issuance, and in September 2009, we
    granted Mr.&#160;Sakellaris an option to purchase
    300,000&#160;shares of common stock, which vest as to 20% of the
    shares on the first anniversary of the grant date and as to an
    additional five percent at each successive three-month period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2002, we entered into a letter agreement, which we refer to
    as the Terra agreement, with TERRA Nova Holdings LLC, or Terra,
    which was under the common control of William H. Kremer and
    Samuel T. Byrne, each of whom then held more than five percent
    of our outstanding common stock. Under the Terra agreement,
    Terra provided us with consulting services related to a 2002
    acquisition in exchange for a $344,000
</DIV>
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    <BR>
    97
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cash fee to be payable by us in specified circumstances. Terra
    subsequently assigned its rights under the Terra agreement to
    CrossHarbor Capital Partners LLC, or CrossHarbor, which was also
    under the common control of Messrs.&#160;Kremer and Byrne. On
    September&#160;25, 2008, we entered into a warrant termination
    agreement with Messrs.&#160;Kremer and Byrne, each of whom still
    held more than five percent of our outstanding common stock, and
    CrossHarbor and Terra, each of which remained under the common
    control of Messrs.&#160;Kremer and Byrne. Pursuant to the
    warrant termination agreement, we and the other parties agreed
    to terminate a warrant pursuant to which CrossHarbor had the
    right to purchase up to 740,000&#160;shares of our common stock
    at a purchase price of $0.44 per share in exchange for a
    $1,959,400 cash payment by us to CrossHarbor. In addition, under
    the warrant termination agreement, in consideration of the
    termination of the Terra agreement, we agreed to reduce the
    exercise price per share under two separate warrants held by
    CrossHarbor, each for the purchase of up to 30,000&#160;shares
    of our common stock, from $0.44 to $0.01. Immediately following
    the consummation of the transactions under the warrant
    termination agreement, CrossHarbor transferred one of its
    warrants for the purchase of up to 30,000&#160;shares of our
    common stock to Mr.&#160;Kremer, and the other to Mr.&#160;Byrne.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;25, 2008, we also entered into a stock
    repurchase agreement with Mr.&#160;Kremer, pursuant to which we
    purchased 666,667&#160;shares of our common stock from
    Mr.&#160;Kremer, for an aggregate purchase price of $4,546,669,
    or $6.82 per share, as a result of which Mr.&#160;Kremer ceased
    to be a stockholder of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;25, 2008, we entered into a warrant
    termination agreement with AMCAP Holdings, Ltd, or AMCAP, which
    was wholly-owned by Mr.&#160;Byrne. Pursuant to the agreement,
    we and AMCAP agreed to terminate a warrant pursuant to which
    AMCAP had the right to purchase up to 793,686&#160;shares of our
    common stock at a purchase price of $0.01 per share in exchange
    for a $5,605,002 cash payment from us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;14, 2008, Mr.&#160;Byrne transferred the warrant
    to purchase up to 30,000&#160;shares of our common stock
    transferred to him by CrossHarbor to a charitable institution.
    On December&#160;2, 2008, we and the charitable institution
    entered into a warrant termination agreement pursuant to which
    the charitable institution agreed to terminate the warrant in
    exchange for a $204,300 cash payment from us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;11, 2008, AMCAP transferred a warrant to
    purchase up to 3,671&#160;shares of our common stock to a
    charitable institution. On December&#160;2, 2008, we and the
    charitable institution entered into a warrant termination
    agreement pursuant to which the charitable institution agreed to
    terminate the warrant in exchange for a $25,000 cash payment
    from us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2007, we repurchased from David J. Anderson, our
    executive vice president, business development and a member of
    our board of directors, 90,000&#160;shares of our common stock
    at a purchase price per share of $6.82.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    and Officer Indemnification Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into indemnification agreements with each of our
    directors and officers. The indemnification agreements and our
    restated certificate of incorporation and restated by-laws
    require us to indemnify our directors and officers to the
    fullest extent permitted by Delaware law. See
    &#147;Management&#160;&#151; Limitation of Liability and
    Indemnification.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We entered into a stockholder agreement on September&#160;25,
    2008 with three of our stockholders, Mr.&#160;Sakellaris,
    Mr.&#160;Byrne and AMCAP. After the closing of this offering and
    the sale by the selling stockholders of the shares of our
    Class&#160;A common stock offered by them hereby, Mr.&#160;Byrne
    will beneficially own 666,667&#160;shares of our Class&#160;A
    common stock and AMCAP will hold an exercisable warrant to
    purchase up to 202,643&#160;shares of our Class&#160;A common
    stock. Pursuant to the stockholder agreement, if during the
    two-year period following the closing of this offering, we
    propose to register shares of our Class&#160;A common stock
    under the Securities Act, other than under a registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    (or any other successor forms used to register shares issued by
    us under an employee benefit plan or dividend reinvestment plan
    or pursuant to an acquisition or merger, or any other form for a
    similar limited purpose), then we are
</DIV>
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    <BR>
    98
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    required to give Mr.&#160;Byrne and AMCAP notice of our intent
    to make the registration and, subject to certain exceptions,
    Mr.&#160;Byrne and AMCAP will have the right to request that
    some or all of their shares be included in such registration. If
    Mr.&#160;Byrne or AMCAP makes such a request, then we will be
    required to use our commercially reasonable efforts to cause
    such shares to be included in that registration statement.
    Mr.&#160;Byrne&#146;s and AMCAP&#146;s registration rights under
    the stockholder agreement expire upon the earliest of the second
    anniversary of the closing of this offering, the time when he or
    it no longer holds any &#147;registrable securities,&#148; which
    includes the shares currently held by Mr.&#160;Byrne as well as
    the shares of our Class&#160;A common stock issuable upon
    exercise of AMCAP&#146;s warrant, and the time when Mr. Byrne
    and AMCAP together hold less than two percent of our Class A and
    Class B common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing description of these registration rights is
    intended as a summary only and is qualified in its entirety by
    reference to the stockholder agreement, which is filed as an
    exhibit to the registration statement of which this prospectus
    forms a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Policies
    and Procedures for Related Person Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has adopted a written related person
    transaction policy for the review of any transaction,
    arrangement or relationship in which we are a participant, the
    amount involved exceeds $120,000, and one of our executive
    officers, directors, director nominees or five percent
    stockholders (or their immediate family members), each of whom
    we refer to as a &#147;related person,&#148; has a direct or
    indirect material interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a related person proposes to enter into such a transaction,
    arrangement or relationship, which we refer to as a
    &#147;related person transaction,&#148; the related person must
    report the proposed related person transaction to our general
    counsel. The policy calls for the proposed related person
    transaction to be reviewed and, if deemed appropriate, approved
    by our audit committee. Whenever practicable, the reporting,
    review and approval will occur prior to entry into the
    transaction. If the general counsel determines that advance
    review and approval is not practicable, then the audit committee
    will review, and, in its discretion, may ratify the related
    person transaction. The policy also permits the chairman of the
    audit committee to review and, if deemed appropriate, approve
    proposed related person transactions that arise between audit
    committee meetings, subject to ratification by the audit
    committee at its next meeting. Any related person transactions
    previously approved by the audit committee or otherwise already
    existing that are ongoing in nature in nature will be reviewed
    annually, or more frequently if the audit committee determines
    such review to be necessary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The audit committee will review all relevant information
    available to it about the related person transaction and may
    approve or ratify it only if the audit committee determines
    that, under all of the circumstances, the transaction is in, or
    is not inconsistent with, Ameresco&#146;s best interests. The
    audit committee may impose any conditions on the related person
    transaction that it deems appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The policy provides that transactions involving compensation of
    executive officers shall be reviewed and approved by our
    compensation committee in the manner specified in its charter.
</DIV>
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    <BR>
    99
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRINCIPAL
    AND SELLING STOCKHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section sets forth certain information regarding the
    beneficial ownership of our Class&#160;A and Class&#160;B common
    stock as of February&#160;28, 2010 (adjusted as set forth below)
    and immediately after the closing of this offering by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    each of our directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    each of our named executive officers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    each person, or group of affiliated persons, who is known by us
    to beneficially own more than five percent of our Class A and
    Class&#160;B common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    all of our directors and executive officers as a group;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    each selling stockholder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the table below, the percentage ownership
    calculations for beneficial ownership prior to this offering are
    based on 7,271,142 shares of our Class&#160;A common stock and
    9,000,000&#160;shares of our Class&#160;B common stock
    outstanding as of February&#160;28, 2010. Our assumed total
    outstanding share numbers reflect (i)&#160;the reclassification
    of all outstanding shares of our common stock as Class&#160;A
    common stock, (ii)&#160;the election by all holders of our
    convertible preferred stock, other than Mr. Sakellaris, to
    convert all of their shares of our convertible preferred stock
    into shares of our Class A common stock and (iii)&#160;the
    conversion of all outstanding shares of our convertible
    preferred stock into shares of our Class B common stock. The
    table below assumes that there
    are&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock and 9,000,000&#160;shares of
    our Class&#160;B common stock outstanding immediately following
    the closing of this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beneficial ownership is determined in accordance with the rules
    of the SEC. These rules generally attribute beneficial ownership
    of shares to persons who possess sole or shared voting power or
    investment power with respect to our shares. In computing the
    number of shares beneficially owned by an individual or entity
    and the percentage ownership of that person, shares subject to
    options, warrants or other rights held by such person that are
    currently exercisable or will become exercisable within
    60&#160;days of February&#160;28, 2010 are considered
    outstanding, although these shares are not considered
    outstanding for purposes of computing the percentage ownership
    of any other person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise indicated in the footnotes to the table
    below, all persons listed below have sole voting and investment
    power with respect to the shares beneficially owned by them,
    subject to applicable community property laws. The information
    presented in the table below is not necessarily indicative of
    beneficial ownership for any other purpose. Beneficial ownership
    representing less than one percent is denoted with an asterisk
    (*).
</DIV>
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    <BR>
    100
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Percentage total voting power represents voting power with
    respect to all shares of our Class&#160;A and Class&#160;B
    common stock, as a single class. Each holder of Class&#160;A
    common stock is entitled to one vote per share of Class&#160;A
    common stock and each holder of Class&#160;B common stock is
    entitled to&#160;&#160;&#160;votes per share of Class&#160;B
    common stock. See &#147;Description of Capital Stock&#160;&#151;
    Common Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Class&#160;A<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares Beneficially Owned Prior to Offering</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares Beneficially Owned After Offering</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Class A<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Class B<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Class A <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Class B <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Voting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Being<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Voting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Beneficial Owner</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Power</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offered</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Power</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Five Percent Stockholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    George P.
    <FONT style="white-space: nowrap">Sakellaris(1)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,675,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Samuel T.
    <FONT style="white-space: nowrap">Byrne(2)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    869,310
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Directors and Named Executive Officers:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Andrew B.
    <FONT style="white-space: nowrap">Spence(3)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    237,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Louis P.
    <FONT style="white-space: nowrap">Maltezos(4)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William J. Cunningham
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    David J. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    510,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William M.
    <FONT style="white-space: nowrap">Bulger(5)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    David J. Corrsin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Guy W.
    <FONT style="white-space: nowrap">Nichols(5)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Joseph W.
    <FONT style="white-space: nowrap">Sutton(6)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    All executive officers and directors as a group
    <FONT style="white-space: nowrap">(14&#160;persons)(7)</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,868,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Other Selling Stockholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr. Sakellaris&#146;s address is c/o Ameresco, Inc., 111 Speen
    Street, Framingham, Massachusetts 01701.</TD>
</TR>





<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 202,643&#160;shares of our Class&#160;A common stock
    issuable upon the exercise of an exercisable warrant held by
    AMCAP Holdings, Ltd, or AMCAP, which is wholly-owned by
    Mr.&#160;Byrne. The address of Mr.&#160;Byrne and AMCAP is
    <FONT style="white-space: nowrap">c/o&#160;CrossHarbor</FONT>
    Capital Partners LLC, One Boston Place, Suite&#160;2300, Boston,
    Massachusetts 02108.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 237,500&#160;shares of our Class&#160;A common stock
    issuable upon the exercise of options that are exercisable
    within 60&#160;days of February&#160;28, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 197,500&#160;shares of our Class&#160;A common stock
    issuable upon the exercise of options that are exercisable
    within 60&#160;days of February&#160;28, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 75,000&#160;shares of our Class&#160;A common stock
    issuable upon the exercise of options that are exercisable
    within 60&#160;days of February&#160;28, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Consists of shares of our Class&#160;A common stock held by
    Sutton Ventures LP. Mr. Sutton is managing member of Sutton
    Ventures Group LLC, which is the general partner of Sutton
    Ventures LP.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 1,190,000&#160;shares of our Class&#160;A common stock
    issuable upon the exercise of options that are exercisable
    within 60&#160;days of February&#160;28, 2010.</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    101
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of our capital stock and provisions of
    our restated certificate of incorporation and by-laws are
    summaries and are qualified by reference to our restated
    certificate of incorporation and by-laws that will be in effect
    upon the closing of this offering. Copies of these documents
    will be filed with the SEC as exhibits to our registration
    statement, of which this prospectus forms a part. The
    descriptions of our common stock and preferred stock reflect
    changes to our capital structure that will occur upon the
    closing of this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering, our authorized capital stock
    will consist
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;A common stock, par value $0.0001 per
    share,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our Class&#160;B common stock, par value $0.0001 per share,
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of preferred stock, par value $0.0001 per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this offering, we will have two classes of common
    stock: Class&#160;A common stock and Class&#160;B common stock.
    The rights of the holders of our Class&#160;A common stock and
    our Class&#160;B common stock will be identical, except that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;each share of our Class&#160;A common stock will be
    entitled to one vote per share while each share of our
    Class&#160;B common stock will be entitled
    to&#160;&#160;&#160;&#160;&#160; votes per share,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;each share of our Class&#160;B common stock will
    convertible into one share of our Class&#160;A common stock at
    the option of the holder at any time and will automatically
    convert into one share of our Class&#160;A common stock in
    specified circumstances (described below).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming (i)&#160;the reclassification of all outstanding shares
    of our common stock as Class&#160;A common stock and
    (ii)&#160;the conversion of all outstanding shares of our
    convertible preferred stock into shares of our Class&#160;B
    common stock, as of December&#160;31, 2009, there were:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    7,271,142&#160;shares of our Class&#160;A common stock
    outstanding, held of record by 38&#160;stockholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    9,000,000&#160;shares of our Class&#160;B common stock
    outstanding, held of record by one stockholder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    202,643&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of a warrant outstanding and exercisable as of
    December&#160;31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    4,725,100&#160;shares of our Class&#160;A common stock issuable
    upon the exercise of stock options outstanding as of
    December&#160;31, 2009 at a weighted-average exercise price of
    $5.36 per share.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the reclassification of our common stock as
    Class&#160;A common stock, each outstanding option and warrant
    to purchase shares of our common stock will become an option or
    warrant to purchase an equal number of shares of our
    Class&#160;A common stock at the same exercise price per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of our Class&#160;A and Class&#160;B common stock
    will vote together on all matters properly submitted to our
    stockholders for their vote (including the election of
    directors). The holders of our Class&#160;A common stock are
    entitled to one vote for each share held on all matters properly
    submitted to a vote of our stockholders and do not have any
    cumulative voting rights with respect to the election of
    directors. The holders of our Class&#160;B common stock are
    entitled to&#160;&#160;&#160;&#160;&#160; votes for each share
    held on all matters properly submitted to a vote of our
    stockholders and do not have any cumulative voting rights with
    respect to the election of directors. Delaware law generally
    requires holders of our Class&#160;A common stock or our
    Class&#160;B common stock, as applicable, to vote separately as
    a single class if we amend our restated certificate of
    incorporation in a manner that alters or changes the powers,
    preferences or special rights of such class of stock in a manner
    that affects them adversely or increases or decreases the number
    of shares of that class. However,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    102
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    we have provided in our restated certificate of incorporation
    that the holders of neither our Class&#160;A common stock nor
    our Class&#160;B common stock are entitled to a vote as a
    separate class in the event that the number of shares of their
    respective class is increased or decreased.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our Class&#160;A and Class&#160;B common stock are
    entitled to share equally, on a per-share basis, in any
    dividends declared by our board of directors out of funds
    legally available therefor, subject to any preferential dividend
    or other rights of any then outstanding preferred stock. In the
    event a dividend is paid in the form of shares of common stock
    or rights to acquire shares of common stock, the holders of our
    Class&#160;A common stock shall receive shares of our
    Class&#160;A common stock or rights to acquire shares of our
    Class&#160;A common stock, as the case may be, and the holders
    of shares of our Class&#160;B common stock shall receive shares
    of our Class&#160;B common stock or rights to acquire shares of
    our Class&#160;B common stock, as the case may be.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Class&#160;A common stock is not convertible into any other
    shares of our capital stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Class&#160;B common stock is convertible as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Voluntary Conversion.</I>&#160;Each share of our Class&#160;B
    common stock is convertible into one share of our Class&#160;A
    common stock at any time, at the option of the holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mandatory Conversion.</I>&#160;All shares of our Class&#160;B
    common stock will convert into shares of our Class&#160;A common
    stock on a
    <FONT style="white-space: nowrap">one-for-one</FONT>
    basis in the following instances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;we receive a written consent executed by the holders of
    a majority of the shares of our Class&#160;B common stock then
    outstanding electing to convert all outstanding shares of our
    Class&#160;B common stock into our Class&#160;A common
    stock,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;at such time when the total number of outstanding
    shares of our Class&#160;B common stock is less
    than&#160;&#160;&#160;&#160;&#160;% of the aggregate number of
    shares of our Class&#160;A and Class&#160;B common stock then
    outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, each share of our Class&#160;B common stock will
    convert into one share of our Class&#160;A common stock upon any
    transfer of such share of our Class&#160;B common stock, whether
    or not for value, except for transfers to (a)&#160;certain of
    such Class&#160;B common stockholder&#146;s family members or
    descendants, entities controlled by such Class&#160;B common
    stockholder, certain trusts for the benefit of such Class&#160;B
    common stockholder or such holder&#146;s family or charitable
    organizations established by such Class&#160;B common
    stockholder or certain members of such holder&#146;s family or
    (b)&#160;a pledgee (subject to certain limitations) or nominee
    of such Class&#160;B common stockholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following the closing of this offering, we may not issue or sell
    any shares of our Class&#160;B common stock, or any securities
    convertible or exercisable into shares of our Class&#160;B
    common stock, except for&#160;any stock splits, stock dividends,
    subdivisions, combinations or recapitalizations with respect to
    our Class&#160;B common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No class of common stock may be subdivided or combined unless
    the other class of common stock concurrently is subdivided or
    combined in the same proportion and in the same manner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of our liquidation or dissolution, holders of our
    Class&#160;A and Class&#160;B common stock are entitled to share
    equally, on a per-share basis, in all assets remaining after
    payment of all debts and other liabilities, subject to the prior
    rights of any then outstanding preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our Class&#160;A and Class&#160;B common stock have
    no preemptive, subscription or redemption rights.
</DIV>
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    <BR>
    103
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The rights, preferences and privileges of holders of our common
    stock are subject to, and may be adversely affected by, the
    rights of holders of shares of any series of preferred stock
    that we may designate and issue in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of our restated certificate of incorporation,
    our board of directors is authorized to issue up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of preferred stock in one or more series without stockholder
    approval. Our board of directors has the discretion to determine
    the rights, preferences, privileges and restrictions, including
    voting rights, dividend rights, conversion rights, redemption
    privileges and liquidation preferences, of each series of
    preferred stock, any or all of which may be greater than or
    senior to the rights of the either or both of our Class&#160;A
    and Class&#160;B common stock. The issuance of preferred stock
    could adversely affect the voting power of holders of either or
    both of our Class&#160;A and Class&#160;B common stock and
    reduce the likelihood that such holders will receive dividend
    payments or payments on liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of authorizing our board of directors to issue
    preferred stock and determine its rights and preferences is to
    eliminate the delay and uncertainty associated with a
    stockholder vote on specific issuances. The issuance of
    preferred stock, while providing flexibility in connection with
    possible acquisitions, future financings and other corporate
    purposes, could have the effect of making it more difficult for
    a third party to acquire, or could discourage a third party from
    seeking to acquire, a majority of our outstanding stock. In
    certain circumstances, an issuance of preferred stock could have
    the effect of decreasing the market price of our Class&#160;A
    common stock. Upon the closing of this offering, there will be
    no shares of preferred stock outstanding, and we have no present
    plans to issue any shares of preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Effects of Delaware Law and Our Restated Certificate of
    Incorporation and By-Laws</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Delaware law, our restated certificate of incorporation and our
    by-laws contain provisions that could have the effect of
    delaying or discouraging another party from acquiring control of
    us. These provisions, which are summarized below, are intended
    to discourage coercive takeover practices and inadequate
    takeover bids. These provisions are also intended to encourage
    persons seeking to acquire control of us to first negotiate with
    our board of directors. In addition, see &#147;Description of
    Capital Stock&#151;Common Stock&#148; for a description of our
    dual class capital structure.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Staggered
    Board of Directors; Removal of Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation and by-laws divide our
    board of directors into three classes with staggered three-year
    terms. In addition, a director may be removed only for cause and
    only by the affirmative vote of the holders of at least
    two-thirds of the votes that all stockholders would be entitled
    to cast in any annual election of directors. Any vacancy on our
    board of directors, including a vacancy resulting from an
    enlargement of our board of directors, may be filled only by
    vote of a majority of our directors then in office.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Action by Written Consent; Special Meetings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation provides that any
    action required or permitted to be taken by our stockholders
    must be effected at a duly called annual or special meeting of
    such holders and may not be effected by any consent in writing
    by such holders. Our restated certificate of incorporation and
    by-laws also provide that special meetings of our stockholders
    can only be called by the chairman of our board of directors,
    our chief executive officer or our board of directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Advance
    Notice Requirements for Stockholder Proposals</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our by-laws establish an advance notice procedure for
    stockholder proposals to be brought before an annual meeting of
    stockholders, including proposed nominations of persons for
    election to our board of directors. Stockholders at an annual
    meeting may only consider proposals or nominations specified in
    the notice of meeting or brought before the meeting by or at the
    direction of our board of directors or by a
</DIV>
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    <BR>
    104
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    stockholder of record on the record date for the meeting, who is
    entitled to vote at the meeting and who has delivered timely
    written notice in proper form to our secretary of the
    stockholder&#146;s intention to bring such business before the
    meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Delaware
    Business Combination Statute</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to Section&#160;203 of the Delaware General
    Corporation Law. Subject to certain exceptions, Section&#160;203
    prevents a publicly-held Delaware corporation from engaging in a
    &#147;business combination&#148; with any &#147;interested
    stockholder&#148; for three years following the date that the
    person became an interested stockholder, unless (1)&#160;the
    interested stockholder attained such status with the approval of
    our board of directors, (2)&#160;the business combination is
    approved by our board of directors and stockholders in a
    prescribed manner or (3)&#160;the interested stockholder
    acquired at least 85% of our outstanding voting stock in the
    transaction in which it became an interested stockholder. A
    &#147;business combination&#148; includes, among other things, a
    merger or consolidation involving us and the &#147;interested
    stockholder&#148; and the sale of more than ten percent of our
    assets, and other transactions resulting in a financial benefit
    to the interested stockholder. In general, an &#147;interested
    stockholder&#148; is any entity or person beneficially owning
    15% or more of our outstanding voting stock and any entity or
    person affiliated with or controlling or controlled by such
    entity or person. Section&#160;203 would not prevent us from
    engaging in a business combination with Mr.&#160;Sakellaris even
    though he owns greater than five percent of our outstanding
    voting stock because he acquired such voting stock before we
    were subject to Section&#160;203.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Amendment
    of Restated Certificate of Incorporation and
    By-Laws</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Delaware General Corporation Law provides generally that the
    affirmative vote of a majority of the shares entitled to vote on
    any matter is required to amend a corporation&#146;s certificate
    of incorporation or by-laws, unless a corporation&#146;s
    certificate of incorporation or by-laws, as the case may be,
    requires a greater percentage. Our by-laws may be amended or
    repealed by a majority vote of our board of directors or by the
    affirmative vote of the holders of at least two-thirds of the
    votes that all our stockholders would be entitled to cast in any
    annual election of directors. In addition, the affirmative vote
    of the holders of at least two-thirds of the votes that all our
    stockholders would be entitled to cast in any annual election of
    directors is required to amend or repeal or to adopt any
    provisions inconsistent with the bylaw amendment provision or
    any of the provisions of our restated certificate of
    incorporation described above under &#147;&#151;&#160;Staggered
    Board of Directors; Removal of Directors&#148; and
    &#147;&#151;&#160;Stockholder Action by Written Consent; Special
    Meetings.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for our Class&#160;A and
    Class&#160;B common stock
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Market Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to apply to list our ordinary shares on either the New
    York Stock Exchange or the NASDAQ Global Market under the symbol
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#148;
</DIV>
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    <BR>
    105
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SHARES&#160;ELIGIBLE
    FOR FUTURE SALE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there has been no public market for our
    common stock, and a liquid public trading market for our common
    stock may not develop or be sustained after this offering. If a
    public market does develop, future sales of significant amounts
    of our common stock, including shares issued upon exercise of
    outstanding options or warrants, or the anticipation of those
    sales, could adversely affect the public market prices
    prevailing from time to time and could impair our ability to
    raise capital through sales of our equity securities. We expect
    to apply to list our Class&#160;A common stock on either the New
    York Stock Exchange or the NASDAQ Global Market under the symbol
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#148;
    Our Class&#160;B common stock will not be listed on any stock
    market or exchange. Due, in part, to the mandatory conversion
    features of our Class&#160;B common stock, we do not anticipate
    that there will ever be a trading market for our Class&#160;B
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of this offering, we will have outstanding an
    aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Class&#160;A common stock and 9,000,000&#160;shares of
    Class&#160;B common stock, based on 7,271,142 shares of
    Class&#160;B common stock outstanding as of December&#160;31,
    2009, assuming no exercise by the underwriters of their
    over-allotment option and no exercise of outstanding options or
    an outstanding warrant. Of these shares, all of the shares of
    our Class&#160;A common stock sold in this offering will be
    freely tradable without restriction or further registration
    under the Securities Act, except for any shares of our
    Class&#160;A common stock purchased by our
    &#147;affiliates,&#148; as that term is defined in Rule&#160;144
    under the Securities Act, whose sales would be subject to the
    Rule&#160;144 resale restrictions described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The remaining shares of Class&#160;A common stock and all of the
    shares of our Class&#160;B common stock (and the shares of
    Class&#160;A common stock that they can be converted into) will
    be &#147;restricted securities,&#148; as that term is defined in
    Rule&#160;144 under the Securities Act. As set forth in our
    restated certificate of incorporation, upon the consummation of
    the sale of any shares of our Class&#160;B common stock (except
    for sales to family members and certain affiliated persons and
    entities), such shares of our Class&#160;B common stock will be
    automatically converted into shares of our Class&#160;A common
    stock. These restricted securities are eligible for public sale
    only if they are registered under the Securities Act or if they
    qualify for an exemption from registration under the Securities
    Act. One such safe-harbor exemption is Rule&#160;144, which is
    summarized below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements described below and the provisions of Rule&#160;144
    under the Securities Act, these restricted securities will be
    available for sale in the public market as follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date Available for Sale</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares Eligible for Sale</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Comment</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Date of prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shares sold in the offering and shares that can be sold under
    Rule 144 that are not subject to a lock-up
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    90&#160;days after date of prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shares that are not subject to a lock-up and can be sold under
    Rule 144
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    180&#160;days after date of prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Lock-up released; shares can be sold under Rule 144
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, of the 4,725,100&#160;shares of our Class&#160;A
    common stock that were issuable upon the exercise of stock
    options outstanding as of December&#160;31, 2009, options to
    purchase 3,516,775&#160;shares were exercisable as of
    December&#160;31, 2009 and, upon exercise, these shares will be
    eligible for sale in the public markets, subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements and securities laws described below. Our outstanding
    warrant for 202,643&#160;shares of our Class&#160;A common stock
    was exercisable as of December&#160;31, 2009, and upon exercise
    these shares will be eligible for sale in the public market six
    months after the date of exercise, subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements and securities laws described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rule&#160;144</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Affiliate
    Resales of Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Affiliates of ours must generally comply with Rule&#160;144 if
    they wish to sell in the public market any shares of our
    Class&#160;A common stock or our Class&#160;B common stock,
    whether or not those shares are &#147;restricted
</DIV>
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    <BR>
    106
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    securities.&#148; &#147;Restricted securities&#148; are any
    securities acquired from us or one of our affiliates in a
    transaction not involving a public offering. All shares of our
    Class&#160;A and Class&#160;B common stock issued prior to the
    closing of this offering, and the shares of Class&#160;A common
    stock that our Class&#160;B common stock can be converted into,
    are considered to be restricted securities. The shares of our
    Class&#160;A common stock sold in this offering are not
    considered to be restricted securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements described below, beginning 90&#160;days after the
    effective date of the registration statement of which this
    prospectus is a part, a person who is an affiliate of ours, or
    who was an affiliate of ours at any time during the 90&#160;days
    immediately before a sale can sell restricted shares of our
    Class&#160;A common stock or our Class&#160;B common stock in
    compliance with the following requirements of Rule&#160;144.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Holding period:</I>&#160;&#160;If the shares are restricted
    securities, an affiliate must have beneficially owned the shares
    of our Class&#160;A or Class&#160;B common stock for at least
    six months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Manner of sale:</I>&#160;&#160;An affiliate must sell its
    shares in &#147;broker&#146;s transactions&#148; or certain
    &#147;riskless principal transactions&#148; or to market makers,
    each within the meaning of Rule&#160;144.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limitation on number of shares sold:</I>&#160;&#160;An
    affiliate is only allowed to sell within any three-month period
    an aggregate number of shares of our Class&#160;A and our B
    common stock that does not exceed:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="2%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for our Class&#160;B common stock: one percent of the number of
    the total number of shares of our Class&#160;A and Class&#160;B
    common stock then outstanding, which will equal
    approximately&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    immediately after this offering;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for our Class&#160;B common stock converted to Class&#160;A
    common stock and our Class&#160;A common stock, the greater of
    (a)&#160;one percent of the number of the aggregate number of
    shares of our Class&#160;A and Class&#160;B common stock then
    outstanding, which will equal
    approximately&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    immediately after this offering or (b)&#160;the average weekly
    trading volume in our Class&#160;A common stock on the stock
    exchange where our Class&#160;A common stock is traded during
    the four calendar weeks preceding either (i)&#160;to the extent
    that the seller is required to file a notice on Form&#160;144
    with respect to such sale, the date of filing such notice,
    (ii)&#160;date of receipt of the order to execute the
    transaction by the broker or (iii)&#160;the date of execution of
    the transaction with the market maker.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Current public information:</I>&#160;&#160;An affiliate may
    only resell its restricted securities to the extent that
    adequate current public information, as defined in
    Rule&#160;144, is available about us, which, in our case, means
    that we have been subject to the reporting requirements of
    Section&#160;13 or 15(d) of the Securities Exchange Act of 1934
    for a period of at least 90&#160;days prior to the date of the
    sale and we have filed all reports with the SEC required by
    those sections during the preceding twelve months (or such
    shorter period that we have been subject to these filing
    requirements).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Notice on Form&#160;144:</I>&#160;&#160;If the number of
    shares of either our Class&#160;A or Class&#160;B common stock
    being sold by an affiliate under Rule&#160;144 during any
    three-month period exceeds 5,000&#160;shares or has an aggregate
    sale price in excess of $50,000, then the seller must file a
    notice on Form&#160;144 with the SEC and the stock exchange on
    which our Class&#160;A common stock is traded concurrently with
    either the placing of a sale order with the broker or the
    execution directly with a market maker.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Affiliate
    Resales of Restricted Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any person or entity who is not an affiliate of ours and who has
    not been an affiliate of ours at any time during the three
    months preceding a sale is only required to comply with
    Rule&#160;144 in connection with sales of restricted shares of
    our Class&#160;A or Class&#160;B common stock. Subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements described below, those persons may sell shares of our
    Class&#160;A or Class&#160;B common stock that they have
    beneficially owned for at least one year without any
    restrictions under Rule&#160;144 immediately following the
    effective date of the registration statement of which this
    prospectus is a part.
</DIV>
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    <BR>
    107
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further, beginning 90&#160;days after the effective date of the
    registration statement of which this prospectus is a part, a
    person who is not an affiliate of ours at the time such person
    sells shares of either our Class&#160;A or Class&#160;B common
    stock, and has not been an affiliate of ours at any time during
    the three months preceding such sale, and who has beneficially
    owned such shares of our Class&#160;A or Class&#160;B common
    stock, as applicable, for at least six months but less than a
    year, is entitled to sell such shares so long as there is
    adequate current public information, as defined in
    Rule&#160;144, available about us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Resales of restricted shares of our Class&#160;A and
    Class&#160;B common stock by non-affiliates are not subject to
    the manner of sale, volume limitation or notice filing
    provisions of Rule&#160;144, described above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Rule&#160;701</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rule&#160;701 under the Securities Act applies to shares
    purchased from us by our employees, directors or consultants, in
    connection with a qualified compensatory stock plan or other
    written agreement, either prior to the date of this prospectus
    or pursuant to the exercise of options granted prior to the date
    of this prospectus. Shares issued in reliance on Rule&#160;701
    are &#147;restricted securities,&#148; but may be sold in the
    public market beginning 90&#160;days after the date of this
    prospectus (i)&#160;by our affiliates, subject to compliance
    with the provisions of Rule&#160;144 other than its one-year
    holding period requirement, and (ii)&#160;by persons other than
    our affiliates, subject only to the manner of sale provisions of
    Rule&#160;144.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Lock-up</FONT>
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our officers and directors and the holders
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    outstanding shares of our Class&#160;A common stock and all of
    our outstanding shares of Class&#160;B common stock have agreed
    with the underwriters, subject to certain exceptions, not to
    dispose of or hedge any of our Class&#160;A or Class&#160;B
    common stock or securities convertible into or exchangeable for
    shares of our Class&#160;A common stock for a period through the
    date 180&#160;days after the date of this prospectus, as
    modified as described below, except with the prior written
    consent of Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
    Incorporated on behalf of the underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <FONT style="white-space: nowrap">180-day</FONT>
    restricted period will be automatically extended under the
    following circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if, during the last 17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we issue an earnings release or announce
    material news or a material event, the restrictions described in
    the preceding paragraph will continue to apply until the
    expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    announcement of the material news or material event;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if, prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, we announce that we will release earnings
    results or become aware that other material news or a material
    event will occur during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period, the restrictions described in the preceding paragraph
    will continue to apply until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event, as applicable.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated
    currently does not anticipate shortening or waiving any of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements and do not have any pre-established conditions for
    such modifications or waivers. Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated may, however, release for
    sale in the public market all or any portion of the shares
    subject to the
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Options and Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there were 202,643&#160;shares of
    our Class&#160;A common stock issuable upon the exercise of a
    warrant outstanding and exercisable as of December&#160;31, 2009
    at an exercise price of $0.01 per share, which will remain
    outstanding after this offering if not exercised prior to this
    offering.
</DIV>
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    <BR>
    108
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we had outstanding options to
    purchase 4,725,100&#160;shares of our Class&#160;A common stock
    at a weighted-average exercise price of $5.36 per share, of
    which options to purchase 3,516,775&#160;shares were exercisable
    as of December&#160;31, 2009. Following this offering, we intend
    to file a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    under the Securities Act to register all of the shares subject
    to outstanding options and options and other awards issuable
    under the 2000 stock plan and the 2010 stock plan. See
    &#147;Management&#151;Executive Compensation&#151;Stock Option
    and Other Compensation Plans&#148; for additional information
    regarding these plans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Sakellaris, Mr.&#160;Byrne and AMCAP have registration
    rights with respect to certain shares of Class&#160;A common
    stock held by, or issuable to, them. See &#147;Related Person
    Transactions&#151;Registration Rights.&#148;
</DIV>
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    <BR>
    109
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    U.S. FEDERAL TAX CONSIDERATIONS FOR
    <FONT style="white-space: nowrap">NON-U.S.</FONT>
    HOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a general discussion of material
    U.S.&#160;federal income and estate tax considerations relating
    to ownership and disposition of our Class&#160;A common stock by
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder.</FONT>
    For purposes of this discussion, the term
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;holder&#148;</FONT>
    means a beneficial owner of our Class&#160;A common stock that
    is not, for U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    an individual who is a citizen or resident of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a corporation, or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes, created or organized in
    or under the laws of the United States or of any political
    subdivision of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to U.S.&#160;federal
    income taxation regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a trust, if a U.S.&#160;court is able to exercise primary
    supervision over the administration of the trust and one or more
    U.S.&#160;persons have authority to control all substantial
    decisions of the trust or if the trust has a valid election to
    be treated as a U.S.&#160;person under applicable
    U.S.&#160;Treasury Regulations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An individual may be treated as a resident instead of a
    nonresident of the United States in any calendar year for
    U.S.&#160;federal income tax purposes if the individual was
    present in the United States for at least 31&#160;days in that
    calendar year and for an aggregate of at least 183&#160;days
    during the three-year period ending with the current calendar
    year. For purposes of this calculation, all of the days present
    in the current year, one-third of the days present in the
    immediately preceding year and one-sixth of the days present in
    the second preceding year are counted. Residents are taxed for
    U.S.&#160;federal income tax purposes as if they were
    U.S.&#160;citizens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This discussion is based on current provisions of the Code,
    existing and proposed U.S.&#160;Treasury Regulations promulgated
    thereunder, current administrative rulings and judicial
    decisions, all as in effect as of the date of this prospectus
    and all of which are subject to change or to differing
    interpretation, possibly with retroactive effect. Any change
    could alter the tax consequences to
    <FONT style="white-space: nowrap">non-U.S.&#160;holders</FONT>
    described in this prospectus. In addition, the Internal Revenue
    Service, or the IRS, could challenge one or more of the tax
    consequences described in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We assume in this discussion that each
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    holds shares of our Class&#160;A common stock as a capital asset
    (generally, property held for investment). This discussion does
    not address all aspects of U.S.&#160;federal income and estate
    taxation that may be relevant to a particular
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    in light of that
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    individual circumstances nor does it address any aspects of
    U.S.&#160;state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;taxes.</FONT>
    This discussion also does not consider any specific facts or
    circumstances that may apply to a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    and does not address the special tax rules applicable to
    particular
    <FONT style="white-space: nowrap">non-U.S.&#160;holders,</FONT>
    such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    insurance companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    tax-exempt organizations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    financial institutions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    brokers or dealers in securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    regulated investment companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    pension plans;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    controlled foreign corporations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    passive foreign investment companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    owners that hold our Class&#160;A common stock as part of a
    straddle, hedge, conversion transaction, synthetic security or
    other integrated investment;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    certain U.S.&#160;expatriates.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    110
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, this discussion does not address the tax treatment
    of partnerships or persons who hold their Class&#160;A common
    stock through partnerships or other entities which are
    transparent for U.S.&#160;federal income tax purposes. A partner
    in a partnership or other transparent entity that will hold our
    Class&#160;A common stock should consult his, her or its own tax
    advisor regarding the tax consequences of the ownership and
    disposition of our Class&#160;A common stock through a
    partnership or other transparent entity, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prospective investors should consult their own tax advisors
    regarding the U.S.&#160;federal, state, local and
    non-U.S.&#160;income and other tax considerations of acquiring,
    holding and disposing of our Class&#160;A common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we pay distributions on our Class&#160;A common stock, those
    distributions generally will constitute dividends for
    U.S.&#160;federal income tax purposes to the extent paid from
    our current or accumulated earnings and profits, as determined
    under U.S.&#160;federal income tax principles. If a distribution
    exceeds our current and accumulated earnings and profits, the
    excess will be treated as a tax-free return of the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    investment, up to such holder&#146;s tax basis in the
    Class&#160;A common stock. Any remaining excess will be treated
    as capital gain, subject to the tax treatment described below
    under the heading &#147;Gain on Disposition of Class&#160;A
    Common Stock.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends paid to a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    generally will be subject to withholding of U.S.&#160;federal
    income tax at a 30% rate or such lower rate as may be specified
    by an applicable income tax treaty between the United States and
    such holder&#146;s country of residence. If we determine, at a
    time reasonably close to the date of payment of a distribution
    on our Class&#160;A common stock, that the distribution will not
    constitute a dividend because we do not anticipate having
    current or accumulated earnings and profits, we intend not to
    withhold any U.S.&#160;federal income tax on the distribution as
    permitted by U.S.&#160;Treasury Regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends that are treated as effectively connected with a trade
    or business conducted by a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    holder within the United States, and, if an applicable income
    tax treaty so provides, that are attributable to a permanent
    establishment or a fixed base maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    within the United States, are generally exempt from the 30%
    withholding tax if the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    satisfies applicable certification and disclosure requirements.
    However, such U.S.&#160;effectively connected income, net of
    specified deductions and credits, is taxed at the same graduated
    U.S.&#160;federal income tax rates applicable to
    U.S.&#160;persons (as defined in the Code). Any
    U.S.&#160;effectively connected income received by a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    that is a corporation may also, under certain circumstances, be
    subject to an additional &#147;branch profits tax&#148; at a 30%
    rate or such lower rate as may be specified by an applicable
    income tax treaty between the United States and such
    holder&#146;s country of residence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    of our Class&#160;A common stock who claims the benefit of an
    applicable income tax treaty between the United States and such
    holder&#146;s country of residence generally will be required to
    provide a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or successor form) and satisfy applicable certification and
    other requirements. Non-U.S holders are urged to consult their
    own tax advisors regarding their entitlement to benefits under a
    relevant income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    that is eligible for a reduced rate of U.S.&#160;withholding tax
    under an income tax treaty may obtain a refund or credit of any
    excess amounts withheld by timely filing an appropriate claim
    with the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Gain on
    Disposition of Class&#160;A Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    generally will not be subject to U.S.&#160;federal income tax on
    gain recognized on a disposition of our Class&#160;A common
    stock unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    conduct of a trade or business in the United States, and, if an
    applicable income tax treaty so provides, the gain is
    attributable to a permanent establishment maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    in the United States; in these cases, the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    will be taxed on a net income basis at the regular graduated
    rates and in the manner applicable to U.S.&#160;persons, and, if
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    is a foreign corporation, an additional branch profits tax at a
    rate of 30%, or a lower rate as may be specified by an
    applicable income tax treaty, may also apply;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    111
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    is an individual present in the United States for 183&#160;days
    or more in the taxable year of the disposition and certain other
    conditions are met, in which case the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    will be subject to a 30% tax (or such lower rate as may be
    specified by an applicable income tax treaty) on the net gain
    derived from the disposition;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we are or have been, at any time during the five-year period
    preceding such disposition (or the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    holding period, if shorter) a &#147;U.S.&#160;real property
    holding corporation&#148; unless our Class&#160;A common stock
    is regularly traded on an established securities market and the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    held no more than five percent of our outstanding Class&#160;A
    common stock, directly or indirectly, during the shorter of the
    <FONT style="white-space: nowrap">five-year</FONT>
    period ending on the date of the disposition or the period that
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    held our Class&#160;A common stock. Generally, a corporation is
    a &#147;U.S.&#160;real property holding corporation&#148; if the
    fair market value of its &#147;U.S.&#160;real property
    interests&#148; equals or exceeds 50% of the sum of the fair
    market value of its worldwide real property interests plus its
    other assets used or held for use in a trade or business. We
    believe that we are not currently, and we do not anticipate
    becoming, a &#147;U.S.&#160;real property holding
    corporation&#148; for U.S.&#160;federal income tax purposes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding Tax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We must report annually to the IRS and to each
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    the gross amount of the distributions on our Class&#160;A common
    stock paid to such holder and the tax withheld, if any, with
    respect to such distributions.
    <FONT style="white-space: nowrap">Non-U.S.&#160;holders</FONT>
    may have to comply with specific certification procedures to
    establish that the holder is not a U.S.&#160;person (as defined
    in the Code) in order to avoid backup withholding at the
    applicable rate, currently 28%, with respect to dividends on our
    Class&#160;A common stock. Generally, a holder will comply with
    such procedures if it provides a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or otherwise meets documentary evidence requirements for
    establishing that it is a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    or otherwise establishes an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Information reporting and backup withholding generally will
    apply to the proceeds of a disposition of our Class&#160;A
    common stock by a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    effected by or through the U.S.&#160;office of any broker,
    U.S.&#160;or foreign, unless the holder certifies its status as
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    and satisfies certain other requirements, or otherwise
    establishes an exemption. Generally, information reporting and
    backup withholding will not apply to a payment of disposition
    proceeds to a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    where the transaction is effected outside the United States
    through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a broker. However, for information reporting purposes,
    dispositions effected through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a broker with substantial U.S.&#160;ownership or operations
    generally will be treated in a manner similar to dispositions
    effected through a U.S.&#160;office of a broker.
    <FONT style="white-space: nowrap">Non-U.S.&#160;holders</FONT>
    should consult their own tax advisors regarding the application
    of the information reporting and backup withholding rules to
    them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Copies of information returns may be made available to the tax
    authorities of the country in which the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    resides or is incorporated under the provisions of a specific
    treaty or agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    can be refunded or credited against the
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    U.S.&#160;federal income tax liability, if any, provided that an
    appropriate claim is timely filed with the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Federal
    Estate Tax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Class&#160;A common stock owned or treated as owned by an
    individual who is a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    (as specially defined for U.S.&#160;federal estate tax purposes)
    at the time of death will be included in the individual&#146;s
    gross estate for U.S.&#160;federal estate tax purposes and,
    therefore, may be subject to U.S.&#160;federal estate tax,
    unless an applicable estate tax or other treaty provides
    otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preceding discussion of material U.S.&#160;federal tax
    considerations is for general information only. It is not tax
    advice. Prospective investors should consult their own tax
    advisors regarding the particular U.S.&#160;federal, state,
    local and non- U.S.&#160;tax consequences of purchasing, holding
    and disposing of our Class&#160;A common stock, including the
    consequences of any proposed changes in applicable laws.
</DIV>
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    <BR>
    112
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated is
    acting as representative of each of the underwriters named
    below. Subject to the terms and conditions set forth in a
    purchase agreement among us, the selling stockholders and the
    underwriters, we and the selling stockholders have agreed to
    sell to the underwriters, and each of the underwriters has
    agreed, severally and not jointly, to purchase from us and the
    selling stockholders, the number of shares of Class&#160;A
    common stock set forth opposite its name below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Underwriter</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 66pt">
    Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RBC Capital Markets Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Oppenheimer&#160;&#038; Co. Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 66pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the terms and conditions set forth in the purchase
    agreement, the underwriters have agreed, severally and not
    jointly, to purchase all of the shares sold under the purchase
    agreement if any of these shares are purchased. If an
    underwriter defaults, the purchase agreement provides that the
    purchase commitments of the nondefaulting underwriters may be
    increased or the purchase agreement may be terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and the selling stockholders have agreed to indemnify the
    underwriters against certain liabilities, including liabilities
    under the Securities Act, or to contribute to payments the
    underwriters may be required to make in respect of those
    liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters are offering the shares, subject to prior sale,
    when, as and if issued to and accepted by them, subject to
    approval of legal matters by their counsel, including the
    validity of the shares, and other conditions contained in the
    purchase agreement, such as the receipt by the underwriters of
    officer&#146;s certificates and legal opinions. The underwriters
    reserve the right to withdraw, cancel or modify offers to the
    public and to reject orders in whole or in part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Commissions
    and Discounts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The representative has advised us and the selling stockholders
    that the underwriters propose initially to offer the shares to
    the public at the public offering price set forth on the cover
    page of this prospectus and to dealers at that price less a
    concession not in excess of $&#160;&#160;&#160;&#160;&#160; per
    share. The underwriters may allow, and the dealers may reallow,
    a discount not in excess of $&#160;&#160;&#160;&#160;&#160; per
    share to other dealers. After the initial offering, the public
    offering price, concession or any other term of the offering may
    be changed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the public offering price,
    underwriting discount and proceeds before expenses to us and the
    selling stockholders. The information assumes either no exercise
    or full exercise by the underwriters of their overallotment
    option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Without Option</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>With Option</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the selling stockholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The expenses of the offering, not including the underwriting
    discount, are estimated at $&#160;&#160;&#160;&#160;&#160; and
    are payable by us and the selling stockholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    113
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overallotment
    Option</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and the selling stockholders have granted an option to the
    underwriters to purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;additional
    shares at the public offering price, less the underwriting
    discount. The underwriters may exercise this option for
    30&#160;days from the date of this prospectus solely to cover
    any overallotments. If the underwriters exercise this option,
    each will be obligated, subject to conditions contained in the
    purchase agreement, to purchase a number of additional shares
    proportionate to that underwriter&#146;s initial amount
    reflected in the above table.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">No Sales
    of Similar Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and the selling stockholders, our executive officers and
    directors and our other existing security holders have agreed
    not to sell or transfer any common stock or securities
    convertible into, exchangeable for, exercisable for, or
    repayable with common stock, for 180&#160;days after the date of
    this prospectus without first obtaining the written consent of
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated.
    Specifically, we and these other persons have agreed, with
    certain limited exceptions, not to directly or indirectly
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    offer, pledge, sell or contract to sell any common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    sell any option or contract to purchase any common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    purchase any option or contract to sell any common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    grant any option, right or warrant for the sale of any common
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    lend or otherwise dispose of or transfer any common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    request or demand that we file a registration statement related
    to the common stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    enter into any swap or other agreement that transfers, in whole
    or in part, the economic consequence of ownership of any common
    stock whether any such swap or transaction is to be settled by
    delivery of shares or other securities, in cash or otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may also issue shares of common stock or securities
    convertible into, exchangeable for, exercisable for, or
    repayable with in connection with business combinations or
    acquisitions of assets or businesses so long as the number of
    shares issued does not exceed&#160;&#160;% of our common stock
    outstanding immediately following the closing of this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This <FONT style="white-space: nowrap">lock-up</FONT>
    provision applies to common stock and to securities convertible
    into or exchangeable or exercisable for or repayable with common
    stock. It also applies to common stock owned now or acquired
    later by the person executing the agreement or for which the
    person executing the agreement later acquires the power of
    disposition. In the event that either (x)&#160;during the last
    17&#160;days of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    period referred to above, we issue an earnings release or
    material news or a material event relating to us occurs or
    (y)&#160;prior to the expiration of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, we announce that we will release earnings results or
    become aware that material news or a material event will occur
    during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, the restrictions described above shall continue to apply
    until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect the shares to be approved for listing on
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    under the symbol
    &#147;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#148;
    If the listing will be on the New York Stock Exchange, in order
    to meet the requirements for listing on that exchange, the
    underwriters will have undertaken to sell a minimum number of
    shares to a minimum number of beneficial owners as required by
    that exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before this offering, there has been no public market for our
    common stock. The initial public offering price will be
    determined through negotiations among us, the selling
    stockholders and the representative. In addition to prevailing
    market conditions, the factors to be considered in determining
    the initial public offering price are
</DIV>
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    114
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the valuation multiples of publicly-traded companies that the
    representative believes to be comparable to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our financial information;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the history of, and the prospects for, our company and the
    industry in which we compete;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    an assessment of our management, its past and present
    operations, and the prospects for, and timing of, our future
    revenue;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the above factors in relation to market values and various
    valuation measures of other companies engaged in activities
    similar to ours.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An active trading market for the shares may not develop. It is
    also possible that after the offering the shares will not trade
    in the public market at or above the initial public offering
    price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters do not expect to sell more than five percent of
    the shares in the aggregate to accounts over which they exercise
    discretionary authority.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Price
    Stabilization, Short Positions and Penalty Bids</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until the distribution of the shares is completed, SEC rules may
    limit underwriters and selling group members from bidding for
    and purchasing our common stock. However, the representative may
    engage in transactions that stabilize the price of the common
    stock, such as bids or purchases to peg, fix or maintain that
    price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the offering, the underwriters may purchase
    and sell our common stock in the open market. These transactions
    may include short sales, purchases on the open market to cover
    positions created by short sales and stabilizing transactions.
    Short sales involve the sale by the underwriters of a greater
    number of shares than they are required to purchase in the
    offering. &#147;Covered&#148; short sales are sales made in an
    amount not greater than the underwriters&#146; overallotment
    option described above. The underwriters may close out any
    covered short position by either exercising their overallotment
    option or purchasing shares in the open market. In determining
    the source of shares to close out the covered short position,
    the underwriters will consider, among other things, the price of
    shares available for purchase in the open market as compared to
    the price at which they may purchase shares through the
    overallotment option. &#147;Naked&#148; short sales are sales in
    excess of the overallotment option. The underwriters must close
    out any naked short position by purchasing shares in the open
    market. A naked short position is more likely to be created if
    the underwriters are concerned that there may be downward
    pressure on the price of our common stock in the open market
    after pricing that could adversely affect investors who purchase
    in the offering. Stabilizing transactions consist of various
    bids for or purchases of shares of common stock made by the
    underwriters in the open market prior to the completion of the
    offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters may also impose a penalty bid. This occurs when
    a particular underwriter repays to the underwriters a portion of
    the underwriting discount received by it because the
    representative has repurchased shares sold by or for the account
    of such underwriter in stabilizing or short covering
    transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Similar to other purchase transactions, the underwriters&#146;
    purchases to cover the syndicate short sales may have the effect
    of raising or maintaining the market price of our common stock
    or preventing or retarding a decline in the market price of our
    common stock. As a result, the price of our common stock may be
    higher than the price that might otherwise exist in the open
    market. The underwriters may conduct these transactions on the ,
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither we nor any of the underwriters make any representation
    or prediction as to the direction or magnitude of any effect
    that the transactions described above may have on the price of
    our common stock. In addition, neither we nor any of the
    underwriters make any representation that the representative
    will engage in these transactions or that these transactions,
    once commenced, will not be discontinued without notice.
</DIV>
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    <BR>
    115
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Electronic
    Offer, Sale and Distribution of Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the offering, certain of the underwriters or
    securities dealers may distribute prospectuses by electronic
    means, such as
    <FONT style="white-space: nowrap">e-mail.</FONT> In
    those cases, prospective investors may view offering terms
    online. Depending upon the particular underwriter, prospective
    investors may be allowed to place orders online. The
    underwriters may agree with us to allocate a specific number of
    shares for sale to online brokerage account holders. Any such
    allocation for online distributions will be made on the same
    basis as other allocations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than this prospectus in electronic format, the information
    concerning any underwriter&#146;s web site and any information
    contained in any other web site maintained by an underwriter is
    not intended to be part of this prospectus or the registration
    statement, has not been approved
    <FONT style="white-space: nowrap">and/or</FONT>
    endorsed by us or any underwriter in its capacity as
    underwriter. Investors should not rely on such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
    Incorporated may facilitate Internet distribution for this
    offering to certain of its Internet subscription customers.
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated may
    allocate a limited number of shares for sale to its online
    brokerage customers. An electronic prospectus is available on
    the Internet web site maintained by Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated. Other than the prospectus
    in electronic format, the information on the Merrill Lynch,
    Pierce, Fenner&#160;&#038; Smith Incorporated web site is not
    part of this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conflicts
    of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An affiliate of Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
    Incorporated, one of the underwriters, will receive more than
    five percent of the net proceeds from this offering when we
    repay our $50&#160;million revolving senior secured credit
    facility. See &#147;Use of Proceeds.&#148; Because of the manner
    in which the proceeds will be used, the offering will be
    conducted in accordance with FINRA Rule&#160;5510(h)(1) and NASD
    Rule&#160;2720. These rules require, among other things, that a
    qualified independent underwriter has participated in the
    preparation of, and has exercised the usual standards of
    &#147;due diligence&#148; in respect to, the registration
    statement and this prospectus. Oppenheimer&#160;&#038; Co. Inc.
    has agreed to act as qualified independent underwriter for the
    offering and to undertake the legal responsibilities and
    liabilities of an underwriter under the Securities Act of 1933,
    specifically including those inherent in Section&#160;11 of the
    Securities Act. Oppenheimer &#038; Co. Inc. will not receive any
    additional compensation for acting in this capacity in
    connection with the offering. We have agreed to indemnify
    Oppenheimer &#038; Co. Inc. against liabilities incurred in
    connection with acting as a qualified independent underwriter,
    including liabilities under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Relationships</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bank of America, N.A., an affiliate of Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, is the agent and a lender
    under our revolving senior secured credit facility. Some of the
    underwriters and their affiliates have engaged in, and may in
    the future engage in, investment banking and other commercial
    dealings in the ordinary course of business with us or our
    affiliates. They have received, or may in the future receive,
    customary fees and commissions for these transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the EEA</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a
    &#147;Relevant Member State&#148;) an offer to the public of any
    shares which are the subject of the offering contemplated by
    this prospectus may not be made in that Relevant Member State,
    except that an offer to the public in that Relevant Member State
    of any shares may be made at any time under the following
    exemptions under the Prospectus Directive, if they have been
    implemented in that Relevant Member State:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;to legal entities which are authorized or regulated to
    operate in the financial markets or, if not so authorized or
    regulated, whose corporate purpose is solely to invest in
    securities;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;to any legal entity which has two or more of
    (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;by the underwriters to fewer than 100 natural or legal
    persons (other than &#147;qualified investors&#148; as defined
    in the Prospectus Directive) subject to obtaining the prior
    consent of the representative for any such offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;in any other circumstances falling within
    Article&#160;3(2) of the Prospectus Directive;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided that no such offer of shares shall result in a
    requirement for the publication by us or any representative of a
    prospectus pursuant to Article&#160;3 of the Prospectus
    Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any person making or intending to make any offer of shares
    within the EEA should only do so in circumstances in which no
    obligation arises for us or any of the underwriters to produce a
    prospectus for such offer. Neither we nor the underwriters have
    authorized, nor do they authorize, the making of any offer of
    shares through any financial intermediary, other than offers
    made by the underwriters which constitute the final offering of
    shares contemplated in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of this provision, and your representation
    below, the expression an &#147;offer to the public&#148; in
    relation to any shares in any Relevant Member State means the
    communication in any form and by any means of sufficient
    information on the terms of the offer and any shares to be
    offered so as to enable an investor to decide to purchase any
    shares, as the same may be varied in that Relevant Member State
    by any measure implementing the Prospectus Directive in that
    Relevant Member State and the expression &#147;Prospectus
    Directive&#148; means Directive 2003/71/EC and includes any
    relevant implementing measure in each Relevant Member State.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each person in a Relevant Member State who receives any
    communication in respect of, or who acquires any shares under,
    the offer of shares contemplated by this prospectus will be
    deemed to have represented, warranted and agreed to and with us
    and each underwriter that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;it is a &#147;qualified investor&#148; within the
    meaning of the law in that Relevant Member State implementing
    Article&#160;2(1)(e) of the Prospectus Directive;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;in the case of any shares acquired by it as a financial
    intermediary, as that term is used in Article&#160;3(2) of the
    Prospectus Directive, (i)&#160;the shares acquired by it in the
    offering have not been acquired on behalf of, nor have they been
    acquired with a view to their offer or resale to, persons in any
    Relevant Member State other than &#147;qualified investors&#148;
    (as defined in the Prospectus Directive), or in circumstances in
    which the prior consent of the representative has been given to
    the offer or resale; or (ii)&#160;where shares have been
    acquired by it on behalf of persons in any Relevant Member State
    other than qualified investors, the offer of those shares to it
    is not treated under the Prospectus Directive as having been
    made to such persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, in the United Kingdom, this document is being
    distributed only to, and is directed only at, and any offer
    subsequently made may only be directed at persons who are
    &#147;qualified investors&#148; (as defined in the Prospectus
    Directive) (i)&#160;who have professional experience in matters
    relating to investments falling within Article&#160;19
    (5)&#160;of the Financial Services and Markets Act 2000
    (Financial Promotion) Order 2005, as amended (the
    &#147;Order&#148;)
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;who are high net worth companies (or persons to whom
    it may otherwise be lawfully communicated) falling within
    Article&#160;49(2)(a) to (d)&#160;of the Order (all such persons
    together being referred to as &#147;relevant persons&#148;).
    This document must not be acted on or relied on in the United
    Kingdom by persons who are not relevant persons. In the United
    Kingdom, any investment or investment activity to which this
    document relates is only available to, and will be engaged in
    with, relevant persons.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in Switzerland</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document, as well as any other material relating to the
    shares which are the subject of the offering contemplated by
    this prospectus, do not constitute an issue prospectus pursuant
    to Article&#160;652a
    <FONT style="white-space: nowrap">and/or</FONT> 1156
    of the Swiss Code of Obligations. The shares will not be listed
    on the SIX Swiss Exchange and,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    therefore, the documents relating to the shares, including, but
    not limited to, this document, do not claim to comply with the
    disclosure standards of the listing rules of SIX Swiss Exchange
    and corresponding prospectus schemes annexed to the listing
    rules of the SIX Swiss Exchange. The shares are being offered in
    Switzerland by way of a private placement, <I>i.e.</I>, to a
    small number of selected investors only, without any public
    offer and only to investors who do not purchase the shares with
    the intention to distribute them to the public. The investors
    will be individually approached by the issuer from time to time.
    This document, as well as any other material relating to the
    shares, is personal and confidential and do not constitute an
    offer to any other person. This document may only be used by
    those investors to whom it has been handed out in connection
    with the offering described herein and may neither directly nor
    indirectly be distributed or made available to other persons
    without express consent of the issuer. It may not be used in
    connection with any other offer and shall in particular not be
    copied
    <FONT style="white-space: nowrap">and/or</FONT>
    distributed to the public in (or from) Switzerland.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the Dubai International Financial
    Centre</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document relates to an exempt offer in accordance with the
    Offered Securities Rules of the Dubai Financial Services
    Authority. This document is intended for distribution only to
    persons of a type specified in those rules. It must not be
    delivered to, or relied on by, any other person. The Dubai
    Financial Services Authority has no responsibility for reviewing
    or verifying any documents in connection with exempt offers. The
    Dubai Financial Services Authority has not approved this
    document nor taken steps to verify the information set out in
    it, and has no responsibility for it. The shares which are the
    subject of the offering contemplated by this prospectus may be
    illiquid
    <FONT style="white-space: nowrap">and/or</FONT>
    subject to restrictions on their resale. Prospective purchasers
    of the shares offered should conduct their own due diligence on
    the shares. If you do not understand the contents of this
    document you should consult an authorised financial adviser.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    118
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the Class&#160;A common stock being offered will
    be passed upon for us by Wilmer Cutler Pickering Hale and Dorr
    LLP, Boston, Massachusetts. The underwriters are represented by
    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,&#160;P.C.,
    Boston, Massachusetts, in connection with certain legal matters
    related to this offering.
</DIV>

<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements as of December&#160;31,
    2008 and December&#160;31, 2009 and for each of the three years
    in the period ended December&#160;31, 2009 included in this
    prospectus have been so included in reliance on the report of
    Caturano and Company,&#160;P.C., an independent registered
    public accounting firm, given on the authority of said firm as
    experts in auditing and accounting.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    119
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    under the Securities Act of 1933 with respect to the shares of
    our Class&#160;A common stock to be sold in this offering. This
    prospectus, which constitutes part of the registration
    statement, does not include all of the information contained in
    the registration statement and the exhibits, schedules and
    amendments to the registration statement. Some items are omitted
    in accordance with the rules and regulations of the SEC. For
    further information with respect to us and our Class&#160;A
    common stock, we refer you to the registration statement and to
    the exhibits and schedules to the registration statement filed
    as part of the registration statement. Statements contained in
    this prospectus about the contents of any contract or any other
    document filed as an exhibit are not necessarily complete and in
    each instance we refer you to the copy of the contract or other
    documents filed as an exhibit to the registration statement.
    Each of theses statements is qualified in all respects by this
    reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may read and copy the registration statement of which this
    prospectus is a part at the SEC&#146;s public reference room,
    which is located at 100&#160;F&#160;Street, N.E.,
    Room&#160;1580, Washington,&#160;D.C. 20549. You can request
    copies of the registration statement by writing to the SEC and
    paying a fee for the copying cost. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for more information about the operation of the SEC&#146;s
    public reference room. In addition, the SEC maintains an
    Internet website, located at www.sec.gov, which contains
    reports, proxy and information statements and other information
    regarding issuers that file electronically with the SEC. You may
    access the registration statement of which this prospectus is a
    part at the SEC&#146;s Internet website.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the closing of the offering, we will become subject to the
    full informational and periodic reporting requirements of the
    Exchange Act. We will fulfill our obligations with respect to
    such requirements by filing periodic reports and other
    information with the SEC. These documents will also be publicly
    available, free of charge, on our website, www.ameresco.com. We
    intend to furnish our stockholders with annual reports
    containing consolidated financial statements certified by an
    independent registered public accounting firm.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    120
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='121'><B><FONT style="font-family: 'Times New Roman', Times">Index
    to Consolidated Financial Statements</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#300'>Report of Independent Registered Public
    Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Financial Statements:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#301'>Balance Sheets</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#302'>Statements of Income and Comprehensive Income</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#303'>Statements of Changes in Stockholders&#146;
    Equity</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#304'>Statements of Cash Flows</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#305'>Notes to Consolidated Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    F-8
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board of Directors and
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stockholders of Ameresco, Inc. and Subsidiaries
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying consolidated balances sheets of
    Ameresco, Inc. and Subsidiaries as of December&#160;31, 2009 and
    2008, and the related consolidated statements of income and
    comprehensive income, changes in stockholders&#146; equity and
    cash flows for each of the three years in the period ended
    December&#160;31, 2009. These financial statements are the
    responsibility of the Company&#146;s management. Our
    responsibility is to express an opinion on these financial
    statements based on our audits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. The Company is not required to
    have, nor were we engaged to perform, an audit of its internal
    control over financial reporting. Our audit included
    consideration of internal controls over financial reporting as a
    basis for designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Company&#146;s controls over
    financial reporting. Accordingly, we express no such opinion. An
    audit includes examining, on a test basis, evidence supporting
    the amounts and disclosures in the financial statements. An
    audit also includes assessing the accounting principles used and
    significant estimates made by management, as well as evaluating
    the overall financial statement presentation. We believe that
    our audit provides a reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of Ameresco, Inc. and Subsidiaries as of
    December&#160;31, 2009 and 2008, and the results of their
    operations and their cash flows for each of the years in the
    period ended December&#160;31, 2009, in conformity with
    U.S.&#160;generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/ Caturano and Company,&#160;P.C.
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CATURANO AND COMPANY,&#160;P.C.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    March 31, 2010
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, Massachusetts
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,bs --><A name='301'>CONSOLIDATED
    BALANCE SHEETS</FONT></B></A>
</DIV>
</A>
</A>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,149,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,927,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,743,238
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,249,885
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accounts receivable, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,073,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,279,515
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accounts receivable retainage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,907,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,242,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Costs and estimated earnings in excess of billings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,755,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,009,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Inventory, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,460,671
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,237,909
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,368,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,077,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,540,208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,279,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Project development costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,434,641
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,468,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,432,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,772,421
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Federal ESPC receivable financing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,585,217
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,397,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,713,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,373,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Project assets, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,053,353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    117,637,990
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred financing fees, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,032,506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,582,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,640,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,132,429
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,570,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,648,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,594,728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    203,772,187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    292,026,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    375,544,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
    <B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current portion of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,142,757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,093,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,387,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,578,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,367,193
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,362,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Billings in excess of cost and estimated earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,860,311
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,166,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,209,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,129,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,967,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,329,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, less current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,980,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,807,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subordinated debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,998,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,998,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,160,724
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,901,645
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred grant income (Note&#160;5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,158,508
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,833,612
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,578,754
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126,973,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,444,860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commitments and contingencies (Note&#160;13)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Series&#160;A convertible preferred stock, $0.0001&#160;par
    value, 3,500,000&#160;shares authorized, 3,210,000&#160;shares
    issued and outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, $0.0001&#160;par value, 30,000,000&#160;shares
    authorized,  7,130,084&#160;shares issued and 4,844,392
    outstanding at December&#160;31, 2008, 8,999,084&#160;shares
    issued and 6,641,142 outstanding at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,346,790
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,467,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,975,837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,882,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Less&#160;&#151; treasury stock, at cost, 2,285,692&#160;shares
    and 2,357,942
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    shares, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,538,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,413,601
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive (loss) income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (698,753
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,831,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,086,255
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,769,787
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    292,026,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    375,544,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,BS -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,in --><A name='302'>CONSOLIDATED
    STATEMENTS OF INCOME AND COMPREHENSIVE INCOME</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Energy efficiency revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    345,935,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    325,031,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    340,635,122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Renewable energy revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,541,298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,821,940
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,881,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378,477,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,853,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    428,516,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Energy efficiency expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285,966,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,018,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282,344,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Renewable energy expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,071,557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,550,958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,472,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,037,824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    318,569,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,816,533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,439,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,283,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,700,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salaries and benefits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,892,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,288,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,273,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Project development costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,062,996
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,106,407
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,599,862
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General, administrative and other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,087,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,212,872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,532,355
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,042,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,608,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,406,204
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,397,072
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,675,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,293,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other (expense) income, net (Note&#160;16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,138,067
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,187,545
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,562,910
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Income before provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,259,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,488,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,856,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax provision
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,713,590
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,215,127
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,949,614
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,545,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,273,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,907,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other comprehensive income (loss):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,306,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,059,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,530,723
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,851,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,213,972
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,437,871
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income per share attributable to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,560,511
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,339,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,995,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,698,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,789,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,964,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,in -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<!-- XBRL,SE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

    <A name='303'><B>CONSOLIDATED STATEMENTS OF CHANGES IN
    STOCKHOLDERS&#146; EQUITY</B>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Series A Preferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Additional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Comprehensive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Paid-in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retained<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Treasury Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Income<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stockholders&#146;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Capital</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Earnings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Loss)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Equity</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance, December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,210,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,040,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    704
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,584,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    49,426,862
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (103,239
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,054,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56,963,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Cumulative effect of change in accounting
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (269,540
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (269,540
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Repurchase of restricted stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,025
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,521,245
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,521,245
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,678,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,678,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,306,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,306,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,545,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,545,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance, December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,210,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,116,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    712
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,336,786
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    59,702,737
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,619,025
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,624,484
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,360,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,776,447
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Repurchase of stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    666,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,914,169
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,914,169
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Repurchase of warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,998,001
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,998,001
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,940,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,940,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,059,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,059,128
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,273,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,273,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,210,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,130,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,346,790
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    77,975,837
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,285,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,538,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (698,753
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,086,255
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Vesting of 2006 stock issuance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,077,028
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,077,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Repurchase of restricted stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (874,948
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (874,948
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    869,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    874,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    874,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,168,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,168,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Foreign currency translation adjustment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,530,723
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,530,723
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,907,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,907,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,210,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,999,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,467,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    97,882,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,357,942
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (8,413,601
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,831,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,769,787
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,se --><!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,cf --><A name='304'>CONSOLIDATED
    STATEMENTS OF CASH FLOWS</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,545,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,273,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,907,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Adjustments to reconcile net income to cash provided by
    operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Depreciation of project assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,845,131
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,713,407
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,260,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Depreciation of property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,056,197
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,064,859
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,372,885
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Impairment of projects assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,997,003
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Amortization of deferred financing fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    323,587
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    238,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254,705
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Provision for bad debts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    208,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,092,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    552,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gain relating to certain business acquisitions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,850,479
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gain on sale of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,300,217
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (691,292
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Unrealized (gain) loss on interest rate swaps
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,831,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,263,802
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,678,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,940,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,168,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,630,780
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,071,600
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,400,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Changes in operating assets and liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    (Increase) decrease in:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Restricted cash draws
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,720,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,519,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,051,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,063,037
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,227,279
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,033,926
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Accounts receivable retainage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,692,345
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (115,488
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,029,832
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Federal ESPC receivable financing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,320,783
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26,301,019
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (52,900,979
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (63,196
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,821,507
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,222,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Costs and estimated earnings in excess of billings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,163,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,939,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,651,857
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,830,274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,337,926
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,591,213
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Project development costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,851,011
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,623,396
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,987,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (200,471
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,934,563
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,846,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Increase (decrease) in:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Accounts payable and accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,019,297
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,472,682
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,280,548
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Billings in excess of cost and estimated earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,847,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,602,608
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,819,869
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,224,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,932,531
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,945
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,404,810
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,525,472
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,264,752
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 60pt">
    Net cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,259,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,347,420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,296,310
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from investing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Purchases of property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,789,416
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,863,243
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,797,949
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Purchases of project assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,019,927
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (41,158,695
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,841,648
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Acquisitions, net of cash received
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,780,467
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (674,110
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 60pt">
    Net cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,589,810
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (43,021,938
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22,313,707
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSOLIDATED
    STATEMENTS OF CASH FLOWS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from financing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Payments of financing fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (73,652
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (880,044
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,804,759
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proceeds from exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    874,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Repurchase of stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,521,245
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,914,169
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (874,948
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Repurchase of warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,998,001
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proceeds from (repayments of) revolving senior secured credit
    facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,493,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,578,242
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Repayment of senior secured term and revolving credit facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,500,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,500,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proceeds from long-term debt financing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,173,948
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,277,043
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,196,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,400,580
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,092,590
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Payments of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,382,782
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,940,368
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,592,073
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Net cash (used in) provided by financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,229,716
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,204,591
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,128,686
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effect of exchange rate changes on cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,998,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,273,211
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,667,108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net (decrease) increase in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,561,670
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22,743,138
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,778,395
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents, beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,453,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,892,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,149,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents, end of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,892,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,149,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    47,927,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Supplemental disclosure of cash flow information:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash paid during the period for:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,481,849
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,431,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,904,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,063,883
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,304,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,145,742
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Supplemental disclosure of noncash investing and financing
    transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Acquisitions, net of cash received:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,419,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,575,968
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Prepaids and other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,645,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,492,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,440,437
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (345,181
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (422,839
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,222,340
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Long-term debt, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (382,553
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (208,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,780,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    674,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Noncash ESPC receivable financing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,957,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,925,101
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,088,849
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,cf -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL,ns -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='305'><B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></A>
</DIV>
</A>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF BUSINESS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ameresco, Inc. and subsidiaries (the, &#147;Company&#148;) was
    organized as a Delaware corporation on April&#160;25, 2000. The
    Company is a provider of energy efficiency solutions for
    facilities throughout North America. The Company operates in one
    business segment&#160;&#151; providing solutions, both products
    and services, that enable customers to reduce their energy
    consumption, lower their operating and maintenance costs and
    realize environmental benefits. The Company&#146;s comprehensive
    set of services includes upgrades to a facility&#146;s energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. It also sells certain photovoltaic
    equipment worldwide. The Company operates in the United States,
    Canada, and Europe.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is compensated through a variety of methods,
    including: 1)&#160;direct payments based on
    <FONT style="white-space: nowrap">fee-for-services</FONT>
    contracts (utilizing lump-sum or cost-plus pricing
    methodologies); 2)&#160;the sale of energy from the
    Company&#146;s generating assets; and 3)&#160;direct payment for
    photovoltaic equipment and systems.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Codification</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying consolidated financial statements have been
    prepared in accordance with accounting standards set by the
    Financial Accounting Standards Board (&#147;FASB&#148;). The
    FASB sets generally accepted accounting principles
    (&#147;GAAP&#148;) that the Company follows to ensure its
    financial condition, results of operations, and cash flows are
    consistently reported. References to GAAP issued by the FASB in
    these notes to the consolidated financial statements are to the
    FASB Accounting Standards Codification (&#147;ASC&#148;), which
    was effective for the Company in 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A summary of the significant accounting policies consistently
    applied in the preparation of the accompanying consolidated
    financial statements follows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Principles
    of Consolidation</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying consolidated financial statements include the
    accounts of Ameresco, Inc. and its wholly owned subsidiaries.
    All significant intercompany accounts and transactions have been
    eliminated. Gains and losses from the translation of all foreign
    currency financial statements are recorded in the accumulated
    other comprehensive income (loss) account within
    stockholders&#146; equity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Use
    of Estimates</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preparation of financial statements in conformity with
    generally accepted accounting principles requires management to
    make estimates and assumptions that affect the reported amounts
    of assets and liabilities and disclosure of contingent assets
    and liabilities at the date of the financial statements and the
    reported amounts of revenue and expenses during the reporting
    period. The most significant estimates with regard to these
    consolidated financial statements relate to the estimation of
    final construction contract profit in accordance with accounting
    for long-term contracts, allowance for doubtful accounts,
    inventory reserves, project development costs, fair value of
    derivative financial instruments, impairment of long lived
    assets, income taxes and estimating potential liability in
    conjunction with certain commitments and contingencies. Actual
    results could differ from those estimates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Cash
    and Cash Equivalents</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash includes cash on deposit, overnight repurchase agreements,
    and amounts invested in highly liquid money market funds. Cash
    equivalents consist of short term investments with original
    maturities of three months or less. The Company maintains
    accounts with financial institutions and the balances in such
    accounts, at times, exceed federally insured limits. This credit
    risk is divided among a number of financial
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    institutions that management believes to be of high quality. The
    carrying amount of cash and cash equivalents approximates their
    fair value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Restricted
    Cash</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Restricted cash consists of cash held in an escrow account in
    association with construction draws for energy savings
    performance contracts (&#147;ESPCs&#148;), as well as cash
    required under term loans to be maintained in debt service
    reserve accounts until all obligations have been indefeasibly
    paid in full.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Accounts
    Receivable</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accounts receivable are stated at the amount management expects
    to collect from outstanding balances. An allowance for doubtful
    accounts is provided for those accounts receivable considered to
    be uncollectible based upon historical experience and
    management&#146;s evaluation of outstanding accounts receivable
    at the end of the year. Bad debts are written off against the
    allowance when identified. Changes in the allowance for doubtful
    accounts for the years ended December&#160;31, 2007, 2008 and
    2009 are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,331,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,539,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,049,711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Charges to costs and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    249,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,418
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,670,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Account write-offs and other deductions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (41,472
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (875,146
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,118,221
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance at end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,539,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,049,711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,602,079
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At each of December&#160;31, 2008 and 2009, the Company had one
    customer that accounted for approximately 12% and 14%,
    respectively, of the Company&#146;s total accounts receivable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Accounts
    Receivable Retainage</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accounts receivable retainage represents amounts due from
    customers, but where payments are withheld contractually until
    certain construction milestones are met. Amounts retained
    typically range from five percent to ten percent of the total
    invoice.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Inventory</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Inventories, which consist of photovoltaic solar panels,
    batteries and related accessories, are stated at the lower of
    cost
    <FONT style="white-space: nowrap">(&#147;first-in,</FONT>
    first-out&#148; method) or market (determined on the basis of
    estimated realizable values). Provisions have been made to
    reduce the carrying value to the realizable value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Prepaid
    Expenses</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prepaid expenses consist primarily of short-term prepaid
    expenditures that will amortize within one year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Federal
    ESPC Receivable Financing</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Federal ESPC receivable financing represents the amount to be
    paid by various federal government agencies for work performed
    and earned by the Company under specific ESPCs. Ameresco assigns
    certain of its right to receive those payments to third-party
    lenders that provide construction and permanent financing for
    such contracts. The receivable is recognized as revenue as each
    project is constructed. Upon completion and acceptance of the
    project by the government, the assigned ESPC receivable and
    corresponding related project debt are eliminated from the
    Company&#146;s financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Project
    Development Costs</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company capitalizes as project development costs only those
    costs incurred in connection with the development of energy
    projects, primarily direct labor, interest costs, outside
    contractor services, consulting fees, legal fees and travel, if
    incurred after a point in time where the realization of related
    revenue becomes probable. Project development costs incurred
    prior to the probable realization of revenue are expensed as
    incurred. The Company classifies project development costs as a
    current asset as the development efforts are expected to proceed
    to construction activity in the twelve months that follow.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Property and equipment consists primarily of office and computer
    equipment. These assets are recorded at cost. Major additions
    and improvements are capitalized as additions to the property
    and equipment accounts, while replacements, maintenance and
    repairs that do not improve or extend the life of the respective
    assets, are expensed as incurred. Depreciation and amortization
    of property and equipment are computed on a straight-line basis
    over the following estimated useful lives:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Asset Classification</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Estimated Useful Life</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Furniture and office equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;Five&#160;years
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Computer equipment and software costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;Five&#160;years
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;Lesser of term of lease or five years
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Automobiles
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    &#160;Five years
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Project
    Assets</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Project assets consist of costs of materials, direct labor,
    interest costs, outside contract services and project
    development costs incurred in connection with the construction
    of small-scale renewable energy plants that we own and the
    implementation of energy savings contracts. These amounts are
    capitalized and amortized over the lives of the related assets
    or the terms of the related contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company capitalizes interest costs relating to construction
    financing during the period of construction. The interest
    capitalized is included in the total cost of the project at
    completion. The amount of interest capitalized for the years
    ended December&#160;31, 2007, 2008 and 2009 was $0, $233,767 and
    $1,395,483, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Routine maintenance costs are expensed in the current
    year&#146;s consolidated statements of income and comprehensive
    income to the extent that they do not extend the life of the
    asset. Major maintenance, upgrades and overhauls are required
    for certain components of the Company&#146;s assets. In these
    instances, the costs associated with these upgrades are
    capitalized and are depreciated over the shorter of the life of
    the asset or until the next required major maintenance or
    overhaul period. Gains or losses on disposal of property and
    equipment are reflected in general, administrative and other
    expenses in the consolidated statements of income and
    comprehensive income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company evaluates its long-lived assets for impairment as
    events or changes in circumstances indicate the carrying value
    of these assets may not be fully recoverable. The Company
    evaluates recoverability of long-lived assets to be held and
    used by estimating the undiscounted future cash flows before
    interest associated with the expected uses and eventual
    disposition of those assets. When these comparisons indicate
    that the carrying value of those assets is greater than the
    undiscounted cash flows, the Company recognizes an impairment
    loss for the amount that the carrying value exceeds the fair
    value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2007, the Company decommissioned one of its landfill gas
    (&#147;LFG&#148;) energy facilities as the power sales agreement
    with the local utility company expired in December 2006. During
    2007, the plant was temporarily shut down. The plant equipment
    had been in service for 20&#160;years and the cost of
    maintaining the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    aged equipment was economically unfeasible. The remaining book
    value of $2.0&#160;million was written off, and is included in
    direct expenses in the accompanying consolidated statements of
    income and comprehensive income for 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008, the Company determined that impairment had occurred
    on two of its LFG facilities. One facility&#146;s landfill owner
    was experiencing permanent operational issues with its existing
    well field equipment. The volume of LFG supplied to the
    Company&#146;s facility was impaired by this factor, resulting
    in a write-down of the asset value. The second facility&#146;s
    industrial customer filed for bankruptcy in 2008. The Company
    assessed the likelihood of the industrial customer emerging from
    bankruptcy and the resulting impact on future cash flows to the
    project in determining the amount of the impairment. A total of
    $3,500,000 was written down for these two facilities, and is
    included in direct expenses in the accompanying consolidated
    statements of income and comprehensive income for 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Deferred
    Financing Fees</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred finance fees relate to the external costs incurred to
    obtain financing for the Company. All deferred financing fees
    are amortized over the respective term of the financing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Goodwill</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has classified as goodwill the excess of fair value
    of the net assets (including tax attributes) of companies
    acquired in purchase transactions. The Company assesses the
    impairment of goodwill and intangible assets with indefinite
    lives on an annual basis
    (December&#160;31<SUP style="font-size: 85%; vertical-align: top">st</SUP>)

    and whenever events or changes in circumstances indicate that
    the carrying value of the asset may not be recoverable. The
    Company would record an impairment charge if such an assessment
    were to indicate that, more likely than not, the fair value of
    such assets was less than their carrying values. Judgment is
    required in determining whether an event has occurred that may
    impair the value of goodwill or identifiable intangible assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Factors that could indicate that an impairment may exist include
    significant underperformance relative to plan or long-term
    projections, significant changes in business strategy,
    significant negative industry or economic trends or a
    significant decline in the base stock price of our public
    competitors for a sustained period of time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first step (defined as &#147;Step 1&#148;) of the goodwill
    impairment test, used to identify potential impairment, compares
    the fair value of the equity with its carrying amount, including
    goodwill. If the fair value of the equity exceeds its carrying
    amount, goodwill of the reporting unit is considered not
    impaired, thus the second step of the impairment test is
    unnecessary. If the carrying amount of a reporting unit exceeds
    its fair value, the second step of the goodwill impairment test
    shall be performed to measure the amount of impairment loss, if
    any. The Company performed a Step 1 test at its annual testing
    dates of December&#160;31, 2007, 2008 and 2009, and determined
    that the fair value of equity exceeded the carrying value of
    equity, therefore goodwill was not impaired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company completed its Step 1 test utilizing both an income
    approach and a market approach. The discounted cash flow method
    is used to measure the fair value of equity under the income
    approach. A terminal value utilizing a constant growth rate of
    cash flows was used to calculate a terminal value after the
    explicit projection period. Determining the fair value using a
    discounted cash flow method requires the Company to make
    significant estimates and assumptions, including long-term
    projections of cash flows, market conditions and appropriate
    discount rates. The Company&#146;s judgments are based upon
    historical experience, current market trends, pipeline for
    future sales, and other information. While the Company believes
    that the estimates and assumptions underlying the valuation
    methodology are reasonable, different estimates and assumptions
    could result in a different outcome. In estimating future cash
    flows, the Company relies on internally generated projections
    for a defined time period for sales and operating profits,
    including
</DIV>
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    <BR>
    F-11
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    capital expenditures, changes in net working capital, and
    adjustments for non-cash items to arrive at the free cash flow
    available to invested capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the market approach, the Company estimates the fair value
    based on market multiples of revenue and earnings of comparable
    publicly-traded companies and comparable transactions of similar
    companies. The estimates and assumptions used in the
    calculations include revenue growth rates, expense growth rates,
    expected capital expenditures to determined projected cash
    flows, expected tax rates and an estimated discount rate to
    determine present value of expected cash flows. These estimates
    are based on historical experiences, projections of future
    operating activity and weighted average cost of capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Company periodically reviews the estimated
    useful lives of identifiable intangible assets, taking into
    consideration any events or circumstances that might result in
    either a diminished fair value or revised useful life. If the
    &#147;Step 1&#148; test concludes an impairment is indicated,
    the Company will employ a second step to measure the impairment.
    If the Company determines that an impairment has occurred, the
    Company will record a write-down of the carrying value and
    charge the impairment as an operating expense in the period the
    determination is made. Although the Company believes goodwill
    and intangible assets are appropriately stated in the
    accompanying consolidated financial statements, changes in
    strategy or market conditions could significantly impact these
    judgments and require an adjustment to the recorded balance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Other
    Assets</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other assets consist primarily of notes and contracts receivable
    due to the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Asset
    Retirement Obligations</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company recognizes a liability for the fair value of
    required asset retirement obligations (ARO) when such
    obligations are incurred. The liability is estimated on a number
    of assumptions requiring management&#146;s judgment, including
    equipment removal costs, site restoration costs, salvage costs,
    cost inflation rates and discount rates and is accredited to its
    projected future value over time. The capitalized asset is
    depreciated using the convention of depreciation of plant
    assets. Upon satisfaction of the ARO conditions, any difference
    between the recorded ARO liability and the actual retirement
    cost incurred is recognized as an operating gain or lose in the
    consolidated statements of income and comprehensive income. As
    of December&#160;31, 2007, 2008 and 2009, the Company had no
    AROs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Other
    Liabilities</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other liabilities consist primarily of deferred revenue related
    to multi-year operation and maintenance contracts which expire
    as late as 2031. Other liabilities also include the fair value
    of derivatives.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company derives revenue from energy efficiency and renewable
    energy products and services. Energy efficiency products and
    services include the design, engineering, and installation of
    equipment and other measures to improve the efficiency, and
    control the operation, of a facility&#146;s energy
    infrastructure. Renewable energy products and services include
    the construction of small-scale plants that produce electricity,
    gas, heat or cooling from renewable sources of energy, the sale
    of such electricity, gas, heat or cooling from plants that the
    Company owns, and the sale and installation of solar energy
    products and systems.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Revenue from the installation or construction of projects is
    recognized on a
    <FONT style="white-space: nowrap">percentage-of-completion</FONT>
    basis. The
    <FONT style="white-space: nowrap">percentage-of-completion</FONT>
    for each project is determined on an actual
    <FONT style="white-space: nowrap">cost-to-estimated</FONT>
    final cost basis. Maintenance revenue is recognized as related
    services are performed. In accordance with industry practice,
    the Company includes in current assets and liabilities the
    amounts of receivables related to construction projects
    realizable and payable over a period in excess of one year. The
    Company recognizes
</DIV>
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    <BR>
    F-12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    revenue associated with contract change orders only when the
    authorization for the change order has been properly executed
    and the work has been performed and accepted by the customer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the estimate on a contract indicates a loss, or claims
    against costs incurred reduce the likelihood of recoverability
    of such costs, the Company records the entire expected loss
    immediately, regardless of the percentage of completion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Billings in excess of costs and estimated earnings represents
    advanced billings on certain construction contracts. Costs and
    estimated earnings in excess of billings under customer
    contracts represent certain amounts that were earned and
    billable but not invoiced at December&#160;31, 2008 and 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company sells certain products and services in bundled
    arrangements, where multiple products
    <FONT style="white-space: nowrap">and/or</FONT>
    services are involved. The Company divides bundled arrangements
    into separate deliverables and revenue is allocated to each
    deliverable based on the relative fair value of all elements.
    The fair value is determined based on the price of the
    deliverable sold on a stand-alone basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company recognizes revenue from the sale and delivery of
    products, including the output from renewable energy plants,
    when produced and delivered to the customer, in accordance with
    specific contract terms, provided that persuasive evidence of an
    arrangement exists, the Company&#146;s price to the customer is
    fixed or determinable and collectibility is reasonably assured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company recognizes revenue from O&#038;M contracts and
    consulting services as the related services are performed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a limited number of contracts under which the Company
    receives additional revenue based on a share of energy savings,
    such additional revenue is recognized as energy savings are
    generated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Direct
    Expenses</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Direct expenses include the cost of labor, materials, equipment,
    subcontracting and outside engineering that are required for the
    development and installation of our projects, as well as
    preconstruction costs, sales incentives, associated travel,
    inventory obsolescence charges, and, if applicable, costs of
    procuring financing. A majority of our contracts have fixed
    price terms; however, in some cases the Company negotiates
    protections, such as a cost-plus structure, to mitigate the risk
    of rising prices for materials, services and equipment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Direct expenses also include the costs of maintaining and
    operating the small-scale renewable energy plants that the
    Company owns, including the cost of fuel (if any) and
    depreciation charges.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company provides for income taxes based in the liability
    method. The Company provides for deferred income taxes based on
    the expected future tax consequences of differences between the
    financial statement basis and the tax basis of assets and
    liabilities calculated using the enacted tax rates in effect for
    the year in which the differences are expected to be reflected
    in the tax return.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company accounts for uncertain tax positions using a
    &#147;more-likely-than-not&#148; threshold for recognizing and
    resolving uncertain tax positions. The evaluation of uncertain
    tax positions is based on factors that include, but are not
    limited to, changes in tax law, the measurement of tax positions
    taken or expected to be taken in tax returns, the effective
    settlement of matters subject to audit, new audit activity and
    changes in facts or circumstances related to a tax position. The
    Company evaluates uncertain tax positions on a quarterly basis
    and adjusts the level of the liability to reflect any subsequent
    changes in the relevant facts surrounding the uncertain
    positions. The Company&#146;s liabilities for uncertain tax
    positions can be relieved only if the contingency becomes
    legally extinguished through either payment to the taxing
    authority or the expiration of
</DIV>
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    <BR>
    F-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the statute of limitations, the recognition of the benefits
    associated with the position meet the
    &#147;more-likely-than-not&#148; threshold or the liability
    becomes effectively settled through the examination process. The
    Company considers matters to be effectively settled once the
    taxing authority has completed all of its required or expected
    examination procedures, including all appeals and administrative
    reviews; the Company has no plans to appeal or litigate any
    aspect of the tax position; and the Company believes that it is
    highly unlikely that the taxing authority would examine or
    re-examine the related tax position. The Company also accrues
    for potential interest and penalties, related to unrecognized
    tax benefits in income tax expense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Translation</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The local currency of the Company&#146;s foreign operations is
    considered the functional currency of such operations. All
    assets and liabilities of the Company&#146;s foreign operations
    are translated into U.S.&#160;dollars at year-end exchange
    rates. Income and expense items are translated at average
    exchange rates prevailing during the year. Translation
    adjustments are accumulated as a separate component of
    stockholders&#146; equity. Foreign currency translation gains
    and losses are reported on the consolidated statements of income
    and comprehensive income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Financial
    Instruments</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Financial instruments consist of cash and cash equivalents,
    restricted cash, accounts receivable, long-term contract
    receivables, accounts payable, long-term debt and interest rate
    swaps. The estimated fair value of cash and cash equivalents,
    restricted cash, accounts receivable, long-term contract
    receivables and accounts payable approximates their carrying
    value. See below for fair value measurements of long-term debt.
    See Note&#160;17 for fair value of interest rate swaps.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation Expense</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock-based compensation expense results from the issuances of
    shares of restricted common stock and grants of stock options
    and warrants to employees, directors, outside consultants and
    others. The Company recognizes the costs associated with
    restricted stock, option and warrant grants using the fair value
    recognition provisions of ASC 718, Compensation&#160;&#151;
    Stock Compensation (formerly SFAS&#160;No.&#160;123(R),
    Share-Based Payment) on a straight-line basis over the vesting
    period of the awards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock-based compensation expense is recognized based on the
    grant-date fair value. The Company estimates the fair value of
    the stock-based awards, including stock options, using the
    Black-Scholes option-pricing model. Determining the fair value
    of stock-based awards requires the use of highly subjective
    assumptions, including the fair value of our common stock
    underlying the award, the expected term of the award and
    expected stock price volatility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assumptions used in determining the fair value of
    stock-based awards represent management&#146;s estimates, which
    involve inherent uncertainties and the application of management
    judgment. As a result, if factors change, and different
    assumptions are employed, the stock-based compensation could be
    materially different in the future. The risk-free interest rates
    are based on the U.S. Treasury yield curve in effect at the time
    of grant, with maturities approximating the expected life of the
    stock options. The Company has no history of paying dividends.
    Additionally, as of each of the grant dates, there was no
    expectation to pay dividends over expected life of the options.
    The expected life of the awards is estimated using historical
    data and management&#146;s expectations. Because there was no
    public market for the Company&#146;s common stock prior to this
    offering, management lacked company-specific historical and
    implied volatility information. Therefore, estimates of expected
    stock volatility were based on that of publicly-traded peer
    companies, and it is expected that the Company will continue to
    use this methodology until such time as there is adequate
    historical data regarding the volatility of the Company&#146;s
    publicly-traded stock price.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is required to recognize compensation expense for
    only the portion of options that are expected to vest. Actual
    historical forfeiture rate of options is based on employee
    terminations and the number of shares forfeited. These data and
    other qualitative factors are considered by the Company in
    determining to use a 25% forfeiture rate in recognizing stock
    compensation expense. If the actual forfeiture rate varies from
    historical rates and estimates, additional adjustments to
    compensation expense may be required in future periods. If there
    are any modifications or cancellations of the underlying
    unvested securities or the terms of the stock option, it may be
    necessary to accelerate, increase or cancel any remaining
    unamortized stock-based compensation expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company also accounts for equity instruments issued to
    non-employee directors and consultants at fair value. All
    transactions in which goods or services are the consideration
    received for the issuance of equity instruments are accounted
    for based on the fair value of the consideration received or the
    fair value of the equity instrument issued, whichever is more
    reliably measurable. The measurement date of the fair value of
    the equity instrument issued is the date on which the
    counterparty&#146;s performance is complete. No awards to
    individuals who were not either an employee or director of the
    Company occurred during the years ended December&#160;31, 2007,
    2008 and 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Fair
    Value Measurements</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;1, 2007, the Company adopted the guidance for
    fair value measurements. The guidance defines fair value,
    establishes a framework for measuring fair value in accordance
    with generally accepted accounting principles and expands
    disclosures about fair value measurements. In addition, in 2009,
    the Company adopted fair value measurements for all of its
    non-financial assets and non-financial liabilities, except for
    those recognized at fair value in the financial statements at
    least annually. These assets include goodwill and long-lived
    assets measured at fair value for impairment assessments, and
    non-financial assets and liabilities initially measured at fair
    value in a business combination. The Company&#146;s adoption of
    this guidance did not have a material impact on its consolidated
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s financial instruments include cash and cash
    equivalents, accounts and notes receivable, interest rate swaps,
    accounts payable, accrued expenses, equity-based liabilities and
    short-and long-term borrowings. Because of their short maturity,
    the carrying amounts of cash and cash equivalents, accounts and
    notes receivable, accounts payable, accrued expenses and
    short-term borrowings approximate fair value. The carrying value
    of long-term variable-rate debt approximates fair value. The
    carrying value of the Company&#146;s fixed-rate long-term debt
    exceeds its fair value by approximately $741,000. This is based
    on quoted market prices or on rates available to the Company for
    debt with similar terms and maturities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company accounts for its interest rate swaps as derivative
    financial instruments in accordance with the related guidance.
    Under this guidance, derivatives are carried on the consolidated
    balance sheets at fair value. The fair value of the
    Company&#146;s interest rate swaps are determined based on
    observable market data in combination with expected cash flows
    for each instrument.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Derivative
    Financial Instruments</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective January&#160;1, 2009, the Company adopted new guidance
    which expands the disclosure requirements for derivative
    instruments and hedging activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, the Company utilizes
    derivatives contracts as part of its risk management strategy to
    manage exposure to market fluctuations in interest rates. These
    instruments are subject to various credit and market risks.
    Controls and monitoring procedures for these instruments have
    been established and are routinely reevaluated. Credit risk
    represents the potential loss that may occur because a party to
    a transaction fails to perform according to the terms of the
    contract. The measure of credit exposure is the replacement cost
    of contracts with a positive fair value. The Company seeks to
    manage credit risk by
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    entering into financial instrument transactions only through
    counterparties that the Company believes to be creditworthy.
    Market risk represents the potential loss due to the decrease in
    the value of a financial instrument caused primarily by changes
    in interest rates. The Company seeks to manage market risk by
    establishing and monitoring limits on the types and degree of
    risk that may be undertaken. As a matter of policy, the Company
    does not use derivatives for speculative purposes. The Company
    considers the use of derivatives with all financing transactions
    to mitigate risk.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2009, the Company purchased an interest rate cap from a
    major bank to mitigate effects of rising interest rates on a
    fixed rate customer contract for $2.2&#160;million. The Company
    terminated the agreement in 2009 and realized a gain of
    $2.5&#160;million. The Company did not designate this derivative
    as a cash flow hedge; therefore hedge accounting was not applied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A portion of the Company&#146;s project financing includes two
    projects that utilize an interest rate swap instrument. During
    2007, the Company entered into two fifteen-year interest rate
    swap contracts under which the Company agreed to pay an amount
    equal to a specified fixed rate of interest times a notional
    principal amount, and to in turn receive an amount equal to a
    specified variable rate of interest times the same notional
    principal amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company did not apply hedge accounting based upon the
    criteria established by the related guidance as the Company did
    not designate its derivatives as cash flow hedges. The Company
    recognizes all derivatives in the consolidated balance sheets
    and statements of income and comprehensive income at fair value.
    Cash flows from derivative instruments are reported as operating
    activities on the consolidated statements of cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the Company&#146;s interest rate swaps, the
    Company recorded the unrealized gain (loss) in earnings in 2007,
    2008 and 2009, of approximately $(1,365,813), $(2,831,524) and
    $2,263,802, respectively, as other (expense) income in the
    consolidated statements of income and comprehensive income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See Notes&#160;16, 17 and 18 for additional information on the
    Company&#146;s derivative instruments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Earnings
    Per Share</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Basic earnings per share is calculated using the Company&#146;s
    weighted-average outstanding common shares, including vested
    restricted shares. When the effects are not anti-dilutive,
    diluted earnings per share is calculated using the
    weighted-average outstanding common shares and the dilutive
    effect of preferred stock, warrants and stock options as
    determined under the treasury stock method.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic and diluted net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,545,415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,273,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,907,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic weighted-average shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,560,511
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,339,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,995,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effect of dilutive securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,630,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,630,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,630,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,505,668
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,820,226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,338,233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Diluted weighted-average shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,698,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,789,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,964,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, the FASB issued an accounting pronouncement
    establishing the ASC as the source of authoritative accounting
    principles recognized by the FASB to be applied by
    nongovernmental entities. This
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pronouncement was effective for financial statements issued for
    interim and annual periods ending after September&#160;15, 2009,
    for most entities. On the effective date, all non-SEC accounting
    and reporting standards were superseded. The Company adopted
    this new accounting pronouncement during 2009, and it did not
    have a material impact on the Company&#146;s consolidated
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2009, the FASB issued guidance on subsequent events,
    which sets forth general standards of accounting for and
    disclosure of events that occur after the balance sheet date but
    before financial statements are issued or are available to be
    issued. The Company adopted the guidance during 2009, and it did
    not have a material impact on the Company&#146;s consolidated
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January 2010, the FASB issued guidance on improving
    disclosures about fair value measurements. This guidance has new
    requirements for disclosures related to recurring or
    nonrecurring fair-value measurements including significant
    transfers into and out of Level&#160;1 and Level&#160;2
    fair-value measurements and information on purchases, sales,
    issuances and settlements in a rollforward reconciliation of
    Level&#160;3 fair-value measurements. This guidance is effective
    for the first reporting period beginning after December&#160;15,
    2009, and, as a result, it was effective for the Company
    beginning January&#160;1, 2010. The Level&#160;3 reconciliation
    disclosures are effective for fiscal years beginning after
    December&#160;15, 2010, which will be effective for the Company
    for the year ending December&#160;31, 2011. The Company does not
    expect its adoption of the guidance to have a material impact on
    its consolidated financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2009, the FASB issued guidance related to revenue
    arrangements with multiple deliverables as codified in
    ASC&#160;605, Revenue Recognition (&#147;ASC&#160;605&#148;).
    ASC&#160;605 provides greater ability to separate and allocate
    arrangement consideration in a multiple element revenue
    arrangement. In addition, ASC&#160;605 requires the use of
    estimated selling price to allocate arrangement considerations,
    therefore eliminating the use of the residual method of
    accounting. ASC&#160;605 will be effective for fiscal years
    beginning after June&#160;15, 2010 and may be applied
    retrospectively or prospectively for new or materially modified
    arrangements. Earlier application is permitted. The Company does
    not expect its adoption of this guidance will have a material
    effect on its consolidated financial statements.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">BUSINESS
    ACQUISITIONS AND RELATED TRANSACTIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;2, 2007, the Company entered into a stock purchase
    agreement to expand its product lines and operations. The
    Company paid $11.5&#160;million in cash to acquire the stock of
    Southwestern Photovoltaic, Inc., $10.8&#160;million, net of cash
    received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September 18, 2009, the Company entered into a share purchase
    agreement with Byrne Engineering, Inc (&#147;Byrne&#148;). The
    Company made an initial cash payment of $674,110 to acquire the
    stock of Byrne. The agreement also provides for an earn out
    which is estimated to be $1,222,340. The total fair value of the
    consideration is $1,896,450.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 2007 acquisition was accounted for using the purchase method
    of accounting. The 2009 acquisition was accounted for using the
    acquisition method in accordance with ASC-805&#160;&#151;
    Business Combinations. The purchase price has been allocated to
    the assets based on their estimated fair values at the date of
    acquisition. The excess purchase price over the estimated fair
    value of the net assets acquired has been recorded as goodwill.
    In each acquisition, identified intangible assets had de minimis
    value as the Company was primarily acquiring an assembled
    workforce in addition to the tangible net assets identified
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    692,007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,419,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,575,968
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,645,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,492,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,440,437
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (345,181
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accrued liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (422,839
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,222,340
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (382,553
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (208,529
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Purchase price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,472,474
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    674,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total, net of cash received
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,780,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    674,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total fair value of consideration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,472,474
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,896,450
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The allocation of the purchase price for the 2007 acquisition is
    final and is based on management&#146;s best estimates. During
    2008, no acquisitions or related transactions occurred. The
    settlement of the pre-existing litigation and contractual
    disputes that existed at the 2009 acquisition date may vary from
    estimates in the purchase price allocation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The results of the acquired companies since the date of the
    acquisitions have been included in the Company&#146;s operations
    as presented in the accompanying consolidated statements of
    income and comprehensive income and consolidated statements of
    cash flows. Pro forma financial information has not been
    presented as the acquisitions are not material. The revenue and
    pre-tax loss of Byrne in 2009 was $1,176,953 and $97,138,
    respectively, following the acquisition date.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">PROPERTY
    AND EQUIPMENT</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Property and equipment consisted of the following at
    December&#160;31, 2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Furniture and office equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,211,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,271,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Computer equipment and software costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,903,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,453,230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    823,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,311,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Automobiles
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    424,088
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    505,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,362,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,541,453
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less&#160;&#151; accumulated depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,649,627
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,168,197
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,713,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,373,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Depreciation expense on property and equipment for the years
    ended December&#160;31, 2007, 2008 and 2009 was approximately
    $1,056,197, $1,064,859 and $1,372,885, respectively, and is
    included in general, administrative and other expenses in the
    accompanying consolidated statements of income and comprehensive
    income.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    F-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">PROJECT
    ASSETS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Project assets consisted of the following at December&#160;31,
    2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Project assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    117,935,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    137,957,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less&#160;&#151; accumulated depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,881,913
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,319,889
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Project assets, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    103,053,353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    117,637,990
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, the Company received $12,864,644 in grant awards from
    the U.S. Treasury Department (the &#147;Treasury&#148;) as part
    of the 2009 American Recovery and Reinvestment Act (the Act).
    The Act authorizes the Treasury to make payments to eligible
    persons who place in service qualifying renewable energy
    projects. The grants are paid in lieu of investment tax credits.
    All of the proceeds from the grants were used and recorded as a
    reduction in the cost basis of the applicable project assets. If
    the Company disposes of the property, or the property ceases to
    qualify as a specified energy property, within five years from
    the date the property is placed in service, then a prorated
    portion of the Section&#160;1603 payment must be repaid. For tax
    purposes, the Section&#160;1603 payments are not included in
    federal and certain state taxable income and the basis of the
    property is reduced by 50% of the payment received. Deferred
    grant income of $4,158,508 in the accompanying consolidated
    balance sheets at December&#160;31, 2009, represents the benefit
    of the basis difference to be amortized to income tax expense
    over the life of the related property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Depreciation and amortization expense on the above project
    assets for the years ended December&#160;31, 2007, 2008 and 2009
    was approximately $2,845,131, $2,713,407 and $5,260,821,
    respectively, and is included in direct expenses in the
    accompanying consolidated statements of income.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">UNCOMPLETED
    CONTRACTS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Costs, estimated earnings and related billings on uncompleted
    contracts at December&#160;31, 2008 and 2009, respectively, are
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost incurred to date
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    510,818,791
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    822,280,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96,436,131
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    161,849,274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    607,254,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    984,129,896
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less&#160;&#151; billings to date
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (618,359,542
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (998,287,184
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11,104,620
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (14,157,288
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Included in the accompanying consolidated balance sheets are the
    following at December&#160;31, 2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Costs and estimated earnings in excess of billings on
    uncompleted contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,755,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,009,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Billings in excess of costs and estimated earnings on
    uncompleted contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,860,311
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28,166,364
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11,104,620
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (14,157,288
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">LONG-TERM
    DEBT</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Long-term debt at December&#160;31, 2008 and 2009 consisted of
    the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Federal ESPC receivable financing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29,234,584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,411,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revolving senior secured credit facility, due June 2011,
    interest at varying rates monthly in arrears
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,493,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,915,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    7.299% term note payable in quarterly installments through March
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,132,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,115,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6.90% term loan payable in quarterly installments through
    September 2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,248,569
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,415,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    8.673% term loan payable in quarterly installments through
    December 2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,035,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,220,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6.345% term loan payable in quarterly installments through
    February 2021
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,039,683
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,901,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6.345% term loan payable in quarterly installments through June
    2024
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,939,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,866,491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Variable rate construction to term loan due September 2024
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,055,230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96,123,220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    110,900,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less&#160;&#151; current maturities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,142,757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,093,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90,980,463
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,807,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Aggregate maturities of long-term debt are as follows for the
    years ended December 31,:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,093,016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,754,963
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,023,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,360,278
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,685,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,983,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110,900,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Federal
    ESPC Receivable Financing</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Represents construction draws received during the construction
    or installation of certain energy savings equipment or
    facilities in association with agreements to sell long-term
    receivables arising from ESPCs related to said equipment and
    facilities. These financings are with financial institutions and
    carry discount rates that vary by project ranging from 6.5% to
    8.9%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Revolving
    Senior Secured Credit Facilities</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;10, 2008, the Company entered into a credit and
    security agreement with a bank, consisting of a $50,000,000
    revolving facility. The agreement requires the Company to pay
    monthly interest at various rates in arrears, based on the
    amount outstanding. At December 31, 2009, the weighted-average
    interest rate was 3.34%. This facility has a maturity date of
    June&#160;30, 2011. At December&#160;31, 2008 and 2009,
    $34,493,460 and $19,915,218, respectively, was outstanding under
    the facility. The agreement contains various restrictive
    covenants and is secured by a lien on all of the assets of the
    Company other than renewable energy projects that the Company
    owns and that are financed by others.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;29, 2004, the Company entered into a credit and
    security agreement with a bank, consisting of a $10,000,000 term
    loan and a $15,000,000 revolving facility. The agreement
    required the Company to pay interest at various rates in
    arrears, based on the amounts outstanding. The term loan was
    payable in quarterly principal installments of $625,000,
    beginning in March 2005 and continuing through June&#160;10,
    2008, the amended maturity date of the term loan. The term loan
    and revolving facility matured and was paid in full on
    June&#160;10, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2007, the term loan had a balance of
    $2,500,000, and $0 was outstanding under the revolving loan. The
    agreement contained various restrictive covenants and was
    secured by a lien on all of the assets of the Company other than
    renewable energy projects that the Company owns and that are
    financed by others.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">7.299%
    Term Loan</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has a term loan with a bank with an original
    principal amount of $10,000,000. The notes evidencing the loan
    bear interest at a rate of 7.299%. The principal payments are
    due in semi-annual installments ranging from $404,000 to
    $638,500, plus interest, with remaining principal balances and
    unpaid interest due March&#160;31, 2013. In the event a payment
    is defaulted on, the payee has the option to accelerate payment
    terms and make due the remaining principal and accrued interest
    balance. As of December&#160;31, 2008 and 2009, $5,132,000 and
    $4,115,000, respectively, was outstanding under the term loan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">6.90%
    Term Loan</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has a construction and term loan with a bank with an
    original principal amount of $9,500,000. The notes evidencing
    the loan bear interest at a rate of 6.90%. The principal
    payments are due in semi-annual installments ranging from
    $306,000 to $698,000, plus interest, with remaining principal
    balances and unpaid interest due September&#160;30, 2014. In the
    event a payment is defaulted on, the payee has the option to
    accelerate payment terms and make due the remaining principal
    and accrued interest balance. As of December&#160;31, 2009, the
    Company was in default of one of its covenants, as the
    offtaker/counterparty of one of the underlying LFG facilities
    was working through Chapter&#160;11 bankruptcy. The Company is
    currently working with the bank to renegotiate the facility.
    Renegotiations are ongoing and expected to be completed during
    the second quarter of 2010. The debt is recourse to the
    subsidiary only and there are no cross-default provisions. The
    Company has classified the entire debt as current on the
    accompanying consolidated balance sheets as of December&#160;31,
    2009. As of December&#160;31, 2008 and 2009, $6,248,569 and
    $5,415,426, respectively, was outstanding under the term loan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">8.673%
    Term Loan</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has a construction and term loan agreement with a
    finance company with a total commitment amount of $7,250,000.
    The notes evidencing the construction portion of the loan bear
    interest at a variable rate based on LIBOR. In February 2007,
    the Company converted the construction loan into a term loan in
    accordance with the loan agreement. The original balance of the
    term loan was equal to the commitment amount and bears interest
    at a fixed rate of 8.673%. The principal payments are due in
    quarterly installments ranging from $96,000 to $217,500, plus
    interest, with remaining principal balances and unpaid interest
    due December&#160;31, 2015.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2008 and 2009, $6,035,625 and
    $5,220,000, respectively, was outstanding under the term loan.
    In the event a payment is defaulted on, the payee has the option
    to accelerate payment terms and make due the remaining principal
    and accrued interest balance.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Variable-Rate
    Construction and 6.345% Term Loans</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;30, 2006, the Company entered into a master
    construction and term loan facility with a bank for use in
    providing limited recourse financing for certain of its LFG to
    energy projects. The total loan commitment is $17,156,395, and
    is comprised initially of two tranches, but structured for the
    addition of subsequent projects that meet lender credit
    requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first loan has an original balance of $3,239,734, and bears
    an interest rate of 6.345%. The principal payments are due in
    semi-annual installments ranging from $32,000 to $275,000, plus
    interest, with the remaining principal and unpaid interest due
    February&#160;26, 2021.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The second loan was originated on September&#160;28, 2007.
    During 2007 and 2008, the Company made draws as construction
    loans under the facility totaling $11,939,299, the amount
    outstanding at December&#160;31, 2008. During 2009, the Company
    drew additional amounts totaling $1,141,308. The Company
    converted the construction loans into term loans in August 2009
    for a total term loan balance of $13,080,607. The loan bears
    interest at a variable rate and matures on June&#160;30, 2024.
    As of December&#160;31, 2008 and 2009, $14,978,982 and
    $15,768,336, respectively, was collectively outstanding under
    this facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event a payment is defaulted on, the payee has the option
    to accelerate payment terms and make due the remaining principal
    and accrued interest balance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Variable-Rate
    Construction and Term Loan</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In February 2009, the Company entered into a construction and
    term loan financing agreement with a bank for use in providing
    limited resource financing for certain of its landfill gas to
    energy projects. The total loan commitment under the agreement
    is $37,905,983, and bears interest at a variable rate. The rate
    at December&#160;31, 2009 was 3.74%. As of December&#160;31,
    2009, $27,055,869 in construction loans was outstanding under
    the agreement. See Note&#160;19.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><U><FONT style="font-family: 'Times New Roman', Times">Other</FONT></U></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;31, 2007, in a refinancing and securitization
    transaction, the Company sold certain long-term receivables,
    contract rights and refinanced certain project finance debt
    acquired and assumed during the Company&#146;s 2006 acquisition.
    The investors and securitization trusts have no recourse to the
    Company for failure of the debtors to pay when due. The Company
    recognized a gain of approximately $2.3&#160;million on this
    transaction, which is included in energy efficiency revenue on
    the accompanying consolidated statements of income and
    comprehensive income in 2007.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBORDINATED
    DEBT</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the organization of the Company, on
    May&#160;17, 2000, the Board of Directors authorized the Company
    to issue a subordinated note to the Company&#146;s principal and
    controlling shareholder in the amount of $2,998,750. The
    subordinated note bears interest at the rate of 10.00% per
    annum, payable monthly in arrears, and is subordinated to the
    Company&#146;s senior secured credit facility. The subordinated
    note is payable upon demand, subject to the subordination
    agreement described below. The Company incurred interest related
    to the subordinated note during the years ended
    December&#160;31, 2007, 2008 and 2009, of $300,000, $300,000 and
    $300,000, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In conjunction with the Company entering into the senior secured
    credit facility (see Note&#160;7), the holder of the
    subordinated note entered into an Intercreditor Subordination
    Agreement. Under the agreement, the subordinated lender agreed
    that the payment of principal, interest and all other charges
    with respect to the subordinated note is expressly subordinated
    in right of payment to the prior payment and satisfaction in
    full of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the revolving senior secured credit facility. The intercreditor
    subordination agreement allows for the payment of interest on
    the subordinated note provided the Company is in compliance with
    all other covenants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, the Company did not have any
    intention to make principal payments on the subordinated note
    and thus the subordinated note has been classified as long-term
    in the accompanying consolidated balance sheets.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">INCOME
    TAXES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The components of domestic and foreign income before income
    taxes as of December&#160;31, 2007, 2008 and 2009 are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Domestic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,194,751
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,333,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,702,229
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,064,254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,154,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,154,533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,259,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,488,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,856,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The income tax provision for the years ended December&#160;31,
    2007, 2008 and 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,214,147
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (565,975
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,415,107
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,522,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,862,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    548,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,607,629
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,990,048
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,146,311
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,344,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,286,727
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,279,450
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,483,856
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,517,257
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,095,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,146,924
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,029,898
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    587,252
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,475,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,012,089
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,630,780
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,071,600
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,670,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,713,590
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,215,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,949,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s deferred income tax assets and liabilities
    result primarily from temporary differences between financial
    reporting and tax recognition of depreciation, reserves, and
    certain accrued liabilities. Deferred income tax assets and
    liabilities at December&#160;31, 2008 and 2009 consist of the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred income tax assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Compensation accruals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,745,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,852,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Reserves
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    431,672
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,940,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other accruals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,058,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net operating losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    877,518
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,270
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State items
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    264,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    444,523
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest rate swaps
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,690,268
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    801,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Credits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    786,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross deferred income tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,540,208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,279,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred income tax liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,430,097
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,645,315
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Contract refinancing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,749,313
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,147,505
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Canada
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,981,314
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (338,435
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Acquisition accounting
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (770,390
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross deferred income tax liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,160,724
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,901,645
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred income tax assets and liabilities, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,620,516
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,622,172
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provision for income taxes is based on the various rates set
    by federal and local authorities and are affected by permanent
    and temporary differences between financial accounting and tax
    reporting requirements. The following is a reconciliation of the
    effective tax rates for 2007, 2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income before income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,259,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,488,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26,856,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Federal statutory tax expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,690,652
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,820,879
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,399,917
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    State income taxes, net of federal benefit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    748,190
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    595,632
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,259,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net state impact of deferred rate change
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (141,358
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (997,011
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Meals and entertainment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,068
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88,798
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,621
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177,972
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    459,439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Energy efficiency preferences
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,212,142
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,965,383
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,973,669
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Foreign items and rate differential
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,359,105
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (413,467
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other state benefits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (309,752
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435,640
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,713,590
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,215,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,949,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effective tax rate:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal statutory rate expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State income taxes, net of federal benefit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net state impact of deferred rate change
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (.7
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.7
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Meals and entertainment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stock compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Energy efficiency preferences
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.5
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (40.9
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.1
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign rate differential
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.5
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other state benefits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.2
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company adopted ASC
    <FONT style="white-space: nowrap">740-10&#160;&#151;</FONT>
    Uncertain Tax Positions as of January&#160;1, 2007, as required.
    As a result, the Company recorded a cumulative effect related to
    adopting ASC
    <FONT style="white-space: nowrap">740-10</FONT>
    through retained earnings of approximately $270,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company had a gross unrecognized tax benefit of $4,500,000
    and $4,400,000 at December&#160;31, 2008 and 2009, respectively.
    The Company also had accrued interest and penalties of
    approximately $800,000 and $1,100,000 for years ended
    December&#160;31, 2008 and 2009, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A reconciliation of the beginning and ending balances of the
    total amounts of gross unrecognized tax benefits for the years
    ended December&#160;31, 2008 and 2009 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additions for prior year tax positions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Settlements paid to tax authorities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reductions of prior year tax positions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (300,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (200,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, end of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,400,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, the Company had net operating loss
    carryforwards of $2.1&#160;million, which will expire from 2011
    through 2029.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tax years 2006 through 2009 remain open to examination by
    major taxing jurisdictions. The Company accounts for interest
    and penalties related to uncertain tax positions as part of its
    provision for federal and state income taxes.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">STOCKHOLDERS&#146;
    EQUITY</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has authorized 30,000,000&#160;shares of common
    stock, par value $0.0001 per share (&#147;Common Stock&#148;),
    as of December&#160;31, 2009. Each share of Common Stock
    entitles the holder to one vote on all matters submitted to a
    vote of the Company&#146;s stockholders. Holders of Common Stock
    are entitled to receive dividends, if any, as declared by the
    Company&#146;s board of directors, subject to any preferential
    dividend rights of the Preferred Stock (&#147;Preferred
    Stock&#148;).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    F-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company issued 3,220,000&#160;shares of Series&#160;A
    Preferred Stock (the &#147;Series&#160;A Preferred Stock&#148;)
    during the period from inception (April&#160;25, 2000)&#160;to
    December&#160;31, 2000. The Series&#160;A Preferred Stock was
    issued to several officers of the Company as well as a related
    party at a price of $1.00 per share. Each share of Series&#160;A
    Preferred Stock is convertible, at the option of the holder, at
    any time and from time to time and without the payment of
    additional consideration by the holder, into three fully paid
    and nonassessable shares of Common Stock. On any matter
    presented to the stockholders of the Company, each holder of
    outstanding shares of Series&#160;A Preferred Stock is entitled
    to the number of votes equal to the number of whole shares of
    Common Stock into which the Series&#160;A Preferred Stock are
    convertible. The Company had authorized 3,500,000 shares of
    Series&#160;A Preferred Stock, par value $0.0001 per share, as
    of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is not permitted to declare or pay any cash
    dividends on shares of Common Stock until the holders of shares
    of Series&#160;A Preferred Stock have first received a cash
    dividend on each outstanding share of Preferred Stock in an
    amount at least equal to the product of the per share amount and
    the whole number of common shares into which such shares of
    Series&#160;A Preferred Stock are then convertible.
    Additionally, all Series&#160;A Preferred Stock holders receive
    preferential treatment in the event of the liquidation or
    dissolution of the Company. During the year ended
    December&#160;31, 2002, 10,000&#160;shares of Series&#160;A
    Preferred Stock were converted into 30,000&#160;shares of Common
    Stock and repurchased by the Company. These shares have been
    recorded, at cost, as treasury stock in the accompanying
    consolidated statements of stockholders&#146; equity. Dividends
    were not declared in 2007, 2008 or 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Warrants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of a previous debt agreement, the Company issued fully
    vested warrants to acquire 1,000,000 and 800,000&#160;shares of
    common stock in 2001 and 2002, respectively. The warrants have
    an exercise price of $0.01 and $0.60, respectively. The warrants
    may be exercised upon cash payment determined by multiplying the
    number of shares exercised by the warrant price. The warrants
    are entitled to receive a proportionate share of any
    distributions made to holders of the Common Stock. The warrants
    will expire on June&#160;29, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008, the Company repurchased a selected number of
    warrants at an estimated average market value of $5.01 per
    share. There were a total of 1,597,357 warrants repurchased at a
    total net price of $7,998,001. This transaction is recorded in
    additional paid-in capital in the accompanying consolidated
    balance sheets for 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Share
    Repurchases</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;27, 2007, the Company repurchased a selected
    number of shares of Common Stock from certain employees at $6.82
    per share. There were 367,025&#160;shares repurchased at a total
    net price of $2,521,245.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008, through three separate transactions, the Company
    repurchased 666,667&#160;shares of Common Stock from certain
    employees and stockholders at $6.63 per share, or a total net
    price of $4,914,169. The repurchased shares are recorded as
    treasury stock in the accompanying consolidated balance sheets
    for 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2009, the Company repurchased 72,250 shares of Common
    Stock from an employee at $12.11 per share, or a total net price
    of $874,948. The repurchased shares are recorded as treasury
    stock in the accompanying consolidated balance sheets for 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">STOCK
    INCENTIVE PLAN</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;27, 2000, the Company&#146;s Board of Directors
    approved the Company&#146;s 2000 Stock Incentive Plan (the
    &#147;Plan&#148;) and authorized the Company to reserve
    6,000,000&#160;shares of common stock for issuance under the
    Plan. On August&#160;7, 2001 and April&#160;25, 2002, the
    Company&#146;s Board of Directors authorized the Company to
    reserve an additional 2,000,000&#160;shares of common stock for
    issuance under the Plan, bringing the total number of shares of
    common stock reserved under the Plan to 8,000,000. On
    June&#160;1, 2003 and October&#160;25, 2006, the Company&#146;s
    Board of Directors authorized the Company to reserve an
    additional 2,250,000&#160;shares of common stock for issuance
    under the Plan, bringing the total number of shares of common
    stock reserved under the Plan to 10,250,000. The Plan provides
    for the issuance of restricted stock grants, incentive stock
    options and nonqualified stock options. On July&#160;22, 2009,
    the Company&#146;s Board of Directors authorized the Company to
    reserve an additional 4,000,000&#160;shares of common stock for
    issuance under the Plan, bringing the total number of shares of
    common stock reserved under the Plan to 14,250,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Grants
    of Restricted Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;25, 2006, the Company issued
    1,000,000&#160;shares of restricted stock to the Company&#146;s
    principal and controlling shareholder under the 2000 Stock
    Incentive Plan as consideration for providing an indemnification
    to the Company&#146;s surety provider (see Note 15). The shares
    vested entirely upon the date three years from the date of
    grant. The stock was issued when the fair value was estimated to
    be $6.82 per share. The Company recorded an expense of
    $2,273,333, $2,273,333 and $1,856,036 in 2007, 2008 and 2009,
    respectively, related to this award. On October&#160;25, 2009,
    these shares vested. The Company recorded excess tax benefits of
    $2,077,128 related to the vesting of these shares in the
    accompanying consolidated statements of changes in
    stockholders&#146; equity in 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Grants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has also granted stock options to certain employees
    and directors under the Plan. At December&#160;31, 2009,
    4,222,800&#160;shares were available for grant under the Plan.
    The following table summarizes the activity under the Plan:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,006,650
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    703,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (76,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.97
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (112,900
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5.88
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,521,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    151,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.80
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (291,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5.89
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,367,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    431,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (869,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (204,650
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.04
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,725,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options exercisable at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,516,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected to vest at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    940,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options exercisable at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,214,153
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The weighted-average remaining contractual life of options
    expected to vest at December&#160;31, 2009 was 5.01 years. The
    total intrinsic value of options exercised during the years
    ended December&#160;31, 2008 and 2009 was $500,390 and
    $18,213,570, respectively.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes information about stock options
    outstanding at December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Outstanding Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercisable Options</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Contractual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exercise Prices</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Outstanding</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Life</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    $0.0167
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.0167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.0167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;0.90
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    203,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    203,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;1.50
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;1.75
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    883,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    883,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;3.00
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;3.50
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;3.75
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;5.50
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    755,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    755,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;6.00
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;6.50
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    693,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    516,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;6.82
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    541,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;8.44
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    485,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    204,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    12.11
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    538,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,725,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,516,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cash received from option exercise under all stock-based payment
    arrangements for the years ended December&#160;31, 2008 and 2009
    was $67,250 and $874,760, respectively. Total shares exercised
    during 2008 included cashless exercises. No actual tax benefit
    was realized from option exercises during these periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the plan, all options expire if not exercised
    within ten years after the grant date. The options generally
    vest over five years at a rate of 20% after the first year, and
    at a rate of five percent every three months beginning one year
    after the grant date. If the employee ceases to be employed by
    the Company for any reason before vested options have been
    exercised, the employee has 90&#160;days to exercise vested
    options or they are forfeited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company uses the Black-Scholes option pricing model to
    determine the weighted-average fair value of options granted.
    The Company will recognize the compensation cost of stock-based
    awards on a straight-line basis over the vesting period of the
    award.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The determination of the fair value of stock-based payment
    awards utilizing the Black-Scholes model is affected by the
    stock price and a number of assumptions, including expected
    volatility, expected life, risk-free interest rate and expected
    dividends. The following table sets forth the significant
    assumptions used in the model during 2007, 2008, and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Future dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#151;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk-free interest rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.26-4.84%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.90-5.07%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.00-2.94%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    32%-43%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    48%-54%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    57%-59%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.5&#160;years
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will continue to use judgment in evaluating the
    expected term, volatility and forfeiture rate related to the
    stock-based compensation on a prospective basis, and
    incorporating these factors into the Black-
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Scholes pricing model. Higher volatility and longer expected
    lives result in an increase to stock-based compensation expense
    determined at the date of grant. In addition, any changes in the
    estimated forfeiture rate can have a significant effect on
    reported stock-based compensation expense, as the cumulative
    effect of adjusting the rate for all expense amortization is
    recognized in the period that the forfeiture estimate is
    changed. If a revised forfeiture rate is higher than the
    previously estimated forfeiture rate, an adjustment is made that
    will result in a decrease to the stock-based compensation
    expense recognized in our consolidated financial statements. If
    a revised forfeiture rate is lower than the previously estimated
    rate, an adjustment is made that will result in an increase to
    the stock-based compensation expense recognized in the
    accompanying consolidated financial statements. These expenses
    will affect the direct expenses, salaries and benefits and
    project development costs expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The weighted-average fair value of stock options granted during
    the years ended December&#160;31, 2007, 2008 and 2009, under the
    Black-Scholes option pricing model was $7.53, $10.91 and $15.82,
    respectively per share. For the years ended December&#160;31,
    2007, 2008 and 2009, the Company recorded stock-based
    compensation expense of approximately $376,000, $508,000 and
    $1,312,685, respectively, in connection with stock-based payment
    awards. The compensation expense is allocated between direct
    expenses, salaries and benefits and project development costs on
    the accompanying consolidated statements of income and
    comprehensive income based on the salaries and work assignments
    of the employees holding the options. As of December&#160;31,
    2009, there was approximately $6.8&#160;million of unrecognized
    compensation expense related to non-vested stock option awards
    that is expected to be recognized over a weighted-average period
    of 4.02&#160;years.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">EMPLOYEE
    BENEFITS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has salary reduction/profit sharing plans under the
    provisions of Section&#160;401(k) of the Internal Revenue Code.
    The plans cover all employees who have completed the minimum
    service requirement, as defined by the plans. The plans require
    the Company to contribute 100% of the first six percent of base
    compensation that a participant contributes to the plans.
    Matching contributions made by the Company were approximately
    $1,211,000, $1,495,000 and $2,238,373 for the years ended
    December&#160;31, 2007, 2008 and 2009, respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">COMMITMENTS
    AND CONTINGENCIES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company leases certain administrative offices. The leases
    are long-term noncancelable real estate lease agreements,
    expiring at various dates through fiscal 2017. The agreements
    generally provide for fixed minimum rental payments and the
    payment of utilities, real estate taxes, insurance and repairs.
    Rent and related expenses for the years ended December&#160;31,
    2007, 2008 and 2009 was approximately $2,912,000, $3,442,000 and
    $3,328,646, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s lease obligations under operating leases are
    as follows:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Operating<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Leases</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Years ended December 31,:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,194,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,064,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    753,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    491,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254,148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    762,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total minimum lease payments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,521,117
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the ordinary course of business, the Company may be involved
    in a variety of legal proceedings.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, a lawsuit was filed against the Company. In the
    lawsuit, the plaintiff alleged that the Company caused action
    for damages by soliciting and hiring the plaintiff&#146;s
    employees. The Company and the plaintiff settled the lawsuit by
    the Company paying $1,750,000 to the plaintiff and in exchange
    both parties agreed to dismiss the lawsuit and reciprocally
    release and discharge each other from all claims stated or which
    could have been stated in the action against each other. The
    settlement was not construed as an admission of any wrongdoing,
    but rather was an economic decision to settle and compromise
    disputed claims. The settlement was recorded in 2009 in general,
    administrative and other expenses in the accompanying
    consolidated statements of income and comprehensive income.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the time of the Company&#146;s 2006 acquisition of Select
    Energy Systems, Inc., the U.S.&#160;government was conducting an
    investigation of contracting practices at a site where the
    acquired company had performed energy conservation work. The
    Company negotiated financial concessions from the seller and had
    accrued for this contingency as part of its estimated opening
    balance sheet. Therefore, the Company had recorded
    $5.9&#160;million as the best estimate of costs associated with
    managing and settling this contingency at May&#160;5, 2006.
    During 2008, based on consultations with the customer and with
    legal advisors, the Company concluded that the contingency was
    no longer required. The recovery of $5.9&#160;million was
    recorded for 2008 and is included in general, administrative and
    other expenses in the accompanying consolidated statements of
    income and comprehensive income.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;27, 2009, the Company received notice of a
    default termination from a customer for which the Company was
    performing construction services. The dispute involves the
    customer&#146;s assertion of its understanding of the
    contractual scope of work involved and with the completion date
    of the project. The Company disputes the customer&#146;s
    assertion as it believes that the basis of the default arose
    from a delay due to the discovery of and need for remediation of
    previously undiscovered hazardous materials not identified by
    the customer during contract negotiations. In February 2010, the
    Company filed a motion for summary judgment as to a portion of
    the complaint. In March 2010, the customer filed its response.
    Discovery is currently ongoing and no date has been set for a
    hearing on the Company&#146;s motion.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">GEOGRAPHIC
    INFORMATION</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company attributes revenue to customers based on the
    location of the customer. The composition of the Company&#146;s
    assets as of December&#160;31, 2008 and 2009, and revenues from
    sales to unaffiliated customers for the years ended
    December&#160;31, 2007, 2008 and 2009, between those in the
    United States and those in other locations, is as follows:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    United States
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    251,179,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    322,599,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Canada
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,847,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,945,352
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    292,026,973
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    375,544,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    United States
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    278,074,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    308,559,860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    341,607,504
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Canada
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,403,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,070,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,632,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,223,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,276,240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    378,477,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    395,853,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    428,516,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">RELATED
    PARTY TRANSACTIONS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s principal and controlling shareholder
    provides a limited personal indemnification to the surety
    companies that provide performance and payment bonds and other
    surety products to the Company. In 2006, the Company issued
    1,000,000&#160;shares of restricted stock to the Company&#146;s
    principal and controlling shareholder under the 2000 Stock
    Incentive Plan (see Note&#160;11) as compensation for providing
    the personal indemnification. In 2009, the Company issued
    300,000 stock options to the principal and controlling
    shareholder under the 2000 Stock Incentive Plan as compensation
    for providing the personal indemnification.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    INCOME (EXPENSE), NET</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other income (expense), net, consisted of the following items
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gain realized from derivative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,493,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unrealized (loss) gain from derivatives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,365,813
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,831,524
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,263,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest expense, net of interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,448,667
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,117,567
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,993,250
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amortization of deferred financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (323,587
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (238,454
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (201,622
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,138,067
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (5,187,545
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,562,910
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2009, the Company purchased an interest rate cap from a
    major bank to mitigate effects of rising interest rates on a
    fixed rate customer contract for $2.2&#160;million. The Company
    terminated the agreement in 2009 and realized a gain of
    $2.5&#160;million. The Company did not designate this derivative
    as a cash flow hedge; therefore hedge accounting was not applied.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">17.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FAIR
    VALUE MEASUREMENT</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;1, 2008, the Company adopted new guidance for
    its financial assets and liabilities recognized at fair value on
    a recurring basis (at least annually). The guidance defines fair
    value as the price that would be received for an asset or paid
    to transfer a liability (an exit price) in the principal or most
    advantageous market for the asset or liability in an orderly
    transaction between market participants on the measurement date.
    The guidance also describes three levels of inputs that may be
    used to measure fair value:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Level&#160;1:</I>&#160;&#160;Inputs are based upon unadjusted
    quoted prices for identical instruments traded in active markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Level&#160;2:</I>&#160;&#160;Inputs are based upon quoted
    prices for similar instruments in active markets, quoted prices
    for identical or similar instruments in markets that are not
    active, and model based valuation techniques for which all
    significant assumptions are observable in the market or can be
    corroborated by observable market data for substantially the
    full term of the assets or liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Level&#160;3:</I>&#160;&#160;Inputs are generally
    unobservable and typically reflect management&#146;s estimates
    of assumptions that market participants would use in pricing the
    asset or liability. The fair values are therefore determined
    using model-based techniques that include option pricing models,
    discounted cash flow models, and similar techniques.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents the input level used to determine
    the fair values of the Company&#146;s financial instruments
    measured at fair value on a recurring basis for the years ended
    December&#160;31, 2008 and 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value as of</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest rate swap instruments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,197,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,933,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,197,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,933,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERESCO,
    INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair value of the Company&#146;s interest rate swaps was
    determined using cash flow analysis on the expected cash flow of
    the contract in combination with observable market-based inputs,
    including interest rate curves and implied volatilities. As part
    of this valuation, the Company considered the credit ratings of
    the counterparties to the interest rate swaps to determine if a
    credit risk adjustment was required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is also required periodically to measure certain
    other assets at fair value on a nonrecurring basis, including
    long-lived assets, goodwill and other intangible assets. The
    Company determined the fair value used in the impairment
    analysis with its own discounted cash flow analysis. The Company
    has determined the inputs used in such analysis as Level&#160;3
    inputs. The Company did not record any impairment charges on
    goodwill or other intangible assets as no significant events
    requiring non-financial assets and liabilities to be measured at
    fair value occurred during the years ended December&#160;31,
    2007, 2008 and 2009. The Company did record an impairment charge
    on long-lived assets during 2007 and 2009 (see Note&#160;2).
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">18.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DERIVATIVE
    INSTRUMENTS AND HEDGING ACTIVITIES</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2008 and 2009, the following table
    presents information about the fair value amounts of the
    Company&#146;s derivative instruments:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Liability Derivatives as of</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Balance Sheet<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Balance Sheet<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Location</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Location</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Derivatives not designated as hedging instruments:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest rate swap contracts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Other liabilities
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,197,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Other liabilities
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,933,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents information about the effects of
    the Company&#146;s derivative instruments on the consolidated
    statements of income and comprehensive income:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Location of Gain<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Amount of (Loss) Gain Recognized in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(Loss) Recognized in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Income on Derivative for the Years Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Income on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, are as follows:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Derivative</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Derivatives Not Designated as Hedging Instruments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest rate swap contract
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Interest (expense) income
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,365,813
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,831,524
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,263,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest rate cap
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Interest (expense) income
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,493,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">19.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">SUBSEQUENT
    EVENTS</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2010, the Company drew additional construction draws
    totaling $812,397 under the construction and term loan financing
    agreement that it entered into in February 2009 (See
    Note&#160;7). In March 2010, the Company converted the
    construction loans to a term loan totaling $27,867,626. The loan
    bears interest at a fixed rate of 6.95%, with quarterly
    principal payments ranging from $206,211 to $2,424,302. The loan
    matures in 2024.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2010, the Company entered into four federal ESPC
    receivable financing arrangements. These financings are with
    various financial institutions and total approximately
    $40,417,000. Discount rates vary by project, ranging from 6.80%
    to 7.81%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company has evaluated subsequent events through the date of
    this filing.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through and
    including&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (the 25th&#160;day after the date of this prospectus), all
    dealers effecting transactions in these securities, whether or
    not participating in this offering, may be required to deliver a
    prospectus. This is in addition to the dealers&#146; obligation
    to deliver a prospectus when acting as underwriters and with
    respect to their unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="b79273b7927305.gif" alt="(AMERESCO LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Class&#160;A Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">BofA Merrill Lynch</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">RBC Capital Markets</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Oppenheimer&#160;&#038;
    Co.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Part&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Not Required in Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table indicates the expenses to be incurred in
    connection with the offering described in this Registration
    Statement, other than underwriting discounts and commissions,
    all of which will be paid by Ameresco. All amounts are estimated
    except the Securities and Exchange Commission registration fee
    and the FINRA filing fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities and Exchange Commission registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,913
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Financial Industry Regulatory Authority fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accountants&#146; fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Transfer Agent&#146;s fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    *&#160;To be filed by amendment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;102 of the General Corporation Law of the State of
    Delaware permits a corporation to eliminate the personal
    liability of directors of a corporation to the corporation or
    its stockholders for monetary damages for a breach of fiduciary
    duty as a director, except where the director breached his duty
    of loyalty, failed to act in good faith, engaged in intentional
    misconduct or knowingly violated a law, authorized the payment
    of a dividend or approved a stock repurchase in violation of
    Delaware corporate law or obtained an improper personal benefit.
    Our restated certificate of incorporation that will become
    effective upon the closing of this offering provides that no
    director of Ameresco shall be personally liable to it or its
    stockholders for monetary damages for any breach of fiduciary
    duty as director, notwithstanding any provision of law imposing
    such liability, except to the extent that the Delaware General
    Corporation Law prohibits the elimination or limitation of
    liability of directors for breaches of fiduciary duty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145 of the Delaware General Corporation Law
    provides that a corporation has the power to indemnify a
    director, officer, employee, or agent of the corporation and
    certain other persons serving at the request of the corporation
    in related capacities against expenses (including
    attorneys&#146; fees), judgments, fines and amounts paid in
    settlements actually and reasonably incurred by the person in
    connection with an action, suit or proceeding to which he is or
    is threatened to be made a party by reason of such position, if
    such person acted in good faith and in a manner he reasonably
    believed to be in or not opposed to the best interests of the
    corporation and, in any criminal action or proceeding, had no
    reasonable cause to believe his conduct was unlawful, except
    that, in the case of actions brought by or in the right of the
    corporation, no indemnification shall be made with respect to
    any claim, issue or matter as to which such person shall have
    been adjudged to be liable to the corporation unless and only to
    the extent that the Court of Chancery or other adjudicating
    court determines that, despite the adjudication of liability but
    in view of all of the circumstances of the case, such person is
    fairly and reasonably entitled to indemnity for such expenses
    which the Court of Chancery or such other court shall deem
    proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation provides that we will
    indemnify each person who was or is a party or threatened to be
    made a party to any threatened, pending or completed action,
    suit or proceeding (other
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    than an action by or in the right of Ameresco) by reason of the
    fact that he or she is or was, or has agreed to become, a
    director or officer of Ameresco, or is or was serving, or has
    agreed to serve, at our request as a director, officer, partner,
    employee or trustee of, or in a similar capacity with, another
    corporation, partnership, joint venture, trust or other
    enterprise (all such persons being referred to as an
    Indemnitee), or by reason of any action alleged to have been
    taken or omitted in such capacity, against all expenses
    (including attorneys&#146; fees), judgments, fines and amounts
    paid in settlement actually and reasonably incurred in
    connection with such action, suit or proceeding and any appeal
    therefrom, if such Indemnitee acted in good faith and in a
    manner he or she reasonably believed to be in, or not opposed
    to, our best interests, and, with respect to any criminal action
    or proceeding, he or she had no reasonable cause to believe his
    or her conduct was unlawful. Our restated certificate of
    incorporation provides that we will indemnify any Indemnitee who
    was or is a party to an action or suit by or in the right of
    Ameresco to procure a judgment in our favor by reason of the
    fact that the Indemnitee is or was, or has agreed to become, a
    director or officer of Ameresco, or is or was serving, or has
    agreed to serve, at our request as a director, officer, partner,
    employee or trustee or, or in a similar capacity with, another
    corporation, partnership, joint venture, trust or other
    enterprise, or by reason of any action alleged to have been
    taken or omitted in such capacity, against all expenses
    (including attorneys&#146; fees) and, to the extent permitted by
    law, amounts paid in settlement actually and reasonably incurred
    in connection with such action, suit or proceeding, and any
    appeal therefrom, if the Indemnitee acted in good faith and in a
    manner he or she reasonably believed to be in, or not opposed
    to, the best interests of Ameresco, except that no
    indemnification shall be made with respect to any claim, issue
    or matter as to which such person shall have been adjudged to be
    liable to us, unless a court determines that, despite such
    adjudication but in view of all of the circumstances, he or she
    is entitled to indemnification of such expenses. Notwithstanding
    the foregoing, to the extent that any Indemnitee has been
    successful, on the merits or otherwise, he or she will be
    indemnified by us against all expenses (including
    attorneys&#146; fees) actually and reasonably incurred in
    connection therewith. Expenses must be advanced to an Indemnitee
    under certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into indemnification agreements with each of our
    directors and our executive officers. These indemnification
    agreements may require us, among other things, to indemnify our
    directors and executive officers for some expenses, including
    attorneys&#146; fees, judgments, fines and settlement amounts
    incurred by a director or executive officer in any action or
    proceeding arising out of his service as one of our directors or
    executive officers, or any of our subsidiaries or any other
    company or enterprise to which the person provides services at
    our request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain a general liability insurance policy that covers
    certain liabilities of directors and officers of our corporation
    arising out of claims based on acts or omissions in their
    capacities as directors or officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any underwriting agreement we enter into in connection with
    the sale of our Class&#160;A common stock being registered
    hereby, the underwriters will agree to indemnify, under certain
    conditions, us, our directors, our officers and persons who
    control us with the meaning of the Securities Act of 1933, as
    amended, against certain liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is information regarding securities sold by us
    within the past three years. Also included is the consideration
    received by us for such sales and information relating to the
    section of the Securities Act, or rule of the Securities and
    Exchange Commission, under which exemption from registration was
    claimed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between January&#160;1, 2007 and December&#160;31, 2007, we
    issued an aggregate of 76,000&#160;shares of our common stock
    upon exercise of options for aggregate consideration of $74,015.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between January&#160;1, 2008 and December&#160;31, 2008, we
    issued an aggregate of 14,000&#160;shares of our common stock
    upon exercise of options for aggregate consideration of $67,250.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between January&#160;1, 2009 and December&#160;31, 2009, we
    issued an aggregate of 869,000&#160;shares of our common stock
    upon exercise of options for aggregate consideration of $874,760.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since January&#160;1, 2010, we have not sold any securities.
</DIV>
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    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The shares of our common stock described in this paragraph
    (a)&#160;of Item&#160;15 were issued pursuant to written
    compensatory plans or arrangements with our employees, directors
    and consultants in reliance upon the exemption from the
    registration requirements of the Securities Act provided by
    Rule&#160;701 promulgated under the Securities Act or, in some
    cases, in reliance upon the exemption from the registration
    requirements of the Securities Act provided by Section&#160;4(2)
    of the Securities Act and Regulation&#160;D promulgated
    thereunder as sales by an issuer not involving any public
    offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No underwriters were involved in the foregoing issuances of
    securities. All of the foregoing securities are deemed
    restricted securities for purposes of the Securities Act. All
    certificates representing the issued shares of common stock
    described in Item&#160;15 included appropriate legends setting
    forth that the securities had not been registered and the
    applicable restrictions on transfer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exhibits to the registration statement are listed in the
    Exhibit&#160;Index to this registration statement and are
    incorporated by reference herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to provide to the
    underwriters at the closing specified in the underwriting
    agreement, certificates in such denominations and registered in
    such names as required by the underwriters to permit prompt
    delivery to each purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that, in the opinion of the Securities and Exchange
    Commission, such indemnification is against public policy as
    expressed in the Securities Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act and
    will be governed by the final adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;For purposes of determining any liability under the
    Securities Act, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&#160;430A and contained in the form of
    prospectus filed by the registrant pursuant to Rule 424(b)(1) or
    (4)&#160;or 497(h) under the Securities Act shall be deemed to
    be part of the registration statement as of the time it was
    declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For purposes of determining any liability under the
    Securities Act, each post-effective amendment that contains a
    form of prospectus shall be deemed to be a new registration
    statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be
    the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;For the purpose of determining liability under the
    Securities Act to any purchaser, each prospectus filed pursuant
    to Rule&#160;424(b) as part of a registration statement relating
    to an offering, other than registration statements relying on
    Rule&#160;430B or other than prospectuses filed in reliance on
    Rule&#160;430A, shall be deemed to be part of and included in
    the registration statement as of the date it is first used after
    effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the
    registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    first use, supersede or
</DIV>
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    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    modify any statement that was made in the registration statement
    or prospectus that was part of the registration statement or
    made in any such document immediately prior to such date of
    first use.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;For the purpose of determining liability of the
    registrant under the Securities Act to any purchaser in the
    initial distribution of the securities, in a primary offering of
    securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 15%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act, the
    Registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Framingham, Commonwealth of
    Massachusetts, on the
    31<SUP style="font-size: 85%; vertical-align: top">st</SUP> day

    of March, 2010.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AMERESCO, INC.
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">George
    P. Sakellaris</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    George P. Sakellaris
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>President and Chief Executive Officer</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints George P. Sakellaris,
    David J. Corrsin and Andrew B. Spence, and each of them,
    <FONT style="white-space: nowrap">his/her</FONT> true
    and lawful attorneys-in-fact and agents, with full power of
    substitution and resubstitution for him/her and in
    <FONT style="white-space: nowrap">his/her</FONT>
    name, place and stead, in any and all capacities, to sign any
    and all amendments (including post-effective amendments) to this
    Registration Statement, and any subsequent registration
    statements pursuant to Rule&#160;462 of the Securities Act and
    to file the same, with all exhibits thereto, and other documents
    in connection therewith, with the Securities and Exchange
    Commission, granting unto said attorneys-in-fact and agents, and
    each of them, full power and authority to do and perform each
    and every act and thing requisite and necessary to be done in
    and about the premises, as fully to all intents and purposes as
    <FONT style="white-space: nowrap">he/she</FONT> might
    or could do in person, hereby ratifying and confirming all that
    each of said attorney-in-fact or
    <FONT style="white-space: nowrap">his/her</FONT>
    substitute or substitutes, may lawfully do or cause to be done
    by virtue hereof.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act, this
    Registration Statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">George
    P. Sakellaris</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>George
    P. Sakellaris
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chairman of the Board of Directors, President and Chief
    Executive Officer (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Andrew
    B. Spence</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Andrew
    B. Spence
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer<BR>
    (Principal Financial and<BR>
    Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">David
    J. Anderson</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>David
    J. Anderson
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">David
    J. Corrsin</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>David
    J. Corrsin
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">William
    M. Bulger</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>William
    M. Bulger
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Guy
    W. Nichols</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Guy
    W. Nichols
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Joseph
    W. Sutton</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Joseph
    W. Sutton
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    March&#160;31, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amended and Restated Certificate of Incorporation of the
    Registrant, to be filed and effective prior to the closing of
    the offering
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amended and Restated Certificate of Incorporation of the
    Registrant, to be filed promptly following the closing of the
    offering
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amended and Restated By-Laws of the Registrant, to be
    effective prior to the closing of the offering
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Specimen Certificate evidencing shares of Class&#160;A common
    stock
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Lease dated November&#160;20, 2000 between Ameresco, Inc. and
    BCIA New England Holdings, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Lease dated November 2001 by and between
    Ameresco, Inc. and BCIA New England Holdings, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Lease and Extension Agreement dated
    April&#160;8, 2005 by and between Ameresco, Inc. and BCIA New
    England Holdings, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amendment to Lease dated April&#160;17, 2007 by and
    between RREEF America REIT III-Z1 LLC and Ameresco, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Credit and Security Agreement dated
    June&#160;10, 2008 among Ameresco, Inc., certain guarantors
    party thereto, certain lenders party thereto from time to time
    and Bank of America, N.A. as Administrative Agent
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Ameresco, Inc. 2000 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Incentive Stock Option Agreement granted under Ameresco,
    Inc. 2000 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement granted under
    Ameresco, Inc. 2000 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Stock Agreement granted under Ameresco, Inc.
    2000 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Ameresco, Inc. 2010 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Incentive Stock Option Agreement granted under Ameresco,
    Inc. 2010 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement granted under
    Ameresco, Inc. 2010 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Stock Agreement granted under Ameresco, Inc.
    2010 Stock Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stockholder Agreement dated as of September&#160;25, 2008 by and
    among the Registrant, Samuel T. Byrne, AMCAP Holdings, Ltd.,
    George P. Sakellaris and such other persons who from time to
    time become party thereto
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement entered into between the
    Registrant and each director and executive officer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of the Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Caturano and Company,&#160;P.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included
    in Exhibit&#160;5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included on signature page)
</TD>
</TR>
</TABLE>

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    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
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    + </TD>
    <TD></TD>
    <TD valign="bottom">
    Confidential treatment requested as to certain portions, which
    portions have been omitted and filed separately with the
    Securities and Exchange Commission.</TD>
</TR>

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    II-6
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sv1
Table of Contents
As filed with the Securities and Exchange Commission on
    March 31, 2010
Registration
    No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
    20549
Form S-1
REGISTRATION
    STATEMENT
UNDER
THE SECURITIES ACT OF
    1933
AMERESCO, INC.
(Exact name of registrant as
    specified in its charter)
Delaware
(State or other jurisdiction
    of
incorporation or organization)
4931
(Primary Standard
    Industrial
Classification Code Number)
04-3512838
(I.R.S. Employer
Identification No.)
111 Speen Street, Suite 410
Framingham, Massachusetts 01701
(508) 661-2200
(Address, including zip code,
    and telephone number, including area code, of registrant's
    principal executive offices)
George P. Sakellaris
President and Chief Executive Officer
111 Speen Street, Suite 410
Framingham, Massachusetts 01701
(508) 661-2200
(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)
Copies to:
Mark G. Borden, Esq.
Patrick J. Rondeau, Esq.
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109
(617) 526-6000
Thomas R. Burton, III, Esq.
Sahir Surmeli, Esq.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, Massachusetts 02111
(617) 542-6000
Approximate date of commencement of proposed sale to the
    public:
As soon as practicable after this
    Registration Statement is declared effective.
If any of the securities being registered on this form are
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933, as amended (the
    "Securities Act") please check the following
    box.
o
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, please check the
    following box and list the Securities Act registration statement
    number of the earlier effective registration statement for the
    same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, please check the
    following box and list the Securities Act registration statement
    number of the earlier effective registration statement for the
    same
    offering.
o
Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    "large accelerated filer," "accelerated
    filer" and "smaller reporting company" in Rule
12b-2
of the
    Exchange Act. (Check one):
Large
    accelerated
    filer
o
Accelerated
    filer
o
Non-accelerated
filer
þ
Smaller reporting
    company
o
(Do not check if a smaller
    reporting company)
CALCULATION
    OF REGISTRATION FEE
Proposed Maximum
Amount of
Aggregate
Registration
Title of Each Class of
    Securities to be Registered
Offering Price(1)
Fee(2)
Class A Common Stock, par value $0.0001 per share
$
125,000,000
$
8,913
(1)
Estimated solely for the purpose of
    computing the registration fee in accordance with
    Rule 457(o) under the Securities Act of 1933, as amended.
(2)
Calculated pursuant to
    Rule 457(o) based on an estimate of the proposed maximum
    aggregate offering price.
The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act or until the Registration Statement shall
    become effective on such date as the Commission, acting pursuant
    to Section 8(a), may determine.
Table of Contents
The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.
Subject to Completion
Preliminary Prospectus dated March
    31, 2010
P R O
    S P E C T U S
Shares
Class A Common
    Stock
This is Ameresco's initial public offering. We are
    selling           shares
    of our Class A common stock and the selling stockholders
    are
    selling           shares
    of our Class A common stock. We will not receive any
    proceeds from the sale of shares to be offered by the selling
    stockholders.
Following this offering, we will have two classes of authorized
    common stock: Class A common stock and Class B common
    stock. The rights of the holders of our Class A common
    stock and our Class B common stock will be identical,
    except with respect to voting and conversion. Each share of our
    Class A common stock will be entitled to one vote per share
    and will not convert into any other shares of our capital stock.
    Each share of our Class B common stock will be entitled
    to      votes per share and will
    convert into one share of our Class A common stock upon the
    occurrence of specified events.
We expect the public offering price to be between
    $      and
    $      per share. Currently, no public
    market exists for the shares. After pricing of the offering, we
    expect that the shares will trade on either the New York Stock
    Exchange or the NASDAQ Global Market under the symbol
    "          ."
Investing in the Class A common stock involves risks
    that are described in the "Risk Factors" section
    beginning on page 11 of this prospectus.
Per Share
Total
Public offering price
$
$
Underwriting discount
$
$
Proceeds, before expenses, to us
$
$
Proceeds, before expenses, to the selling stockholders
$
$
The underwriters may also purchase up to an
    additional           shares
    from us, and up to an
    additional           shares
    from the selling stockholders, at the public offering price,
    less the underwriting discount, within 30 days from the
    date of this prospectus to cover overallotments, if any.
Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
The shares will be ready for delivery on or
    about          ,
    2010.
Sole Book-Running Manager
BofA Merrill Lynch
Lead Manager
RBC Capital Markets
Oppenheimer &
    Co.
The date of this prospectus
    is          ,
    2010.
TABLE OF
    CONTENTS
Prospectus Summary
1
Risk Factors
11
Special Note Regarding Forward-Looking
    Statements
32
Use of Proceeds
33
Dividend Policy
34
Capitalization
35
Dilution
37
Selected Consolidated Financial Data
39
Management's Discussion and Analysis of
    Financial Condition and Results of Operations
42
Business
62
Management
82
Related Person Transactions
97
Principal and Selling Stockholders
100
Description of Capital Stock
102
Shares Eligible for Future Sale
106
Material U.S. Federal Tax Considerations for
Non-U.S.
Holders
110
Underwriting (Conflicts of Interest)
113
Legal Matters
119
Experts
119
Where You Can Find More Information
120
Index to Consolidated Financial Statements
F-1
EX-10.1
EX-10.2
EX-10.3
EX-10.4
EX-10.5
EX-10.6
EX-10.7
EX-10.8
EX-10.9
EX-10.14
EX-23.1
You should rely only on the information contained in this
    prospectus and any free writing prospectus we may specifically
    authorize to be delivered or made available to you. We have not,
    and the selling stockholders and the underwriters have not,
    authorized anyone to provide you with additional or different
    information. The information contained in this prospectus or any
    free writing prospectus is accurate only as of its date,
    regardless of its time of delivery or of any sale of shares of
    our common stock. Our business, financial condition, results of
    operations and prospects may have changed since that date.
This prospectus is an offer to sell only the shares offered
    hereby but only under circumstances and in jurisdictions where
    it is lawful to do so.
Table of Contents
PROSPECTUS
    SUMMARY
This summary highlights information contained elsewhere in
    this prospectus. You should read this summary together with the
    more detailed information appearing in this prospectus,
    including our consolidated financial statements and related
    notes, and the risk factors beginning on page 11, before
    deciding whether to purchase shares of our Class A common
    stock. Unless the context otherwise requires, we use the terms
    "Ameresco," "our company," "we,"
    "us" and "our" in this prospectus to refer
    to Ameresco, Inc. and its subsidiaries.
Overview
Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. Our solutions enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services addresses almost all
    aspects of purchasing and using energy within a facility. Our
    services include upgrades to a facility's energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. As one of the few large, independent
    energy efficiency service providers, we are able to objectively
    select and provide the products and technologies best suited for
    a customer's needs. Having grown from four offices in three
    states in 2001 to 54 offices in 29 states and four
    Canadian provinces in 2009, we now combine a North American
    footprint with strong local operations. Since our inception in
    2000, we have served more than 2,000 customers, which include
    primarily governmental, educational, utility, healthcare and
    other institutional, commercial and industrial entities.
Our principal service is the development, design, engineering
    and installation of projects that reduce the energy and
    operations and maintenance, or O&M, costs of our
    customers' facilities. These projects typically include a
    variety of measures customized for the facility and designed to
    improve the efficiency of major building systems, such as
    heating, ventilation, air conditioning and lighting systems. We
    typically enter into energy savings performance contracts, or
    ESPCs, under which we commit to our customers that our energy
    efficiency projects will satisfy
agreed-upon
performance standards upon installation or achieve specified
    increases in energy efficiency. In most cases, the forecasted
    lifetime energy and operating cost savings of the energy
    efficiency measures we install will defray all or almost all of
    the cost of such measures. In many cases, we assist customers in
    obtaining third-party financing for the cost of constructing the
    facility improvements, resulting in little or no upfront capital
    expenditure by the customer. After a project is complete, we may
    operate, maintain and repair the customer's energy systems
    under a multi-year O&M contract, which provides us with
    recurring revenue and visibility into the customer's
    evolving needs.
We also serve certain customers by developing and building
    small-scale renewable energy plants located at or close to a
    customer's site. Depending on the customer's
    preference, we will either retain ownership of the completed
    plant or build it for the customer. Most of our plants have to
    date been constructed adjacent to landfills and use landfill
    gas, or LFG, to generate energy. Our largest renewable energy
    plant is currently under construction and will use biomass as
    the source of energy. In the case of the plants that we own, the
    electricity, thermal energy or processed LFG generated by the
    plant is sold under a long-term supply contract with the
    customer, which is typically a utility, municipality, industrial
    facility or other large purchaser of energy. We also sell and
    install photovoltaic, or PV, panels and integrated PV systems
    that convert solar energy to power. By enabling our customers to
    procure renewable sources of energy, we help them reduce or
    stabilize their energy costs, as well as realize environmental
    benefits.
Our revenue has increased from $20.9 million in 2001, our
    first full year of operations, to $428.5 million in 2009.
    We achieved profitability in 2002 and have been profitable every
    year since then.
Industry
    Overview
The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy and
1
Table of Contents
environmental issues. End-users, utilities and governmental
    agencies are increasingly viewing energy efficiency measures as
    a cost-effective solution for saving energy, renewing aging
    facility infrastructure and reducing harmful emissions.
According to a 2008 Frost & Sullivan report, activity
    by energy services companies in the North American market for
    energy management services, including energy efficiency, demand
    response and other services, grew at a compound annual growth
    rate, or CAGR, of 22% from 2004 through 2008, with the estimated
    size of the market reaching more than $5 billion in 2008.
Large purchasers of energy and utilities are also increasingly
    seeking to use renewable sources of energy, such as LFG, wind,
    biomass, geothermal and solar, to reduce or stabilize their
    energy costs, meet regulatory mandates for use of renewable
    energy, diversify their fuel sources and realize environmental
    benefits, such as the reduction of greenhouse gas emissions.
We believe the following trends and developments are driving the
    growth of our industry:
•
Rising and Volatile Energy Prices.
Over the past
    decade, energy-linked commodity prices, including oil, gas, coal
    and electricity, have all increased and exhibited significant
    volatility. From 1999 to 2009, average U.S. retail electricity
    prices have increased by more than 50%.
•
Potential of Energy Efficiency Measures to Significantly
    Reduce Energy Consumption
. The implementation of energy
    efficiency measures can significantly reduce the rate at which
    energy consumption is expected to increase. According to a July
    2009 report by McKinsey & Company, economically viable
    and commercially available energy efficiency measures, if fully
    implemented, have the potential to save more than one
    trillion kWh of electricity, or 23% of overall U.S. demand,
    by 2020.
•
Aging and Inefficient Facility Infrastructure.
Many
    organizations continue to operate with an energy infrastructure
    that is significantly less efficient and cost-effective than now
    available through more advanced technologies applied to
    lighting, heating, cooling and other building systems. As these
    organizations explore alternatives for renewing their aging
    facilities, they often identify multiple areas within their
    facilities that could benefit from the implementation of energy
    efficiency measures, including the possible use of renewable
    sources of energy.
•
Increased Focus on Cost Reduction.
The current
    economic environment has led many organizations to search for
    opportunities to reduce their operating costs. There has been a
    growing awareness that reduced energy consumption presents an
    opportunity for significant long-term savings in operating costs
    and that the installation of energy efficiency measures can be a
    cost-effective way to achieve such reductions.
•
Movement Toward Industry Consolidation.
As energy
    efficiency solutions continue to increase in technological
    complexity and customers look for service providers that can
    offer broad geographic and product coverage, we believe smaller
    niche energy efficiency companies will continue to look for
    opportunities to combine with larger companies that can better
    serve their customers' needs. Increased market presence and
    size of energy efficiency companies should, in turn, create
    greater customer awareness of the benefits of energy efficiency
    measures.
•
Increasing Legislative Support and Initiatives.
In
    the United States and Canada, federal, state, provincial, and
    local governments have enacted and are considering legislation
    and regulations aimed at increasing energy efficiency, reducing
    greenhouse gas emissions and encouraging the expansion of
    renewable energy generation.
•
Increased Use of Third-Party Financing.
Many
    organizations desire to use their existing sources of capital
    for core investments or do not have the internal capacity to
    finance improvements to their energy infrastructure. These
    organizations often require innovative structures to facilitate
    the financing of energy efficiency and renewable energy
    projects. Customers seeking to upgrade or renew their energy
    systems are increasingly seeking to enter into ESPCs or other
    creative arrangements that facilitate third-party financing for
    their projects.
2
Table of Contents
Our
    Competitive Strengths
We believe our competitive strengths include the following:
•
One-Stop, Comprehensive Service Provider.
We offer
    our customers expertise in addressing almost all aspects of
    purchasing and using energy within a facility. Our experienced
    project development and engineering staff provide us with the
    capability and flexibility to determine the combination of
    energy efficiency measures that is best suited to achieve the
    customer's energy efficiency and environmental goals.
•
Independence.
We are an independent company with no
    affiliation to any equipment manufacturer, utility or fuel
    company. Unlike affiliated service companies, we have the
    freedom and flexibility to be objective in selecting particular
    products and technologies available from different manufacturers
    in order to optimize our solutions for customers'
    particular needs.
•
Strong Customer Relationships.
We have served over
    2,000 customers since our inception, including over 1,000
    customers in 2009. Our design, engineering and support
    activities, which typically span multiple years, foster a close
    relationship with our customers, which positions us to identify
    their future needs and provide additional services to them.
•
Creative Solutions.
Our engineering staff has
    expertise in a broad range of technologies and energy savings
    strategies encompassing different types of electrical, heating,
    cooling, lighting, water, renewable energy and other facility
    infrastructure systems. We apply this expertise to design and
    engineer innovative solutions customized to meet the specific
    needs of each customer.
•
Strong National and Local Presence.
We have a
    nationwide presence in both the United States and Canada and
    serve certain of our customers in European locations. We
    maintain a centralized staff of engineering, financial and legal
    personnel at our headquarters in Massachusetts, who provide
    support to our seven regional offices and 46 other field offices
    located throughout the United States and Canada. We believe that
    our organizational structure enables us to be fast, flexible and
    cost-effective in responding to our customers' needs.
•
Experienced Management and Operations Team.
Our
    executive officers have an aggregate of over 150 years of
    experience in the energy efficiency field. As of
    December 31, 2009, we employed over 200 engineers, whose
    experience with respect to fuels, rates, technologies and
    geography-specific regulation and economic benefits enables us
    to propose and design energy efficiency solutions that take into
    account the economic, technological, environmental and
    regulatory considerations that we believe underlie the cost
    efficiencies and operational success of a project.
•
Federal and State Qualifications.
The federal
    governmental program under which federal agencies and
    departments can enter into ESPCs requires that energy service
    providers have a track record in the industry and meet other
    specified qualifications. Over 20 states require similar
    qualifications. In 2008, we renewed our qualification to enter
    into an indefinite delivery, indefinite quantity, or IDIQ,
    contract under the U.S. Department of Energy program for
    ESPCs. This IDIQ has an aggregate maximum potential ordering
    amount of $5 billion and expires in 2019. We are currently
    qualified to enter into ESPCs in most states that require
    qualification. The scope of our qualifications provides us with
    the opportunity to continue to grow our business with federal,
    state and other governmental customers and differentiates us
    from energy efficiency companies that have not been similarly
    qualified.
•
Integration of Strategic Acquisitions.
We have a
    track record of completing over ten acquisitions that have
    enabled us to broaden our offerings, expand our geographical
    reach and accelerate our growth. We believe that our ability to
    offer a comprehensive set of energy efficiency services across
    North America has been, and will continue to be, enhanced by our
    expertise in identifying and completing acquisitions that expand
    our service offerings, as well as
3
Table of Contents
by our ability to integrate and leverage the skilled
    engineering, sales and operational personnel that come to us
    through these acquisitions.
Strategy
Our goal is to capitalize on our strong customer base and broad
    range of service offerings to become the leading provider of
    comprehensive energy efficiency and renewable energy solutions.
Key elements of our strategy include the following:
•
Pursue Organic Growth.
We plan to open additional
    local offices in the regions we currently serve, as well as hire
    additional sales personnel. We also plan to expand
    geographically by opening new offices in regions we do not
    currently serve in the United States and Canada, as well as in
    Europe.
•
Continue to Maintain Customer Focus.
We will
    continue to maintain an entrepreneurial approach toward our
    customers and remain flexible in designing projects tailored
    specifically to meet their needs.
•
Expand Scope of Product and Service Offerings.
We
    plan to continue to expand our offerings by including new types
    of energy efficiency services, products and improvements to
    existing products based on technological advances in energy
    savings strategies, equipment and materials.
•
Meet Market Demand for Cost-Effective,
    Environmentally-Friendly Solutions
.  Through our
    energy efficiency measures and small-scale renewable energy
    plants and products, we enable customers to conserve energy and
    reduce emissions of carbon dioxide and other pollutants. We plan
    to continue to focus on providing sustainable energy solutions
    that will address the growing demand for products and services
    that create environmental benefits for customers.
•
Increase Recurring Revenue.
For many of our energy
    efficiency projects, we enter into multi-year O&M
    contracts, and we plan to continue to grow both the number and
    scope of such contracts. We also obtain recurring revenue from
    sales of electricity, thermal energy and gas generated by the
    small-scale renewable energy and central plants that we
    construct and own, and we plan to continue to seek opportunities
    to construct such plants.
•
Grow Through Select Strategic Acquisitions.
We plan
    to continue to pursue complementary acquisitions that will
    enable us to both expand geographically in North America and
    abroad, and broaden our product and service offerings.
Risks
    Associated with Our Business
Our business is subject to numerous risks, as more fully
    described in the section entitled "Risk Factors"
    immediately following this prospectus summary.
Our Dual
    Class Capital Structure
Following this offering, we will have two classes of common
    stock: Class A common stock and Class B common stock.
    The rights of the holders of our Class A common stock and
    our Class B common stock will be identical, except with
    respect to voting and conversion. Each share of our Class A
    common stock will be entitled to one vote per share and will not
    be convertible into any other shares of our capital stock. Each
    share of our Class B common stock will be entitled
    to     votes per share, will be
    convertible at any time into one share of our Class A
    common stock at the option of the holder of such share and will
    also automatically convert into one share of our Class A
    common stock upon the occurrence of certain specified events,
    including a transfer of such shares (other than to such
    holder's family members, descendants or certain affiliated
    persons or entities). See "Description of Capital
    Stock — Common Stock."
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Corporate
    Information
We were incorporated in Delaware in April 2000. Our principal
    executive offices are located at 111 Speen Street,
    Suite 410, Framingham, Massachusetts 01701 and our
    telephone number is
(508) 661-2200.
Our website address is www.ameresco.com. Information contained
    on our website is not incorporated by reference into this
    prospectus, and you should not consider information contained on
    our website to be part of this prospectus or in deciding whether
    to purchase shares of our Class A common stock.
"Ameresco," the Ameresco logo,
    "Green • Clean • Sustainable,"
    "AXIS" and other trademarks or service marks of
    Ameresco appearing in this prospectus are the property of
    Ameresco. This prospectus contains additional trade names,
    trademarks and service marks of other companies, which are the
    property of their respective owners.
Conflicts
    of Interest
Bank of America, N.A., an affiliate of Merrill Lynch, Pierce,
    Fenner & Smith Incorporated, an underwriter in this
    offering, is acting as the agent and a lender under our
    revolving line of credit. We intend to use a portion of the net
    proceeds from this offering to repay the balance outstanding
    under our $50 million revolving senior secured credit
    facility, of which $19.9 million in principal was
    outstanding as of December 31, 2009. See "Use of
    Proceeds" and "Underwriting."
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The
    Offering
Class A Common stock offered by:
Ameresco
Shares
Selling stockholders
Shares
Total
Shares
Common stock to be outstanding after this offering:
Class A
Shares
Class B
Shares
Total
Shares
Use of proceeds
We intend to use our net proceeds from this offering (i) to
    repay the balance outstanding under our $50 million
    revolving senior secured credit facility, under which
    $19.9 million in principal was outstanding as of
    December 31, 2009, (ii) to repay the $3.0 million
    subordinated note held by our president and chief executive
    officer and (iii) for working capital and other general
    corporate purposes, which may include opening additional offices
    in the United States and abroad, expanding sales and marketing
    activities, and funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures. We may also use a portion of our net proceeds for
    acquisitions of complementary companies, assets or technologies.
    We will not receive any proceeds from the shares sold by the
    selling stockholders. See "Use of Proceeds" for more
    information.
Risk Factors
You should read the "Risk Factors" section and other
    information included in this prospectus for a discussion of
    factors to consider carefully before deciding to invest in
    shares of our Class A common stock.
Proposed symbol
"          "
The number of shares of our Class A common stock and our
    Class B Common Stock to be outstanding after this offering
    is based on 7,271,142 shares of our Class A common
    stock and 9,000,000 shares of our Class B common stock
    outstanding as of December 31, 2009, and excludes:
•
202,643 shares of our Class A common stock issuable
    upon the exercise of a warrant that was outstanding and
    exercisable as of December 31, 2009 at an exercise price of
    $0.01 per share, which will remain outstanding after this
    offering if not exercised prior to this offering;
•
4,725,100 shares of our Class A common stock issuable
    upon the exercise of stock options outstanding as of
    December 31, 2009 at a weighted-average exercise price of
    $5.36 per
share; and
•
shares
    of our Class A common stock that will be available for
    future issuance under our 2010 stock incentive plan, or our 2010
    stock plan, which will become effective upon the closing of this
    offering.
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Except as otherwise noted, all information in this
    prospectus:
•
gives effect to the amendment and restatement of our
    certificate of incorporation and amendment and restatement of
    our by-laws to be effected prior to the closing of this
    offering;
•
gives effect to the reclassification of all outstanding
    shares of our common stock as Class A common stock to be
    effected prior to the closing of this offering;
•
gives effect to the conversion of each outstanding option to
    purchase shares of our common stock into an option to purchase
    an equal number of shares of our Class A common stock at
    the same exercise price per share;
•
gives effect to the conversion of an outstanding warrant to
    purchase 202,643 shares of our common stock into a warrant
    to purchase an equal number of shares of our Class A common
    stock at the same exercise price per share;
•
gives effect to the election of all holders of our
    convertible preferred stock, other than George P. Sakellaris,
    our founder, principal stockholder, president and chief
    executive officer, to convert all of their shares of our
    convertible preferred stock into shares of our Class A
    common stock prior to the closing of this offering;
•
gives effect to the automatic conversion of all outstanding
    shares of our convertible preferred stock, which will then be
    held solely by Mr. Sakellaris, into shares of our Class B
    common stock prior to the closing of this offering; and
•
assumes no exercise by the underwriters of their
    over-allotment option.
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Summary
    Consolidated Financial Data
The following tables summarize the consolidated financial data
    for our business for the periods presented. Our historical
    results for prior periods are not necessarily indicative of
    results to be expected for any future period. You should read
    this summary consolidated financial data together with our
    consolidated financial statements and related notes included
    elsewhere in this prospectus and the information under
    "Selected Consolidated Financial Data" and
    "Management's Discussion and Analysis of Financial
    Condition and Results of Operations."
Year Ended December 31,
2007
2008
2009
(In thousands, except share and per share data)
Consolidated Statement of Income Data:
Revenue:
Energy efficiency revenue
$
345,936
$
325,032
$
340,636
Renewable energy revenue
32,541
70,822
87,881
378,477
395,854
428,517
Direct expenses:
Energy efficiency expenses
285,966
259,019
282,345
Renewable energy expenses
26,072
59,551
66,472
312,038
318,570
348,817
Gross profit
66,439
77,284
79,700
Operating expenses
47,042
52,608
54,406
Operating income
19,397
24,676
25,294
Other (expense) income, net
(3,138
)
(5,188
)
1,563
Income before provision for income taxes
16,259
19,488
26,857
Income tax provision
(5,714
)
(1,215
)
(6,950
)
Net income
$
10,545
$
18,273
$
19,907
Net income per share attributable to common shareholders
Basic
$
1.90
$
3.42
$
3.98
Diluted
$
0.60
$
1.09
$
1.25
Weighted-average number of common shares outstanding
Basic
5,560,511
5,339,055
4,995,956
Diluted
17,698,569
16,789,954
15,964,317
Other Operating Data:
Adjusted EBITDA(1)
$
27,975
$
29,045
$
35,097
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The pro forma consolidated balance sheet data give effect to
    (i) the reclassification of all outstanding shares of our
    common stock as Class A common stock, (ii) the election by
    all holders of our convertible preferred stock, other than Mr.
    Sakellaris, to convert all of their shares of our convertible
    preferred stock into shares of our Class A common stock and
    (iii) the conversion of all outstanding shares of our
    convertible preferred stock into shares of our Class B
    common stock. The pro forma as adjusted consolidated balance
    sheet data also give effect to the sale
    of           shares
    of our Class A common stock offered by us at an assumed
    initial public offering price of $     
    per share, the midpoint of the estimated price range shown on
    the cover page of this prospectus and after deducting the
    estimated underwriting discount and estimated offering expenses
    payable by us.
As of December 31,
Pro Forma
Actual
Pro Forma
As Adjusted
(Unaudited)
(In thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
47,928
$
$
Current assets
171,772
Total assets
375,545
Current liabilities
132,330
Long-term debt, less current portion
102,807
Subordinated debt
2,999
Total stockholders' equity
102,770
(1)
We define adjusted EBITDA as operating income before
    depreciation and amortization expense, share-based compensation
    expense and a non-recurring non-cash recovery of a contingency
    in 2008. Adjusted EBITDA is a non-GAAP financial measure and
    should not be considered as an alternative to operating income
    or any other measure of financial performance calculated and
    presented in accordance with U.S. generally accepted accounting
    principles, or GAAP.
We believe adjusted EBITDA is useful to investors in evaluating
    our operating performance for the following reasons:
•
adjusted EBITDA and similar non-GAAP measures are widely used by
    investors to measure a company's operating performance
    without regard to items that can vary substantially from company
    to company depending upon financing and accounting methods, book
    values of assets, capital structures and the methods by which
    assets were acquired;
•
securities analysts often use adjusted EBITDA and similar
    non-GAAP measures as supplemental measures to evaluate the
    overall operating performance of companies; and
•
by comparing our adjusted EBITDA in different historical
    periods, our investors can evaluate our operating results
    without the additional variations of depreciation and
    amortization expense, share-based compensation expense and the
    non-recurring non-cash recovery of a contingency in 2008.
Our management uses adjusted EBITDA:
•
as a measure of operating performance, because it does not
    include the impact of items that we do not consider indicative
    of our core operating performance;
•
for planning purposes, including the preparation of our annual
    operating budget;
•
to allocate resources to enhance the financial performance of
    our business;
•
to evaluate the effectiveness of our business
    strategies; and
•
in communications with our board of directors and investors
    concerning our financial performance.
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We understand that, although measures similar to adjusted EBITDA
    are frequently used by investors and securities analysts in
    their evaluation of companies, adjusted EBITDA has limitations
    as an analytical tool, and you should not consider it in
    isolation or as a substitute for analysis of our results of
    operations as reported under GAAP. Some of these limitations are:
•
adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or other contractual
    commitments;
•
adjusted EBITDA does not reflect changes in, or cash
    requirements for, our working capital needs;
•
adjusted EBITDA does not reflect stock-based compensation
    expense;
•
adjusted EBITDA does not reflect cash requirements for income
    taxes;
•
adjusted EBITDA does not reflect net interest income (expense);
•
although depreciation and amortization are non-cash charges, the
    assets being depreciated or amortized will often have to be
    replaced in the future, and adjusted EBITDA does not reflect any
    cash requirements for these replacements; and
•
other companies in our industry may calculate adjusted EBITDA
    differently than we do, limiting its usefulness as a comparative
    measure.
To properly and prudently evaluate our business, we encourage
    you to review the GAAP financial statements included elsewhere
    in this prospectus, and not to rely on any single financial
    measure to evaluate our business.
The following table presents a reconciliation of adjusted EBITDA
    to operating income, the most comparable GAAP measure:
Year Ended December 31,
2007
2008
2009
(In thousands)
Operating income
$
19,397
$
24,676
$
25,294
Depreciation and impairment
5,898
7,278
6,634
Stock-based compensation
2,679
2,941
3,169
Recovery of contingency
—
(5,850
)
—
Adjusted EBITDA
$
27,975
$
29,045
$
35,097
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RISK
    FACTORS
An investment in our Class A common stock involves a
    high degree of risk. In deciding whether to invest, you should
    carefully consider the following risk factors. Any of the
    following risks could have a material adverse effect on our
    business, financial condition and operating results and cause
    the value of our Class A common stock to decline, which
    could cause you to lose all or part of your investment. When
    determining whether to invest in our Class A common stock,
    you should also refer to the other information in this
    prospectus, including the consolidated financial statements and
    related notes.
If
    demand for our energy efficiency and renewable energy solutions
    does not develop as we expect, our revenue will suffer and our
    business will be harmed.
Our revenue has increased significantly since January 1,
    2005. We believe, and our growth expectations assume, that the
    market for energy efficiency and renewable energy solutions will
    continue to grow, that we will increase our penetration of this
    market and that our revenue from selling into this market will
    continue to increase. If our expectations as to the size of this
    market and our ability to sell our products and services in this
    market are not correct, our revenue will suffer and our business
    will be harmed.
The
    projects we undertake for our customers generally require
    significant capital, which our customers or we may finance
    through third parties, and such financing may not be available
    to our customers or to us on favorable terms, if at
    all.
Our projects are typically financed by third parties. The cost
    of these projects to our customers can reach up to
    $200 million. For our energy efficiency projects, we often
    assist our customers in arranging third-party financing. For
    small-scale renewable energy plants that we own, we typically
    rely on a combination of our working capital and debt to finance
    construction costs. The significant disruptions in the credit
    and capital markets in the last several years have made it more
    difficult for our customers and us to obtain financing on
    acceptable terms or, in some cases, at all. If we or our
    customers are unable to raise funds on acceptable terms when
    needed, we may be unable to secure customer contracts, the size
    of contracts we do obtain may be smaller or we could be required
    to delay the development and construction of projects, reduce
    the scope of those projects or otherwise restrict our operations.
In 2008, we entered into a $50 million revolving senior
    secured credit facility that matures in June 2011. Availability
    under the facility is based on two times our EBITDA for the
    preceding four quarters, and we are required to maintain a
    minimum EBITDA of $20 million on a rolling four-quarter
    basis and a minimum level of tangible net worth. This facility
    may not be sufficient to meet our needs as our business grows,
    and we may be unable to extend or replace it on acceptable
    terms, or at all.
Any inability by us or our customers to raise the funds
    necessary to finance our projects, or any inability by us to
    extend or replace our revolving credit facility, could
    materially harm our business, financial condition and operating
    results.
Our
    operating results may fluctuate significantly from quarter to
    quarter and may fall below expectations in any particular fiscal
    quarter.
Our operating results are difficult to predict and have
    historically fluctuated from quarter to quarter due to a variety
    of factors, many of which are outside of our control. As a
    result, comparing our operating results on a
period-to-period
basis may not be meaningful, and you should not rely on our past
    results as an indication of our future performance. If our
    revenue or operating results fall below the expectations of
    investors or any securities analysts that follow our company in
    any period, the trading price of our Class A common stock
    would likely decline.
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Factors that may cause our operating results to fluctuate
    include:
•
our ability to arrange financing for projects;
•
changes in federal, state and local government policies and
    programs related to, or a reduction in governmental support for,
    energy efficiency and renewable energy;
•
the timing of work we do on projects where we recognize revenue
    on a percentage of completion basis;
•
seasonality in construction and in demand for our products and
    services;
•
a customer's decision to delay our work on, or other risks
    involved with, a particular project;
•
availability and costs of labor and equipment;
•
the addition of new customers or the loss of existing customers;
•
the size and scale of new customer projects;
•
the availability of bonding for our projects;
•
our ability to control costs, including operating expenses;
•
changes in the mix of our products and services;
•
the rates at which customers renew their O&M contracts with
    us;
•
the length of our sales cycle;
•
the productivity and growth of our sales force;
•
the timing of opening of new offices or making other significant
    investments in the growth of our business, as the revenue we
    hope to generate from those expenses often lags several quarters
    behind those expenses;
•
changes in pricing by us or our competitors, or the need to
    provide discounts to win business;
•
costs related to the acquisition and integration of companies or
    assets;
•
general economic trends, including changes in energy efficiency
    spending or geopolitical events such as war or incidents of
    terrorism; and
•
future accounting pronouncements and changes in accounting
    policies.
Our operating expenses do not always vary directly with revenue
    and may be difficult to adjust in the short term. As a result,
    if revenue for a particular quarter is below our expectations,
    we may not be able to proportionately reduce operating expenses
    for that quarter, and therefore such a revenue shortfall could
    have a disproportionate effect on our operating results for that
    quarter.
We may
    not be able to maintain or increase our
    profitability.
We have been profitable on an annual basis since the year ended
    December 31, 2002. However, we have incurred net losses in
    certain quarters since that time. We may not succeed in
    maintaining our profitability and could incur quarterly or
    annual losses in future periods. We intend to increase our
    expenses as we grow our business and expand into new geographic
    locations, and we expect to incur additional accounting, legal
    and other expenses associated with being a public company. If
    our revenue does not increase sufficiently to offset these
    increases in costs, our operating results will be harmed. Our
    historical operating results should not be considered as
    necessarily indicative of future operating results and we can
    provide no assurance that we will be able to maintain or
    increase our profitability in the future.
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We may
    not recognize all revenue from our backlog or receive all
    payments anticipated under awarded projects and customer
    contracts.
As of December 31, 2009, we had backlog of approximately
    $590 million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for, projects with estimated total future revenue of
    an additional $700 million. We also expect to realize
    recurring revenue both under long-term O&M contracts and
    under long-term energy supply contracts for renewable energy
    plants that we own.
Our customers have the right under some circumstances to
    terminate contracts or defer the timing of our services and
    their payments to us. In addition, our government contracts are
    subject to the risks described below under "Provisions in
    government contracts may harm our business, financial condition
    and operating results." The payment estimates for projects
    that have been awarded to us but for which we have not yet
    signed contracts have been prepared by management and are based
    upon a number of assumptions, including that the size and scope
    of the awarded projects will not change prior to the signing of
    customer contracts, that we or our customers will be able to
    obtain any necessary third-party financing for the awarded
    projects, and that we and our customers will reach agreement on
    and execute contracts for the awarded projects. We are not
    always able to enter into a contract for an awarded project on
    the terms proposed. As a result, we may not receive all of the
    revenue that we include in our backlog or that we estimate we
    will receive under awarded projects. If we do not receive all of
    the revenue we currently expect to receive, our future operating
    results will be adversely affected. In addition, a delay in the
    receipt of revenue, even if such revenue is eventually received,
    may cause our operating results for a particular quarter to fall
    below our expectations.
Our
    business is affected by seasonal trends and construction cycles,
    and these trends and cycles could have an adverse effect on our
    operating results.
We are subject to seasonal fluctuations and construction cycles,
    particularly in climates that experience colder weather during
    the winter months, such as the northern United States and
    Canada, or at educational institutions, where large projects are
    typically carried out during summer months when their facilities
    are unoccupied. In addition, government customers, many of which
    have fiscal years that do not coincide with ours, typically
    follow annual procurement cycles and appropriate funds on a
    fiscal-year basis even though contract performance may take more
    than one year. Further, government contracting cycles can be
    affected by the timing of, and delays in, the legislative
    process related to government programs and incentives that help
    drive demand for energy efficiency and renewable energy
    projects. As a result, our revenue and operating income in the
    third quarter are typically higher, and our revenue and
    operating income in the first quarter are typically lower, than
    in other quarters of the year. As a result of such fluctuations,
    we may occasionally experience declines in revenue or earnings
    as compared to the immediately preceding quarter, and
    comparisons of our operating results on a
period-to-period
basis may not be meaningful.
Our
    business depends in part on federal, state, provincial and local
    government support for energy efficiency and renewable energy,
    and a decline in such support could harm our
    business.
We depend in part on government legislation and policies that
    support energy efficiency and renewable energy projects and that
    enhance the economic feasibility of our energy efficiency
    services and small-scale renewable energy projects. The U.S. and
    Canadian federal governments and several of the states and
    provinces in which we operate support our existing and potential
    customers' investments in energy efficiency and renewable
    energy through legislation and regulations that authorize and
    regulate the manner in which certain governmental entities do
    business with us, encourage or subsidize governmental
    procurement of our services, provide regulatory, tax and other
    incentives to others to procure our services and provide us with
    tax and other incentives that reduce our costs or increase our
    revenue.
For example, U.S. legislation authorizing federal agencies to
    enter into ESPCs, such as those we enter into with our
    customers, was enacted in 1992. In 2007, three years after the
    expiration of the original legislation, new ESPC legislation was
    enacted without an expiration provision, and in the same year,
    the
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President of the United States issued an executive order
    requiring federal agencies to set goals to reduce energy use and
    increase renewable energy sources and use. In addition, the
    American Recovery and Reinvestment Act of 2009 allocated
    $67 billion to promote clean energy, energy efficiency and
    advanced vehicles. Additionally, the Emergency Economic
    Stabilization Act of 2008 instituted the 1603 cash grant
    program, which provides cash in lieu of an investment tax credit
    for eligible renewable energy generation sources for which
    construction commences in 2010. The Internal Revenue Code, or
    the Code, currently provides production tax credits for the
    generation of electricity from wind projects and from LFG-fueled
    power projects, and an investment tax credit or grant in lieu of
    such tax credits for investments in LFG, wind, biomass and solar
    power generation projects. Various state and local governments
    have also implemented similar programs and incentives, including
    legislation authorizing the procurement of ESPCs.
We, our customers and prospective customers frequently depend on
    these programs to help justify the costs associated with, and to
    finance, energy efficiency and renewable energy projects. If any
    of these incentives are adversely amended, eliminated or not
    extended beyond their current expiration dates, or if funding
    for these incentives is reduced, it could adversely affect our
    ability to complete projects for existing customers and obtain
    project commitments from new customers. A delay or failure by
    government agencies to administer, or make procurements under,
    these programs in a timely and efficient manner could have a
    material adverse effect on our existing and potential
    customers' willingness to enter into project commitments
    with us.
In addition, some of our customers purchase electricity, thermal
    energy or processed LFG from our renewable energy plants, or
    purchase other energy services from us, because tax, energy and
    environmental laws encourage or in some cases require these
    customers to procure power from renewable or low-emission
    sources, or to reduce their electricity use. Changes to these
    tax, energy and environmental laws could reduce our
    customers' incentives and mandates to purchase the kinds of
    services that we supply, and could thereby adversely affect our
    business, financial condition and operating results.
Changes
    in the laws and regulations governing the public procurement of
    ESPCs could have a material impact on our
    business.
We derive a significant amount of our revenue from ESPCs with
    our government customers. While federal, state and local
    government rules governing such contracts vary, such rules may,
    for example, permit the funding of such projects through
    long-term financing arrangements; permit long-term payback
    periods from the savings realized through such contracts; allow
    units of government to exclude debt related to such projects
    from the calculation of their statutory debt limitation; allow
    for award of contracts on a "best value" instead of
    "lowest cost" basis; and allow for the use of sole
    source providers. To the extent these rules become more
    restrictive in the future, our business could be harmed.
A
    significant decline in the fiscal health of federal, state,
    provincial and local governments could reduce demand for our
    energy efficiency and renewable energy projects.
In 2009, approximately 85% of our revenue was derived from sales
    to federal, state, provincial or local governmental entities. A
    significant decline in the fiscal health of these existing and
    potential customers may make it difficult for them to enter into
    contracts for our services or to obtain financing necessary to
    fund such contracts, or may cause them to seek to renegotiate or
    terminate existing agreements with us.
Failure
    of third parties to manufacture quality products or provide
    reliable services in a timely manner could cause delays in the
    delivery of our services and completion of our projects, which
    could damage our reputation, have a negative impact on our
    relationships with our customers and adversely affect our
    growth.
Our success depends on our ability to provide services and
    complete projects in a timely manner, which in part depends on
    the ability of third parties to provide us with timely and
    reliable services and products, such as boilers, chillers,
    cogeneration systems, PV panels, lighting and other complex
    components. In providing our services and completing our
    projects, we rely on products that meet our design
    specifications
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and components manufactured and supplied by third parties, as
    well as on services performed by subcontractors.
We rely on subcontractors to perform substantially all of the
    construction and installation work related to our projects. We
    provide all design and engineering work related to, and act as
    the general contractor for, our projects. We have established
    relationships with subcontractors that we believe to be reliable
    and capable of producing satisfactory results, but we often need
    to engage subcontractors with whom we have no experience for our
    projects. If any of our subcontractors are unable to provide
    services that meet or exceed our customers' expectations or
    satisfy our contractual commitments, our reputation, business
    and operating results could be harmed.
The warranties provided by our third-party suppliers and
    subcontractors typically limit any direct harm we might
    experience as a result of our relying on their products and
    services. However, there can be no assurance that a supplier or
    subcontractor will be willing or able to fulfill its contractual
    obligations and make necessary repairs or replace equipment. In
    addition, these warranties generally expire within one to five
    years or may be of limited scope or provide limited remedies. If
    we are unable to avail ourselves of warranty protection, we may
    incur liability to our customers or additional costs related to
    the affected products and components, including replacement and
    installation costs, which could have a material adverse effect
    on our business, financial condition and operating results.
Moreover, any delays, malfunctions, inefficiencies or
    interruptions in these products or services — even if
    covered by warranties — could adversely affect the
    quality and performance of our solutions. This could cause us to
    experience difficulty retaining current customers and attracting
    new customers, and could harm our brand, reputation and growth.
    In addition, any significant interruption or delay by our
    suppliers in the manufacture or delivery of products or services
    on which we depend could require us to expend considerable time,
    effort and expense to establish alternate sources for such
    products and services.
We may
    have liability to our customers under our ESPCs if our projects
    fail to deliver the energy use reductions to which we are
    committed under the contract.
For our energy efficiency projects, we typically enter into
    ESPCs under which we commit that the projects will satisfy
agreed-upon
performance standards appropriate to the project. These
    commitments are typically structured as guarantees of increased
    energy efficiency that are based on the design, capacity,
    efficiency or operation of the specific equipment and systems we
    install. Our commitments generally fall into three categories:
    pre-agreed, equipment-level and whole building-level. Under a
    pre-agreed efficiency commitment, our customer reviews the
    project design in advance and agrees that, upon or shortly after
    completion of installation of the specified equipment comprising
    the project, the pre-agreed increase in energy efficiency will
    have been met. Under an equipment-level commitment, we commit to
    a level of increased energy efficiency based on the difference
    in use measured first with the existing equipment and then with
    the replacement equipment upon completion of installation. A
    whole building-level commitment requires measurement and
    verification of increased energy efficiency for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    verification may be required only once, upon installation, based
    on an analysis of one or more sample installations, or may be
    required to be repeated at agreed upon intervals generally over
    periods of up to 20 years.
Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. We rely in
    part on warranties from our equipment suppliers and
    subcontractors to back-stop the warranties we provide to our
    customers and, where appropriate, pass on the warranties to our
    customers. However, the warranties we provide to our customers
    are sometimes broader in scope or longer in duration than the
    corresponding warranties we receive from our suppliers and
    subcontractors, and we bear the risk for any differences, as
    well as the risk of warranty default by our suppliers and
    subcontractors.
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Typically, our performance commitments apply to the aggregate
    overall performance of a project rather than to individual
    energy efficiency measures. Therefore, to the extent an
    individual measure underperforms, it may be offset by other
    measures that overperform. In the event that an energy
    efficiency project does not perform according to the
agreed-upon
specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. From our
    inception to December 31, 2009, our total payments to
    customers and incurred equipment replacement and maintenance
    costs under our energy efficiency commitments, after customer
    acceptance of a project, have been less than $100,000 in the
    aggregate. However, we may incur additional or increased
    liabilities or expenses under our ESPCs in the future. Such
    liabilities or expenses could be substantial, and they could
    materially harm our business, financial condition or operating
    results. In addition, any disputes with a customer over the
    extent to which we bear responsibility to improve performance or
    make payments to the customer may diminish our prospects for
    future business from that customer or damage our reputation in
    the marketplace.
We may
    assume responsibility under customer contracts for factors
    outside our control, including, in connection with some customer
    projects, the risk that fuel prices will increase.
We typically do not take responsibility under our contracts for
    a wide variety of factors outside our control. We have, however,
    in a limited number of contracts assumed some level of risk and
    responsibility for certain factors — sometimes only to
    the extent that variations exceed specified
    thresholds — and may also do so under certain
    contracts in the future, particularly in our contracts for
    renewable energy projects.
For example, under a contract for the construction and operation
    of a cogeneration facility at the U.S. Department of Energy
    Savannah River Site in South Carolina, a subsidiary of ours is
    exposed to the risk that the price of the biomass that will be
    used to fuel the cogeneration facility may rise during the
19-year
performance period of the contract. Several provisions in that
    contract mitigate the price risk, including a specified annual
    increase in the price our subsidiary charges the customer for
    biomass fuel, incentives for the customer to make
on-site
biomass available to the cogeneration facility, an escrow fund
    from which our subsidiary can withdraw funds should the price of
    biomass in a given year exceed that charged to the customer, the
    right to reduce the amount of steam generated by the use of
    biomass to a stipulated minimum level and the ability to use
    other fuels, such as used tires, to produce up to 30% of the
    facility's total production. In addition, although we
    typically structure our contracts so that our obligation to
    supply a customer with LFG, electricity or steam, for example,
    does not exceed the quantity produced by the production
    facility, in some circumstances we may commit to supply a
    customer with specified minimum quantities based on our
    projections of the facility's production capacity. In such
    circumstances, if we are unable to meet such commitments, we may
    be required to incur additional costs or face penalties.
Despite the steps we have taken to mitigate risks under these
    and other contracts, such steps may not be sufficient to avoid
    the need to incur increased costs to satisfy our commitments,
    and such costs could be material. Increased costs that we are
    unable to pass through to our customers could have a material
    adverse effect on our operating results.
Our
    business depends on experienced and skilled personnel and
    substantial specialty subcontractor resources, and if we lose
    key personnel or if we are unable to attract and integrate
    additional skilled personnel, it will be more difficult for us
    to manage our business and complete projects.
The success of our business depends in large part on the skill
    of our personnel. Accordingly, it is critical that we maintain,
    and continue to build, a highly experienced management team and
    specialized workforce, including engineers, project and
    construction management, and business development and sales
    professionals. In addition, our construction projects require a
    significant amount of trade labor resources, such as
    electricians, mechanics, carpenters, masons and other skilled
    workers, as well as certain specialty subcontractor skills.
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Competition for personnel, particularly those with expertise in
    the energy services and renewable energy industries, is high,
    and identifying candidates with the appropriate qualifications
    can be costly and difficult. We may not be able to hire the
    necessary personnel to implement our business strategy given our
    anticipated hiring needs, or we may need to provide higher
    compensation or more training to our personnel than we currently
    anticipate.
In the event we are unable to attract, hire and retain the
    requisite personnel and subcontractors, we may experience delays
    in completing projects in accordance with project schedules and
    budgets, which may have an adverse effect on our financial
    results, harm our reputation and cause us to curtail our pursuit
    of new projects. Further, any increase in demand for personnel
    and specialty subcontractors may result in higher costs, causing
    us to exceed the budget on a project, which in turn may have an
    adverse effect on our business, financial condition and
    operating results and harm our relationships with our customers.
Our future success is particularly dependent on the vision,
    skills, experience and effort of our senior management team,
    including our executive officers and our founder, president and
    chief executive officer, George P. Sakellaris. If we were to
    lose the services of any of our executive officers or key
    employees, our ability to effectively manage our operations and
    implement our strategy could be harmed and our business may
    suffer.
If we
    cannot obtain surety bonds and letters of credit, our ability to
    operate may be restricted.
Federal and state laws require us to secure the performance of
    certain long-term obligations through surety bonds and letters
    of credit. In addition, we are occasionally required to provide
    bid bonds or performance bonds to secure our performance under
    energy efficiency contracts. Our sureties have historically
    required that our principal stockholder, George P. Sakellaris,
    who is also our founder, president and chief executive officer,
    personally indemnify them for up to an aggregate of
    $50 million of losses associated with the bonds they have
    provided on our behalf. We expect this indemnity will terminate
    following the closing of this offering. In addition, in the
    event that Mr. Sakellaris no longer controls our company,
    our sureties may reevaluate our eligibility for surety bonds.
    Although we expect the net proceeds of this offering to increase
    our bonding capacity, our ability to obtain required bonds or
    letters of credit depends in large part upon our capitalization,
    working capital, past performance, management expertise and
    reputation, and external factors beyond our control, including
    the overall capacity of the surety market. Our ability to obtain
    letters of credit under our existing credit arrangements is
    limited. We are not permitted to have more than $10 million
    in letters of credit outstanding at any time (including letters
    of credit that have been drawn upon but not repaid on our
    behalf) under the terms of our revolving senior secured credit
    facility. Moreover, our use of letters of credit limits our
    borrowing capability under our revolving senior secured credit
    facility as the aggregate amount of letters of credit we have
    outstanding at any time reduces our borrowing capacity under the
    facility by an equal amount. As of December 31, 2009, we
    had no letters of credit outstanding.
In the future, we may have difficulty procuring or maintaining
    surety bonds or letters of credit, and obtaining them may become
    more expensive, require us to post cash collateral or otherwise
    involve unfavorable terms. Because we are sometimes required to
    have performance bonds or letters of credit in place before
    projects can commence or continue, our failure to obtain or
    maintain those bonds and letters of credit would adversely
    affect our ability to begin and complete projects, and thus
    could have a material adverse effect on our business, financial
    condition and operating results.
We
    operate in a highly competitive industry, and our current or
    future competitors may be able to compete more effectively than
    we do, which could have a material adverse effect on our
    business, revenue, growth rates and market share.
Our industry is highly competitive, with many companies of
    varying size and business models, many of which have their own
    proprietary technologies, competing for the same business as we
    do. Many of our competitors have longer operating histories and
    greater resources than us, and could focus their substantial
    financial resources to develop a competing business model,
    develop products or services that are more attractive to
    potential customers than what we offer or convince our potential
    customers that they should
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require financing arrangements that would be impractical for
    smaller companies to offer. Our competitors may also offer
    energy solutions at prices below cost, devote significant sales
    forces to competing with us or attempt to recruit our key
    personnel by increasing compensation, any of which could improve
    their competitive positions. Any of these competitive factors
    could make it more difficult for us to attract and retain
    customers, cause us to lower our prices in order to compete, and
    reduce our market share and revenue, any of which could have a
    material adverse effect on our financial condition and operating
    results. We can provide no assurance that we will continue to
    effectively compete against our current competitors or
    additional companies that may enter our markets.
In addition, we may also face competition based on technological
    developments that reduce demand for electricity, increase power
    supplies through existing infrastructure or that otherwise
    compete with our products and services. We also encounter
    competition in the form of potential customers electing to
    develop solutions or perform services internally rather than
    engaging an outside provider such as us.
We may
    be unable to complete or operate our projects on a profitable
    basis or as we have committed to our customers.
Development, installation and construction of our energy
    efficiency and renewable energy projects, and operation of our
    renewable energy projects, entails many risks, including:
•
failure to receive critical components and equipment that meet
    our design specifications and can be delivered on schedule;
•
failure to obtain all necessary rights to land access and use;
•
failure to receive quality and timely performance of third-party
    services;
•
increases in the cost of labor, equipment and commodities needed
    to construct or operate projects;
•
permitting and other regulatory issues, license revocation and
    changes in legal requirements;
•
shortages of equipment or skilled labor;
•
unforeseen engineering problems;
•
failure of a customer to accept or pay for renewable energy that
    we supply;
•
weather interferences, catastrophic events including fires,
    explosions, earthquakes, droughts and acts of terrorism; and
    accidents involving personal injury or the loss of life;
•
labor disputes and work stoppages;
•
mishandling of hazardous substances and waste; and
•
other events outside of our control.
Any of these factors could give rise to construction delays and
    construction and other costs in excess of our expectations. This
    could prevent us from completing construction of our projects,
    cause defaults under our financing agreements or under contracts
    that require completion of project construction by a certain
    time, cause projects to be unprofitable for us, or otherwise
    impair our business, financial condition and operating results.
Our
    small-scale renewable energy plants may not generate expected
    levels of output.
The small-scale renewable energy plants that we construct and
    own are subject to various operating risks that may cause them
    to generate less than expected amounts of processed LFG,
    electricity or thermal energy. These risks include a failure or
    degradation of our, our customers' or utilities'
    equipment; an inability to find suitable replacement equipment
    or parts; less than expected supply of the plant's source
    of renewable energy, such as LFG or biomass; or a faster than
    expected diminishment of such supply. Any extended interruption
    in the plant's operation, or failure of the plant for any
    reason to generate the expected amount of
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output, could have a material adverse effect on our business and
    operating results. In addition, we have in the past, and could
    in the future, incur material asset impairment charges if any of
    our renewable energy plants incurs operational issues that
    indicate that our expected future cash flows from the plant are
    less than its carrying value. Any such impairment charge could
    have a material adverse effect on our operating results in the
    period in which the charge is recorded.
We may
    be unable to manage our growth effectively.
Our business and operations have expanded rapidly in the last
    several years, and we anticipate that further expansion of our
    organization and operations will be required to achieve our
    expectations for future growth. In addition, in order to manage
    our expanding operations, we will also need to continue to
    improve our management, operational and financial controls and
    our reporting systems and procedures. All of these measures will
    require significant expenditures and will demand the attention
    of management. If we do not continue to enhance our management
    personnel and our operational and financial systems and controls
    in response to growth in our business, we could experience
    operating inefficiencies that could impair our competitive
    position and could increase our costs more than we had planned.
    If we are unable to manage growth effectively, our business,
    financial condition and operating results could be adversely
    affected.
We expect that some of our growth will be accomplished through
    the opening of new offices and the hiring of additional
    personnel to staff those offices. Even if an office is
    ultimately successful in generating additional revenue and
    profit for us, there is generally a lag of several years before
    we are able to recoup the expenses associated with opening that
    office.
In
    order to secure contracts for new projects, we typically face a
    long and variable selling cycle that requires significant
    resource commitments and requires a long lead time before we
    realize revenue.
The sales, design and construction process for energy efficiency
    and renewable energy projects typically takes from 12 to
    36 months, with sales to federal government and housing
    authority customers tending to require the longest sales
    processes. Our existing and potential customers generally have
    extended budgeting and procurement processes, and sometimes must
    engage in regulatory approval processes, related to our
    services. Most of our potential customers issue a request for
    proposal, or RFP, as part of their consideration of alternatives
    for their proposed project. In preparation for responding to an
    RFP, we typically conduct a preliminary audit of the
    customer's needs and the opportunity to reduce its energy
    costs. For projects involving a renewable energy plant that is
    not located on a customer's site or that uses sources of
    energy not within the customer's control, the sales process
    also involves the identification of sites with attractive
    sources of renewable energy, such as a landfill or a site with
    high winds, and it may involve obtaining necessary rights and
    governmental permits to develop a project on that site. If we
    are awarded a project, we then perform a more detailed audit of
    the customer's facilities, which serves as the basis for
    the final specifications of the project. We then must negotiate
    and execute a contract with the customer. In addition, we or the
    customer typically need to obtain financing for the project.
This extended sales process requires the dedication of
    significant time by our sales and management personnel and our
    use of significant financial resources, with no certainty of
    success or recovery of our related expenses. A potential
    customer may go through the entire sales process and not accept
    our proposal. All of these factors can contribute to
    fluctuations in our quarterly financial performance and increase
    the likelihood that our operating results in a particular
    quarter will fall below investor expectations. These factors
    could also adversely affect our business, financial condition
    and operating results due to increased spending by us that is
    not offset by increased revenue.
Provisions
    in our government contracts may harm our business, financial
    condition and operating results.
A significant majority of our contract backlog and projects that
    have been awarded to us but have not yet been committed to
    signed contracts is attributable to customers that are
    government entities. Our contracts with the federal government
    and its agencies, and with state, provincial and local
    governments, customarily
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contain provisions that give the government substantial rights
    and remedies, many of which are not typically found in
    commercial contracts, including provisions that allow the
    government to:
•
terminate existing contracts, in whole or in part, for any
    reason or no reason;
•
reduce or modify contracts or subcontracts;
•
decline to award future contracts if actual or apparent
    organizational conflicts of interest are discovered, or to
    impose organizational conflict mitigation measures as a
    condition of eligibility for an award;
•
suspend or debar the contractor from doing business with the
    government or a specific government agency; and
•
pursue criminal or civil remedies under the False Claims Act,
    False Statements Act and similar remedy provisions unique to
    government contracting.
Generally, government contracts contain provisions permitting
    unilateral termination or modification, in whole or in part, at
    the government's convenience. Under general principles of
    government contracting law, if the government terminates a
    contract for convenience, the terminated company may recover
    only its incurred or committed costs, settlement expenses and
    profit on work completed prior to the termination. If the
    government terminates a contract for default, the defaulting
    company is entitled to recover costs incurred and associated
    profits on accepted items only and may be liable for excess
    costs incurred by the government in procuring undelivered items
    from another source. In most of our contracts with the federal
    government, the government has agreed to make a payment to us in
    the event that it terminates the agreement early. The
    termination payment is designed to compensate us for the cost of
    construction plus financing costs and profit on the work
    completed.
In ESPCs for governmental entities, the methodologies for
    computing energy savings may be less favorable than for
    non-governmental customers and may be modified during the
    contract period. We may be liable for price reductions if the
    projected savings cannot be substantiated.
In addition to the right of the federal government to terminate
    its contracts with us, federal government contracts are
    conditioned upon the continuing approval by Congress of the
    necessary spending to honor such contracts. Congress often
    appropriates funds for a program on a September 30 fiscal-year
    basis even though contract performance may take more than one
    year. Consequently, at the beginning of many major governmental
    programs, contracts often may not be fully funded, and
    additional monies are then committed to the contract only if, as
    and when appropriations are made by Congress for future fiscal
    years. Similar practices are likely to also affect the
    availability of funding for our contracts with Canadian, as well
    as state and local, government entities. If one or more of our
    government contracts were terminated or reduced, or if
    appropriations for the funding of one or more of our contracts
    is delayed or terminated, our business, financial condition and
    operating results could be adversely affected.
Government contracts normally contain additional terms and
    conditions that may increase our costs of doing business, reduce
    our profits and expose us to liability for failure to comply
    with these terms and conditions. These include, for example:
•
specialized accounting systems unique to government contracting,
    which may include mandatory compliance with federal Cost
    Accounting Standards;
•
mandatory financial audits and potential liability for
    adjustments in contract prices;
•
public disclosure of contracts, which may include pricing
    information;
•
mandatory socioeconomic compliance requirements, including small
    business promotion, labor, environmental and
    U.S. manufacturing requirements; and
•
requirements for maintaining current facility
and/or
personnel security clearances to access certain government
    facilities or to maintain certain records, and related
    industrial security compliance requirements.
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Our contracts with Canadian governmental entities frequently
    involve similar risks. Any failure by us to comply with these
    governmental requirements could adversely affect our business.
Our
    renewable energy projects, particularly our LFG projects, depend
    on locating and acquiring suitable operating sites, of which
    there are a limited number.
Our small-scale renewable energy projects must be situated at
    sites that have access to renewable sources of energy.
    Specifically, LFG projects must originate on or near landfill
    sites, of which approximately 500 are currently available in the
    United States for economically viable LFG projects. Sites for
    our renewable energy plants must be suitable for construction
    and efficient operation, which, among other things, requires
    appropriate road access. Further, many plants must be
    interconnected to electricity transmission or distribution
    networks. Once we have identified a suitable operating site,
    obtaining the requisite LFG
and/or
land
    rights (including access rights, setbacks and other easements)
    requires us to negotiate with landowners and local government
    officials. These negotiations can take place over a long time,
    are not always successful and sometimes require economic
    concessions not in our original plans. The property rights
    necessary to construct and interconnect our plants must also be
    insurable and otherwise satisfactory to our financing
    counterparties. In addition, our ability to obtain adequate LFG
and/or
property rights is subject to competition. If a competitor or
    other party obtains LFG
and/or
land
    rights critical to our project development efforts and we are
    unable to reach agreement for their use, we could incur losses
    as a result of development costs for sites we do not develop,
    which we would have to write off. If we are unable to obtain
    adequate LFG
and/or
property or other rights for a renewable energy plant, including
    its interconnection, that plant may be smaller in size or
    potentially unfeasible. Failure to obtain insurable property
    rights for a project satisfactory to our financing sources would
    preclude our ability to obtain third-party financing and could
    prevent ongoing development and construction of that project.
We
    plan to expand our business in part through future acquisitions,
    but we may not be able to identify or complete suitable
    acquisitions.
Historically, acquisitions have been a significant part of our
    growth strategy. We plan to continue to use acquisitions of
    companies or assets to expand our project skill-sets and
    capabilities, expand our geographic markets, add experienced
    management and increase our product and service offerings.
    However, we may be unable to implement this growth strategy if
    we cannot identify suitable acquisition candidates, reach
    agreement with acquisition targets on acceptable terms or
    arrange required financing for acquisitions on acceptable terms.
    In addition, the time and effort involved in attempting to
    identify acquisition candidates and consummate acquisitions may
    divert members of our management from the operations of our
    company.
Any
    future acquisitions that we may make could disrupt our business,
    cause dilution to our stockholders and harm our business,
    financial condition or operating results.
If we are successful in consummating acquisitions, those
    acquisitions could subject us to a number of risks, including:
•
the purchase price we pay could significantly deplete our cash
    reserves or result in dilution to our existing stockholders;
•
we may find that the acquired company or assets do not improve
    our customer offerings or market position as planned;
•
we may have difficulty integrating the operations and personnel
    of the acquired company;
•
key personnel and customers of the acquired company may
    terminate their relationships with the acquired company as a
    result of the acquisition;
•
we may experience additional financial and accounting challenges
    and complexities in areas such as tax planning and financial
    reporting;
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•
we may assume or be held liable for risks and liabilities
    (including for environmental-related costs) as a result of our
    acquisitions, some of which we may not discover during our due
    diligence or adequately adjust for in our acquisition
    arrangements;
•
our ongoing business and management's attention may be
    disrupted or diverted by transition or integration issues and
    the complexity of managing geographically or culturally diverse
    enterprises;
•
we may incur one-time write-offs or restructuring charges in
    connection with the acquisition;
•
we may acquire goodwill and other intangible assets that are
    subject to amortization or impairment tests, which could result
    in future charges to earnings; and
•
we may not be able to realize the cost savings or other
    financial benefits we anticipated.
These factors could have a material adverse effect on our
    business, financial condition and operating results.
We
    need governmental approvals and permits, and we typically must
    meet specified qualifications, in order to undertake our energy
    efficiency projects and construct, own and operate our
    small-scale renewable energy projects, and any failure to do so
    would harm our business.
The design, construction and operation of our energy efficiency
    and small-scale renewable energy projects require various
    governmental approvals and permits, and may be subject to the
    imposition of related conditions that vary by jurisdiction. In
    some cases, these approvals and permits require periodic
    renewal. We cannot predict whether all permits required for a
    given project will be granted or whether the conditions
    associated with the permits will be achievable. The denial of a
    permit essential to a project or the imposition of impractical
    conditions would impair our ability to develop the project. In
    addition, we cannot predict whether the permits will attract
    significant opposition or whether the permitting process will be
    lengthened due to complexities and appeals. Delay in the review
    and permitting process for a project can impair or delay our
    ability to develop that project or increase the cost so
    substantially that the project is no longer attractive to us. We
    have experienced delays in developing our projects due to delays
    in obtaining permits and may experience delays in the future. If
    we were to commence construction in anticipation of obtaining
    the final, non-appealable permits needed for that project, we
    would be subject to the risk of being unable to complete the
    project if all the permits were not obtained. If this were to
    occur, we would likely lose a significant portion of our
    investment in the project and could incur a loss as a result.
    Further, the continued operations of our projects require
    continuous compliance with permit conditions. This compliance
    may require capital improvements or result in reduced
    operations. Any failure to procure, maintain and comply with
    necessary permits would adversely affect ongoing development,
    construction and continuing operation of our projects.
In addition, the projects we perform for governmental agencies
    are governed by particular qualification and contracting
    regimes. Certain states require qualification with an
    appropriate state agency as a precondition to performing work or
    appearing as a qualified energy service provider for state,
    county and local agencies within the state. For example, the
    Commonwealth of Massachusetts and the states of Colorado and
    Washington pre-qualify energy service providers and provide
    contract documents that serve as the starting point for
    negotiations with potential governmental clients. Most of the
    work that we perform for the federal government is performed
    under IDIQ agreements between a government agency and us or a
    subsidiary. These IDIQ agreements allow us to contract with the
    relevant agencies to implement energy projects, but no work may
    be performed unless we and the agency agree on a task order or
    delivery order governing the provision of a specific project.
    The government agencies enter into contracts for specific
    projects on a competitive basis. We and our subsidiaries and
    affiliates are currently party to an IDIQ agreement with the
    U.S. Department of Energy that expires in 2019. If we are
    unable to maintain or renew our IDIQ qualification under the
    U.S. Department of Energy program for ESPCs, or similar
    federal or state qualification regimes, our business could be
    materially harmed.
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Many
    of our small-scale renewable energy projects are, and other
    future projects may be, subject to or affected by U.S. federal
    energy regulation or other regulations that govern the
    operation, ownership and sale of the facility, or the sale of
    electricity from the facility.
The Public Utility Holding Company Act of 1935, or PUHCA, and
    the Federal Power Act, or FPA, regulate public utility holding
    companies and their subsidiaries and place constraints on the
    conduct of their business. The FPA regulates wholesale sales of
    electricity and the transmission of electricity in interstate
    commerce by public utilities. Under the Public Utility
    Regulatory Policies Act of 1978, or PURPA, all of our current
    small-scale renewable energy projects are small power
    "qualifying facilities" (facilities meeting statutory
    size, fuel and ownership requirements) that are exempt from
    regulations under PUHCA, most provisions of the FPA and state
    rate regulation. None of our renewable energy projects are
    currently subject to rate regulation for wholesale power sales
    by the Federal Energy Regulatory Commission, or FERC, under the
    FPA, but certain of our projects that are under construction or
    development could become subject to such regulation in the
    future. Also, we may acquire interests in or develop generating
    projects that are not qualifying facilities. Non-qualifying
    facility projects would be fully subject to FERC corporate and
    rate regulation, and would be required to obtain FERC acceptance
    of their rate schedules for wholesale sales of energy, capacity
    and ancillary services, which requires substantial disclosures
    to and discretionary approvals from FERC. FERC may revoke or
    revise an entity's authorization to make wholesale sales at
    negotiated, or market-based, rates if FERC determines that we
    can exercise market power in transmission or generation, create
    barriers to entry or engage in abusive affiliate transactions or
    market manipulation. In addition, many public utilities
    (including any non-qualifying facility generator in which we may
    invest) are subject to FERC reporting requirements that impose
    administrative burdens and that, if violated, can expose the
    company to civil penalties or other risks.
All of our wholesale electric power sales are subject to certain
    market behavior rules. These rules change from time to time, by
    virtue of FERC rulemaking proceedings and FERC-ordered
    amendments to utilities' FERC tariffs. If we are deemed to
    have violated these rules, we will be subject to potential
    disgorgement of profits associated with the violation
and/or
suspension or revocation of our market-based rate authority, as
    well as potential criminal and civil penalties. If we were to
    lose market-based rate authority for any non-qualifying facility
    project we may acquire or develop in the future, we would be
    required to obtain FERC's acceptance of a cost-based rate
    schedule and could become subject to, among other things, the
    burdensome accounting, record keeping and reporting requirements
    that are imposed on public utilities with cost-based rate
    schedules. This could have an adverse effect on the rates we
    charge for power from our projects and our cost of regulatory
    compliance.
Wholesale electric power sales are subject to increasing
    regulation. The terms and conditions for power sales, and the
    right to enter and remain in the wholesale electric sector, are
    subject to FERC oversight. Due to major regulatory restructuring
    initiatives at the federal and state levels, the
    U.S. electric industry has undergone substantial changes
    over the past decade. We cannot predict the future design of
    wholesale power markets or the ultimate effect ongoing
    regulatory changes will have on our business. Other proposals to
    further regulate the sector may be made and legislative or other
    attention to the electric power market restructuring process may
    delay or reverse the movement towards competitive markets.
If we become subject to additional regulation under PUHCA, FPA
    or other regulatory frameworks, if existing regulatory
    requirements become more onerous, or if other material changes
    to the regulation of the electric power markets take place, our
    business, financial condition and operating results could be
    adversely affected.
Compliance
    with environmental laws could adversely affect our operating
    results.
Costs of compliance with federal, state, provincial, local and
    other foreign existing and future environmental regulations
    could adversely affect our cash flow and profitability. We are
    required to comply with numerous environmental laws and
    regulations and to obtain numerous governmental permits in
    connection with energy efficiency and renewable energy projects,
    and we may incur significant additional costs to comply with
    these requirements. If we fail to comply with these
    requirements, we could be subject to
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civil or criminal liability, damages and fines. Existing
    environmental regulations could be revised or reinterpreted and
    new laws and regulations could be adopted or become applicable
    to us or our projects, and future changes in environmental laws
    and regulations could occur. These factors may materially
    increase the amount we must invest to bring our projects into
    compliance and impose additional expense on our operations.
In addition, private lawsuits or enforcement actions by federal,
    state, provincial
and/or
foreign regulatory agencies may materially increase our costs.
    Certain environmental laws make us potentially liable on a joint
    and several basis for the remediation of contamination at or
    emanating from properties or facilities we currently or formerly
    owned or operated or properties to which we arranged for the
    disposal of hazardous substances. Such liability is not limited
    to the cleanup of contamination we actually caused. Although we
    seek to obtain indemnities against liabilities relating to
    historical contamination at the facilities we own or operate, we
    cannot provide any assurance that we will not incur liability
    relating to the remediation of contamination, including
    contamination we did not cause. For example, in 2009, a customer
    for which we were performing an energy efficiency project
    initiated a legal proceeding against us as a result of project
    delays that we believe were attributable to the discovery of
    hazardous materials and need for remediation by the customer. An
    adverse outcome in this proceeding could have an adverse effect
    on our operating results in the period in which the outcome is
    determined.
We may not be able to obtain or maintain, from time to time, all
    required environmental regulatory approvals. A delay in
    obtaining any required environmental regulatory approvals or
    failure to obtain and comply with them could adversely affect
    our business and operating results.
International
    expansion is one of our growth strategies, and international
    operations will expose us to additional risks that we do not
    face in the United States, which could have an adverse effect on
    our operating results.
We generate a significant portion of our revenue from operations
    in Canada, and although we are engaged in overseas projects for
    the U.S. Department of Defense, we currently derive a small
    amount of revenue from outside of North America. However,
    international expansion is one of our growth strategies, and we
    expect our revenue and operations outside of North America will
    expand in the future. These operations will be subject to a
    variety of risks that we do not face in the United States, and
    that we may face only to a limited degree in Canada, including:
•
building and managing highly experienced foreign workforces and
    overseeing and ensuring the performance of foreign
    subcontractors;
•
increased travel, infrastructure and legal and compliance costs
    associated with multiple international locations;
•
additional withholding taxes or other taxes on our foreign
    income, and tariffs or other restrictions on foreign trade or
    investment;
•
imposition of, or unexpected adverse changes in, foreign laws or
    regulatory requirements, many of which differ from those in the
    United States;
•
increased exposure to foreign currency exchange rate risk;
•
longer payment cycles for sales in some foreign countries and
    potential difficulties in enforcing contracts and collecting
    accounts receivable;
•
difficulties in repatriating overseas earnings;
•
general economic conditions in the countries in which we
    operate; and
•
political unrest, war, incidents of terrorism, or responses to
    such events.
Our overall success in international markets will depend, in
    part, on our ability to succeed in differing legal, regulatory,
    economic, social and political conditions. We may not be
    successful in developing and implementing policies and
    strategies that will be effective in managing these risks in
    each country where we
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do business. Our failure to manage these risks successfully
    could harm our international operations, reduce our
    international sales and increase our costs, thus adversely
    affecting our business, financial condition and operating
    results.
Our
    insurance and contractual protections may not always cover lost
    revenue, increased expenses or liquidated damages
    payments.
Although we maintain insurance, obtain warranties from
    suppliers, obligate subcontractors to meet certain performance
    levels and attempt, where feasible, to pass risks we cannot
    control to our customers, the proceeds of such insurance,
    warranties, performance guarantees or risk sharing arrangements
    may not be adequate to cover lost revenue, increased expenses or
    liquidated damages payments that may be required in the future.
If the
    cost of energy generated by traditional sources does not
    increase, or if it decreases, demand for our services may
    decline.
Decreases in the costs associated with traditional sources of
    energy, such as prices for commodities like coal, oil and
    natural gas, may reduce demand for energy efficiency and
    renewable energy solutions. Technological progress in
    traditional forms of electricity generation or the discovery of
    large new deposits of traditional fuels could reduce the cost of
    electricity generated from those sources and as a consequence
    reduce the demand for our solutions. Any of these developments
    could have a material adverse effect on our business, financial
    condition and operating results.
We
    have a material weakness in our internal control over financial
    reporting. If we fail to establish and maintain proper and
    effective internal controls, our ability to produce accurate
    financial statements could be impaired, which could adversely
    affect our operating results, our ability to operate our
    business and investors' and customers' views of
    us.
As a public company, we will become subject to a set of laws and
    regulations requiring that we establish and maintain internal
    control over financial reporting. Internal control over
    financial reporting is defined under Securities and Exchange
    Commission, or SEC, rules as a process designed by, or under the
    supervision of, our principal executive and principal financial
    officers and effected by our board of directors, management and
    other personnel, to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    GAAP. We have not yet begun the process of documenting,
    reviewing and, as appropriate, improving our internal controls
    and procedures in anticipation of being a public company and
    eventually becoming subject to the SEC rules concerning internal
    control over financial reporting, which take effect beginning
    with the filing of our second Annual Report on
Form 10-K
(which will be due in March 2012). Establishing and maintaining
    adequate internal financial and accounting controls and
    procedures so that we can produce accurate financial statements
    on a timely basis is a costly and time-consuming effort that
    needs to be re-evaluated frequently, and may distract our
    officers and employees from the operation of our business.
We do not currently have personnel with an appropriate level of
    knowledge, experience or training in the selection, application
    and implementation of GAAP as it relates to certain complex
    accounting issues, income taxes and SEC financial reporting
    requirements. This constitutes a material weakness in our
    internal control over financial reporting that could result in
    material misstatements in our financial statements not being
    prevented or detected. Although we plan to remediate this
    material weakness by hiring additional personnel with the
    requisite expertise, we may experience difficulties or delays in
    doing so, and new employees will require time and training to
    learn our business and operating processes and procedures.
If we fail to enhance and then maintain our internal control
    over financial reporting, we may be unable to report our
    financial results timely and accurately, and we may be less
    likely to prevent fraud. In addition, such failure could
    increase our operating costs, materially impair our ability to
    operate our business, result in SEC investigations and penalties
    and lead to the delisting of our common stock from
    the          .
    The resulting damage to our reputation in the marketplace and
    our financial credibility could significantly
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impair our sales and marketing efforts with customers. Further,
    investors' perceptions that our internal controls are
    inadequate or that we are unable to produce accurate financial
    statements could adversely affect the market price of our
    Class A common stock.
Changes
    in utility regulation and tariffs could adversely affect our
    business.
Our business is affected by regulations and tariffs that govern
    the activities of utilities. For example, utility companies are
    commonly allowed by regulatory authorities to charge fees to
    larger industrial customers for disconnecting from the electric
    grid or for having the capacity to use power from the electric
    grid for
back-up
purposes. These fees could increase the cost to our customers of
    taking advantage of our services and make them less desirable,
    thereby harming our business, financial condition and operating
    results. Our current generating projects are all operated as
    qualifying facilities. FERC regulations under the FPA confer
    upon these facilities key rights to interconnection with local
    utilities, and can entitle qualifying facilities to enter into
    power purchase agreements with local utilities, from which the
    qualifying facilities benefit. Changes to these federal laws and
    regulations could increase our regulatory burdens and costs, and
    could reduce our revenue. In addition, modifications to the
    pricing policies of utilities could require renewable energy
    systems to achieve lower prices in order to compete with the
    price of electricity from the electric grid and may reduce the
    economic attractiveness of certain energy efficiency measures.
Some of the demand-reduction services we provide for utilities
    and institutional clients are subject to regulatory tariffs
    imposed under federal and state utility laws. In addition, the
    operation of, and electrical interconnection for, our renewable
    energy projects are subject to federal, state or provincial
    interconnection and federal reliability standards that are also
    set forth in utility tariffs. These tariffs specify rules,
    business practices and economic terms to which we are subject.
    The tariffs are drafted by the utilities and approved by the
    utilities' state and federal regulatory commissions. These
    tariffs change frequently and it is possible that future changes
    will increase our administrative burden or adversely affect the
    terms and conditions under which we render service to our
    customers.
Our
    activities and operations are subject to numerous health and
    safety laws and regulations, and if we violate such regulations,
    we could face penalties and fines.
We are subject to numerous health and safety laws and
    regulations in each of the jurisdictions in which we operate.
    These laws and regulations require us to obtain and maintain
    permits and approvals and implement health and safety programs
    and procedures to control risks associated with our projects.
    Compliance with those laws and regulations can require us to
    incur substantial costs. Moreover, if our compliance programs
    are not successful, we could be subject to penalties or to
    revocation of our permits, which may require us to curtail or
    cease operations of the affected projects. Violations of laws,
    regulations and permit requirements may also result in criminal
    sanctions or injunctions.
Health and safety laws, regulations and permit requirements may
    change or become more stringent. Any such changes could require
    us to incur materially higher costs than we currently have. Our
    costs of complying with current and future health and safety
    laws, regulations and permit requirements, and any liabilities,
    fines or other sanctions resulting from violations of them,
    could adversely affect our business, financial condition and
    operating results.
Our
    credit facilities and debt instruments contain financial and
    operating restrictions that may limit our business activities
    and our access to credit.
Provisions in our credit facilities and debt instruments impose
    restrictions on our and certain of our subsidiaries'
    ability to, among other things:
•
incur additional debt, or debt related to federal projects in
    excess of specified limits;
•
pay cash dividends and make distributions;
•
make certain investments and acquisitions;
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•
guarantee the indebtedness of others or our subsidiaries;
•
redeem or repurchase capital stock;
•
create liens;
•
enter into transactions with affiliates;
•
engage in new lines of business;
•
sell, lease or transfer certain parts of our business or
    property;
•
enter into sale-leaseback arrangements; and
•
merge or consolidate.
These agreements also contain other customary covenants,
    including covenants that require us to meet specified financial
    ratios and financial tests. We may not be able to comply with
    these covenants in the future. Our failure to comply with these
    covenants may result in the declaration of an event of default
    and cause us to be unable to borrow under our credit facilities
    and debt instruments. In addition to preventing additional
    borrowings under these agreements, an event of default, if not
    cured or waived, may result in the acceleration of the maturity
    of indebtedness outstanding under these agreements, which would
    require us to pay all amounts outstanding. If an event of
    default occurs, we may not be able to cure it within any
    applicable cure period, if at all. If the maturity of our
    indebtedness is accelerated, we may not have sufficient funds
    available for repayment or we may not have the ability to borrow
    or obtain sufficient funds to replace the accelerated
    indebtedness on terms acceptable to us or at all.
If our
    subsidiaries default on their obligations under their debt
    instruments, we may need to make payments to lenders to prevent
    foreclosure on the collateral securing the debt.
We typically set up subsidiaries to own and finance our
    renewable energy projects. These subsidiaries incur various
    types of debt which can be used to finance one or more projects.
    This debt is typically structured as non-recourse debt, which
    means it is repayable solely from the revenue from the projects
    financed by the debt and is secured by such projects'
    physical assets, major contracts and cash accounts and a pledge
    of our equity interests in the subsidiaries involved in the
    projects. Although our subsidiary debt is typically non-recourse
    to Ameresco, if a subsidiary of ours defaults on such
    obligations, or if one project out of several financed by a
    particular subsidiary's indebtedness encounters
    difficulties or is terminated, then we may from time to time
    determine to provide financial support to the subsidiary in
    order to maintain rights to the project or otherwise avoid the
    adverse consequences of a default. In the event a subsidiary
    defaults on its indebtedness, its creditors may foreclose on the
    collateral securing the indebtedness, which may result in our
    losing our ownership interest in some or all of the
    subsidiary's assets. The loss of our ownership interest in
    a subsidiary or some or all of a subsidiary's assets could
    have a material adverse effect on our business, financial
    condition and operating results.
We are
    exposed to the credit risk of some of our
    customers.
Most of our revenue is derived under multi-year or long-term
    contracts with our customers, and our revenue is therefore
    dependent to a large extent on the creditworthiness of our
    customers. During periods of economic downturn in the global
    economy, our exposure to credit risks from our customers
    increases, and our efforts to monitor and mitigate the
    associated risks may not be effective in reducing our credit
    risks. In the event of non-payment by one or more of our
    customers, our business, financial condition and operating
    results could be adversely affected.
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The
    use and enjoyment of real property rights for our small-scale
    renewable energy projects may be adversely affected by the
    rights of lienholders and leaseholders that are superior to
    those of the grantors of those real property rights to
    us.
Our small-scale renewable energy projects generally are, and are
    likely to continue to be, located on land we or our customers
    occupy pursuant to long-term easements and leases. The ownership
    interests in the land subject to these easements and leases may
    be subject to mortgages securing loans or other liens (such as
    tax liens) and other easement and lease rights of third parties
    (such as leases of oil or mineral rights) that were created
    prior to our or our customers' easements and leases. As a
    result, the rights under these easements or leases may be
    subject, and subordinate, to the rights of those third parties.
    We typically perform title searches and obtain title insurance
    to protect ourselves or our customers against these risks. Such
    measures may, however, be inadequate to protect against all risk
    of loss of rights to use the land on which these projects are
    located, which could have a material adverse effect on our
    business, financial condition and operating results.
Fluctuations
    in foreign currency exchange rates can impact our
    results.
A significant portion of our total revenue is generated by our
    Canadian subsidiary, Ameresco Canada. Changes in exchange rates
    between the Canadian dollar and the U.S. dollar may
    adversely affect our operating results.
The
    trading price of our Class A common stock is likely to be
    volatile, and you may not be able to sell your shares at or
    above the initial public offering price.
Our Class A common stock has no prior trading history. The
    initial public offering price for our Class A common stock
    will be determined through negotiations between us and the
    representatives of the underwriters. This price will not
    necessarily reflect the price at which investors in the market
    will be willing to buy and sell shares of our Class A
    common stock following this offering. In addition, the trading
    price of our Class A common stock is likely to be highly
    volatile and could be subject to wide fluctuations in response
    to various factors. In addition to the risks described in this
    section, factors that may cause the market price of our
    Class A common stock to fluctuate include:
•
fluctuations in our quarterly financial results or the quarterly
    financial results of companies perceived to be similar to us;
•
changes in estimates of our future financial results or
    recommendations by securities analysts;
•
investors' general perception of us; and
•
changes in general economic, industry and market conditions.
In addition, if the stock market in general experiences a
    significant decline, the trading price of our Class A
    common stock could decline for reasons unrelated to our
    business, financial condition or operating results.
Some companies that have had volatile market prices for their
    securities have had securities class actions filed against them.
    If a suit were filed against us, regardless of its merits or
    outcome, it would likely result in substantial costs and divert
    management's attention and resources. This could have a
    material adverse effect on our business, operating results and
    financial condition.
Our
    securities have no prior market and an active public trading
    market for our Class A common stock may not
    develop.
Prior to this offering, there has been no public market for
    shares of our Class A common stock. Although we have
    applied to list our Class A common stock on
    the          ,
    an active public trading market for our Class A common
    stock may not develop or, if it develops, may not be maintained
    after this offering. For example, applicable stock market rules
    impose certain securities trading requirements, including
    minimum trading price, minimum number of stockholders and
    minimum market capitalization. If an active public
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trading market for our Class A common stock does not
    develop or is not sustained, it may be difficult for you to sell
    your shares of our Class A common stock at an attractive
    price or at all.
Holders
    of our Class A common stock, which is the stock we are
    selling in this offering, are entitled to one vote per share,
    and holders of our Class B common stock are entitled
    to      votes per share. The lower
    voting power of our Class A common stock may negatively
    affect the attractiveness of our Class A common stock to
    investors and, as a result, its market value.
Upon consummation of this offering, we will have two classes of
    common stock: Class A common stock, which is the stock we
    are selling in this offering and which is entitled to one vote
    per share, and Class B common stock, which is entitled
    to      votes per share. The difference
    in the voting power of our Class A and Class B common
    stock could diminish the market value of our Class A common
    stock because of the superior voting rights of our Class B
    common stock and the power those rights confer.
For
    the foreseeable future, Mr. Sakellaris or his affiliates
    will be able to control the selection of all members of our
    board of directors, as well as virtually every other matter that
    requires stockholder approval, which will severely limit the
    ability of other stockholders to influence corporate
    matters.
Except in certain limited circumstances required by applicable
    law, holders of Class A and Class B common stock vote
    together as a single class on all matters to be voted on by our
    stockholders. Immediately following the completion of this
    offering, Mr. Sakellaris will own all of our Class B
    common stock, representing     % of the
    combined voting power of our outstanding Class A and
    Class B common stock. Under our restated certificate of
    incorporation, holders of shares of Class B common stock
    may generally transfer those shares to family members, including
    spouses and descendents or the spouses of such descendents, as
    well as to affiliated entities, without having the shares
    automatically convert into shares of Class A common stock.
    Therefore, Mr. Sakellaris, his affiliates, and his family
    members and descendents will, for the foreseeable future, be
    able to control the outcome of the voting on virtually all
    matters requiring stockholder approval, including the election
    of directors and significant corporate transactions such as an
    acquisition of our company, even if they come to own, in the
    aggregate, as little as     % of the
    economic interest of the outstanding shares of our Class A
    and Class B common stock. Moreover, these persons may take
    actions in their own interests that you or our other
    stockholders do not view as beneficial. See "Principal and
    Selling Stockholders" and "Description of Capital
    Stock."
Future
    sales of shares by existing stockholders could cause our stock
    price to decline.
Once a trading market develops for our Class A common
    stock, many of our stockholders for the first time will have an
    opportunity to sell their shares, subject to the contractual
lock-up
agreements and other restrictions on resale discussed in this
    prospectus. Sales by our existing stockholders of a substantial
    number of shares in the public market, or the threat that
    substantial sales might occur, could cause the market price of
    the Class A common stock to decrease significantly. These
    factors could also make it difficult for us to raise additional
    capital by selling our Class A common stock. See
    "Shares Eligible for Future Sale" for further
    details regarding the number of shares eligible for sale in the
    public market after this offering.
If
    securities or industry analysts do not publish research or
    publish inaccurate or unfavorable research about our business,
    our stock price and trading volume could decline.
The trading market for our Class A common stock will depend
    in part on any research reports that securities or industry
    analysts publish about us or our business. After this offering,
    if no securities or industry analysts initiate coverage of our
    company, the trading price for our Class A common stock may
    be negatively impacted. In the event securities or industry
    analysts cover our company and one or more of these analysts
    downgrade our stock or publish unfavorable reports about our
    business, our stock price would likely decline. In addition, if
    any securities or industry analysts cease coverage of our
    company or fail to publish reports on us regularly, demand for
    our Class A common stock could decrease, which could cause
    our stock price and trading volume to decline.
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You
    will experience substantial dilution as a result of this
    offering and future equity issuances.
The initial public offering price per share of our Class A
    common stock is substantially higher than the pro forma net
    tangible book value per share of our Class A common stock.
    As a result, investors purchasing Class A common stock in
    this offering will experience immediate dilution of
    $      per share, at an assumed initial
    public offering price of $      per
    share, which is the midpoint of the range listed on the cover
    page of this prospectus. In addition, we have granted options
    and a warrant to acquire Class A common stock at prices
    significantly below the initial public offering price. To the
    extent outstanding options and the warrant are exercised, there
    will be further dilution to investors in this offering. See
    "Dilution."
Our
    management will have broad discretion over the use of the
    proceeds we receive in this offering and might not apply the
    proceeds in ways that increase the value of your
    investment.
We expect to use a portion of the net proceeds to us from this
    offering to repay the balance outstanding under our
    $50 million revolving senior secured credit facility, under
    which $19.9 million in principal was outstanding at of
    December 31, 2009, and the $3.0 million subordinated
    note held by Mr. Sakellaris. We intend to use the balance
    of the net proceeds for working capital and other general
    corporate purposes, which may include opening additional offices
    in the United States and abroad, expanding sales and marketing
    activities, funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures. Our management will have broad discretion over the
    use of the net proceeds from this offering, and you will be
    relying on the judgment of our management regarding the
    application of those net proceeds. Although it is the intention
    of our management to use the net proceeds from the offering in
    the best interests of the company, our management might not
    apply the net proceeds from this offering in ways that increase
    the value of your investment or in ways with which you agree.
    See "Use of Proceeds."
We do
    not anticipate paying any cash dividends on our capital stock in
    the foreseeable future.
We have never declared or paid any cash dividends on our capital
    stock and do not currently expect to pay any cash dividends for
    the foreseeable future. Our revolving senior secured credit
    facility with Bank of America limits our ability to declare and
    pay cash dividends during the term of that agreement. See
    "Dividend Policy." We intend to use our future
    earnings, if any, in the operation and expansion of our
    business. Accordingly, you are not likely to receive any
    dividends on your Class A common stock for the foreseeable
    future, and your ability to achieve a return on your investment
    will therefore depend on appreciation in the market price of our
    Class A common stock.
Anti-takeover
    provisions in our charter documents and Delaware law could
    discourage, delay or prevent a change in control of our company
    and may affect the trading price of our Class A common
    stock.
We are a Delaware corporation and the anti-takeover provisions
    of the Delaware General Corporation Law may discourage, delay or
    prevent an acquisition of our company by prohibiting us from
    engaging in a business combination with an interested
    stockholder for a period of three years after the person becomes
    an interested stockholder, even if a change in control would be
    supported by our existing stockholders. In addition, our
    restated certificate of incorporation and by-laws may
    discourage, delay or prevent an acquisition or a change in our
    management that stockholders may consider favorable. Our
    restated certificate of incorporation and by-laws, which will be
    in effect upon the closing of this offering:
•
provide for a dual class capital structure that allows our
    founder, principal stockholder, president and chief executive
    officer, George P. Sakellaris, to control the outcome of the
    voting on virtually all matters requiring stockholder approval,
    including the election of directors and significant corporate
    transactions such as an acquisition of our company;
•
authorize the issuance of "blank check" preferred
    stock that could be issued by our board of directors to thwart a
    takeover attempt;
30
Table of Contents
•
establish a classified board of directors, as a result of which
    only approximately one-third of our directors are presented to a
    stockholder vote for re-election at any annual meeting of
    stockholders;
•
provide that directors may be removed from office only for cause
    and only upon a supermajority stockholder vote;
•
provide that vacancies on our board of directors, including
    newly created directorships, may be filled only by a majority
    vote of directors then in office;
•
do not permit stockholders to call special meetings of
    stockholders;
•
prohibit stockholder action by written consent, requiring all
    actions to be taken at a meeting of the stockholders;
•
establish advance notice requirements for nominations for
    election to our board of directors or for proposing matters that
    can be acted upon by stockholders at stockholder
    meetings; and
•
require a supermajority stockholder vote to effect certain
    amendments to our restated certificate of incorporation and
    by-laws.
For additional information regarding these and other
    anti-takeover provisions, see "Description of Capital
    Stock — Anti-Takeover Effects of Delaware Law and Our
    Restated Certificate of Incorporation and By-Laws."
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SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements. All
    statements other than statements of historical facts contained
    in this prospectus, including statements regarding our strategy,
    future operations, future financial position, future revenue,
    projected costs, prospects, plans, objectives of management and
    expected market growth are forward-looking statements. These
    statements involve known and unknown risks, uncertainties and
    other important factors that may cause our actual results,
    performance or achievements to be materially different from any
    future results, performance or achievements expressed or implied
    by the forward-looking statements.
The words "anticipate," "believe,"
    "estimate," "expect," "intend,"
    "may," "plan," "predict,"
    "project," "will," "would" and
    similar expressions are intended to identify forward-looking
    statements, although not all forward-looking statements contain
    these identifying words. These forward-looking statements
    include, among other things, statements about:
•
our expectations as to the future growth of our business;
•
the expected future growth of the market for energy efficiency
    and renewable energy solutions;
•
our backlog, awarded projects and recurring revenue;
•
the expected energy and cost savings of our projects; and
•
the expected energy production capacity of our renewable energy
    plants.
These forward looking statements are only predictions and we may
    not actually achieve the plans, intentions or expectations
    disclosed in our forward-looking statements, so you should not
    place undue reliance on our forward-looking statements. Actual
    results or events could differ materially from the plans,
    intentions and expectations disclosed in the forward-looking
    statements we make. We have based these forward-looking
    statements largely on our current expectations and projections
    about future events and trends that we believe may affect our
    business, financial condition and operating results. We have
    included important factors in the cautionary statements included
    in this prospectus, particularly in the "Risk Factors"
    section, that could cause actual future results or events to
    differ materially from the forward-looking statements that we
    make. Our forward-looking statements do not reflect the
    potential impact of any future acquisitions, mergers,
    dispositions, joint ventures or investments we may make.
The forward-looking statements in this prospectus represent our
    views as of the date of this prospectus. We anticipate that
    subsequent events and developments will cause our views to
    change. However, while we may elect to update these
    forward-looking statements at some point in the future, we have
    no current intention of doing so except to the extent required
    by applicable law. You should, therefore, not rely on these
    forward-looking statements as representing our views as of any
    date subsequent to the date of this prospectus.
This prospectus also contains estimates and other statistical
    data made by independent parties and by us relating to market
    size and growth and other data about our industry. We obtained
    the industry and market data in this prospectus from our own
    research as well as from industry and general publications,
    surveys and studies conducted by third parties. This data
    involves a number of assumptions and limitations and contains
    projections and estimates of the future performance of the
    industries in which we operate that are subject to a high degree
    of uncertainty. We caution you not to give undue weight to such
    projections, assumptions and estimates. Further, industry and
    general publications, studies and surveys generally state that
    they have been obtained from sources believed to be reliable,
    although they do not guarantee the accuracy or completeness of
    such information. While we believe that these publications,
    studies and surveys are reliable, we have not independently
    verified the data contained in them. In addition, while we
    believe that the results and estimates from our internal
    research are reliable, such results and estimates have not been
    verified by any independent source.
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USE OF
    PROCEEDS
We estimate that we will receive net proceeds from this offering
    of approximately $      million,
    based on an assumed initial public offering price of
    $      per share, which is the midpoint
    of the estimated price range shown on the cover of this
    prospectus, and after deducting the estimated underwriting
    discount and estimated offering expenses payable by us. At an
    assumed initial public offering price of
    $      per share, the selling
    stockholders will receive
    $      million from their sale of
    our Class A common stock in this offering, after deducting
    the estimated underwriting discount. We will not receive any
    proceeds from the sale of shares by the selling stockholders.
A $1.00 increase (decrease) in the assumed initial public
    offering price of $      would increase
    (decrease) the net proceeds to us from this offering by
    $      million, assuming the
    number of shares offered by us, as set forth on the cover of
    this prospectus, remains the same.
We intend to use the net proceeds we receive from this offering
    as follows:
•
to repay the outstanding balance under our $50 million
    revolving senior secured credit facility ($19.9 million
    outstanding as of December 31, 2009), which as of
    December 31, 2009 bears interest at a weighted-average rate
    of 3.34% per annum and matures on June 30, 2011;
•
approximately $3.0 million to repay the subordinated note
    held by Mr. Sakellaris, which currently bears interest at
    10.0% per annum and is payable on demand; and
•
the balance for working capital and other general corporate
    purposes, which may include opening additional offices in the
    United States and abroad, expanding sales and marketing
    activities, funding the development and construction of our
    small-scale renewable energy projects and other capital
    expenditures.
We may use a portion of the net proceeds that we receive from
    this offering to expand our current business through
    acquisitions of complementary companies, assets or technologies.
    We currently have no understandings, commitments or agreements
    to make any acquisitions.
Pending specific utilization of the net proceeds as described
    above, we intend to invest the net proceeds of the offering in
    short-term investment grade and U.S. government securities.
Bank of America, N.A., an affiliate of Merrill, Lynch, Pierce,
    Fenner & Smith Incorporated, an underwriter of this
    offering, is acting as the agent and a lender under our
    revolving senior secured credit facility. See
    "Underwriting — Conflicts of Interest."
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DIVIDEND
    POLICY
We have never declared or paid any cash dividends on our capital
    stock. We currently intend to retain earnings, if any, to
    finance the growth and development of our business and do not
    expect to pay any cash dividends for the foreseeable future. Our
    revolving senior secured credit facility with Bank of America
    contains provisions that limit our ability to declare and pay
    cash dividends during the term of that agreement. Payment of
    future dividends, if any, will be at the discretion of our board
    of directors and will depend on our financial condition, results
    of operations, capital requirements, restrictions contained in
    current or future financing instruments, provisions of
    applicable law, and other factors our board of directors deems
    relevant.
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CAPITALIZATION
The following table sets forth our cash and cash equivalents and
    capitalization as of December 31, 2009:
•
on an actual basis;
•
on a pro forma basis to reflect (1) the reclassification of
    all outstanding shares of our common stock as Class A
    common stock, (2) the election by all holders of our
    convertible preferred stock, other than Mr. Sakellaris, to
    convert all of their shares of our convertible preferred stock
    into shares of our Class A common stock and (3) the
    conversion of all outstanding shares of our convertible
    preferred stock into shares of our Class B common
    stock; and
•
on a pro forma as adjusted basis to reflect, in addition, the
    sale
    of           shares
    of our Class A common stock offered by us at an assumed
    initial public offering price of $     
    per share, the midpoint of the estimated price range shown on
    the cover page of this prospectus and after deducting the
    estimated underwriting discount and estimated offering expenses
    payable by us, including the sale of shares of our Class A
    common stock by the selling stockholders.
You should read this table together with our consolidated
    financial statements and the related notes appearing at the end
    of this prospectus and the "Management's Discussion
    and Analysis of Financial Condition and Results of
    Operations" section of this prospectus.
December 31, 2009
Pro Forma
Actual
Pro Forma
as Adjusted
(Unaudited)
(In thousands, except share and per share amounts)
Cash and cash equivalents
$
47,928
$
$
Long-term debt, including current portion
110,900
Subordinated debt
2,999
Stockholders' equity:
Series A convertible preferred stock, par value $0.0001 per
    share; 3,500,000 shares authorized, 3,210,000 shares
    issued and outstanding, actual; no shares authorized, issued or
    outstanding, pro forma and pro forma as adjusted
0
—
—
Common stock, par value $0.0001 per share;
    30,000,000 shares authorized, 8,999,084 shares issued
    and 6,641,142 outstanding, actual; no shares authorized, issued
    or outstanding, pro forma and pro forma as adjusted
1
—
—
Class A common stock, par value $0.0001 per share; no
    shares authorized, issued or outstanding,
    actual;          shares
    authorized, no shares issued or outstanding, pro
    forma;          shares
    authorized,          shares
    issued and outstanding, pro forma as adjusted
—
Class B common stock, par value $0.0001 per share; no
    shares authorized, issued or outstanding,
    actual;          shares
    authorized, 9,000,000 shares issued and outstanding, pro
    forma;          shares
    authorized, 9,000,000 shares issued and outstanding, pro
    forma as adjusted
—
Preferred stock, par value $0.0001 per
    share;          shares
    authorized, no shares issued or outstanding, actual, pro forma
    and pro forma as adjusted
—
—
—
Additional paid-in capital
10,467
Retained earnings
97,883
Accumulated other comprehensive income (loss)
2,832
Treasury stock, 2,357,942 shares, at cost
(8,414
)
Total stockholders' equity
102,770
Total capitalization
$
216,669
$
$
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A $1.00 increase (decrease) in the assumed initial public
    offering price of $      would increase
    (decrease) each of additional paid-in capital and total
    stockholders' equity in the pro forma as adjusted column by
    $      million, assuming the
    number of shares of our Class A common stock offered by us,
    as set forth on the cover of this prospectus, remains the same.
The table above excludes:
•
202,643 shares of our Class A common stock issuable
    upon the exercise of a warrant outstanding and exercisable as of
    December 31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering;
•
4,725,100 shares of our Class A common stock issuable
    upon the exercise of stock options outstanding as of
    December 31, 2009 at a weighted-average exercise price of
    $5.36 per share; and
•
shares
    of our Class A common stock that will be available for
    future issuance under our 2010 stock plan, which will become
    effective upon the closing of this offering.
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DILUTION
If you invest in our Class A common stock in this offering,
    your interest in our company will be diluted immediately to the
    extent of the difference between the initial public offering
    price per share of our Class A common stock and the pro
    forma as adjusted net tangible book value per share of our
    Class A and Class B common stock after this offering.
    Our pro forma net tangible book value as of December 31,
    2009 was $      million, or
    $      per share of our Class A
    and Class B common stock. Our pro forma net tangible book
    value per share set forth below represents our total tangible
    assets less total liabilities and convertible preferred stock,
    divided by the number of shares of our Class A and
    Class B common stock outstanding on December 31, 2009,
    after giving effect to (i) the reclassification of all
    outstanding shares of our common stock as Class A common
    stock, (ii) the election by all holders of our convertible
    preferred stock, other than Mr. Sakellaris, to convert all
    of their shares of our convertible preferred stock into shares
    of our Class A common stock and (iii) the conversion
    of all outstanding shares of our convertible preferred stock
    into shares of our Class B common stock.
After giving effect to our issuance and sale
    of           shares
    of Class A common stock in this offering at an assumed
    initial public offering price of $     
    per share, the midpoint of the estimated price range shown on
    the cover of this prospectus, and after deducting the estimated
    underwriting discount and estimated offering expenses payable by
    us, the pro forma as adjusted net tangible book value as of
    December 31, 2009 would have been
    $      million, or
    $      per share of Class A and
    Class B common stock. This represents an immediate increase
    in net tangible book value to existing stockholders of
    $      per share of Class A and
    Class B common stock. New investors who purchase shares of
    Class A common stock in this offering will suffer an
    immediate dilution of their investment of
    $      per share. Dilution per share to
    new investors is determined by subtracting the pro forma as
    adjusted net tangible book value per share of our Class A
    and Class B common stock after this offering from the
    initial public offering price per share of our Class A
    common stock paid by a new investor. The following table
    illustrates this per share dilution to new investors purchasing
    shares of Class A common stock in this offering:
Assumed initial public offering price per share
$
Pro forma net tangible book value per share of Class A and
    Class B common stock as of December 31, 2009
Increase in pro forma net tangible book value per share
    attributable to new investors
Pro forma as adjusted net tangible book value per share after
    the offering
Dilution per share to new investors in Class A common stock
$
A $1.00 increase (decrease) in the assumed initial public
    offering price of $      per share of
    Class A common stock would increase (decrease) our net
    tangible book value by $      per share
    of Class A and Class B common stock and increase
    (decrease) the dilution in net tangible book value per share to
    investors in this offering by $     
    per share, assuming that the number of shares of Class A
    common stock offered by us, as set forth on the cover page of
    this prospectus, remains the same.
If the underwriters exercise their over-allotment option in
    full, the pro forma as adjusted net tangible book value will
    increase to $      per share of
    Class A and Class B common stock, representing an
    immediate increase in net tangible book value to existing
    stockholders of $      per share of
    Class A and Class B common stock and an immediate
    dilution of $      per share of
    Class A common stock to new investors. If any shares of our
    Class B common stock are issued upon exercise of
    outstanding options or warrants, new investors will experience
    further dilution (see below in this section for additional
    information).
The following table summarizes, on a pro forma basis as of
    December 31, 2009 (giving effect to the reclassification of
    all outstanding shares of our common stock as Class A
    common stock, the election by all holders of our convertible
    preferred stock, other than Mr. Sakellaris, to convert all
    of their shares of our convertible preferred stock into shares
    of our Class A common stock and the conversion of all
    outstanding convertible preferred stock into Class B common
    stock) the differences between the number of shares of
37
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common stock purchased from us, the total consideration paid to
    us, and the average price per share paid by existing
    stockholders and by new investors purchasing shares of our
    Class A common stock in this offering. The calculation
    below is based on an assumed initial public offering price of
    $      per share, the midpoint of the
    estimated price range shown on the cover of this prospectus,
    before the deduction of the estimated underwriting discount and
    estimated offering expenses payable by us.
Shares Purchased
Total Consideration
Average Price
Number
%
Amount
%
Per Share
Existing stockholders
16,271,142
%
$
2,054,832
%
$
0.13
New investors
$
Total
100
%
$
100
%
The number of shares of common stock purchased from us prior to
    this offering by existing stockholders is based on
    7,271,142 shares of our Class A common stock and
    9,000,000 shares of our Class B common stock
    outstanding as of December 31, 2009 after giving effect to
    (i) the reclassification of all outstanding shares of our
    common stock as Class A common stock, (ii) the
    election by all holders of our convertible preferred stock,
    other than Mr. Sakellaris, to convert all of their shares
    of our convertible preferred stock into shares of our
    Class A common stock and (iii) the conversion of all
    outstanding shares of our convertible preferred stock into
    shares of Class B common stock, and excludes:
•
202,643 shares of Class A common stock issuable upon
    the exercise of a warrant outstanding and exercisable as of
    December 31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering;
•
4,725,100 shares of Class A common stock issuable upon
    the exercise of stock options outstanding as of
    December 31, 2009 at a weighted-average exercise price of
    $5.36 per share; and
•
shares
    of our Class A common stock that will be available for
    future issuance under our 2010 stock plan, which will become
    effective upon the closing of this offering.
To the extent that the warrant or any of the outstanding options
    are exercised, there will be further dilution to new investors.
    To the extent the warrant and all of such outstanding options
    had been exercised as of December 31, 2009, the pro forma
    net tangible book value of our Class A and Class B
    common stock would be $      per share,
    the pro forma as adjusted net tangible book value of our
    Class A and Class B common stock after this offering
    would be $      per share, and total
    dilution to new investors in shares of Class A common stock
    would be $      per share. If the
    warrant and all options outstanding as of December 31, 2009
    had been exercised in full, new investors would have
    contributed     % of the total
    consideration paid for our Class A and Class B common
    stock outstanding but would own
    only     % of our Class A and
    Class B common stock outstanding after the offering.
If the underwriters exercise their over-allotment option in
    full, the number of shares held by new investors will increase
    to          ,
    or     % of the total number of shares
    of our Class A and Class B common stock outstanding
    after this offering.
The sale
    of           shares
    of Class A common stock to be sold by the selling
    stockholders in this offering will reduce the number of shares
    held by existing stockholders
    to          ,
    or     % of the total shares of our
    Class A and Class B common stock outstanding, and will
    increase the number of shares held by new investors
    to          ,
    or     % of the total shares of our
    Class A and Class B common stock outstanding. If the
    underwriters exercise their over-allotment option in full, the
    shares held by existing stockholders will further decrease
    to          ,
    or     % of the total shares of our
    Class A and Class B common stock outstanding, and the
    number of shares held by new investors will further increase
    to          ,
    or     % of the total shares of our
    Class A and Class B common stock outstanding.
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Table of Contents
SELECTED
    CONSOLIDATED FINANCIAL DATA
The following tables summarize our consolidated financial data
    for the periods presented. You should read the following
    selected consolidated financial data in conjunction with our
    consolidated financial statements and the related notes
    appearing at the end of this prospectus and the
    "Management's Discussion and Analysis of Financial
    Condition and Results of Operations" section of this
    prospectus.
We derived the consolidated statement of income data for the
    fiscal years ended December 31, 2007, 2008 and 2009, and
    the consolidated balance sheet data as of December 31, 2008
    and 2009, from our audited consolidated financial statements
    that are included in this prospectus. We derived the
    consolidated statement of income data for the fiscal years ended
    December 31, 2005 and 2006, and the consolidated balance
    sheet data as of December 31, 2005, 2006 and 2007, from our
    audited consolidated financial statements that are not included
    in this prospectus. Our historical results for any prior period
    are not necessarily indicative of results to be expected for any
    future period.
Year Ended December 31,
2005
2006
2007
2008
2009
(In thousands, except share and per share data)
Consolidated Statement of Income Data:
Revenue:
Energy efficiency revenue
$
248,759
$
264,477
$
345,936
$
325,032
$
340,635
Renewable energy revenue
10,970
13,445
32,541
70,822
87,881
259,729
277,922
378,477
395,854
428,517
Direct expenses:
Energy efficiency expenses
202,573
215,320
285,966
259,019
282,345
Renewable energy expenses
9,503
9,500
26,072
59,551
66,472
212,076
224,820
312,038
318,570
348,817
Gross profit
47,653
53,102
66,439
77,284
79,700
Operating expenses
32,637
37,307
47,042
52,608
54,406
Operating income
15,016
15,795
19,397
24,676
25,294
Other (expense) income, net
(1,577
)
(1,842
)
(3,138
)
(5,188
)
1,563
Income before provision for income taxes
13,439
13,953
16,259
19,488
26,857
Income tax provision
(1,223
)
(4,337
)
(5,714
)
(1,215
)
(6,950
)
Net income
$
12,216
$
9,615
$
10,545
$
18,273
$
19,907
Net income per share attributable to common shareholders
Basic
$
2.15
$
1.66
$
1.90
$
3.42
$
3.98
Diluted
$
0.71
$
0.53
$
0.60
$
1.09
$
1.25
Weighted-average number of common shares outstanding
Basic
5,694,396
5,787,894
5,560,511
5,339,055
4,995,956
Diluted
17,093,088
18,159,840
17,698,569
16,789,954
15,964,317
Other Operating Data:
Adjusted EBITDA(1)
$
18,254
$
19,928
$
27,975
$
29,045
$
35,097
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As of December 31,
2005
2006
2007
2008
2009
(In thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
11,790
$
45,454
$
40,892
$
18,149
$
47,928
Current assets
89,425
140,335
154,036
131,432
171,772
Total assets
170,050
268,750
262,224
292,027
375,545
Current liabilities
53,730
91,304
108,011
90,967
132,330
Long-term debt, less current portion
47,771
74,529
39,316
90,980
102,807
Subordinated debt
2,999
2,999
2,999
2,999
2,999
Total stockholders' equity
46,888
56,963
70,776
74,086
102,770
(1)
We define adjusted EBITDA as operating income before
    depreciation and amortization expense, share-based compensation
    expense and a non-recurring non-cash recovery of a contingency
    in 2008. Adjusted EBITDA is a non-GAAP financial measure and
    should not be considered as an alternative to operating income
    or any other measure of financial performance calculated and
    presented in accordance with GAAP.
We believe adjusted EBITDA is useful to investors in evaluating
    our operating performance for the following reasons:
•
adjusted EBITDA and similar non-GAAP measures are widely used by
    investors to measure a company's operating performance
    without regard to items that can vary substantially from company
    to company depending upon financing and accounting methods, book
    values of assets, capital structures and the methods by which
    assets were acquired;
•
securities analysts often use adjusted EBITDA and similar
    non-GAAP measures as supplemental measures to evaluate the
    overall operating performance of companies; and
•
by comparing our adjusted EBITDA in different historical
    periods, our investors can evaluate our operating results
    without the additional variations of depreciation and
    amortization expense, stock-based compensation expense and the
    non-recurring non-cash recovery of a contingency in 2008.
Our management uses adjusted EBITDA:
•
as a measure of operating performance, because it does not
    include the impact of items that we do not consider indicative
    of our core operating performance;
•
for planning purposes, including the preparation of our annual
    operating budget;
•
to allocate resources to enhance the financial performance of
    our business;
•
to evaluate the effectiveness of our business
    strategies; and
•
in communications with our board of directors and investors
    concerning our financial performance.
We understand that, although measures similar to adjusted EBITDA
    are frequently used by investors and securities analysts in
    their evaluation of companies, adjusted EBITDA has limitations
    as an analytical tool, and you should not consider it in
    isolation or as a substitute for analysis of our results of
    operations as reported under GAAP. Some of these limitations are:
•
adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or other contractual
    commitments;
•
adjusted EBITDA does not reflect changes in, or cash
    requirements for, our working capital needs;
•
adjusted EBITDA does not reflect stock-based compensation
    expense;
40
Table of Contents
•
adjusted EBITDA does not reflect cash requirements for income
    taxes;
•
adjusted EBITDA does not reflect net interest income (expense);
•
although depreciation and amortization are non-cash charges, the
    assets being depreciated or amortized will often have to be
    replaced in the future, and adjusted EBITDA does not reflect any
    cash requirements for these replacements; and
•
other companies in our industry may calculate adjusted EBITDA
    differently than we do, limiting its usefulness as a comparative
    measure.
To properly and prudently evaluate our business, we encourage
    you to review the GAAP financial statements included elsewhere
    in this prospectus, and not to rely on any single financial
    measure to evaluate our business.
The following table presents a reconciliation of adjusted EBITDA
    to operating income, the most comparable GAAP measure:
Year Ended December 31,
2005
2006
2007
2008
2009
(In thousands)
Operating income
$
15,016
$
15,795
$
19,397
$
24,676
$
25,294
Depreciation and impairment
3,238
3,538
5,898
7,278
6,634
Stock-based compensation
—
596
2,679
2,941
3,169
Recovery of contingency
—
—
—
(5,850
)
—
Adjusted EBITDA
$
18,254
$
19,928
$
27,975
$
29,045
$
35,097
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MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of our
    financial condition and results of operations together with our
    consolidated financial statements and the related notes and
    other financial information included elsewhere in this
    prospectus. Some of the information contained in this discussion
    and analysis or set forth elsewhere in this prospectus,
    including information with respect to our plans and strategy for
    our business and related financing, includes forward-looking
    statements that involve risks and uncertainties. You should
    review the "Risk Factors" section of this prospectus
    for a discussion of important factors that could cause actual
    results to differ materially from the results described in or
    implied by the forward-looking statements contained in the
    following discussion and analysis.
Overview
Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. We operate in one
    business segment — providing solutions that enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services includes upgrades to
    a facility's energy infrastructure and the construction and
    operation of small-scale renewable energy plants.
Our revenue has increased from $20.9 million in 2001, our
    first full year of operations, to $428.5 million in 2009.
    We achieved profitability in 2002, and we have been profitable
    every year since then.
In addition to organic growth, strategic acquisitions of
    complementary businesses and assets have been an important part
    of our development. Since inception, we have completed more than
    ten acquisitions, which have enabled us to broaden our service
    offerings and expand our geographical reach. Our acquisition of
    the energy services business of Duke Energy in 2002 expanded our
    geographical reach into Canada and the southeastern United
    States and enabled us to penetrate the federal government market
    for energy efficiency projects. The acquisition of the energy
    services business of Exelon in 2004 expanded our geographical
    reach into the Midwest. Our acquisition of the energy services
    business of Northeast Utilities in 2006 substantially grew our
    capability to provide services for the federal market and in
    Europe. Our acquisition of Southwestern Photovoltaics, Inc. in
    2007 significantly expanded our offering of solar energy
    products and services.
Energy
    Savings Performance and Energy Supply Contracts
For our energy efficiency projects, we typically enter into
    ESPCs under which we agree to develop, design, engineer and
    construct a project and also commit that the project will
    satisfy
agreed-upon
performance standards that vary from project to project. These
    performance commitments are typically based on the design,
    capacity, efficiency or operation of the specific equipment and
    systems we install. Our commitments generally fall into three
    categories: pre-agreed, equipment-level and whole
    building-level. Under a pre-agreed energy reduction commitment,
    our customer reviews the project design in advance and agrees
    that, upon or shortly after completion of installation of the
    specified equipment comprising the project, the commitment will
    have been met. Under an equipment-level commitment, we commit to
    a level of energy use reduction based on the difference in use
    measured first with the existing equipment and then with the
    replacement equipment. A whole building-level commitment
    requires demonstration of energy usage reduction for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    demonstration may be required only once, upon installation,
    based on an analysis of one or more sample installations, or may
    be required to be repeated at agreed upon intervals generally
    over up to 20 years.
Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. Typically,
    our performance commitments apply to the aggregate overall
    performance of a project rather than to individual energy
    efficiency measures. Therefore, to the extent an individual
    measure underperforms, it may be offset by other measures that
    overperform. In the event that an energy efficiency project does
    not perform according to the
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agreed-upon
specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. Many of our
    equipment supply, local design, and installation subcontracts
    contain provisions that enable us to seek recourse against our
    vendors or subcontractors if there is a deficiency in our energy
    reduction commitment. From our inception to December 31,
    2009, our total payments to customers and incurred equipment
    replacement and maintenance costs under our energy reduction
    commitments, after customer acceptance of a project, have been
    less than $100,000 in the aggregate. See "Risk
    Factors — We may have liability to our customers under
    our ESPCs if our projects fail to deliver the energy use
    reductions to which we are committed under the contract."
Payments by the federal government for energy efficiency
    measures are based on the services provided and the products
    installed, but are limited to the savings derived from such
    measures, calculated in accordance with federal regulatory
    guidelines and the specific contract's terms. The savings
    are typically determined by comparing energy use and other costs
    before and after the installation of the energy efficiency
    measures, adjusted for changes that affect energy use and other
    costs but are not caused by the energy efficiency measures.
For projects involving the construction of a small-scale
    renewable energy plant that we own and operate, we enter into
    long-term contracts to supply the electricity, processed LFG,
    heat or cooling generated by the plant to the customer, which is
    typically a utility, municipality, industrial facility or other
    large purchaser of energy. The rights to use the site for the
    plant and purchase of renewable fuel for the plant are also
    obtained by us under long-term agreements with terms at least as
    long as the associated output supply agreement. Our supply
    agreements typically provide for fixed prices or prices that
    escalate at a fixed rate or vary based on a market benchmark.
    See "Risk Factors — We may assume responsibility
    under customer contracts for factors outside our control,
    including, in connection with some customer projects, the risk
    that fuel prices will increase."
Project
    Financing
To finance projects with federal governmental agencies, we
    typically sell to the lenders our right to receive a portion of
    the long-term payments from the customer arising out of the
    project for a purchase price reflecting a discount to the
    aggregate amount due from the customer. The purchase price is
    generally advanced to us over the implementation period based on
    completed work or a schedule predetermined to coincide with the
    construction of the project. Under the terms of these financing
    arrangements, we are required to complete the construction or
    installation of the project in accordance with the contract with
    our customer, and the debt remains on our consolidated balance
    sheet until the completed project is accepted by the customer.
    Once the completed project is accepted by the customer, the
    financing is treated as a true sale and the related receivable
    and financing liability are removed from our consolidated
    balance sheet.
Institutional customers, such as state and local governments,
    schools and public housing authorities, typically finance their
    energy efficiency and renewable energy projects through either
    tax-exempt leases or issuances of municipal bonds. We assist in
    the structuring of such third-party financing.
In some instances, customers prefer that we retain ownership of
    the renewable energy plants and related project assets that we
    construct for them. In these projects, we typically enter into a
    long-term supply agreement to furnish electricity, gas, heat or
    cooling to the customer's facility. To finance the
    significant upfront capital costs required to develop and
    construct the plant, we rely either on our internal cash flow
    or, in some cases, third-party debt. For project financing by
    third-party lenders, we typically establish a separate
    subsidiary, usually a limited liability company, to own the
    project assets and related contracts. The subsidiary contracts
    with us for construction and operation of the project and enters
    into a financing agreement directly with the lenders.
    Additionally, we will provide assurance to the lender that the
    project will achieve commercial operation. Although the
    financing is secured by the assets of the subsidiary and a
    pledge of our equity interests in the subsidiary, and is
    non-recourse to Ameresco, we may from time to time determine to
    provide financial support to the subsidiary in order to maintain
    rights to the project or otherwise avoid the adverse
    consequences of a default. The amount of such financing is
    included on our consolidated balance sheet.
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In addition to project-related debt, we currently maintain a
    $50 million revolving senior secured credit facility with a
    commercial bank to finance our working capital needs.
Effects
    of Seasonality
We are subject to seasonal fluctuations and construction cycles,
    particularly in climates that experience colder weather during
    the winter months, such as the northern United States and
    Canada, or at educational institutions, where large projects are
    typically carried out during summer months when their facilities
    are unoccupied. In addition, government customers, many of which
    have fiscal years that do not coincide with ours, typically
    follow annual procurement cycles and appropriate funds on a
    fiscal-year basis even though contract performance may take more
    than one year. Further, government contracting cycles can be
    affected by the timing of, and delays in, the legislative
    process related to government programs and incentives that help
    drive demand for energy efficiency and renewable energy
    projects. As a result, our revenue and operating income in the
    third quarter are typically higher, and our revenue and
    operating income in the first quarter are typically lower, than
    in other quarters of the year. As a result of such fluctuations,
    we may occasionally experience declines in revenue or earnings
    as compared to the immediately preceding quarter, and
    comparisons of our operating results on a
period-to-period
basis may not be meaningful.
Our annual and quarterly financial results are also subject to
    significant fluctuations as a result of other factors, many of
    which are outside our control. See "Risk
    Factors — Our operating results may fluctuate
    significantly from quarter to quarter and may fall below
    expectations in any particular fiscal quarter."
Backlog
    and Awarded Projects
As of December 31, 2009, we had backlog of approximately
    $590 million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for, projects with estimated total future revenue of
    an additional $700 million. We also expect to realize
    recurring revenue both under long-term O&M contracts and
    under energy supply contracts for renewable energy plants that
    we own. See "Risk Factors — We may not recognize
    all revenue from our backlog or receive all payments anticipated
    under awarded projects and customer contracts."
Financial
    Operations Overview
Revenue
We derive revenue from energy efficiency and renewable energy
    products and services. Our energy efficiency products and
    services include the design, engineering and installation of
    equipment and other measures to improve the efficiency and
    control the operation of a facility's energy
    infrastructure. Our renewable energy products and services
    include the construction of small-scale plants that produce
    electricity, gas, heat or cooling from renewable sources of
    energy, the sale of such electricity, processed LFG, heat or
    cooling from plants that we own, and the sale and installation
    of solar energy products and systems.
While in any particular quarter a single customer may account
    for more than ten percent of revenue, in 2007, 2008 and 2009, no
    customer accounted for more than ten percent of our revenue.
Direct
    Expenses and Gross Margin
Direct expenses include the cost of labor, materials, equipment,
    subcontracting and outside engineering that are required for the
    development and installation of our projects, as well as
    preconstruction costs, sales incentives, associated travel,
    inventory obsolescence charges, and, if applicable, costs of
    procuring financing. A majority of our contracts have fixed
    price terms; however, in some cases we negotiate protections,
    such as a cost-plus structure, to mitigate the risk of rising
    prices for materials, services and equipment.
Direct expenses also include the costs of maintaining and
    operating the small-scale renewable energy plants that we own,
    including the cost of fuel (if any) and depreciation charges.
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Gross margin, which is gross profit as a percent of revenue, is
    affected by a number of factors, including the type of services
    performed and the geographic region in which the sale is made.
    Renewable energy projects that we own and operate typically have
    higher margins than energy efficiency projects, and sales in the
    United States typically have higher margins than in Canada due
    to the typical mix of products and services that we sell there.
Operating
    Expenses
Operating expenses consist of salaries and benefits, project
    development costs, and general, administrative and other
    expenses.
Salaries and benefits.
Salaries and benefits consist
    primarily of expenses for personnel not directly engaged in
    specific project or revenue generating activity. These expenses
    include the time of executive management, legal, finance,
    accounting, human resources, information technology and other
    staff not utilized in a particular project. We employ a
    comprehensive time card system which creates a contemporaneous
    record of the actual time by employees on project activity. We
    expect salaries and benefits to increase as we incur additional
    costs related to operating as a publicly-traded company,
    including accounting, compliance and legal.
Project development costs.
Project development costs
    consist primarily of sales, engineering, legal, finance and
    third-party expenses directly related to the development of a
    specific customer opportunity. This also includes associated
    travel and marketing expenses. We intend to hire additional
    sales personnel and initiate additional marketing programs as we
    expand into new regions or complement existing development
    resources. Accordingly, we expect that our project development
    costs will continue to increase, but will moderate as a
    percentage of revenue over time.
General, administrative and other expenses.
These
    expenses consist primarily of rents and occupancy, professional
    services, insurance, unallocated travel expenses,
    telecommunications and office expenses. Professional services
    consist principally of recruiting costs, external legal, audit,
    tax and other consulting services. We expect general and
    administrative expenses to increase as we incur additional costs
    related to operating as a publicly-traded company, including
    increased audit and legal fees, costs of compliance with
    securities, corporate governance and other regulations, investor
    relations expenses and higher insurance premiums, particularly
    those related to director and officer insurance.
Other
    Income (Expense), net
Other income (expense), net consists primarily of interest
    income on cash balances, interest expense on borrowings and
    amortization of deferred financing costs, unrealized gains and
    losses on derivatives not accounted for as hedges, and realized
    gains on derivatives not accounted for as hedges. Interest
    expense will vary periodically depending on the amounts drawn on
    our revolving senior secured credit facility and the prevailing
    short-term interest rates.
Provision
    for Income Taxes.
The provision for income taxes is based on various rates set by
    federal and local authorities and is affected by permanent and
    temporary differences between financial accounting and tax
    reporting requirements.
Critical
    Accounting Policies and Estimates
This discussion and analysis of our financial condition and
    results of operations is based upon our consolidated financial
    statements, which have been prepared in accordance with GAAP.
    The preparation of these consolidated financial statements
    requires management to make estimates and assumptions that
    affect the reported amounts of assets, liabilities, revenue,
    expense and related disclosures. The most significant estimates
    with regard to these consolidated financial statements relate to
    estimates of final contract profit in accordance with long-term
    contracts, project development costs, project assets, impairment
    of goodwill, impairment of long-lived assets, fair value of
    derivative financial instruments, income taxes and stock-based
    compensation expense. Such estimates and assumptions are based
    on historical experience and on various other factors that
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management believes to be reasonable under the circumstances.
    Estimates and assumptions are made on an ongoing basis, and
    accordingly, the actual results may differ from these estimates
    under different assumptions or conditions.
The following critical accounting policies, among others, affect
    our more significant judgments and estimates used in the
    preparation of our consolidated financial statements.
Revenue
    Recognition
For each arrangement we have with a customer, we typically
    provide a combination of one or more of the following services
    or products:
•
installation or construction of energy efficiency measures,
    facility upgrades
and/or
a
    renewable energy plant to be owned by the customer;
•
sale and delivery, under long-term agreements, of electricity,
    gas, heat, chilled water or other output of a renewable energy
    or central plant that we own and operate;
•
sale and delivery of PV equipment and other renewable energy
    products for which we are a distributor; and
•
O&M services provided under long-term O&M agreements,
    as well as consulting services.
Often, we will sell a combination of these services and products
    in a bundled arrangement. We divide bundled arrangements into
    separate deliverables and revenue is allocated to each
    deliverable based on the relative fair market value of all the
    elements. The fair market value is determined based on the price
    of the deliverable sold on a stand-alone basis.
We recognize revenue from the installation or construction of a
    project on a
percentage-of-completion
basis. The
percentage-of-completion
for each project is determined on an actual
cost-to-estimated
final cost basis. In accordance with industry practice, we
    include in current assets and liabilities the amounts of
    receivables related to construction projects that are payable
    over a period in excess of one year. We recognize revenue
    associated with contract change orders only when the
    authorization for the change order has been properly executed
    and the work has been performed and accepted by the customer.
When the estimate on a contract indicates a loss, or claims
    against costs incurred reduce the likelihood of recoverability
    of such costs, our policy is to record the entire expected loss
    immediately, regardless of the percentage of completion.
Deferred revenue represents circumstances where (i) there
    has been a receipt of cash from the customer for work or
    services that have yet to be performed, (ii) receipt of
    cash where the product or service may not have been accepted by
    the customer or (iii) when all other revenue recognition
    criteria have been met, but an estimate of the final total cost
    cannot be determined. Deferred revenue will vary depending on
    the timing and amount of cash receipts from customers and can
    vary significantly depending on specific contractual terms. As a
    result, deferred revenue is likely to fluctuate from period to
    period. Unbilled receivables represent amounts earned and
    billable that were not invoiced at the end of the fiscal period.
We recognize revenue from the sale and delivery of products,
    including the output of our renewable energy plants, when
    produced and delivered to the customer, in accordance with the
    specific contract terms, provided that persuasive evidence of an
    arrangement exists, our price to the customer is fixed or
    determinable and collectibility is reasonably assured.
We recognize revenue from O&M contracts and consulting
    services as the related services are performed.
For a limited number of contracts under which we receive
    additional revenue based on a share of energy savings, we
    recognize such additional revenue as energy savings are
    generated.
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Project
    Development Costs
We capitalize as project development costs only those costs
    incurred in connection with the development of energy efficiency
    and renewable energy projects, primarily direct labor, interest
    costs, outside contractor services, consulting fees, legal fees
    and associated travel, if incurred after a point in time when
    the realization of related revenue becomes probable. Project
    development costs incurred prior to the probable realization of
    revenue are expensed as incurred.
Project
    Assets
We capitalize interest costs relating to construction financing
    during the period of construction. The interest capitalized is
    included in the total cost of the project at completion. The
    amount of interest capitalized for the years ended
    December 31, 2007, 2008 and 2009 were $0, $0.2 million
    and $1.4 million, respectively.
Routine maintenance costs are expensed in the current
    year's consolidated statements of income and comprehensive
    income to the extent that they do not extend the life of the
    asset. Major maintenance, upgrades and overhauls are required
    for certain components of our assets. In these instances, the
    costs associated with these upgrades are capitalized and are
    depreciated over the shorter of the life of the asset or until
    the next required major maintenance or overhaul period. Gains or
    losses on disposal of property and equipment are reflected in
    general and administrative expenses in the consolidated
    statements of income and comprehensive income.
We evaluate our long-lived assets for impairment as events or
    changes in circumstances indicate the carrying value of these
    assets may not be fully recoverable. We evaluate recoverability
    of long-lived assets to be held and used by estimating the
    undiscounted future cash flows before interest associated with
    the expected uses and eventual disposition of those assets. When
    these comparisons indicate that the carrying value of those
    assets is greater than the undiscounted cash flows, we recognize
    an impairment loss for the amount that the carrying value
    exceeds the fair value.
During 2008, we determined that impairment had incurred on two
    of our LFG energy facilities. One facility's landfill owner
    was experiencing permanent operational issues with its existing
    well field equipment. The volume of LFG supplied to our facility
    was impaired by this factor, resulting in a write-down of the
    asset value. The second facility's industrial customer
    filed for bankruptcy in 2008. We assessed the likelihood of the
    industrial customer emerging from bankruptcy and the resulting
    impact on future cash flows to the project in determining the
    amount of the impairment. A total of $3.5 million was
    written down for these two facilities, and is included in direct
    expenses in the accompanying consolidated statement of income
    and comprehensive income for 2008.
During 2007, we decommissioned one of our LFG facilities as the
    supply agreement with the local utility company expired in
    December 2006. During 2007, the plant was temporarily shut down.
    The plant equipment had been in service for 20 years and
    the cost of maintaining the aged equipment was economically
    unfeasible. The remaining book value of $2.0 million was
    written off, and is included in direct expenses in the
    accompanying consolidated statement of income and comprehensive
    income for 2007.
Impairment
    of Goodwill
We apply ASC Topic 350 in accounting for the valuation of
    goodwill and identifiable intangible assets. During our annual
    goodwill impairment tests at December 31, 2009, 2008 and
    2007, we determined that the fair value of equity exceeded the
    carrying value of equity, and therefore that goodwill was not
    impaired.
Goodwill represents the excess of cost over the fair value of
    net tangible and identifiable intangible assets of businesses
    acquired. We assess the impairment of goodwill and intangible
    assets with indefinite lives on an annual basis and whenever
    events or changes in circumstances indicate that the carrying
    value of the asset may not be recoverable. We would record an
    impairment charge if such an assessment were to indicate that,
    more likely than not, the fair value of such assets was less
    than their carrying values. Judgment is required in determining
    whether an event has occurred that may impair the value of
    goodwill or identifiable
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intangible assets. Factors that could indicate that an
    impairment may exist include significant underperformance
    relative to plan or long-term projections, significant changes
    in business strategy, significant negative industry or economic
    trends or a significant decline in the base stock price of our
    public competitors for a sustained period of time.
The first step, or Step 1, of the goodwill impairment test, used
    to identify potential impairment, compares the fair value of the
    equity with its carrying amount, including goodwill. If the fair
    value of the equity exceeds its carrying amount, goodwill of the
    reporting unit is considered not impaired, thus the second step
    of the impairment test is unnecessary. If the carrying amount of
    a reporting unit exceeds its fair value, the second step of the
    goodwill impairment test shall be performed to measure the
    amount of impairment loss, if any. We performed a Step 1 test at
    our December 31, 2009, 2008 and 2007 annual testing dates
    and determined that the fair value of equity exceeded the
    carrying value of equity, and therefore that goodwill was not
    impaired.
We completed the Step 1 test using both an income approach and a
    market approach. The discounted cash flow method was used to
    measure the fair value of our equity under the income approach.
    A terminal value utilizing a constant growth rate of cash flows
    was used to calculate a terminal value after the explicit
    projection period. Determining the fair value using a discounted
    cash flow method requires that we make significant estimates and
    assumptions, including long-term projections of cash flows,
    market conditions and appropriate discount rates. Our judgments
    are based upon historical experience, current market trends,
    pipeline for future sales and other information. While we
    believe that the estimates and assumptions underlying the
    valuation methodology are reasonable, different estimates and
    assumptions could result in a different outcome. In estimating
    future cash flows, we rely on internally-generated projections
    for a defined time period for sales and operating profits,
    including capital expenditures, changes in net working capital
    and adjustments for non-cash items to arrive at the free cash
    flow available to invested capital.
Under the market approach, we estimate the fair value based on
    market multiples of revenue and earnings of comparable
    publicly-traded companies and comparable transactions of similar
    companies. The estimates and assumptions used in our
    calculations include revenue growth rates, expense growth rates,
    expected capital expenditures to determine projected cash flows,
    expected tax rates and an estimated discount rate to determine
    present value of expected cash flows. These estimates are based
    on historical experiences, our projections of future operating
    activity and our weighted-average cost of capital.
In addition, we periodically review the estimated useful lives
    of our identifiable intangible assets, taking into consideration
    any events or circumstances that might result in either a
    diminished fair value or revised useful life. If the Step 1 test
    concludes an impairment is indicated, we will employ a second
    step to measure the impairment. If we determine that an
    impairment has occurred, we will record a write-down of the
    carrying value and charge the impairment as an operating expense
    in the period the determination is made. Although we believe
    goodwill and intangible assets are appropriately stated in our
    consolidated financial statements, changes in strategy or market
    conditions could significantly impact these judgments and
    require an adjustment to the recorded balance.
Impairment
    of Long-Lived Assets
We periodically evaluate long-lived assets for events and
    circumstances that indicate a potential impairment. A review of
    long-lived assets for impairment is performed whenever events or
    changes in business circumstances indicate that the carrying
    amount of the assets may not be fully recoverable or that the
    useful lives of these assets are no longer appropriate. Each
    impairment test is based on a comparison of the estimated
    undiscounted cash flows of the asset as compared to the recorded
    value of the asset. If these estimates or their related
    assumptions change in the future, an impairment charge may be
    required against these assets in the reporting period in which
    the impairment is determined.
Derivative
    Financial Instruments
We account for our interest rate swaps as derivative financial
    instruments in accordance with the related guidance. Under this
    guidance, derivatives are carried on our consolidated balance
    sheet at fair value.
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The fair value of our interest rate swaps is determined based on
    observable market data in combination with expected cash flows
    for each instrument.
Effective January 1, 2009, we adopted new guidance which
    expands the disclosure requirements for derivative instruments
    and hedging activities.
In the normal course of business, we utilize derivative
    contracts as part of our risk management strategy to manage
    exposure to market fluctuations in interest rates. These
    instruments are subject to various credit and market risks.
    Controls and monitoring procedures for these instruments have
    been established and are routinely reevaluated. Credit risk
    represents the potential loss that may occur because a party to
    a transaction fails to perform according to the terms of the
    contract. The measure of credit exposure is the replacement cost
    of contracts with a positive fair value. We seek to manage
    credit risk by entering into financial instrument transactions
    only through counterparties that we believe to be creditworthy.
    Market risk represents the potential loss due to the decrease in
    the value of a financial instrument caused primarily by changes
    in interest rates. We seek to manage market risk by establishing
    and monitoring limits on the types and degree of risk that may
    be undertaken. As a matter of policy, we do not use derivatives
    for speculative purposes.
We did not apply hedge accounting based upon the criteria
    established by the related guidance as we did not designate our
    derivatives as cash flow hedges. We recognize all derivatives in
    our consolidated financial statements at fair value. Cash flows
    from derivative instruments are reported as operating activities
    on the statements of cash flows.
We are exposed to interest rate risk through our borrowing
    activities. A portion of our project financing includes two
    projects that utilize a variable rate swap instrument. During
    2007, we entered into two
15-year
interest rate swap contracts under which we agreed to pay an
    amount equal to a specified fixed rate of interest times a
    notional principal amount, and to, in turn, receive an amount
    equal to a specified variable rate of interest times the same
    notional principal amount. We entered into the interest rate
    swap contracts as an economic hedge.
With respect to our interest rate swaps, we recorded the
    unrealized gain (loss) in earnings in 2007, 2008 and 2009 of
    approximately $(1.4 million), $(2.8 million) and
    $2.3 million, respectively, as other (expense) income in
    our consolidated statements of income and comprehensive income.
Income
    Taxes
We provide for income taxes based on the liability method. We
    provide for deferred income taxes based on the expected future
    tax consequences of differences between the financial statement
    basis and the tax basis of assets and liabilities calculated
    using the enacted tax rates in effect for the year in which the
    differences are expected to be reflected in the tax return.
We account for uncertain tax positions using a
    "more-likely-than-not" threshold for recognizing and
    resolving uncertain tax positions. The evaluation of uncertain
    tax positions is based on factors that include, but are not
    limited to, changes in tax law, the measurement of tax positions
    taken or expected to be taken in tax returns, the effective
    settlement of matters subject to audit, new audit activity and
    changes in facts or circumstances related to a tax position. We
    evaluate uncertain tax positions on a quarterly basis and adjust
    the level of the liability to reflect any subsequent changes in
    the relevant facts surrounding the uncertain positions. Our
    liabilities for an uncertain tax position can be relieved only
    if the contingency becomes legally extinguished through either
    payment to the taxing authority or the expiration of the statute
    of limitations, the recognition of the benefits associated with
    the position meet the "more-likely-than-not" threshold
    or the liability becomes effectively settled through the
    examination process. We consider matters to be effectively
    settled once: the taxing authority has completed all of its
    required or expected examination procedures, including all
    appeals and administrative reviews; we have no plans to appeal
    or litigate any aspect of the tax position; and we believe that
    it is highly unlikely that the taxing authority would examine or
    re-examine the related tax position. We also accrue for
    potential interest and penalties, related to unrecognized tax
    benefits in income tax expense.
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Stock-Based
    Compensation Expense
Our stock-based compensation expense results from the issuances
    of shares of restricted common stock and grants of stock options
    and warrants to employees, directors, outside consultants and
    others. We recognize the costs associated with option and
    warrant grants using the fair value recognition provisions of
    ASC 718, Compensation — Stock Compensation (formerly
    SFAS No. 123(R), Share-Based Payment). Generally, ASC
    718 requires the value of all stock-based payments to be
    recognized in the statement of operations based on their
    estimated fair value at date of grant amortized over the
    grants' vesting period.
Grants
    of Restricted Shares
On October 25, 2006, we issued 1,000,000 shares of
    restricted stock to our principal shareholder under the 2000
    stock plan in consideration for his personal indemnity of surety
    arrangements required for certain projects. The shares vested in
    full upon the date three years from the date of grant. At the
    time the shares were issued, the fair value was determined to be
    $6.82 per share. We recorded an expense of $2.3 million,
    $2.3 million and $1.9 million in 2007, 2008 and 2009,
    respectively, related to this award. This expense is included in
    salaries and benefits in our consolidated statements of income
    and comprehensive income.
Issuance
    of Warrants
As part of a financing agreement, we issued warrants to acquire
    1,000,000 and 800,000 shares of common stock in 2001 and
    2002. The warrants initially had a per share exercise price of
    $0.01 and $0.60, respectively; however the $0.60 per share
    exercise price was subsequently reduced to $0.01. The holders of
    the warrants are entitled to receive a proportionate share of
    any distributions made to holders of the common stock. The
    warrants expire on June 29, 2011 if unexercised.
During 2008, we repurchased 1,597,357 of these warrants at an
    average price of $5.01 per share, for a total price of
    $8.0 million. We recorded this transaction in additional
    paid-in capital and it is reflected in our consolidated balance
    sheets for 2008 and 2009.
Stock
    Option Grants
We have granted stock options to certain employees and directors
    under the 2000 stock plan. At December 31, 2009,
    4,222,800 shares were available for grant under the 2000
    stock plan.
Under the terms of the 2000 stock plan, all options expire if
    not exercised within ten years after the grant date. The options
    vest over five years, with 20% vesting at the end of the first
    year and five percent vesting every three months beginning one
    year after the grant date. If the employee ceases to be employed
    for any reason before vested options have been exercised, the
    employee generally has three months to exercise vested options
    or they are forfeited.
Effective January 1, 2006, we adopted the fair value
    recognition provisions of ASC 718 requiring that all stock-based
    payments to employees, including grants of employee stock
    options and modifications to existing stock options, be
    recognized in the consolidated statements of income and
    comprehensive income based on their fair values, using the
    prospective-transition method.
Effective with the adoption of ASC 718, we elected to use the
    Black-Scholes option pricing model to determine the
    weighted-average fair value of options granted.
The determination of the fair value of stock-based payment
    awards utilizing the Black-Scholes model is affected by the
    stock price and a number of assumptions, including expected
    volatility, expected life, risk-
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free interest rate and expected dividends. The following table
    sets forth the significant assumptions used in the model during
    2007, 2008 and 2009:
Year Ended December 31,
2007
2008
2009
Future dividends
$       —
$       —
$       —
Risk-free interest rate
4.26-4.84%
2.90-5.07%
2.00-2.94%
Expected volatility
32-43%
48-54%
57-59%
Expected life
6.5 years
6.5 years
6.5 years
We will continue to use our judgment in evaluating the expected
    term, volatility and forfeiture rate related to our own
    stock-based compensation on a prospective basis, and
    incorporating these factors into the Black-Scholes pricing
    model. Higher volatility and longer expected lives result in an
    increase to stock-based compensation expense determined at the
    date of grant. In addition, any changes in the estimated
    forfeiture rate can have a significant effect on reported
    stock-based compensation expense, as the cumulative effect of
    adjusting the rate for all expense amortization is recognized in
    the period that the forfeiture estimate is changed. If a revised
    forfeiture rate is higher than the previously estimated
    forfeiture rate, an adjustment is made that will result in a
    decrease to the stock-based compensation expense recognized in
    our consolidated financial statements. If a revised forfeiture
    rate is lower than the previously estimated rate, an adjustment
    is made that will result in an increase to the stock-based
    compensation expense recognized in our consolidated financial
    statements. These expenses will affect our direct expenses,
    project development and marketing expenses, and salaries and
    benefits expense.
As of December 31, 2009, we had $6.8 million of total
    unrecognized stock-based compensation cost related to employee
    stock options. We expect to recognize this cost over a
    weighted-average period of 4.02 years after January 1,
    2010. The allocation of this expense between direct expenses,
    project development and marketing expenses, and salaries and
    benefits expense will depend on the salaries and work
    assignments of the personnel holding these options.
Determination
    of Fair Value
We believe we have used reasonable methodologies and assumptions
    in determining the fair value of our common stock for financial
    reporting purposes. Our board of directors has historically
    estimated the fair value of our common stock. Because there has
    been no public market for our shares, our board of directors
    historically determined the fair value of our common stock based
    primarily on the market approach, together with a number of
    objective and subjective factors, including:
•
our results of operations and financial condition during the
    most recently completed period;
•
forecasts of our financial results and market conditions
    affecting our business; and
•
developments in our business
The market approach estimates the fair value of a company by
    applying market multiples of publicly-traded, or
    recently-acquired, firms in the same or similar lines of
    business to the results and projected results of the company
    being valued. In establishing exercise prices for our options,
    we followed a methodology designed to result in exercise prices
    that were not lower than, but could be higher than, the then
    fair value of our common stock. When choosing companies for use
    in the market approach, we focused on companies that provide
    energy efficiency services and have high rates of growth. To
    determine our enterprise value, we reviewed the multiple of
    market valuations of the comparable companies to their EBITDA
    for the prior fiscal year (based on publicly-available data), as
    well as the multiples of EBITDA for the prior fiscal year paid
    by us for our acquisitions. Based on this review, we established
    a market multiple which was generally higher than that of our
    comparable companies, and which we then applied to our own
    adjusted EBITDA for the prior fiscal year. To determine equity
    value, we added cash on hand at the end of the period and the
    cash from the pro forma exercise of stock options, and then
    subtracted senior corporate debt. The resulting value was
    divided by the number of common shares outstanding on a fully
    diluted basis to obtain the fair value per share of
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common stock. Typically, we performed a new valuation annually
    after completing our audited consolidated financial statements.
Since the beginning of 2007, we granted stock options with
    exercise prices as follows:
Number of Shares of
Common Stock
Subject to Option
Exercise Price
Grant Date or Period
Grants
per Share
January 24, 2007
250,000
$
6.82
July 25, 2007 to January 30, 2008
491,000
8.44
April 30, 2008 to January 28, 2009
124,000
12.11
July 22, 2009 to September 30, 2009
421,000
12.11
The analyses undertaken in determining the exercise prices for
    all option grants between January 24, 2007 and
    December 31, 2009 are summarized below.
Grants on January 24, 2007.
On October 25,
    2006, our board of directors established the exercise price per
    share of common stock at $6.82 per share. The market approach
    resulted in an enterprise value of $144.6 million,
    determined by applying the market multiple to our adjusted
    EBITDA for the year ended December 31, 2005. That value was
    increased by cash on hand totaling $10.5 million and
    reduced by debt of $11.8 million, for an equity value of
    $145.9 million. The equity value was divided by
    21.4 million fully diluted shares outstanding to arrive at
    the estimated fair value per share.
Grants from July 25, 2007 to January 30,
    2008.
On July 25, 2007, our board of directors
    established the exercise price per share of common stock at
    $8.44 per share. The market approach resulted in an enterprise
    value of $157.9 million, determined by applying the market
    multiple to our adjusted EBITDA for the year ended
    December 31, 2006. That value was increased by cash on hand
    totaling $43.5 million and reduced by debt of
    $8.0 million, for an equity value of $195.3 million.
    The equity value was divided by 23.1 million fully diluted
    shares outstanding to arrive at the estimated fair value per
    share.
Grants from April 30, 2008 to January 28,
    2009.
On April 30, 2008, our board of directors
    established the exercise price per share of common stock at
    $12.11 per share. The market approach resulted in an enterprise
    value of $223.6 million, determined by applying the market
    multiple to our adjusted EBITDA for the year ended
    December 31, 2007. That value was increased by cash on hand
    totaling $43.5 million and reduced by debt of
    $8.0 million. In view of the increase in the number of
    options outstanding, we added the pro forma exercise cash value
    of the options, at a weighted-average exercise price of $3.99
    per share, totaling $21.7 million. This resulted in an
    equity value of $280.7 million, which was divided by
    23.2 million fully diluted shares outstanding to arrive at
    the estimated fair value per share.
Grants from July 22, 2009 to September 30,
    2009.
On July 22, 2009, our board of directors
    established the exercise price per share of common stock at
    $12.11 per share. Based on the methodology described above, our
    board would have decreased the value of a share of our common
    stock (from $12.11 to $11.32). However, the decrease was due
    primarily to higher corporate debt levels and a lower cash
    balance, which in our board's view were the result
    primarily of the unprecedented economic conditions prevailing at
    that time. Our board, therefore, determined not to reduce its
    estimate of the fair value of the common stock and to maintain
    the value at $12.11 per share.
In March 2010, in connection with the preparation of our
    consolidated financial statements for the year ended
    December 31, 2009 and in preparing for our initial public
    offering, our board of directors decided to undertake a
    reassessment of the fair value of our common stock in 2007, 2008
    and 2009. As a part of that reassessment, our board of directors
    took into account not only the factors it originally considered
    in determining fair value, but it also considered as of such
    dates:
•
the liquidation preferences of our preferred stock, including
    any financing and repurchase activities that may have occurred
    in the relevant period;
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•
the illiquid nature of our common stock, including the
    opportunity and timing for any expected liquidity events;
•
our size and historical operating and financial performance,
    including our recent operating and financial projections as of
    each grant date;
•
our existing backlog;
•
important events in the development of our business; and
•
the market performance of a peer group comprised of selected
    publicly-traded companies we identified as being guidelines for
    us.
In performing this retrospective analysis, we reexamined and
    reapplied the market approach and also applied the current value
    method to allocate the equity to the various share classes as
    outlined in the American Institute of Certified Public
    Accountants Technical Practice Aid, Valuation of Privately-Held
    Company Equity Securities Issued as Compensation, which we refer
    to as the practice aid. We believe that the valuation
    methodologies used in the retrospective analysis are reasonable
    and consistent with the practice aid.
In applying the current value method, we considered the rights
    of our Series A convertible preferred stock, which we refer
    to as our Series A preferred stock, and which will be
    converted into shares of Class B common stock upon the
    closing of this offering. The calculated enterprise value as of
    each of the valuation dates was significantly higher than the
    cumulative liquidation preference of our Series A preferred
    stock of $3.2 million. We also determined that in each
    valuation date, the Series A preferred stock would receive
    a substantially higher per share value on an "as if"
    converted to common stock basis than by retaining its
    liquidation preference. Thus for the purposes of these
    valuations the total equity value was divided by the fully
    diluted shares outstanding in order to calculate the per share
    value of our common stock.
In connection with this retrospective analysis, in determining
    our enterprise value, our analysis also considered the
    calculated multiple of market valuations of the comparable
    companies to their next 12 months EBITDA, and applied this
    multiple to our own next 12 months projected adjusted
    EBITDA, in addition to considering the enterprise value to
    trailing 12 months adjusted EBITDA. To determine equity
    value, we added cash on hand at the end of the period and the
    cash from the assumed pro forma exercise of
in-the-money
stock options, and then subtracted senior corporate debt. To
    allocate the equity, we considered the option pricing method
    from the practice aid. In connection with applying the option
    pricing method to value our common stock for these valuation
    dates, we determined that allocating the equity based on
    applying the option pricing method instead of the current value
    method in the contemporaneous valuations resulted in immaterial
    differences from the per share value calculated using the
    current value method.
Following this retrospective analysis, our board of directors
    determined that the fair value of our common stock remained as
    previously determined in 2007, 2008 and on January 28, 2009, and
    that the fair value was $18.00 per share on July 22, 2009
    and $22.00 per share on September 25, 2009, as described
    below.
January 28, 2009 Fair Value Calculation.
The
    fair value of our common stock as of January 28, 2009 was
    retrospectively determined to be $12.11 per share. In applying
    the market approach, our next 12 months projected EBITDA was
    primarily affected by the following factors:
•
continued challenges during 2008 in the U.S. economy and
    decreased valuations of comparable companies; and
•
concerns about liquidity during the upcoming fiscal quarters.
July 22, 2009 Fair Value Calculation.
The fair
    value of our common stock as of July 22, 2009 was
    retrospectively determined to be $18.00 per share. In applying
    the market approach, our next 12 months projected adjusted
    EBITDA was primarily affected by the following factors:
•
we were notified in March 2009 that the U.S. Department of
    Energy had lifted restrictions on its ability to enter into
    ESPCs, which permitted us to proceed with the execution of
    larger federal contracts;
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•
in May 2009, we executed a contract for our large
    U.S. Department of Energy Savannah River Site renewable
    energy project; however, we had not yet secured the financing
    necessary to complete this project; and
•
improvement in general economic and market conditions in the
    first half of 2009.
In addition, this determination took into account our
    expectation that we would undertake an initial public offering
    within one year.
September 25, 2009 Fair Value Calculation.
The
    fair value of our common stock as of September 25, 2009 was
    retrospectively determined to be $22.00 per share. In applying
    the market approach, our next 12 months projected EBITDA was
    primarily affected by our securing in August 2009 the financing
    necessary to complete our Savannah River Site project and a
    large energy efficiency project. In addition, this determination
    took into account our expectation that we would undertake an
    initial public offering within nine months.
We have incorporated the fair values calculated in the
    retrospective valuations into the Black-Scholes option pricing
    model when calculating the stock-based compensation expense to
    be recognized for the stock options granted during the period
    from July through September 2009. The retrospective valuations
    generated per share fair values of common stock of $18.00 and
    $22.00, respectively, at July 22, 2009 and
    September 25, 2009. This resulted in intrinsic values of
    $5.89 and $9.89 per share, respectively, at each grant date.
Valuation models require the input of highly subjective
    assumptions. There are significant judgments and estimates
    inherent in the determination of these valuations. These
    judgments and estimates include assumptions regarding our future
    performance, the time to undertaking and completing an initial
    public offering or other liquidity event, as well as
    determinations of the appropriate valuation methods. If we had
    made different assumptions, our stock-based compensation
    expense, net income and net income per share could have been
    significantly different. Additionally, because our capital stock
    prior to this offering had characteristics significantly
    different from that which will apply upon the closing of this
    offering, and because changes in the subjective input
    assumptions can materially affect the fair value estimate, in
    management's opinion, the existing models do not
    necessarily provide a reliable, single measure of fair value.
    The foregoing valuation methodologies are not the only valuation
    methodologies available and will not be used to value our
    Class A or Class B common stock once this offering is
    complete. We cannot make assurances regarding any particular
    valuation of our shares.
Internal
    Control Over Financial Reporting
We had a material weakness in our internal control over
    financial reporting in each of 2007, 2008 and 2009. A material
    weakness is defined as a deficiency, or combination of
    deficiencies, in internal control over financial reporting, such
    that there is a reasonable possibility that a material
    misstatement of the company's annual or interim financial
    statements will not be prevented or detected on a timely basis
    by the company's internal controls. We do not currently
    have personnel with an appropriate level of knowledge,
    experience and training in the selection, application and
    implementation of GAAP as it relates to certain complex
    accounting issues, income taxes and SEC financial reporting
    requirements. This constitutes a material weakness, which we
    plan to remediate by hiring additional personnel with the
    requisite expertise. See "Risk Factors — We have
    a material weakness in our internal control over financial
    reporting. If we fail to establish and maintain proper and
    effective internal controls, our ability to produce accurate
    financial statements could be impaired, which could adversely
    affect our operating results, our ability to operate our
    business and investors' and customers' views of
    us."
Results
    of Operations
Revenue
Total revenue.
Total revenue increased by
    $32.6 million, or 8.3%, from 2008 to 2009, due primarily to
    an increase in energy efficiency revenue and, to a lesser
    extent, an increase in renewable energy revenue.
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Total revenue increased by $17.4 million, or 4.6%, from
    2007 to 2008 due to an increase in renewable energy revenue,
    offset in part by a decrease in energy efficiency revenue.
Energy efficiency revenue.
Energy efficiency revenue
    increased by $15.6 million, or 4.8%, from 2008 to 2009, due
    to an increase in the number of new projects for municipal and
    other institutional customers that commenced in late 2008 and
    continued through 2009. Revenue decreased by $20.9 million,
    or 6.0%, from 2007 to 2008, primarily because the size of our
    energy efficiency projects in the Canadian market decreased
    significantly from an unusually high level in 2007.
Renewable energy revenue.
Renewable energy revenue
    increased by $17.1 million, or 24.1%, from 2008 to 2009,
    due mainly to an increase in the number of LFG and biomass
    facilities being built by us for federal agencies. Construction
    volume of such plants increased by $16.0 million from 2008
    to 2009. Additionally, in 2009, we placed in service eight new
    plants owned by us that sell and deliver LFG, or electricity
    generated by LFG, to customers. Partially offsetting this
    increase in revenue was a decline in the sales of PV systems and
    components, primarily due to a decline in market prices of solar
    panels. In 2008, renewable energy revenue increased by
    $38.3 million, or 117.6% from 2007. The increase in 2008
    was due primarily to increased sales of solar energy products
    and services, reflecting the first full year of sales from
    Southwestern Photovoltaic, Inc., or SWPV, which we acquired in
    May 2007. Also contributing to the increase in 2008, to a lesser
    extent, was an increase in revenue from the construction of
    biomass and LFG plants for federal agencies.
Revenue from customers outside the United States, principally
    Canada, was $86.9 million in 2009, compared with
    $87.2 million in 2008 and $100.4 million in 2007.
Direct
    Expenses
Total direct expenses.
Direct expenses increased by
    $30.2 million, or 9.5%, from 2008 to 2009, due to higher
    revenue. Lower profit margins caused direct expenses to increase
    at a greater rate than revenue. Direct expenses increased by
    $6.5 million, or 2.1%, from 2007 to 2008, due to the
    increase in revenue, but at a slower rate as profit margins
    improved during the year. Direct expenses generally increase or
    decrease as related revenue increases or decreases.
Energy efficiency.
Energy efficiency gross margin
    decreased from 20.3% in 2008 to 17.2% in 2009, due primarily to
    cost overruns on several projects, as well as lower budgeted
    margins on certain Canadian projects. Energy efficiency gross
    margin increased from 17.4% in 2007 to 20.3% in 2008 due
    primarily to the recovery of a cost contingency for a project
    that was completed without requiring the use of such contingency
    and the recovery of a cost contingency relating to an O&M
    contract that was terminated as part of a settlement with a
    customer.
Renewable energy.
Renewable energy gross margin
    increased from 15.9% in 2008 to 24.4% in 2009 as a result of the
    completion of seven new renewable energy plants, which typically
    have higher margins than PV products. Renewable energy gross
    margins decreased from 19.9% in 2007 to 15.9% in 2008 due
    primarily to a higher proportion of sales in 2008 represented by
    PV products.
Operating
    Expenses
Salaries and benefits.
Salaries and benefits
    declined $2.0 million, or 6.7%, from 2008 to 2009, as a
    higher proportion of salaries and benefits was allocated to
    direct expense due to the increased utilization rates of our
    staff resulting from the higher volume of development and
    construction activity in 2009. Lower employee incentive payments
    also contributed to the decrease. Salaries and benefits
    increased from 2007 to 2008 by $4.4 million, or 17.0%, due
    primarily to the addition of personnel from the acquisition of
    SWPV and other staff additions.
Project development.
Project development expenses
    declined $3.5 million, or 26.8%, from 2008 to 2009, and
    increased $5.0 million, or 62.6%, from 2007 to 2008. Our
    project development expenses were unusually high in 2008 as a
    result of a major marketing and rebranding initiative that we
    undertook and delays
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in projects due to the limited availability of financing for our
    customers. Expenses that we incurred during such delays are
    recorded as project development expenses rather than direct
    expenses.
General, administrative and other.
General,
    administrative and other expenses increased $7.3 million,
    or 79.5%, from 2008 to 2009, and declined by $3.9 million,
    or 29.6%, from 2007 to 2008. In 2008, we recorded as a reduction
    to general, administrative and other expenses the sum of
    $5.8 million reflecting the recovery of a contingency that
    we had established in connection with our acquisition of Select
    Energy in 2006. Also in 2008, we incurred an additional
    $2.0 million of general, administrative and other expenses
    due to the first full year of operations of SWPV. In 2009,
    general, administrative and other expense included
    $2.2 million paid by us to settle a dispute with a
    competitor related to our PV business.
Other
    Income (Expense)
Other income (expense) increased from 2008 to 2009 by
    $6.7 million, from a net expense of $5.2 million to a
    net income of $1.6 million, due primarily to realized and
    unrealized gains from derivatives. In 2008, net expense
    increased by $2.0 million, or 65.3%, due to an increase in
    unrealized losses on derivatives and an increase in net interest
    expense. The following table shows the changes in other income
    (expense) from 2007 to 2008 and from 2008 to 2009:
2007
2008
2009
Gain realized from derivative
$
—
$
—
$
2,493,980
Unrealized (loss) gain from derivatives
(1,365,813
)
(2,831,524
)
2,263,802
Interest expense, net of interest income
(1,448,667
)
(2,117,567
)
(2,993,250
)
Amortization of deferred financing costs
(323,587
)
(238,454
)
(201,622
)
$
(3,138,067
)
$
(5,187,545
)
$
1,562,910
Income
    Before Taxes
Income before taxes increased from 2008 to 2009 by
    $7.4 million, or 37.8%, due to realized and unrealized
    gains on derivatives, partially offset by the $5.8 million
    contingency recovery in 2008. Adjusting for the effect of these
    items, income before taxes in 2009 would have increased by
    $6.0 million, or 36.4%, compared to 2008. Higher revenue
    and improving margins were the principal reasons for the
    improvement in the adjusted results.
Income before taxes increased from 2007 to 2008 by
    $3.2 million, or 19.9%, due to the contingency recovery
    described above, partially offset by unrealized losses on
    derivatives and higher depreciation charges.
Provision
    for Income Taxes
The provision for income taxes is based on various rates set by
    federal and local authorities and are affected by permanent and
    temporary differences between financial accounting and tax
    reporting requirements. Our statutory rate, which is combined
    federal and state rate, has ranged between 36.1% and 41.3%.
    During 2009, we recognized income taxes of $6.9 million, or
    25.8% of pretax income. The principal difference between the
    statutory rate and the effective rate was due to deductions
    permitted under Section 179(d) of the Code, which relate to
    the installation of certain energy efficiency equipment in
    government-owned buildings, as well as production tax credits to
    which we are entitled from the electricity generated by certain
    plants that we own. These energy efficiency tax benefits
    accounted for a $3.0 million reduction in the 2009
    provision, or a reduction of 11.1 percentage points in the
    rate.
In 2008, the tax provision was $1.2 million, or 6.2%, as we
    recognized benefits of the Section 179(d) deduction. These
    cumulative benefits, plus production tax credits for electricity
    generation, resulted in an $8.0 million reduction in the
    tax provision, and decreased our effective rate by
    40.9 percentage points.
In 2007, the tax provision was $5.7 million, or 35.1%. The
    difference between the statutory rate and our effective rate was
    due primarily to the energy efficiency preferences from the
    Section 179(d) deduction
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and production tax credits for electricity generation, resulting
    in an $1.2 million reduction in the tax provision, and a
    decrease in the effective rate by 7.5 percentage points.
Net
    Income
Net income increased in 2009 by $1.6 million, or 8.9%, due
    to higher pre-tax income, partially offset by an increase in the
    tax provision. Earnings per share in 2009 were $3.98 per basic
    share, and $1.24 per diluted share, representing an increase of
    $0.56, or 16.4%, and $0.16, or 14.5%, respectively. The
    weighted-average number of basic and diluted shares decreased by
    6.4% and 4.9%, respectively, as a result of share repurchases.
Net income in 2008 was $18.3 million, compared with
    $10.5 million in 2007, an increase of $7.7 million, or
    73.3%. The increase was a result of higher income before taxes,
    and a significantly lower tax provision. Earnings per share were
    $3.42 per basic share and $1.09 per diluted share in 2008,
    representing an increase of 80.5% and 83.1%, respectively, from
    2007. The weighted-average number of basic and diluted shares
    outstanding decreased in 2008 by 4.0% and 5.4%, respectively, as
    a result of share and option repurchases.
Liquidity
    and Capital Resources
Sources of liquidity.
Since inception, we have
    funded operations primarily through cash flow from operations
    and various forms of debt. We believe that available cash and
    cash equivalents and availability under our revolving senior
    secured credit facility, combined with our access to credit
    markets and the net proceeds from this offering, will be
    sufficient to fund our operations through 2011 and thereafter.
Capital expenditures.
Our total capital expenditures
    were $22.8 million in 2007, $43.0 million in 2008, and
    $21.6 million in 2009, which is net of $12.9 million
    in Section 1603 rebates. Section 1603 of the American
    Recovery and Reinvestment Tax Act of 2009 authorized the
    U.S. Department of the Treasury to make payments to
    eligible persons who place in service specified energy property.
    This property would have been eligible for production tax
    credits under the Code, but we elected to forego such tax in
    exchange for the payment made under Section 1603.
    Additionally, we invested $10.8 million for an acquisition
    in 2007 and $0.7 million for an acquisition in 2009. We
    currently plan to make capital expenditures of approximately
    $30 million in 2010, principally for new renewable energy
    plants.
Cash flows from operating activities.
Operating
    activities provided $45.3 million of net cash during 2009.
    In 2009, we had net income of $19.9 million, which is net
    of non-cash compensation, depreciation and amortization totaling
    $10.1 million, partially offset by a $2.3 million
    unrealized gain on derivatives. Increases in accounts payable
    and other liabilities contributed $36.7 million, and
    investment in federal projects used $19.8 million, in 2009.
    Other changes in net assets and liabilities provided the balance
    of net cash during the year.
Operating activities provided $1.3 million of net cash
    during 2008. We had net income of $18.3 million which
    included non-cash compensation, depreciation and amortization
    totaling $6.7 million, impairments and write-downs totaling
    $4.8 million and a $2.8 million unrealized loss on
    derivatives. Net income also included a non-cash gain related to
    an acquisition of $5.9 million. Payments pursuant to
    O&M contracts decreased by $8.0 million due primarily
    to late customer remittances. Inventory and project development
    costs used $3.8 million and $3.6 million,
    respectively. Other changes in net assets and liabilities used
    $12.3 million of net cash during the year.
Operating activities provided $30.3 million of net cash
    during 2007. We had net income of $10.5 million which
    included non-cash compensation, depreciation and amortization
    totaling $6.6 million, a $2.0 million asset write-down
    and a $1.4 million unrealized loss from a derivative. Net
    income also included a non-cash gain related to a securitization
    of $2.3 million. Activity related to federal projects
    contributed $11.4 million of cash and changes in net assets
    and liabilities used $3.9 million of net cash during the
    year.
Cash flows from investing activities.
Cash flows
    from investing activities primarily relate to capital
    expenditures to support our growth.
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Cash used in investing activities totaled $22.3 million
    during 2009 and consisted of capital expenditures of
    $21.6 million, primarily related to the development of
    renewable energy plants. This amount was net of
    $12.9 million of Section 1603 rebates. Also,
    $0.7 million of cash was used for an acquisition.
Cash used in investing activities totaled $43.0 million
    during 2008 and consisted solely of capital expenditures
    primarily for development of renewable energy plants.
Cash used in investing activities totaled $33.6 million
    during 2007 and consisted of capital expenditures of
    $22.8 million, primarily related to the development of
    renewable energy plants. Also, $10.8 million of cash was
    used for an acquisition.
Cash flows from financing activities.
Cash flows
    provided by financing activities totaled $4.1 million
    during 2009 and included proceeds, net of financing costs, of
    $25.4 million from a construction and term loan facility
    provided by a bank. These proceeds were offset by repayments of
    $14.6 million on our revolving senior secured credit
    facility, repayments of $3.6 million on other long-term
    debt and payments of $3.1 million into restricted cash
    accounts.
Cash flows provided by financing activities totaled
    $22.2 million during 2008 and included proceeds of
    $34.5 million from our revolving senior secured credit
    facility and proceeds from project finance debt of
    $9.3 million. These proceeds were partially offset by
    repayments of $2.5 million on long-term debt,
    $2.9 million of project debt, $0.9 million in
    financing fees, $12.9 million for the repurchase of stock
    and warrants and payments of $2.4 million into restricted
    cash accounts.
Cash flows used in financing activities totaled
    $3.2 million during 2007, primarily related to the
    repayment of long-term debt of $4.4 million, repayment of
    senior debt of $2.5 million and the repurchase of employee
    stock and options of $2.5 million, partially offset by
    $6.2 million of proceeds from project financing.
Subordinated
    Note
In connection with the organization of Ameresco, on May 17,
    2000, we issued a subordinated note to our principal stockholder
    in the amount of $3.0 million. The subordinated note bears
    interest at the rate of 10.00% per annum, payable monthly in
    arrears, and is subordinate to our revolving senior secured
    credit facility. The subordinated note is payable upon demand.
    We incurred $0.3 million of interest related to the
    subordinated note during each of 2007, 2008 and 2009. The note
    will be repaid out of the proceeds of this offering.
Revolving
    Senior Secured Credit Facility
On June 10, 2008, we entered into a credit and security
    agreement with a bank, consisting of a $50 million
    revolving facility. The agreement requires us to pay monthly
    interest at various rates in arrears, based on the amount
    outstanding. This facility has a maturity date of June 30,
    2011. The facility is secured by a lien on all of our assets
    other than renewable energy projects that we own that were
    financed by others, and limits our ability to enter into other
    financing arrangements. Availability under the facility is based
    on two times our EBITDA for the preceding four quarters, and we
    are required to maintain a minimum EBITDA of $20 million on
    a rolling four-quarter basis and a minimum level of tangible net
    worth. The full line of credit was available to us as of
    December 31, 2009. There was $34.5 million and
    $19.9 million in principal outstanding under the facility
    as of December 31, 2008 and 2009, respectively.
Project
    Financing
Construction and Term Loans.
We have entered into a
    number of construction and term loan agreements for the purpose
    of constructing and owning certain renewable energy plants. The
    physical assets and the operating agreements related to the
    energy plants are owned by wholly-owned, single member special
    purpose subsidiaries. These construction and term loans are
    structured as project financings made directly to a subsidiary,
    and upon acceptance of a project, the related construction loan
    converts into a term loan. While we are required under GAAP to
    reflect these loans as liabilities on our balance sheet, they
    are nonrecourse and not
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direct obligations of Ameresco, Inc. As of December 31,
    2009, we had outstanding $58.4 million in aggregate
    principal amount under these loans, bearing interest at rates
    ranging from 6.9% to 8.7% and maturing at various dates from
    2014 to 2021. As of December 31, 2009, a term loan in the
    amount of $5.4 million was in default as a result of the
    bankruptcy of the customer for the energy output of the plant
    financed by the loan. This customer has emerged from bankruptcy,
    confirmed its obligations to our subsidiary and made all back
    payments together with interest. We are currently seeking to
    refinance this loan to cure the default.
Federal ESPC Receivable Financing.
We have
    arrangements with certain lenders to provide advances to us
    during the construction or installation of projects for certain
    customers, typically federal governmental entities, in exchange
    for our assignment to the lenders of our rights to the long-term
    receivables arising from the ESPCs related to such projects.
    These financings totaled $32.6 million in principal amount
    at December 31, 2009. Under the terms of these financing
    arrangements, we are required to complete the construction or
    installation of the project in accordance with the contract with
    our customer, and the debt remains on our consolidated balance
    sheet until the completed project is accepted by the customer.
Contractual
    Obligations
The following table summarizes our significant contractual
    obligations and commitments as of December 31, 2009:
Payments due by Period
Less than
One to
Three to
More than
Total
One Year
Three Years
Five Years
Five Years
(In thousands)
Revolving senior secured credit facility(1)
$
19,915
$
—
$
19,915
$
—
$
—
Term loans
31,307
8,093
5,906
5,638
11,670
Construction loans(2)
27,055
27,055
—
—
—
Federal ESPC receivable financing(3)
32,622
3,419
29,203
—
—
Interest obligations(4)
10,641
2,801
3,262
1,781
2,797
Operating leases
5,521
2,195
1,819
745
762
Total
$
127,061
$
43,563
$
60,105
$
8,164
$
15,229
(1)
For our revolving senior secured credit facility, the table
    above assumes that the variable interest rate in effect as of
    December 31, 2009 remains constant for the term of the
    facility.
(2)
These construction loans will convert during 2010 into term
    loans under our existing construction and term loan agreement
    upon customer acceptance of the projects financed with such
    loans, and the to-be-converted amounts are not reflected in this
    table as term loans following such anticipated conversion.
(3)
Federal ESPC receivable financing arrangements relate to the
    installation and construction of projects for certain customers,
    typically federal governmental entities, where we assign to the
    lenders our right to customer receivables. We are relieved of
    the financing liability when the project is completed and
    accepted by the customer.
(4)
The table does not include, for our federal ESPC receivable
    financing arrangements, the difference between the aggregate
    amount of the long-term customer receivables sold by us to the
    lender and the amount received by us from the lender for such
    sale.
During 2010, we have entered into four federal ESPC
    financing arrangements. These financings are with various
    financial institutions, totaling approximately
    $40.4 million. Discount rates vary by project, ranging from
    6.80% to 7.81%.
Off-Balance
    Sheet Arrangements
We did not have during the periods presented, and we do not
    currently have, any off-balance sheet arrangements, as defined
    under SEC rules, such as relationships with unconsolidated
    entities or financial partnerships, which are often referred to
    as structured finance or special purpose entities, established
    for the purpose of facilitating financing transactions that are
    not required to be reflected on our balance sheet.
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Quantitative
    and Qualitative Disclosures About Market Risk
We are exposed to changes in interest rates and foreign currency
    exchange rates because we finance certain operations through
    fixed and variable rate debt instruments and denominate our
    transactions in U.S. and Canadian dollars. Changes in these
    rates may have an impact on future cash flows and earnings. We
    manage these risks through normal operating and financing
    activities and, when deemed appropriate, through the use of
    derivative financial instruments.
Interest
    Rate Risk
We had cash and cash equivalents totaling $47.9 million as
    of December 31, 2009, $18.1 million as of
    December 31, 2008, and $40.9 million as of
    December 31, 2007. Our exposure to interest rate risk
    primarily relates to the interest expense paid on our revolving
    line of credit.
Foreign
    Currency Risk
As a result of our operations in Canada, we have significant
    expenses, assets and liabilities that are denominated in a
    foreign currency. Also, a significant number of employees are
    located in Canada. Accordingly, we have a significant amount of
    business transacted in Canadian currency.
As a consequence, gross profit, operating results, profitability
    and cash flows are impacted by relative changes in the value of
    the Canadian dollar. We have not repatriated earnings from the
    Canadian subsidiary, but have elected to invest in new business
    opportunities there. We do not hedge our exposure to foreign
    currency exchange risk.
Derivative
    Instruments
We do not enter into financial instruments for trading or
    speculative purposes.
By using derivative instruments, we are subject to credit and
    market risk. The fair market value of the derivative instruments
    is determined by using valuation models whose inputs are derived
    using market observable inputs, including interest rate yield
    curves, and reflects the asset or liability position as of the
    end of each reporting period. When the fair value of a
    derivative contract is positive, the counterparty owes us, thus
    creating a receivable risk for us. We are exposed to
    counterparty credit risk in the event of non-performance by
    counterparties to our derivative agreements. We minimize
    counterparty credit (or repayment) risk by entering into
    transactions with major financial institutions of investment
    grade credit rating.
Our exposure to market risk is not hedged in a manner that
    completely eliminates the effects of changing market conditions
    on earnings or cash flow.
Recent
    Accounting Pronouncements
Codification.
In 2009, the Financial Accounting
    Standards Board, or FASB, issued an accounting pronouncement
    establishing the FASB Accounting Standards Codification, or ASC,
    as the source of authoritative accounting principles recognized
    by the FASB to be applied by nongovernmental entities. This
    pronouncement was effective for financial statements issued for
    interim and annual periods ending after September 15, 2009
    for most entities. On the effective date, all non-SEC accounting
    and reporting standards were superseded. We adopted this new
    accounting pronouncement during 2009, and it did not have a
    material impact on our consolidated financial statements.
Subsequent Events.
In May 2009, the FASB issued
    guidance on subsequent events, which sets forth general
    standards of accounting for and disclosure of events that occur
    after the balance sheet date but before financial statements are
    issued or are available to be issued. We adopted the guidance
    during 2009, and it did not have a material impact on our
    consolidated financial statements.
Fair Value Measurement.
In January 2010, the FASB
    issued guidance on improving disclosures about fair value
    measurements. This guidance has new requirements for disclosures
    related to recurring or
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nonrecurring fair-value measurements including significant
    transfers into and out of Level 1 and Level 2
    fair-value measurements and information on purchases, sales,
    issuances and settlements in a rollforward reconciliation of
    Level 3 fair-value measurements. This guidance is effective
    for the first reporting period beginning after December 15,
    2009, and, as a result, it was effective for us beginning on
    January 1, 2010. The Level 3 reconciliation
    disclosures are effective for fiscal years beginning after
    December 15, 2010, which will be effective for us for the
    year ending December 31, 2011. We do not expect our
    adoption of this guidance to have a material impact on our
    consolidated financial statements.
On January 1, 2007, we adopted the related guidance for
    fair value measurements. The guidance defines fair value,
    establishes a framework for measuring fair value in accordance
    with GAAP and expands disclosures about fair value measurements.
    In addition, in 2009, we adopted fair value measurements for all
    of our
non-financial
assets and non-financial liabilities, except for those
    recognized at fair value in our consolidated financial
    statements at least annually. These assets include goodwill and
    long-lived assets measured at fair value for impairment
    assessments, and non-financial assets and liabilities initially
    measured at fair value in a business combination. Our adoption
    of this guidance did not have a material impact on our
    consolidated financial statements.
In September 2009, the FASB issued guidance related to revenue
    arrangements with multiple deliverables as codified in
    ASC 605, Revenue Recognition, or ASC 605. ASC 605
    provides greater ability to separate and allocate arrangement
    consideration in a multiple element revenue arrangement. In
    addition, ASC 605 requires the use of estimated selling
    price to allocate arrangement considerations, therefore
    eliminating the use of the residual method of accounting.
    ASC 605 will be effective for fiscal years beginning after
    June 15, 2010 and may be applied retrospectively or
    prospectively for new or materially modified arrangements.
    Earlier application is permitted.  We do not expect our adoption
    of this guidance will have a material effect on our consolidated
    financial statements.
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BUSINESS
Company
    Overview
Ameresco is a leading provider of energy efficiency solutions
    for facilities throughout North America. Our solutions enable
    customers to reduce their energy consumption, lower their
    operating and maintenance costs and realize environmental
    benefits. Our comprehensive set of services addresses almost all
    aspects of purchasing and using energy within a facility. Our
    services include upgrades to a facility's energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. As one of the few large, independent
    energy efficiency service providers, we are able to objectively
    select and provide the products and technologies best suited for
    a customer's needs. Having grown from four offices in three
    states in 2001 to 54 offices in 29 states and four Canadian
    provinces in 2009, we now combine a North American footprint
    with strong local operations, which enable us to remain close to
    our customers and serve them effectively.
The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy costs and environmental issues. End-users and
    governmental agencies are increasingly viewing energy efficiency
    measures as a cost-effective solution for saving energy,
    renewing aging facility infrastructure and reducing harmful
    emissions.
Our principal service is the development, design, engineering
    and installation of projects that reduce the energy and O&M
    costs of our customers' facilities. These projects
    typically include a variety of measures customized for the
    facility and designed to improve the efficiency of major
    building systems, such as heating, ventilation, air conditioning
    and lighting systems. We typically commit to customers that our
    energy efficiency projects will satisfy
agreed-upon
performance standards upon installation or achieve specified
    increases in energy efficiency. In most cases, the forecasted
    lifetime energy and operating cost savings of the energy
    efficiency measures we install will defray all or almost all of
    the cost of such measures. In many cases, we assist customers in
    obtaining third-party financing for the cost of constructing the
    facility improvements, resulting in little or no upfront capital
    expenditure by the customer. After a project is complete, we may
    operate, maintain and repair the customer's energy systems
    under a multi-year O&M contract, which provides us with
    recurring revenue and visibility into the customer's
    evolving needs.
We also serve certain customers by developing and building
    small-scale renewable energy plants located at or close to a
    customer's site. Depending on the customer's
    preference, we will either retain ownership of the completed
    plant or build it for the customer. Most of our plants have to
    date been constructed adjacent to landfills and use LFG to
    generate energy. Our largest renewable energy plant is currently
    under construction and will use biomass as the source of energy.
    In the case of the plants that we own, the electricity, thermal
    energy or processed LFG generated by the plant is sold under a
    long-term supply contract with the customer, which is typically
    a utility, municipality, industrial facility or other large
    purchaser of energy. We also sell and install PV panels and
    integrated PV systems that convert solar energy to power. By
    enabling our customers to procure renewable sources of energy,
    we help them reduce or stabilize their energy costs, as well as
    realize environmental benefits.
We provide our services primarily to governmental, educational,
    utility, healthcare and other institutional, commercial and
    industrial entities. Since our inception in 2000, we have served
    more than 2,000 customers.
Our revenue has increased from $20.9 million in 2001, our
    first full year of operations, to $428.5 million in 2009.
    We achieved profitability in 2002 and have been profitable every
    year since then.
As of December 31, 2009, we had backlog of approximately
    $590 million in future revenue under signed customer
    contracts for the installation or construction of projects,
    which we expect to be recognized over the period from 2010 to
    2013, and we had been awarded, but not yet signed customer
    contracts for,
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projects with estimated total future revenue of an additional
    $700 million over the same period. We also expect to
    realize recurring revenue both under long-term O&M
    contracts and under energy supply contracts for renewable energy
    plants that we own. See "Risk Factors — We may
    not recognize all revenue from our backlog or receive all
    payments anticipated under awarded projects and customer
    contracts."
Industry
    Overview
Energy efficiency companies, sometimes referred to as energy
    services companies, or ESCOs, develop, install and arrange
    financing for projects designed to improve the energy efficiency
    of buildings and other facilities. Typical products and services
    offered by energy efficiency companies include boiler and
    chiller replacement, HVAC upgrades, lighting retrofits,
    equipment installations,
on-site
cogeneration, renewable energy plants, load management, energy
    procurement, rate analysis, risk management and billing
    administration. Energy efficiency companies often offer their
    products and services through ESPCs. Under these contracts,
    energy efficiency companies assume certain responsibilities for
    the performance of the installed measures, under assumed
    conditions, for a portion of the project's economic
    lifetime.
Energy
    Efficiency
The market for energy efficiency services has grown
    significantly, driven largely by rising and volatile energy
    prices, advances in energy efficiency and renewable energy
    technologies, governmental support for energy efficiency and
    renewable energy programs and growing customer awareness of
    energy and environmental issues. End-users, utilities and
    governmental agencies are increasingly viewing energy efficiency
    measures as a cost-effective solution for saving energy,
    renewing aging facility infrastructure and reducing harmful
    emissions.
According to a 2008 Frost & Sullivan report, as shown
    in the table below, activity by ESCOs in the North American
    market for energy management services, including energy
    efficiency, demand response and other services, grew at a
    compound annual growth rate, or CAGR, of 22% from 2004 through
    2008, with the estimated size of the market reaching more than
    $5 billion in 2008:
In a 2009 report, McKinsey & Company estimated that
    energy savings worth $1.2 trillion are available if the full
    amount of economically viable and commercially available energy
    efficiency potential is implemented in the United States through
    2020, which would require upfront investment of
    $520 billion.
In 2008, Frost & Sullivan estimated that government
    and institutional facilities accounted for approximately 60% of
    energy management services revenue, with commercial and
    industrial customers accounting for 32% of the market and
    residential customers accounting for the balance. While we
    expect these existing U.S. markets will continue to grow,
    we also believe that the international markets provide
    opportunities for significant additional growth. For example,
    Frost & Sullivan in its 2008 report estimated that
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the spending for energy efficiency measures outside North
    America will reach approximately $216 billion over the
    ensuing four to five years.
The U.S. federal government has over the past decade
    significantly increased its interest in and spending on energy
    efficiency measures. Legislation authorizing federal agencies to
    enter into ESPCs was originally passed in 1992, and in 2007,
    three years after the sunset of the original legislation,
    Congress passed new ESPC legislation without a sunset provision.
    As of the end of 2009, ESPCs have been awarded by 19 different
    federal agencies and departments in 48 states, resulting in
    more than 485 federal energy efficiency projects cumulatively
    worth $2.7 billion. In December 2008, the
    U.S. Department of Energy awarded new IDIQ contracts that
    permit 16 companies to propose and procure ESPCs with
    federal agencies. Of these 16 companies, only two are
    independent companies not affiliated with an equipment
    manufacturer, utility or fuel company.
There are three principal types of energy efficiency companies:
•
Independent Energy Services Companies
— Energy
    efficiency companies not associated with an equipment
    manufacturer, utility or fuel company. Most of these companies
    are small and focus either on a specific geography or specific
    customer base.
•
Utility-Affiliated Energy Services Companies
—
    Companies owned by regulated North American utilities, many of
    which were traditionally focused on the service territories of
    their affiliated utilities. Many of these companies have since
    expanded their geographical markets. Examples include
    Constellation Energy Projects and Services and ConEdison
    Solutions.
•
Equipment Manufacturers
— Companies owned by
    building equipment or controls manufacturers. Many of these
    companies have a national presence through an extensive network
    of branch offices. Examples include Honeywell, Johnson Controls
    and Siemens.
Renewable
    Energy
Utilities and large purchasers of energy are increasingly
    seeking to use renewable sources of energy, such as LFG, wind,
    biomass, geothermal and solar, to reduce or stabilize their
    energy costs, meet regulatory mandates for use of renewable
    energy, diversify their fuel sources and realize environmental
    benefits, such as the reduction of greenhouse gas emissions.
According to the International Energy Agency, utilities
    worldwide are expected to increase their overall renewable
    generation capacity as a percentage of their overall capacity
    from less than four percent in 2007 to 13% in 2030.
Industry
    Trends
We believe the following trends and developments are driving the
    growth of our industry.
•
Rising and Volatile Energy Prices.
Over the past
    decade, energy-linked commodity prices, including oil, gas, coal
    and electricity, have all increased and exhibited significant
    volatility. From 1999 to 2009, average U.S. retail electricity
    prices have increased by more than 50%. Over an
18-month
period from January 2007 to July 2008, oil prices increased by
    almost 200%. According to the U.S. Energy Information
    Administration, or EIA, oil prices are expected to increase by
    approximately 115% from 2009 to 2035 and electricity prices are
    expected to increase by approximately six percent annually over
    the same time period. We believe that rising energy prices
    combined with significant volatility have resulted in growing
    demand for energy efficiency measures that reduce energy usage
    and for sources of renewable energy that can stabilize energy
    costs.
•
Potential of Energy Efficiency Measures to Significantly
    Reduce Energy Consumption
. According to the EIA,
    U.S. energy demand is expected to increase nearly twofold
    from 2010 to
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2035 in the absence of any improvements in energy efficiency,
    but the implementation of energy efficiency measures can
    significantly reduce energy consumption, as shown below:
Total
    U.S. Energy Consumption
According to a July 2009 report by McKinsey & Company,
    economically viable and commercially available energy efficiency
    measures, if fully implemented, have the potential to save more
    than one trillion kWh of electricity, or 23% of overall U.S.
    demand, by 2020.
•
Aging and Inefficient Facility Infrastructure.
Many
    organizations continue to operate with an energy infrastructure
    that is significantly less efficient and cost-effective than
    that now available through more advanced technologies applied to
    lighting, heating, cooling and other building systems. As these
    organizations explore alternatives for renewing their aging
    facilities, they often identify multiple areas within their
    facilities that could benefit from the implementation of energy
    efficiency measures, including the possible use of renewable
    sources of energy. According to a July 2009 report by
    McKinsey & Company, increased energy efficiency
    through facility renewal of government buildings, community
    infrastructure and existing homes in the United States
    represents a $76 billion market opportunity through 2020,
    and could result in energy savings of $174 billion over the
    same period.
•
Increased Focus on Cost Reduction.
The current
    economic environment has led many organizations to search for
    opportunities to reduce their operating costs. There has been a
    growing awareness that reduced energy consumption presents an
    opportunity for significant long-term savings in operating costs
    and that the installation of energy efficiency measures can be a
    cost-effective way to achieve such reductions.
•
Movement Toward Industry Consolidation.
As energy
    efficiency solutions continue to increase in technological
    complexity and customers look for service providers that can
    offer broad geographic and product coverage, we believe smaller
    niche energy efficiency companies will continue to look for
    opportunities to combine with larger companies that can better
    serve their customers' needs. In addition, we believe
    utilities will continue to consider divesting their energy
    management services divisions, in part because of the potential
    conflicts between the interests of an energy provider and the
    interests of a provider of energy efficiency services. Increased
    market presence and size of energy efficiency companies should,
    in turn, create greater customer awareness of the benefits of
    energy efficiency measures.
•
Increased Use of Third-Party Financing.
Many
    organizations desire to use their existing sources of capital
    for core investments or do not have the internal capacity to
    finance improvements to their energy infrastructure. These
    organizations often require innovative structures to facilitate
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the financing of energy efficiency and renewable energy
    projects. Customers seeking to upgrade or renew their energy
    systems are increasingly seeking to enter into ESPCs or other
    creative arrangements that facilitate third-party financing for
    their projects.
•
Increasing Legislative Support and Initiatives.
In
    the United States and Canada, federal, state, provincial and
    local governments have enacted and are considering legislation
    and regulations aimed at increasing energy efficiency, reducing
    greenhouse gas emissions and encouraging the expansion of
    renewable energy generation. Examples of such legislation and
    regulation are:
•
Federal.
In 2007, the United States enacted the
    Energy Independence and Security Act which mandates that federal
    buildings reduce energy consumption by 30% by 2015 compared to
    their 2003 baseline and contains multiple provisions promoting
    long-term ESPCs. The U.S. Department of Energy also has a
    number of research, development, grant and financing
    programs — most notably the DOE Loan Guarantee
    Program — to encourage energy efficiency and renewable
    energy. Additionally, the United States has adopted federal
    incentives for renewable energy, including the production tax
    credit, investment tax credit and accelerated depreciation.
•
States.
At the U.S. state level, significant
    measures to support energy efficiency and renewable energy have
    been implemented, including as of December 31, 2009, the
    following:
•
20 states have adopted energy efficiency resource
    standards, or EERS, and long-term energy savings targets for
    utilities.
•
29 U.S. states and the District of Columbia have renewable
    portfolio standards, or RPS, in place, and six states have
    renewable portfolio goals.
•
14 states have passed legislation enabling a new financing
    mechanism known as Property Assessed Clean Energy (PACE) Bonds.
    The bonds provide funds that can be used by commercial and
    residential property owners to finance efficiency measures and
    small-scale renewable energy systems.
•
The U.S. Senate and House of Representatives have passed
    various forms of EERS and RPS legislation and, if enacted, all
    50 states would have additional incentives to support
    energy efficiency and renewable energy.
•
Canada.
The federal, provincial and local
    governments have also provided incentives for the development of
    energy efficiency and renewable energy projects, and facility
    renewal. In 2010, the federal government announced its 2020
    greenhouse gas emissions reduction target under the Copenhagen
    Accord, a 17% reduction from 2005 levels, subject to adjustment
    to remain consistent with the U.S. target. In 2009, Ontario
    and Quebec both passed enabling legislation to establish
cap-and-trade
programs, which aim at reducing emissions by 15% below 1990
    levels by 2020 and 20% by 2020, respectively. Ontario also
    passed the Green Energy and Green Economy Act in May 2009 to
    expand renewable energy production, encourage energy
    conservation and create green jobs. The act established a
    feed-in tariff
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program with pricing incentives to encourage the development of
    renewable energy. Similarly, British Columbia has also passed
    enabling legislation to establish a
cap-and-trade
program and a greenhouse gas reduction target of at least 33%
    below 2007 levels by 2020. Under the federal Economic Action
    Plan, the federal government has committed to multi-year
    expenditures of $4 billion for new infrastructure funding,
    and has established program funds of $1 billion for
    sustainable energy and other green projects and $2 billion
    to repair, retrofit and expand facilities at post-secondary
    institutions.
•
Economic Stimuli.
Governments worldwide have
    allocated significant portions of economic stimuli to clean
    energy. The American Recovery and Reinvestment Act of 2009
    allocated $67 billion to promote clean energy, energy
    efficiency and advanced vehicles. Additionally, the Emergency
    Economic Stabilization Act instituted a grant program that
    provides cash in lieu of the investment tax credit for eligible
    renewable energy generation sources which commence construction
    in 2010.
These trends and developments are contributing to the growth of
    the market for energy efficiency and renewable energy solutions
    and create opportunities for energy efficiency companies that
    can provide the comprehensive range of services and deep level
    of expertise necessary to cost-effectively meet customers'
    energy and facility renewal needs.
The
    Ameresco Solution
Ameresco's solutions enable customers to increase energy
    efficiency, reduce costs and realize environmental benefits. Our
    comprehensive set of services addresses almost all aspects of
    purchasing and using energy within a facility. We have
    significant in-house expertise in identifying, designing and
    installing the improvements necessary to enhance the energy
    efficiency of a facility. As an independent company unaffiliated
    with any specific equipment manufacturer or utility, we have the
    freedom and flexibility to be objective in selecting, purchasing
    and integrating the particular systems best suited for a
    facility's infrastructure.
We can reduce our customers' energy costs in several ways.
    The energy efficiency measures that we design, install and
    manage, such as boilers, chillers, lighting systems and control
    systems, can reduce the usage of energy and water, thereby
    significantly reducing operating costs. By upgrading aging
    facilities, we can also significantly reduce ongoing O&M
    costs. In addition, customers buying energy from our renewable
    energy plants can reduce or stabilize their energy prices under
    10- to
20-year
supply contracts with us. We also sell and install equipment,
    such as solar energy products, that enable customers to benefit
    from federal and state tax credits and other governmental
    incentives.
Most customers undertaking an energy efficiency project desire
    to minimize their upfront costs and overall cost of system
    ownership. We assist customers in achieving their economic
    objectives by helping to arrange third-party financing, which
    often results in little or no upfront capital expenditure by the
    customer. By committing that our energy efficiency measures will
    achieve specified performance standards upon installation or
    specified increases in energy efficiency over a multi-year
    period, we enable our customers to reduce the risk that the
    systems we install will not achieve forecasted energy usage
    savings. In most cases, the forecasted lifetime savings of the
    energy efficiency measures we install will defray all or almost
    all of the cost of such measures. For customers desiring to
    procure renewable energy sources, we provide financing
    flexibility by offering either to build a small-scale renewable
    energy plant that will be owned and financed by the customer
    itself or to build and finance a plant that we will own and that
    will supply energy or gas to the customer under a long-term
    contract.
Our solutions also assist our customers in achieving their
    environmental goals and, in the case of governmental customers,
    complying with federal and state energy efficiency and emission
    reduction mandates. Our energy efficiency improvements enable
    customers to achieve environmental benefits both by reducing
    their energy and water usage and by reducing their reliance on
    conventional energy sources. Customers procuring electricity,
    thermal energy or processed gas from the renewable energy plants
    that we construct can further reduce their emissions of
    greenhouse gases and other pollutants.
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Our
    Competitive Strengths
We believe our competitive strengths include the following:
•
One-Stop, Comprehensive Service Provider.
We offer
    our customers expertise in addressing almost all aspects of
    purchasing and using energy within a facility. Our experienced
    project development and engineering staff provide us with the
    capability and flexibility to determine the combination of
    energy efficiency measures that is best suited to achieve the
    customer's energy efficiency and environmental goals. Our
    solutions range from smaller projects, such as a lighting system
    retrofit, to larger and more complex projects comprising new
    heating, cooling and electrical infrastructure, solar panels and
    a small-scale renewable energy plant serving multiple buildings.
•
Independence.
We are an independent company with no
    affiliation to any equipment manufacturer, utility or fuel
    company. Unlike affiliated service companies, we have the
    freedom and flexibility to be objective in selecting particular
    products and technologies available from different
    manufacturers. By bundling components from multiple sources, we
    can optimize our solution for customers' particular needs.
    In addition, we can leverage the high volume of equipment
    purchases that originate across our North American operations to
    obtain attractive pricing terms that enable us to provide
    cost-effective solutions to our customers.
•
Strong Customer Relationships.
We have served over
    2,000 customers since our inception, including over 1,000
    customers in 2009. The sales, design and construction process
    for energy efficiency and renewable energy projects typically
    takes from 12 to 36 months, during which time our engineers
    work closely with the customer to ensure a successful
    installation. For certain projects, we enter into a multi-year
    O&M contract under which we have personnel
on-site
monitoring and controlling the customer's energy systems.
    Our services include helping customers procure energy and
    managing their utility bill payment processes. All of these
    design, engineering and support activities foster a close
    relationship with our customers, which positions us to identify
    their future needs and provide additional services to them. For
    example, for a single federal facility, we have completed three
    separate projects over the period from 2005 to 2009.
•
Creative Solutions.
We seek to provide innovative
    solutions to meet our customers' energy efficiency,
    facility renewal and environmental goals. Our engineering staff
    has expertise in a broad range of technologies and energy
    savings strategies encompassing different types of electrical,
    heating, cooling, lighting, water, renewable energy, and other
    facility infrastructure systems. We are constantly seeking to
    identify new services, products and technologies that can be
    incorporated into our energy efficiency and renewable energy
    solutions to enhance their performance. We apply this expertise
    to design and engineer innovative solutions customized to meet
    the specific needs of each client. We also have an internal
    structured finance team that is skilled and experienced in
    arranging third-party financing for our customers' projects.
•
Strong National and Local Presence.
We have a
    nationwide presence in both the United States and Canada and
    serve certain of our customers in European locations. We
    maintain a centralized staff of engineering, financial and legal
    personnel at our headquarters in Massachusetts, who provide
    support to our seven regional offices and 46 other field offices
    located throughout the United States and Canada. We leverage our
    centralized resources and local offices by sharing experiences
    and best practices across the offices. We are able to maintain
    an entrepreneurial approach toward our customers by delegating
    significant responsibility to our regional offices and making
    them accountable for their own operational and financial
    performance. We believe that our organizational structure
    enables us to be fast, flexible and cost-effective in responding
    to our customers' needs.
•
Experienced Management and Operations Team.
Our
    executive officers have an aggregate of over 150 years of
    experience in the energy efficiency field. Some have worked
    together for over
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15 years and most have worked together at Ameresco for over
    five years. In addition, we have accumulated significant
    in-house expertise in our sales, engineering, financing, legal,
    construction and operations functions. As of December 31,
    2009, we employed over 200 engineers, whose experience with
    respect to fuels, rates, technologies and geography-specific
    regulation and economic benefits enables us to propose and
    design energy efficiency solutions that take into account the
    economic, technological, environmental and regulatory
    considerations that we believe underlie the cost efficiencies
    and operational success of a project. Many of our employees were
    previously employed by utilities, construction companies,
    financial institutions, engineering firms, consultancies and
    government agencies, which provides them with specialized
    experience in solving problems and creating value for our
    customers.
•
Federal and State Qualifications.
The federal
    governmental program under which federal agencies and
    departments can enter into ESPCs requires that energy service
    providers have a track record in the industry and meet other
    specified qualifications. Over 20 states require similar
    qualifications to do business with state agencies and, in
    certain cases, with other governmental agencies in the state. In
    2008, we renewed our IDIQ qualification under the
    U.S. Department of Energy program for ESPCs, and we are
    currently qualified to enter into ESPCs in most states that
    require qualification. Our projects accounted for almost half of
    the total dollar amount of published task orders issued under
    the Department of Energy's IDIQ program for ESPCs in fiscal
    2009. The scope of our qualifications provides us with the
    opportunity to continue to grow our business with federal, state
    and other governmental customers and differentiates us from
    energy efficiency companies that have not been similarly
    qualified.
•
Integration of Strategic Acquisitions.
We have a
    track record of completing over ten acquisitions that have
    enabled us to broaden our offerings, expand our geographical
    reach and accelerate our growth. We follow a disciplined
    approach in evaluating and valuing potential acquisition
    candidates and frequently improve their operating performance
    significantly following our acquisition. Our acquisition of the
    energy services business of Duke Energy in 2002 expanded our
    geographical reach into Canada and the southeastern United
    States, and enabled us to penetrate the federal government
    market for energy efficiency projects. Our acquisition of the
    energy services business of Northeast Utilities in 2006 further
    grew our capability to provide services for the federal market
    and in Europe. Our acquisition of Southwestern Photovoltaics in
    2007 significantly expanded our offering of solar energy
    products and services. We believe that our ability to offer a
    comprehensive set of energy efficiency services across North
    America has been, and will continue to be, enhanced by our
    expertise in identifying and completing acquisitions that expand
    our service offerings, as well as by our ability to integrate
    and leverage the skilled engineering, sales and operational
    personnel that come to us through these acquisitions.
Strategy
Our goal is to capitalize on our strong customer base and broad
    range of service offerings to become the leading provider of
    comprehensive energy efficiency and renewable energy solutions.
Key elements of our strategy include the following:
•
Pursue Organic Growth.
We plan to grow primarily by
    leveraging our core expertise in designing, engineering and
    installing energy efficiency solutions to reach additional
    customers in our target markets. To achieve this goal, we plan
    to open additional local offices in the regions we currently
    serve, as well as hire additional sales personnel. We also plan
    to expand geographically by opening new offices in regions we do
    not currently serve in the United States and Canada, as well as
    in Europe.
•
Continue to Maintain Customer Focus.
Our success
    will continue to depend in large part on our ability to
    understand and meet our customers' energy infrastructure
    requirements. We will
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maintain an entrepreneurial approach toward our customers and
    remain flexible in designing projects tailored specifically to
    meet their needs. We will also continue to monitor and explore
    alternative services, products and technologies that might offer
    improved system performance and will seek to design and engineer
    innovative solutions for our customers.
•
Expand Scope of Product and Service Offerings.
We
    believe the breadth of our services differentiates us from our
    competitors. We plan to continue to expand our offerings by
    including new types of energy efficiency services, products and
    improvements to existing products based on technological
    advances in energy savings strategies, equipment and materials.
    Examples of services that we have added to complement our energy
    efficiency services include asset planning, new construction,
    waste reduction, water conservation, demand response, management
    of utility and non-utility invoices and web-based software for
    tracking of a customer's carbon footprint, electrical
    distribution upgrades, meters with communication capabilities,
    transformer replacements and power factor correction. Through
    our acquisition of Southwestern Photovoltaics in 2007, we
    significantly expanded our offering of solar energy products,
    which enabled us both to integrate solar solutions into broad
    energy efficiency projects and to target projects based
    specifically on solar energy. We plan to seek similar
    opportunities to broaden our offerings of complementary products
    and services.
•
Meet Market Demand for Cost-Effective,
    Environmentally-Friendly Solutions.
We believe that
    addressing climate change will remain a global theme for
    governmental, institutional and commercial organizations.
    Through our energy efficiency measures and small-scale renewable
    energy plants and products, we enable customers to conserve
    energy and reduce emissions of carbon dioxide and other
    pollutants. We plan to continue to focus on providing
    sustainable energy solutions that will address the growing
    demand for products and services that create environmental
    benefits for customers.
•
Increase Recurring Revenue.
We intend to continue to
    seek opportunities to increase our sources of recurring revenue.
    For many of our energy efficiency projects, we enter into
    multi-year O&M contracts, and we plan to continue to grow
    both the number and scope of such contracts. We also obtain
    recurring revenue from sales of electricity, thermal energy and
    gas generated by the small-scale renewable energy and central
    plants that we construct and own, and we plan to continue to
    seek opportunities to construct such plants based on LFG,
    biomass, biogas, solar, wind, geothermal and other sources of
    energy.
•
Grow through Select Strategic Acquisitions.
We have
    been able to accelerate the expansion of our service offerings,
    customer base and geographic reach through targeted
    acquisitions. We will continue to follow a disciplined approach
    in evaluating and valuing potential acquisition candidates. We
    plan to pursue complementary acquisitions that will enable us to
    both expand geographically in North America and abroad, and
    broaden our product and service offerings.
Ameresco's
    Products and Services
We offer a comprehensive set of services that includes the
    design and installation of upgrades to a facility's energy
    infrastructure, the design and construction of renewable energy
    plants, the sale of other renewable energy products and the
    arranging of financing for customer projects.
Energy
    Efficiency Services
Our services typically includes the design, engineering and
    installation of, and the arranging of financing for, equipment
    to improve the efficiency, and control the operation, of a
    building's heating, ventilation, cooling and lighting
    systems. In certain projects, we also design and construct a
    central plant or cogeneration system providing power, heat
and/or
cooling to a building. Our projects generally range in size and
    scope from a one-month project to design and retrofit a lighting
    system to a more complex
30-month
project to design and install a central plant or cogeneration
    system.
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At the commencement of a project, we typically evaluate the
    customer's energy needs and opportunities to reduce costs.
    We start by reviewing and analyzing the customer's utility
    and other energy bills, using in complex cases our proprietary
    AXIS software for bill scanning and analyses. Our in-house
    personnel can, for example, analyze whether a customer is
    eligible for lower rates in a different utility rate class. Our
    experienced engineers then review and assess the customer's
    current energy systems and determine how to optimize federal,
    state or local energy, utility and environmental-based payments
    or credits available for usage reductions or renewable power
    generation. Upon customer approval of a project, our engineers,
    with the assistance in some cases of local or specialized
    engineers, design and engineer the project.
Energy Efficiency Measures
In designing a project for a customer, we typically include a
    combination of the following energy efficiency measures:
•
Boilers and Furnaces.
We replace low efficiency
    boilers and furnaces with higher efficiency equipment. In
    addition, to reduce emissions, we can install emissions controls
    or either modify existing equipment or install new equipment to
    use cleaner fuels. We can also install biomass boilers for
    customers that have access to organic materials, such as waste
    from agricultural or food processing activities.
•
Chillers.
Small buildings are cooled by air
    conditioners and large buildings are cooled by chillers. We
    replace older low efficiency chillers with new higher efficiency
    chillers capable of delivering the same cooling with less energy
    input, often eliminating the use of atmospheric ozone depleting
    chlorofluorocarbon-based refrigerants in the process. We
    retrofit existing chillers with new, more sophisticated,
    automated controls, high efficiency motors and variable speed
    drives to improve efficiency in cases where complete equipment
    replacement is not necessary. If the customer has an
on-site
source of recoverable waste heat, we may replace an electric
    chiller with an absorption chiller that can utilize the waste
    heat to directly produce cooling with reduced need to purchase
    energy for chiller operation.
•
Central Plants.
Customers that have multiple
    buildings in close proximity on a site may benefit from
    installation of a single central plant to provide power, heat or
    cooling to these buildings. The central plant typically contains
    multiple large boilers, chillers or combined heat and power, or
    CHP, systems to handle the combined requirements of all site
    buildings. Pipes are installed to distribute steam, hot water or
    chilled water from the central plant to the individual
    buildings. Any centrally generated power is delivered via
    interconnection with the existing site-wide electrical
    distribution system. A central plant allows the multiple smaller
    and less energy efficient individual building heating and
    cooling plants to be decommissioned. In addition to improved
    energy efficiency, centralization can create other scale
    benefits in operating labor, equipment maintenance and operating
    reliability. Where a customer already has a central plant, we
    can improve the efficiency of the plant by implementing improved
    equipment controls and by retrofit or replacement of existing
    equipment for enhanced energy efficiency.
•
Cogeneration or Combined Heat and Power.
CHP systems
    produce both heat and power simultaneously at a customer site,
    displacing power purchases from the utility grid and
    conventional sources of heat generation at the customer
    facility. When utilities produce power at large central station
    plants, the heat produced as a byproduct of the power generation
    process is typically wasted via disposal to the atmosphere or a
    nearby waterway. This wasted heat is generally a majority of the
    energy value of the input fuel to the power generation process.
    With on site power generation, the waste heat can be recovered
    from the power generation process and used as a substitute for
    heat that would otherwise be generated using site purchased
    fuels. Through use of heat driven chillers, also known as
    absorption chillers, this recovered heat can also be employed to
    provide building cooling. For facilities with large and
    relatively constant needs for power and heat or cooling, the
    cost of fuel for the cogeneration system operation can often be
    less than the cost of the purchased utility power and
    conventional heating fuel that is
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displaced. Installing a CHP that uses a lower-cost fossil fuel
    or a renewable fuel source can create further economic benefits.
•
Energy Management Systems.
Automating building
    system adjustments for optimum performance under changing
    building operating conditions is one of the most cost effective
    energy saving strategies. We install energy management system,
    or EMS, projects consisting of small computers, wiring or
    wireless communication systems, and sensors and controllers
    located at energy-using equipment and at locations that need
    monitoring for such conditions as temperature and flow.
    Equipment that may be controlled through an energy management
    system includes lights, boilers, chillers, and fans and pumps
    that move energy throughout a building. We program the computers
    to automatically turn the equipment on and off or to adjust
    equipment operating setpoints for lower energy use in response
    to monitored conditions. For example, when the outdoor air is
    cool and the building requires cooling, instead of turning on
    the chillers to cool the building, the EMS may turn on building
    fans to draw the cool outside air into the building and
    significantly reduce the energy use under that condition. Both
    we and the customer can access the EMS information through a
    personal computer and reprogram the energy-saving strategies
    through secure, hard-wired or web-based communications systems.
•
Lighting.
We replace lighting system components with
    more efficient components in both indoor and outdoor lighting
    systems. We may alternatively redesign and install a new
    lighting system. Typical measures include replacing incandescent
    lighting with compact fluorescent lighting, metal halide
    lighting with fluorescent lighting and low efficiency
    fluorescent lighting with higher efficiency fluorescent
    lighting. Also, lighting controls may be installed to turn off
    lights when the lit space is unoccupied or if natural light
    through windows or skylights is adequate.
•
Retro-commissioning.
Over time, the performance of
    building systems can degrade due to a variety of factors, such
    as a failure of dampers, actuators and switches to operate in
    accordance with the building control system or modifications to
    equipment without taking into account their interaction with
    other building systems. Cumulatively, these factors can lead to
    significant increased energy consumption and reduce the quality
    of the indoor environment. Through a retro-commissioning
    process, we systematically repair and restore building equipment
    and systems so that they function together in an optimal manner
    to enhance overall building performance.
•
Motors.
The energy cost over the life of a motor is
    often many times the original cost of the motor. We replace
    older low efficiency motors with new higher efficiency motors.
    Often, motors are over-sized for the application and additional
    savings can be attained by replacing an existing motor with an
    appropriately sized motor. We may also replace the sheave and
    belt drives associated with motors so that the motor output is
    transmitted to the driven device with reduced energy loss.
•
Variable Speed Drives or Variable Frequency
    Drives.
Motors driving building equipment such as fans,
    pumps, chillers and elevators are typically selected and
    operated at the size and speed necessary to deliver services
    under worst case or peak load conditions. This causes
    inefficiencies when operating at less than peak load conditions.
    We install electronic devices called variable speed drives, or
    VSDs, that automatically adjust the characteristics of the power
    supplied to a motor so that the motor is operated at only the
    speed necessary to meet the load conditions at any time.
•
Electric Load Shaping.
Many customers pay an energy
    charge per kWh of electricity used and a demand charge based on
    their highest or peak use of electricity in a 15 minute period
    during the month. By installing an EMS or an
on-site
generator and controlling the system using our monitoring and
    analysis of the customer's electricity use, we can reduce
    the customer's peak electricity use and thus its demand
    charge. We may also shift energy use from expensive on-peak
    (weekday) periods to less expensive off-peak periods (nights and
    weekends). For example, by adding chilled water storage tanks to
    a facility, cooling systems can be operated at night to
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generate stored chilled water and the chilled water can then be
    withdrawn to cool the building during the next day without
    operating the cooling equipment during daytime peak periods.
•
Utility Rate Reductions.
A customer's cost of
    gas and electricity is a function of how much energy is used and
    what rate the customer is charged for the energy. We analyze a
    customer's energy use and the various utility rates that
    the customer is eligible to select. By switching a customer to
    the optimal rate, the customer can typically save energy costs.
    We may be able to switch a customer into a better rate by
    installing an EMS or an
on-site
generator.
•
Geothermal Heat Pumps.
Heat pumps are designed to
    efficiently provide both heat and cooling to a facility. The
    geothermal heat pump system works to store and recapture energy
    from the ground on a seasonally advantageous basis. Beneath the
    surface, the earth is warmer than the air in winter and cooler
    than the air in summer. Using the heat pump, heat removed from a
    building to cool it during the summer can be stored in the
    ground. This stored heat can then be withdrawn by the heat pump
    in the winter to provide necessary building heating. We install
    piping loops in the ground and heat pumps in buildings. Water
    piped underground captures the stored geothermal energy and heat
    pumps deliver the energy efficiently to the building interior.
•
Window Replacement.
Existing windows are often the
    most inefficient component of a building envelope. We may
    replace existing inefficient windows with new windows with
    features that more effectively control the sources of window
    heat transfer.
•
Roofs.
An existing roof with inadequate insulation
    levels or with water damage compromising the effectiveness of
    insulation is a source of unnecessary energy waste. We replace
    existing roofs with new roofs with higher insulation levels to
    reduce heat losses in winter and heat gains in summer. We may
    employ membrane roof technology for better protection of the
    insulation against degradation.
•
Insulation.
Insulating materials reduce unwanted
    transfer of heat that can increase energy usage. We apply
    additional insulation to building shell components, such as
    walls, ceilings, floors and foundations, to reduce heat loss in
    winter and heat gain in summer. We may add to or fully replace
    existing insulation on equipment such as piping, storage tanks
    and heat exchangers to reduce energy losses and the equipment
    inefficiency that results from these losses.
•
Asset Planning.
Asset planning tools enable
    organizations to identify and prioritize current and future
    facility renewal requirements and associated capital-investment
    needs. We have developed software that helps organizations
    measure the condition of their facilities, the costs necessary
    to improve the facilities and make them more energy efficient
    and the funding alternatives for any such improvements. Our
    asset planning tools enable customers to develop facility
    renewal plans that will effectively leverage their available
    sources of capital and meet their future needs.
•
Demand Response and Demand-Side Management.
Electric
    utilities and regional or independent system operators, or ISOs,
    are responsible for ensuring that power is available at all
    times throughout a region's electrical transmission and
    distribution system. It is expensive to provide power during
    peak times such as a hot summer afternoon when customers are
    turning on their air conditioners and chillers. Utilities and
    ISOs seek to reduce the peak load demand and are willing to pay
    customers to reduce their power usage at these times, either
    during pre-arranged hours or in response to a call to reduce
    power. We help utilities and ISOs to attract customers to their
    programs and coordinate the customers' participation in the
    programs. Typically we enter into a contract with a utility or
    ISO, market the program to customers, and share contract
    payments with the customers.
•
Utility Data Management.
We have developed
    proprietary software and systems that allow us to efficiently
    collect, optically scan, enter into a data base and perform
    analysis on information from customer utility bills. Using these
    systems, we can deliver a variety of services, including
    centralized and automated collection, processing and preparation
    for payment of utility billing information; identification of
    errors in utility metering or billings; aggregation of multiple
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location billings from a single utility to facilitate payment;
    modeling of available utility tariff rates against a database of
    historical energy use to identify the most economical rate; and
    analysis of utility use data in multiple ways to identify and
    report usage and cost trends, variances and performance relative
    to benchmarks.
•
Carbon Emissions Tracking.
Our carbon management
    program provides greenhouse gas, or GHG, emissions accounting
    and reporting services to our customers. With an international,
    multi-tiered approach, we can support a wide variety of GHG
    accounting and reporting standards, including utility-based GHG
    and full ISO 14064 compliance reporting. This service helps
    customers, for example, to develop corporate social
    responsibility reports and prepare for an audit of their GHG
    emissions.
We typically purchase the equipment for our projects either from
    local vendors or, in certain cases, from vendors with which we
    have a company-wide relationship. Our large volume of equipment
    purchases enables us to achieve cost-efficiencies with our
    significant vendors. In most cases, we use local subcontractors
    to install the purchased equipment in accordance with our design
    and under the supervision of our project manager.
Customer
    Arrangements
For our energy efficiency projects, we typically enter into
    ESPCs under which we agree to develop, design, engineer and
    construct a project and also commit that the project will
    satisfy
agreed-upon
performance standards that vary from project to project. These
    performance commitments are typically based on the design,
    capacity, efficiency or operation of the specific equipment and
    systems we install. Our commitments generally fall into three
    categories: pre-agreed, equipment-level and whole
    building-level. Under a pre-agreed energy reduction commitment,
    our customer reviews the project design in advance and agrees
    that, upon or shortly after completion of installation of the
    specified equipment comprising the project, the commitment will
    have been met. Under an equipment-level commitment, we commit to
    a level of energy use reduction based on the difference in use
    measured first with the existing equipment and then with the
    replacement equipment. A whole building-level commitment
    requires demonstration of energy usage reduction for a whole
    building, often based on readings of the utility meter where
    usage is measured. Depending on the project, the measurement and
    demonstration may be required only once, upon installation,
    based on an analysis of one or more sample installations, or may
    be required to be repeated at agreed upon intervals generally
    over periods of up to 20 years.
Under our contracts, we typically do not take responsibility for
    a wide variety of factors outside our control and exclude or
    adjust for such factors in commitment calculations. These
    factors include variations in energy prices and utility rates,
    weather, facility occupancy schedules, the amount of
    energy-using equipment in a facility, and failure of the
    customer to operate or maintain the project properly. Typically,
    our performance commitments apply to the aggregate overall
    performance of a project and not to individual energy efficiency
    measures. Therefore, to the extent an individual measure
    underperforms, it may be offset by other measures that
    overperform during the same period. In the event that an energy
    efficiency project does not perform according to the
agreed-upon
specifications, our agreements typically allow us to satisfy our
    obligation by adjusting or modifying the installed equipment,
    installing additional measures to provide substitute energy
    savings, or paying the customer for lost energy savings based on
    the assumed conditions specified in the agreement. Many of our
    equipment supply, local design, and installation subcontracts
    contain provisions that enable us to seek recourse against our
    vendors or subcontractors if there is a deficiency in our energy
    reduction commitment. From our inception to December 31,
    2009, our total payments to customers and incurred costs under
    our energy reduction commitments, after customer acceptance of a
    project, have been less than $100,000 in the aggregate. See
    "Risk Factors — We may have liability to our
    customers under our ESPCs if our projects fail to deliver the
    energy use reductions to which we are committed under the
    contract."
The projects that we perform for governmental agencies are
    governed by particular qualification and contracting regimes.
    Certain states require qualification with an appropriate state
    agency as a precondition to performing work or appearing as a
    qualified energy service provider for state, county and local
    agencies
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within the state. Most of the work that we perform for the
    federal government is performed under IDIQ agreements between
    government agencies and us or our subsidiaries. These IDIQ
    agreements allow us to contract with the relevant agencies to
    implement energy projects, but no work may be performed unless
    we and the agency agree on a task order or delivery order
    governing the provision of a specific project. The government
    agencies enter into contracts for specific projects on a
    competitive basis. We and our subsidiaries and affiliates are
    currently party to an IDIQ agreement with the
    U.S. Department of Energy, expiring in 2019, with an
    aggregate maximum potential ordering amount of $5 billion.
    Payments by the federal government for energy efficiency
    measures are based on the services provided and products
    installed, but are limited to the savings derived from such
    measures, calculated in accordance with federal regulatory
    guidelines and the specific contract terms. The savings are
    typically determined by comparing energy use and O&M costs
    before and after the installation of the energy efficiency
    measures, adjusted for changes that affect energy use and
    O&M costs but are not caused by the energy efficiency
    measures.
Engineering
    and Installation Controls
Our engineering and construction quality, schedule and budget
    goals are managed through several control processes. We follow
    formal processes for the review and approval of the technical
    and economic content of all proposals by senior managers. Our
    engineers employ standardized, and in some cases proprietary,
    software tools for technical and economic analysis to establish
    a baseline for quality and accuracy during the development stage
    of our projects. We fully review final design, engineering and
    construction document preparation efforts at selected
    milestones, using internal or subcontracted specialized
    engineering resources. During the construction phase, a
    construction project management team utilizes a number of tools
    to manage quality, cost and schedule. We use agreement
    templates, customized to meet the specific technical
    requirements of each project, to ensure well defined procedures
    and responsibilities to be followed by our equipment suppliers
    and labor subcontractors. We use scheduling software to prepare,
    regularly update and communicate project schedules at a task
    specific level. Inspections of work progress and quality are
    conducted throughout the construction process at frequent
    internals. Both project managers and senior management use a
    computerized project control system throughout the project
    delivery process to track actual project costs against project
    budgets on a real-time basis. In addition, we employ a
    full-time, dedicated safety director who is responsible for
    developing and promulgating best practices and training
    throughout the organization and working with our regional safety
    coordinators to ensure appropriate procedures are in place at
    all job sites.
Operations
    and Maintenance Services
After a project is completed, we often provide ongoing O&M
    services under a multi-year contract. These services include
    operating, maintaining and repairing facility energy systems
    such as boilers, chillers and building controls, as well as
    central power plants. For larger projects, we often maintain
    staff
on-site
to
    perform these services.
Renewable
    Energy Projects and Products
Our services offering includes the development, construction and
    operation of, and the arrangement of financing for, small-scale
    renewable energy plants, as well as the sale and integration of
    solar energy products and systems.
We have constructed and are currently designing and constructing
    a wide range of renewable energy plants using LFG, wastewater
    treatment biogas, solar, wind, biomass, food waste, animal waste
    and hydro sources of energy. Most of our renewable energy
    projects to date have involved the generation of electricity
    from LFG or the sale of processed LFG. LFG is created by the
    action of micro-organisms within a landfill that generate
    methane gas as a byproduct of solid waste decay. Generally,
    landfills avoid the unsafe build up of methane-containing LFG by
    venting it into the atmosphere, or in most cases, by collecting
    and flaring it. As methane is suspected of contributing to
    global climate change and is regulated as a pollutant, landfill
    owners are generally required by environmental laws to collect
    and combust LFG, usually in a flare. We purchase the LFG that
    otherwise would be combusted or vented, process it, and either
    sell it or use it in our energy plants. Electricity that we sell
    is generally delivered to the customer at the interconnection of
    our plant with the
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electrical grid. The thermal energy that we sell is generally
    delivered to the customer at the inlet flange of the thermal
    piping located at the customer's facilities. The processed
    LFG we sell to industrial customers is generally delivered by us
    to the customer's facility through a pipeline transmission
    system that we design, construct and operate. Under our energy
    supply agreements, we typically provide all environmental
    attributes associated with the project, including those
    represented by renewable energy certificates, to the customer.
Depending on the customer's preference, we will either
    build, own and operate the completed plant or build it for the
    customer to own. We generally sell the electricity, gas, heat or
    cooling generated by small-scale plants that we own under
    long-term contracts, typically to utilities, industrial
    facilities or other large users of energy. For an LFG-based
    plant, the output will typically be sold under a sales agreement
    with a term covering ten to 20 years of plant operation.
    The right to use the site for the energy plant, and the purchase
    of the renewable energy needed to fuel the plant, are also
    obtained under long-term agreements with terms at least as long
    as that of the associated output sales agreement. Our projects
    are generally designed and permitted by our own engineers,
    although we often obtain additional engineering assistance from
    consulting engineers. We generally subcontract installation of
    project equipment, under the supervision of our construction
    manager.
As part of our renewable energy offering, we also distribute and
    integrate solar energy products manufactured by several vendors.
    We are a distributor of PV panels, solar regulators, solar
    charge controllers, inverters, solar-powered lighting systems,
    solar-powered water pumps, solar panel mounting hardware and
    other system components. We also integrate our PV products and
    system components into solar solutions designed specifically for
    customers. We provide solar energy solutions for both on-grid
    applications where the solar power is used in a building
    connected to a utility distribution system, and for off-grid
    applications where the power is used directly in the device
    using the electricity, such as traffic signs.
We also design and construct renewable energy plants based on
    wind power. In many parts of the country, available wind
    resources, utility net metering and local incentives can make
on-site
wind
    generation a viable solution for meeting a significant portion
    of customers' energy needs. As of December 31, 2009,
    we had completed two projects that included a wind turbine.
In addition, we have constructed, and are constructing,
    small-scale renewable energy plants based on biomass. Biomass is
    organic material such as wood, agricultural waste, animal waste
    and waste from food processors. Biomass is typically converted
    to energy by burning or gasifying it in a boiler to produce
    steam or gas. Our largest renewable energy plant is currently
    under construction and will use biomass as the primary source of
    energy.
As of December 31, 2009, we had constructed more than 25
    renewable energy plants, and owned and operated 19 renewable
    energy plants. Of the owned plants, 18 are renewable LFG plants.
    These 18 plants have the capacity to generate electricity or
    deliver LFG producing an aggregate of 83 MW (megawatts) or
    MWE (megawatt-equivalents). As of December 31, 2009, we had
    signed contracts for the construction, operation and ownership
    of an additional three LFG plants, two wastewater treatment
    biogas plants, two biomass power and cogeneration plants and
    five biomass boiler projects. If and when completed, the LFG
    plants will be capable of producing an aggregate of
    approximately 15 MW or MWE, the biogas plants will be
    capable of producing an aggregate of approximately eight MW or
    MWE, the biomass power and cogeneration plants will be capable
    of producing approximately 21 MWs, and the biomass boiler
    projects will be capable of producing approximately
    41 million BTU per hour of steam or hot water.
Examples
    of Energy Efficiency and Renewable Energy Projects
The following are examples of energy efficiency and renewable
    energy projects we have designed and either have installed or
    are installing for customers. While most of our projects are
    less complex and smaller in scope than those shown below, these
    examples are intended to demonstrate how various different types
    of energy efficiency measures and renewable energy plants can be
    combined to create a customized solution addressing the multiple
    needs of a customer.
Elmendorf Air Force Base (Alaska).
Elmendorf Air
    Force Base had an inefficient,
costly-to-operate
central heating and power plant and approximately 50 miles
    of aging steam and condensate distribution piping. We
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modernized the heating system by demolishing the central plant
    and installing over 200 boilers and 20 alternate heating systems
    in over 120 commercial facilities. We worked with the local gas
    utility to install approximately seven miles of gas pipeline to
    serve the new, decentralized boilers and negotiated a new gas
    and electric service for the Base with the local utilities. We
    also installed over 800 energy efficient steam traps and abated
    over 125 steam pits throughout the base. The $49 million
    project is designed to save approximately $4 million of
    energy and energy-related O&M costs per year. This work was
    completed in 2008. We provide a full-time staff of four people
    at the base and have contracted to perform approximately
    $22 million of fixed price O&M services throughout the
22-year
performance period term of our agreement.
Hill Air Force Base (Utah).
Hill Air Force Base was
    seeking to upgrade its inefficient energy systems and maximize
    the use of renewable energy sources including using gas from an
    off-base landfill to lower its energy costs. In response, during
    the period from 2005 to 2009, we designed and installed
    $17.7 million of energy efficiency and renewable energy
    projects which are designed to save approximately
    $2.1 million of energy costs per year. The energy
    efficiency projects include the installation of a wide range of
    high efficiency lighting, heating and cooling systems and
    associated controls for these and other energy-consuming
    equipment. The Base also provides compressed air, steam, water
    cooling and wastewater treatment services to a nearby industrial
    area. We upgraded and control these systems to reduce the
    disposal of hazardous materials and the loss of steam, water and
    electricity. The renewable energy projects include a 210 kW
    ground-mounted solar PV array and an LFG project involving the
    purchase of gas from the Davis County landfill, piping the gas
    over one mile to the base, processing the gas and producing
    approximately 2.25 MW of power. We operate and maintain the
    LFG project, the PV project, and the steam traps in the heating
    distribution system with an
on-site
operator and the remote support of two engineers for a fixed
    price of $0.9 million per year under a 20 year
    contract. We believe the PV system was the largest in Utah at
    the time it was installed.
State of Missouri Correctional Facilities.
The State
    of Missouri and Columbia Water & Light were seeking to
    lower and stabilize their energy costs by purchasing thermal
    energy and electricity, respectively, from a cogeneration
    facility fueled by LFG from the Jefferson City Landfill owned by
    a subsidiary of Republic Services, Inc. The State of Missouri
    also wanted to upgrade its inefficient energy systems at two
    state-owned correctional facilities, Algoa and Jefferson City.
    In 2009 we completed the design and installation of
    $7.6 million of energy efficiency improvements and the
    design, financing and installation of a 3.2 MW
    $10.4 million cogeneration facility, which together are
    designed to save approximately $0.7 million of energy costs
    per year. The energy efficiency measures include the
    installation of high efficiency lighting systems, electrical
    system improvements, steam traps to reduce steam losses and
    controls for various energy-using equipment within the
    correctional facilities. The LFG project, which we own,
    purchases LFG from Republic, processes the gas and then pipes it
    approximately three miles to the Jefferson City Correctional
    Facility to use as a fuel source in our cogeneration facility
    that produces electricity and thermal energy. Columbia
    Water & Light purchases the power at a fixed rate per
    kWh for all electricity that is delivered. The State of Missouri
    has a take or pay obligation for a minimum amount of thermal
    energy at a fixed price.
Porta Community Unit School District
    (Illinois).
Porta Community Unit School
    District #202 was seeking to lower and stabilize its
    operating costs and improve its educational environment. To
    achieve this goal, we designed, installed and completed in 2009
    a $7.6 million energy efficiency and renewable energy
    project, which is designed to save over $0.4 million of
    energy and operating costs per year. The project includes energy
    efficient lighting retrofits, re-commissioning and upgrade of
    the existing heating, ventilation and air conditioning control
    system, domestic hot water system upgrades and swimming pool
    heating system upgrades. The project also includes the design
    and construction of a geothermal heating and cooling system to
    heat and cool the building. In addition, we installed a one kW
    PV energy system and a 600 kW wind energy generating system.
    When the wind turbine generates more electricity than the
    district can use, the excess electricity is sold to the local
    utility under a net metering arrangement. We believe the
    district is the first school district in Illinois to employ a
    combination of geothermal, solar and wind renewable technologies.
BMW (South Carolina).
BMW was seeking to lower and
    stabilize its energy costs, and Waste Management was seeking to
    monetize the value of the LFG produced at its Palmetto Landfill.
    To achieve these goals, in 2003, we completed the development,
    design, construction and financing for the $11.4 million
    project to process and deliver LFG to BMW's factory and
    refurbish BMW's boilers and turbines to be able to
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utilize the LFG fuel. BMW also uses the LFG to provide energy
    for its paint shop, incinerator and pollution control devices.
    This project involves buying LFG from Waste Management at its
    Palmetto Landfill, processing and compressing the LFG adjacent
    to the landfill and piping the LFG approximately 9.5 miles
    for delivery to BMW. Over the period from 2005 to 2009, the
    project has delivered from 0.88 to 1.17 million BTU
    annually. BMW pays for the LFG under a multi-year supply
    contract. Our delivery obligations are limited to those volumes
    of LFG supplied to us by Waste Management. In 2009, BMW
    announced that the project produces over 60% of the plant's
    total energy requirements, saving BMW an average of
    $5 million in energy costs annually while reducing carbon
    dioxide emissions by approximately 92,000 tons per year.
U.S. Department of Energy Savannah River Site (South
    Carolina).
The Savannah River Site, or SRS, utilizes
    steam and power for process and heating loads currently
    generated from an aging and inefficient coal power plant. We are
    currently constructing a 20.7 MW cogeneration plant to replace
    this coal power plant. The cogeneration plant will use fuel from
    forest residue, scrap tires, pallets and other clean wood and is
    scheduled to come on-line in December 2011. We will install two
    ten million BTU per hour wood-fired heating plants at other SRS
    locations to replace an old and inefficient fuel oil heating
    plant. These smaller plants are scheduled to come on-line in
    November 2010. This $183.4 million project is designed to
    save approximately $35 million of energy and energy-related
    O&M costs per year. We will provide a full-time staff of 20
    to 25 people at the new plant and have contracted to
    perform approximately $17 million of O&M services
    annually, at escalating fixed rates, throughout the
19-year
performance period of the agreement.
City of Vancouver (British Columbia, Canada).
The
    City of Vancouver was seeking to implement a comprehensive
    greenhouse gas reduction project in its larger facilities. From
    2007 to 2010, we designed and installed two-phases of work, with
    an additional third-phase expected to be completed by October
    2010. This comprehensive $15.4 million energy efficiency
    and facility renewal project includes boiler plant replacements
    in 18 facilities, comprehensive lighting upgrades, HVAC
    upgrades, solar hot water, desiccant dehumidification and
    low-emissivity ceilings and heat recovery in ice rinks. The
    project is designed to save $0.9 million per year in energy
    costs.
Sales and
    Marketing
Our sales and marketing approach is to offer customers
    customized and comprehensive energy efficiency solutions
    tailored to meet their economic, operational and technical
    needs. The sales, design and construction process for energy
    efficiency and renewable energy projects typically takes from 12
    to 36 months, with sales to federal governmental and
    housing authority customers tending to require the longest sales
    processes. We identify project opportunities through referrals,
    requests for proposals, or RFPs, conferences, web searches,
    telemarketing and repeat business from existing customers. Our
    direct sales force develops and follows up on customer leads
    and, in some cases, works with customers to develop their RFPs.
    By working with customers prior to the issuance of an RFP, we
    can gain a deeper understanding of the customers' needs and
    the scope of the potential project. As of December 31,
    2009, we had 105 sales people.
In preparation for a proposal, we typically conduct a
    preliminary audit of the customer's needs and the
    opportunity to reduce its energy costs. We start by reading and
    analyzing the customer's utility and other energy bills. If
    the bills are complex or numerous, we employ our proprietary
    AXIS software for bill scanning and analysis. Our experienced
    engineers visit and assess the customer's current energy
    systems. Through our knowledge of the federal, state, local
    governmental and utility environment, we assess the availability
    of energy, utility or environmental-based payments for usage
    reductions or renewable power generation, which helps us
    optimize the economic benefits of a proposed project for a
    customer. If we are awarded a project, we perform a more
    detailed audit of the customer's facilities, which serves
    as the basis for the final specifications of the project and
    final contract terms.
For renewable energy plants that are not located on a
    customer's site or use sources of energy not within the
    customer's control, the sales process also involves the
    identification of sites with attractive sources of renewable
    energy, such as a landfill or a site with high wind, and
    obtaining necessary rights and governmental permits to develop a
    plant on that site. For example, for LFG projects, we start with
    gaining control of a LFG resource located close to the
    prospective customer. For solar and wind projects, we look for
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sites where utilities are interested in purchasing renewable
    energy power at rates that are sufficient to make a project
    feasible. Where governmental agencies control the site and
    resource, such as a landfill owned by a municipality, the
    customer may be required to issue an RFP to use the site or
    resource. Once we believe we are likely to obtain the rights to
    the site and the resource, we seek customers for the energy
    output of the potential project.
Customers
In 2009, we served more than 1,000 customers in 49 states
    in the United States and seven Canadian provinces. Our customers
    include government, education, utility, healthcare and other
    institutional, industrial and commercial customers. Outside
    North America, we have constructed projects for U.S. naval
    bases in Europe, and also sell our off-grid PV systems. In 2007,
    2008 and 2009, no single customer accounted for more than
    ten percent of our total revenue, and in 2009 the largest
    20 customers accounted for approximately 37% of our revenue. In
    2009, approximately 85% of our revenue was derived from sales to
    federal, state, provincial or local governmental entities. Our
    20 largest customers in 2009, by revenue, in alphabetical order,
    were:
Belleville Township High School District 201 (Belleville,
    Illinois)
Bethlehem Pennsylvania Housing Authority (Bethlehem,
    Pennsylvania)
Chicago Housing Authority (Chicago, Illinois)
City of Henderson, Nevada
Franklin County, Ohio
Freeport Unified School District (Freeport, New York)
Hamilton-Wentworth District School Board (Hamilton, Ontario)
Hastings Prince Edward District School Board (Belleville,
    Ontario)
Los Angeles Community College District
Medical University of South Carolina (Charleston, South Carolina)
Portsmouth Naval Shipyard (Portsmouth, New Hampshire)
Prairie Valley School District (Regina, Saskatchewan)
Providence Housing Authority (Providence, Rhode Island)
Rainbow District School Board (Sudbury, Ontario)
U.S. Department of Energy, Savannah River Site (South
    Carolina)
Toronto Community Housing (Toronto, Ontario)
U.S. Army — Adelphi Laboratory Center (Maryland)
University City School District (University City, Missouri)
Wolf Branch School District (Swansea, Illinois)
Worcester Housing Authority (Worcester, Massachusetts)
Competition
While we face significant competition from a large number of
    companies, we believe few offer the full range of services that
    we provide.
Our principal competitors include Chevron Energy Solutions,
    Constellation Energy, Honeywell, Johnson Controls, Siemens
    Building Technologies and TAC Energy Solutions. We compete
    primarily on the basis of our comprehensive, independent
    offering of energy efficiency and renewable energy services and
    the breadth and depth of our expertise.
For renewable energy plants, we compete primarily with many
    large independent power producers and utilities, as well as a
    large number of developers of renewable energy projects. In the
    LFG market, our principal competitors include national project
    developers and owners of landfills which self-develop projects
    using LFG from their landfills. For the sale of solar energy
    products and systems, we face numerous
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competitors ranging from small web-based companies that sell
    components to PV module manufacturers and other multi-national
    corporations that sell both products and systems. We compete for
    renewable energy projects primarily on the basis of our
    experience, reputation and ability to identify and complete high
    quality and cost-effective projects.
In addition, we may also face competition based on technological
    developments that reduce demand for electricity, increase power
    supplies through existing infrastructure or that otherwise
    compete with our energy efficiency and renewable energy projects
    and services. We also encounter competition in the form of
    potential customers electing to develop solutions or perform
    services internally rather than engaging an outside provider
    such as us.
Many of our competitors have longer operating histories and
    greater resources than we do, and there can be no assurance that
    we will continue to be able to compete effectively against our
    current competitors or additional companies that may enter our
    markets.
Regulatory
Various regulations affect the conduct of our business. Federal
    and state legislation and regulations enable us to enter into
    ESPCs with government agencies in the United States. The
    applicable regulatory requirements for ESPCs differ in each
    state and between agencies of the federal government.
Our projects must conform to all applicable electric
    reliability, building and safety, and environmental regulations
    and codes, which vary from place to place and time to time.
    Various federal, state, provincial and local permits are
    required to construct an energy efficiency project or renewable
    energy plant.
Renewable energy projects are also subject to specific
    governmental safety and economic regulation. States and the
    federal government typically do not regulate the transportation
    or sale of LFG unless it is combined with and distributed with
    natural gas, but this is not uniform among states and may change
    from time to time. The sale and distribution of electricity at
    the retail level is subject to state and provincial regulation,
    and the sale and transmission of electricity at the wholesale
    level is subject to U.S. federal regulation. While we do
    not own or operate retail-level electric distribution systems or
    wholesale-level transmission systems, the prices for the
    products we offer can be affected by the tariffs, rules and
    regulations applicable to such systems, as well as the prices
    that the owners of such systems are able to charge. The
    construction of power generation projects typically is regulated
    at the state and provincial levels, and the operation of these
    projects also may be subject to state and provincial regulation
    as "utilities." At the U.S. federal level, the
    ownership, operation, and sale of power generation facilities
    may be subject to regulation under PURPA, the FPA and PHUCA.
    However, because all of the plants that we have constructed and
    operated to date are small power "qualifying
    facilities" under PURPA, they are subject to less
    regulation by the FPA, PHUCA and related state utility laws than
    traditional utilities.
If we pursue projects employing different technologies or with
    electrical capacities greater than 20 MW, we could become
    subject to some of the regulatory schemes which do not apply to
    our current projects. In addition, the state and federal
    regulations that govern qualifying facilities and other power
    sellers frequently change, and the effect of these changes on
    our business cannot be predicted.
LFG-based power generation facilities require an air emissions
    permit, which may be difficult to obtain in certain
    jurisdictions. Renewable energy projects may also be eligible
    for certain governmental or government-related incentives from
    time to time, including tax credits, cash payments in lieu of
    tax credits, and the ability to sell associated environmental
    attributes, including carbon credits. Government incentives and
    mandates typically vary by jurisdiction.
Some of the demand-reduction services we provide for utilities
    and institutional clients are subject to regulatory tariffs
    imposed under federal and state utility laws. In addition, the
    operation of, and electrical interconnection for, our renewable
    energy projects are subject to federal, state or provincial
    interconnection and federal reliability standards also set forth
    in utility tariffs. These tariffs specify rules, business
    practices and economic terms to which we are subject. The
    tariffs are drafted by the utilities and approved by the
    utilities' state and federal regulatory commissions.
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Employees
As of December 31, 2009, we had a total of
    639 employees in offices located in 29 states and four
    Canadian provinces.
Legal
    Proceedings
In the ordinary conduct of our business we are subject to
    periodic lawsuits, investigations and claims. Although we cannot
    predict with certainty the ultimate resolution of such lawsuits,
    investigations and claims against us, we do not believe that any
    currently pending or threatened legal proceedings to which we
    are a party will have a material adverse effect on our business,
    results of operations or financial condition.
Facilities
Our corporate headquarters is located in Framingham,
    Massachusetts, where we occupy approximately 20,000 square
    feet under a sublease agreement expiring on December 31,
    2010. We occupy seven regional offices in Oak Brook, Illinois;
    Columbia, Maryland; Charlotte, North Carolina; Knoxville,
    Tennessee; Tomball, Texas; Spokane, Washington; and North York,
    Ontario, each less than 25,000 square feet, under lease or
    sublease agreements. In addition, we lease space, typically less
    than 5,000 square feet, for 46 field offices throughout
    North America. We also own 21 small-scale renewable energy and
    central plants throughout North America, which are located on
    leased sites or sites provided by customers. We expect to add
    new facilities and expand existing facilities as we continue to
    add employees and expand our business into new geographic areas.
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MANAGEMENT
Executive
    Officers and Directors
Our executive officers and directors, their current positions
    and their ages as of March 1, 2010 are set forth below:
Name
Age
Position (s)
George P. Sakellaris
63
Chairman of the Board of Directors, President and Chief
    Executive Officer
David J. Anderson
49
Executive Vice President, Business Development and Director
Michael T. Bakas
41
Senior Vice President, Renewable Energy
David J. Corrsin
51
Executive Vice President and General Counsel and Director
William J. Cunningham
50
Senior Vice President, Corporate Government Relations
Joseph P. DeManche
53
Executive Vice President, Engineering and Operations
Keith A. Derrington
49
Executive Vice President and General Manager, Federal Operations
Mario Iusi
51
President, Ameresco Canada
Louis P. Maltezos
43
Executive Vice President and General Manager, Central Region
Andrew B. Spence
53
Vice President and Chief Financial Officer
William M. Bulger
76
Director
Guy W. Nichols
85
Director
Joseph W. Sutton
62
Director
(1)
Member of compensation committee.
(2)
Member of audit committee.
(3)
Member of nominating and corporate governance committee.
George P. Sakellaris:
Mr. Sakellaris has served
    as chairman of our board of directors and our president and
    chief executive officer since founding Ameresco in 2000.
    Mr. Sakellaris previously founded Noresco, an energy
    services company, in 1989 and served as its president and chief
    executive officer until 2000. Noresco was acquired by Equitable
    Resources, Inc. in 1997. Mr. Sakellaris was a founding
    member and previously served as the president, and is currently
    a director, of the National Association of Energy Service
    Companies, a national trade organization representing the energy
    efficiency industry. We believe that Mr. Sakellaris is
    qualified to serve as a director because of his 31 years of
    experience in the energy services and renewable energy
    industries, his leadership experience, skill and familiarity
    with our business gained from serving as our chief executive
    officer for over a decade, as well as his experience developed
    through founding and serving as chief executive officer of two
    previous energy services companies.
David J. Anderson:
Mr. Anderson has served as
    our executive vice president, business development, as well as a
    director, since 2000. From 1992 to 2000, Mr. Anderson was a
    senior vice president at Noresco. We believe that
    Mr. Anderson is qualified to serve as a director because of
    his extensive knowledge of our business, gained through more
    than a decade as an executive officer, and his more than
    20 years of experience in the energy services and renewable
    energy industries. We also believe that Mr. Anderson brings
    a deep understanding of operations and strategy to our board of
    directors.
Michael T. Bakas:
Mr. Bakas has served as our
    senior vice president, renewable energy, since March 2010. From
    2000 to February 2010, he was our vice president, renewable
    energy. From 1997 to 2000, Mr. Bakas was director of energy
    services at Noresco.
David J. Corrsin:
Mr. Corrsin has served as our
    executive vice president and general counsel, as well as a
    director, since 2000. From 1996 to 2000, Mr. Corrsin was
    executive vice president of Public Power
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International, Inc., an independent developer of power projects
    in south Asia and Europe. We believe that Mr. Corrsin is
    qualified to serve as a director because of his extensive
    experience with energy regulations, federal, state and local
    regulatory authorities and complex energy construction and
    financing projects, gained through more than 23 years of
    energy-related legal practice, and his more than a decade as an
    executive officer of our company.
William J. Cunningham:
Mr. Cunningham has
    served as our senior vice president, corporate government
    relations since January 2008. From April 2007 to January 2008,
    he was a vice president at Dutko Worldwide, a public affairs and
    lobbying firm. From 2004 to 2006, Mr. Cunningham was senior
    vice president, corporate government relations, at Conseco
    Services, which is a subsidiary of Conseco, Inc., an insurance
    company.
Joseph P. DeManche:
Mr. DeManche has served as
    our executive vice president, engineering and operations since
    2002. Mr. DeManche joined the company as a result of our
    acquisition of DukeSolutions Inc., where he most recently served
    as executive vice president in charge of all commercial
    operations.
Keith A. Derrington:
Mr. Derrington has served
    as our executive vice president and general manager, federal
    operations since April 2009. From 2004 to April 2009,
    Mr. Derrington was our vice president and general manager,
    federal operations. From 2000 to 2004, Mr. Derrington was
    vice president and general manager of the federal group of the
    ESPC business of Exelon, an electric utility.
Mario Iusi:
Mr. Iusi has served as president of
    Ameresco Canada since 2002. From 1998 to 2002, he was president
    of DukeSolutions Canada, a subsidiary of Duke Energy, which we
    acquired in 2002.
Louis P. Maltezos:
Mr. Maltezos has served as
    our executive vice president and general manager, central
    region, since April 2009. From 2004 until April 2009,
    Mr. Maltezos was our vice president and general manager,
    midwest region. From 1988 until 2004, Mr. Maltezos was with
    Exelon, where he most recently served as vice president and
    general manager of Exelon's ESPC business.
Andrew B. Spence:
Mr. Spence has served as our
    vice president and chief financial officer since 2002. From 1997
    to 2000, Mr. Spence was chief financial officer of ABB
    Energy Capital L.L.C. an energy-related financial services
    company.
William M. Bulger:
Mr. Bulger has served as a
    director since 2001. From 2004 to 2009, Mr. Bulger served
    as an adjunct professor at Suffolk University and a part-time
    faculty member of the political science department at Boston
    College. From 1996 to 2003, Mr. Bulger was president of the
    University of Massachusetts. From 1970 to 1996, Mr. Bulger
    was a member of the Massachusetts State Senate, where he served
    as president from 1978 to 1996. Mr. Bulger was a director
    of New England Electric System until it was acquired by National
    Grid in 2000. We believe that Mr. Bulger is qualified to
    serve as a director because of his prior experience as a
    director of a large public utility. He has valuable experience
    serving as the leader of large, complex organizations gained
    through his legislative experience, and as president of the
    University of Massachusetts.
Guy W. Nichols:
Mr. Nichols has served as a
    director since 2001. Prior to retiring in 1984, he was chairman,
    president and chief executive officer of New England Electric
    System. We believe that Mr. Nichols is qualified to serve
    as a director because of his extensive leadership experience in
    the energy, energy services and renewable energy industries,
    including as chief executive officer of New England Electric
    Systems. Mr. Nichols provides our board of directors with
    critical advice on strategy within the energy services industry.
Joseph W. Sutton:
Mr. Sutton has served as a
    director since 2002. Since 2000, Mr. Sutton has been the
    manager of Sutton Ventures Group, LLC, an energy investment firm
    that he founded. From 1992 to November 2000, Mr. Sutton
    worked for Enron Corporation, an energy company, where he most
    recently served as vice chairman, and served as chief executive
    officer of Enron International. Enron Corporation filed a
    voluntary bankruptcy petition under Chapter 11 of the U.S.
    Bankruptcy Code in December 2001. We believe that
    Mr. Sutton is qualified to serve as a director because of
    his prior experience as a director of a large public energy and
    energy services company. Mr. Sutton's general
    financial expertise and his specific financial knowledge with
    respect to the energy industry also enhance his ability to
    contribute to our board of directors.
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Composition
    of our Board of Directors
Our board of directors currently consists of six members. We
    intend to add     independent directors
    to our board of directors prior to the closing of this offering.
    Our directors hold office until their successors have been
    elected and qualified or until the earlier of their death,
    resignation or removal. There are no family relationships among
    any of our directors or executive officers.
In accordance with the terms of our restated certificate of
    incorporation and by-laws, our board of directors is divided
    into three classes, each of which consists, as nearly as
    possible, of one-third of the total number of directors
    constituting our entire board of directors and each of whose
    members serve for staggered three-year terms. As a result, only
    one class of our board of directors will be elected each year.
    Upon the expiration of the term of a class of directors,
    directors in that class will be eligible to be elected for a new
    three-year term at the annual meeting of stockholders in the
    year in which their term expires. The members of the classes are
    as follows:
•
the class I directors
    are          ,
    and their term expires at the annual meeting of stockholders to
    be held in 2011;
•
the class II directors
    are          ,
    and their term expires at the annual meeting of stockholders to
    be held in 2012; and
•
the class III directors
    are          ,
    and their term expires at the annual meeting of stockholders to
    be held in 2013.
Our restated certificate of incorporation and restated by-laws
    provide that the authorized number of directors comprising our
    board of directors may be changed only by resolution of our
    board of directors. Any additional directorships resulting from
    an increase in the number of directors will be distributed among
    the three classes so that, as nearly as possible, each class
    will consist of one-third of the directors. Our restated
    certificate of incorporation and restated by-laws also provide
    that our directors may be removed only for cause by the
    affirmative vote of the holders of at least two-thirds of the
    votes that all our stockholders would be entitled to cast in an
    annual election of directors, and that any vacancy on our board
    of directors, including a vacancy resulting from an enlargement
    of our board of directors, may be filled only by vote of a
    majority of our directors then in office. Our classified board
    could have the effect of delaying or discouraging an acquisition
    of Ameresco or a change in our management.
Director
    Independence
Under applicable stock market rules, a director will qualify as
    "independent" if our board of directors affirmatively
    determines that he or she has no material relationship with
    Ameresco (either directly or as a partner, stockholder or
    officer of an organization that has a relationship with us). Our
    board of directors has established guidelines to assist it in
    determining whether a director has such a material relationship.
    Under these guidelines, a director is not considered to have a
    material relationship with Ameresco if he or she is independent
    under applicable stock market rules and he or she:
•
is an executive officer of another company which is indebted to
    us, or to which we are indebted, unless the total amount of
    either company's indebtedness to the other is more than one
    percent of the total consolidated assets of the company he or
    she serves as an executive officer; or
•
serves as an officer, director or trustee of a tax exempt
    organization, unless our discretionary contributions to such
    organization are more than the greater of $1 million or two
    percent of that organization's consolidated gross revenue.
In addition, ownership of a significant amount of our stock, by
    itself, does not constitute a material relationship.
Pursuant to applicable stock market rules, a director employed
    by us cannot be deemed to be an "independent
    director," and consequently neither Mr. Sakellaris nor
    Mr. Corrsin nor Mr. Anderson qualifies as an
    independent director.
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Our board of directors has affirmatively determined that each of
    Messrs. Bulger, Nichols and Sutton is
    "independent" under applicable stock market rules.
Committees
    of our Board of Directors
Our board of directors has established an audit committee, a
    compensation committee and a nominating and corporate governance
    committee. Each committee operates under a charter approved by
    our board of directors. Following this offering, copies of each
    committee's charter will be posted on the Investor
    Relations section of our website, which is located at
    www.ameresco.com.
All of the members of our board's three standing committees
    described below have been determined to be independent as
    defined under applicable stock market rules and in the case of
    all members of the audit committee, the independence
    requirements contemplated by
Rule 10A-3
under the Securities Exchange Act of 1934.
Audit
    Committee
The members of our audit committee
    are          .
    Our board of directors has determined that each of the members
    of our audit committee satisfy the requirements for financial
    literacy under applicable stock market and SEC rules and
    regulations.           is
    the chair of the audit committee and is also an "audit
    committee financial expert," as defined by SEC rules and
    satisfies the financial sophistication requirements of
    applicable stock market rules. Our audit committee assists our
    board of directors in its oversight of our accounting and
    financial reporting process and the audits of our financial
    statements.
The audit committee's responsibilities include:
•
appointing, approving the compensation of, and assessing the
    independence of our registered public accounting firm;
•
overseeing the work of our registered public accounting firm,
    including through the receipt and consideration of reports from
    such firm;
•
reviewing and discussing with management and our registered
    public accounting firm our annual and quarterly financial
    statements and related disclosures;
•
monitoring our internal control over financial reporting,
    disclosure controls and procedures and code of business conduct
    and ethics;
•
overseeing our internal audit function;
•
overseeing our risk assessment and risk management policies;
•
establishing policies regarding hiring employees from our
    registered public accounting firm and procedures for the receipt
    and retention of accounting related complaints and concerns;
•
meeting independently with our internal auditing staff,
    registered public accounting firm and management;
•
reviewing and approving or ratifying any related person
    transactions; and
•
preparing the audit committee report required by SEC rules to be
    included in our proxy statement for our annual meeting of
    stockholders.
All audit services and all non-audit services, other than de
    minimis non-audit services, to be provided to us by our
    registered public accounting firm must be approved in advance by
    our audit committee.
Compensation
    Committee
The members of our compensation committee
    are          .           is
    the chair of the compensation committee. Our compensation
    committee assists our board of directors in the discharge of its
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responsibilities relating to the compensation of our executive
    officers. The compensation committee's responsibilities
    include:
•
annually reviewing and approving corporate goals and objectives
    relevant to CEO compensation;
•
determining our CEO's compensation;
•
reviewing and approving, or making recommendations to our board
    of directors with respect to, the compensation of our other
    executive officers;
•
overseeing an evaluation of our senior executives;
•
overseeing and administering our cash and equity incentive plans;
•
reviewing and making recommendations to our board of directors
    with respect to director compensation;
•
reviewing and discussing annually with management our
    "Compensation Discussion and Analysis," which is
    included beginning on page 87 of this prospectus; and
•
preparing the compensation committee report required by SEC
    rules to be included in our proxy statement for our annual
    meeting of stockholders.
Nominating
    and Corporate Governance Committee
The members of our nominating and corporate governance committee
    are          .           is
    the chair of the nominating and corporate governance committee.
    The nominating and corporate governance committee's
    responsibilities include:
•
identifying individuals qualified to become members of our board
    of directors;
•
recommending to our board of directors the persons to be
    nominated for election as directors and to each of the
    committees of our board of directors;
•
reviewing and making recommendations to our board of directors
    with respect to our board of directors' leadership
    structure;
•
reviewing and making recommendations to our board of directors
    with respect to management succession planning;
•
developing and recommending to our board of directors corporate
    governance principles; and
•
overseeing an annual evaluation of our board of directors.
Compensation
    Committee Interlocks and Insider Participation
None of our executive officers serves as a member of the board
    of directors or compensation committee, or other committee
    serving an equivalent function, of any entity that has one or
    more executive officers who serve as members of our board of
    directors or our compensation committee. None of the members of
    our compensation committee is an officer or employee of our
    company, nor have they ever been an officer or employee of our
    company.
Corporate
    Governance Guidelines
Our board of directors has adopted corporate governance
    guidelines to assist the board in the exercise of its duties and
    responsibilities and to serve the best interests of our company
    and our stockholders. Following this offering, a copy of these
    guidelines will be posted on the Investor Relations section of
    our website, which is located at www.ameresco.com. These
    guidelines, which provide a framework for the conduct of our
    board's business, provide that:
•
our board's principal responsibility is to oversee the
    management of Ameresco;
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•
a majority of the members of our board of directors shall be
    independent directors;
•
the non-management directors meet regularly in executive session;
•
directors have full and free access to management and employees
    of our company, and the right to hire and consult with
    independent advisors at our expense;
•
new directors participate in an orientation program and all
    directors are expected to participate in continuing director
    education on an ongoing basis; and
•
at least annually, our board of directors and its committees
    will conduct self-evaluations to determine whether they are
    functioning effectively.
Code of
    Business Conduct and Ethics
We have adopted a written code of business conduct and ethics
    that applies to our directors, officers and employees, including
    our principal executive officer, principal financial officer,
    principal accounting officer or controller, and persons
    performing similar functions. Following this offering, a copy of
    the code of business conduct and ethics will be posted on the
    Investor Relations section of our website, which is located at
    www.ameresco.com. In addition, we intend to post on our website
    all disclosures that are required by law or applicable stock
    exchange listing standards concerning any amendments to, or
    waivers from, any provision of the code.
Director
    Compensation
Since our company was formed, we have not paid cash compensation
    to any director for his or her service as a director. However,
    non-employee directors are reimbursed for reasonable travel and
    other expenses incurred in connection with attending our board
    and committee meetings. Messrs. Bulger, Nichols and Sutton
    are our non-employee directors.
In the past, we have granted options to purchase shares of our
    Class A common stock to our non-employee directors. We did
    not grant any options or shares of restricted stock to our
    non-employee directors during 2009.
None of Mr. Sakellaris, Mr. Anderson or
    Mr. Corrsin has ever received any compensation in any form
    in connection with his service as a director, and none of
    Mr. Bulger, Mr. Nichols or Mr. Sutton received
    any compensation in any form in connection with his service as a
    director in 2009.
Upon the closing of this offering, we intend to implement a
    director compensation plan to provide non-employee directors
    with appropriate cash and equity compensation for service on our
    board of directors and committees of the board of directors. The
    amount of this compensation has not been determined, but we
    anticipate that it will be consistent with amounts paid by
    comparable public companies.
Compensation
    Discussion and Analysis
This section discusses the material elements of our executive
    compensation policies and decisions and the most important
    factors relevant to an analysis of these policies and decisions.
    It provides qualitative information regarding the manner and
    context in which compensation is awarded to and earned by our
    executive officers and is intended to place in perspective the
    data presented in the tables and narrative that follow.
In preparing to become a public company, we have begun a
    thorough review of all elements of our executive compensation
    program, including the function and design of our annual
    incentive bonus and equity incentive programs. We have begun,
    and we expect to continue in the coming months, to evaluate the
    need for revisions to our executive compensation program to
    ensure our program is competitive with the companies with which
    we compete for executive talent and is appropriate for a public
    company.
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Overview
    of Executive Compensation Process
Roles of Our Board, Chief Executive Officer and Compensation
    Committee in Compensation Decisions.
As a private
    company, our chief executive historically has overseen our
    executive compensation program. In this role, our chief
    executive officer has reviewed all compensation decisions
    relating to our executive officers other than himself. He has
    annually reviewed the performance of each of our other executive
    officers, and, based on these reviews, has made recommendations
    to our board of directors regarding salary adjustments, annual
    incentive bonus payments and equity incentive awards for our
    executive officers. Our chief executive officer has annually met
    in executive session with our board of directors to discuss
    these recommendations. Our chief executive officer has not
    historically been present for board discussions regarding his
    compensation.
In anticipation of becoming a public company, we have
    established a compensation committee, which will oversee our
    executive compensation program. Our chief executive officer will
    make recommendations to the compensation committee regarding the
    compensation of our executive officers, but the compensation
    committee will either make all compensation decisions regarding
    our executive officers or will make recommendations concerning
    executive compensation to our board of directors, with the
    independent directors making such decisions.
Competitive Market Data and Use of Compensation
    Consultants.
Historically, we have not formally
    benchmarked our executive compensation against compensation data
    of a peer group of companies, but rather have relied on the
    business judgment and experience in the energy services and
    engineering consulting industries of our chief executive officer
    and our executive management team. We have developed substantial
    information about compensation practices and levels at
    comparable companies through extensive recruiting, networking
    and industry research. Once we are a public company, our
    compensation committee may elect to engage an independent
    compensation consulting firm to provide advice regarding our
    executive compensation program and general information regarding
    executive compensation practices in our industry. Although the
    compensation committee would consider such a compensation
    firm's advice in establishing and approving the various
    elements of our executive compensation program, the compensation
    committee would ultimately make its own decisions, or make
    recommendations to our board of directors, about these matters.
Objectives and Philosophy of Our Executive Compensation
    Program.
Our primary objective with respect to
    executive compensation is to attract, retain and motivate highly
    talented individuals who have the skills and experience to
    successfully execute our business strategy. Our executive
    compensation program is designed to:
•
reward the achievement of our annual and long-term operating and
    strategic goals;
•
recognize individual contributions;
•
align the interests of our executives with those of our
    stockholders by rewarding performance that meets or exceeds
    established goals, with the ultimate objective of increasing
    stockholder value; and
•
retain and build our executive management team.
To achieve these objectives, our executive compensation program
    ties a portion of each executive's overall
    compensation — annual incentive bonuses — to
    key corporate financial goals and to individual goals. We have
    also provided a portion of our executive compensation in the
    form of restricted stock and option awards that vest over time,
    which we believe helps to retain our executive officers and
    aligns their interests with those of our stockholders by
    allowing them to participate in our long-term performance as
    reflected in the trading price of shares of our common stock.
Elements of Our Executive Compensation Program.
The
    primary elements of our executive compensation program are:
•
base salaries;
•
annual incentive bonuses;
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•
equity incentive awards; and
•
other employee benefits.
We have not adopted any formal or informal policies or
    guidelines for allocating compensation among these elements.
Base Salaries
. We use competitive base salaries to
    attract and retain qualified candidates to help us achieve our
    growth and performance goals. Base salaries are intended to
    recognize an executive officer's immediate contribution to
    our organization, as well as his or her experience, knowledge
    and responsibilities.
Historically, our chief executive officer (with respect to
    executive officers other than himself) has annually evaluated
    and adjusted executive officer base salary levels based on
    factors determined to be relevant, including:
•
the executive officer's skills and experience;
•
the particular importance of the executive officer's
    position to us;
•
the executive officer's individual performance;
•
the executive officer's growth in his or her
    position; and
•
base salaries for comparable positions within our company and at
    other companies.
Our chief executive officer's base salary has been
    determined by the
non-management
members of our board of directors, taking into account these
    same factors.
We have historically made annual base salary adjustments during
    the year, often around the anniversary of the executive's
    hire, with the adjustments taking effect as of the anniversary
    of hire (rather than as of the beginning of the year). In 2009,
    we increased the base salaries for Messrs. Anderson,
    Spence, Cunningham and Maltezos by 2.3%, 4.8%, 17.9% and 9.3%,
    respectively, and made no adjustment for Mr. Sakellaris.
Once we are a public company, our compensation committee will
    perform such annual evaluations, and we expect that it will
    consider similar factors, as well as perhaps the input of a
    compensation firm and peer group benchmarking data, in making
    any adjustments to executive officer base salary levels.
Annual Incentive Bonus Program.
Each year we
    establish an incentive bonus program in which all of our
    executive officers, as well as most other full-time employees,
    participate. These annual incentive bonuses are intended to
    compensate our executive officers for our achievement of
    corporate financial goals, as well as individual performance
    goals.
Under our incentive bonus program for 2009, the total bonus pool
    payable is determined based on our performance with respect to
    the following corporate financial goals: revenue, adjusted
    EBITDA from ongoing operations, value of customer contracts
    signed, proposal volume and qualitative operational measures.
    The specific targets for each of these performance metrics were
    established near the beginning of 2009 by our board of
    directors, with input from our chief executive officer and other
    executive officers. These targets were based on our historical
    operating results and growth rates, as well as our expected
    future results, and are designed to require significant effort
    and operational success on the part of our company. The amount
    of the total bonus pool can be up to ten percent of our adjusted
    EBITDA from continuing operations for 2009, with the actual
    percentage based on our performance against these corporate
    financial goals.
Once the total bonus pool is calculated, it is allocated among
    our executive officers and organizational units based on their
    performance with respect to financial and operational goals for
    2009. These goals, and the specific targets with respect to each
    goal, were established near the beginning of 2009 by our board
    of directors, based on recommendations from our executive
    management team, including our chief executive officer.
In addition to the corporate and organizational unit goals
    described above, members of management — including
    each of our executive officers — were assigned written
    individual performance goals
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near the beginning of fiscal 2009. For our executive officers
    other than our chief executive officer, these individual goals
    were set by our chief executive officer in collaboration with
    our executive management team; the individual goals for our
    chief executive officer were set by our board of directors,
    taking into account discussions with our chief executive officer.
Each participant in the 2009 incentive bonus program was
    assigned a maximum bonus, expressed as a percentage of his or
    her annual base salary. The maximum bonus payment for our chief
    executive officer is 50% of his base salary. For each of our
    other executive officers, the maximum bonus payment is 40% of
    his base salary.
Once the total bonus pool for the 2009 program is determined and
    allocated among our executive officers and organizational units,
    the bonus pool for each organizational unit is allocated among
    its members based on their performance with respect to their
    individual performance goals, subject to the maximum payments
    described above. For our executive officers other than our chief
    executive officer, the assessment of performance against
    individual goals and the determination of individual bonus
    payments are done by our chief executive officer, subject to
    approval by our board of directors.
The bonus payments to our executive officers under our incentive
    bonus program for 2009 have not yet been determined. We expect
    that they will be determined in the second quarter of 2010.
Once we are a public company, our compensation committee, or our
    board of directors based on recommendations from our
    compensation committee, will establish and administer our annual
    incentive bonus program for executive officers.
Equity Incentive Awards.
Our equity incentive award
    program is the primary vehicle for offering long-term incentives
    to our executive officers. To date, equity incentive awards to
    our executive officers have been made in the form of restricted
    stock awards and stock options, with options being the primary
    form of equity grants in recent years. We believe that equity
    incentive awards:
•
provide our executive officers with a strong link to our
    long-term performance by enhancing their accountability for
    long-term decision making;
•
help balance the short-term orientation of our annual incentive
    bonus program;
•
create an ownership culture by aligning the interests of our
    executive officers with the creation of value for our
    stockholders; and
•
further our goal of executive retention.
Employees who are considered important to our long-term success
    are eligible to receive equity incentive awards, which generally
    vest over five years. Equity incentive awards have been granted
    to over 25% of our current employees.
Historically, all equity awards to our executive officers have
    been approved by our board of directors, with input from our
    chief executive officer and our executive management team. In
    determining the size of equity awards to executive officers, our
    board and chief executive officer have generally considered the
    executive's experience, skills, level and scope of
    responsibilities, existing equity holdings, and comparisons to
    comparable positions in our company.
Once we are a public company, our compensation committee will
    have the authority to make equity awards to our executive
    officers and to administer our equity compensation plans.
We do not have any equity ownership guidelines or requirements
    for our executive officers.
Other Employee Benefits.
We maintain broad-based
    benefits that are provided to all employees, including our
    401(k) retirement plan, flexible spending accounts, medical and
    dental care plans, life insurance, short- and long-term
    disability policies, vacation and company holidays. Our
    executive officers are eligible to participate in each of these
    programs on the same terms as non-executive employees; however,
    employees at the director level and above are eligible for life
    insurance coverage equal to three times (rather than twice)
    their annual base salary.
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Severance and Change of Control Arrangements.
We
    have no severance or change of control agreements with our
    executive officers, other than the acceleration of stock option
    vesting as described under "Management — Stock
    Option and Other Compensation Plans" below.
Risk Considerations in our Compensation Program.
We
    do not believe that any risks arising from our employee
    compensation policies and practices are reasonably likely to
    have a material adverse effect on our company. In addition, we
    do not believe that the mix and design of the components of our
    executive compensation program encourage management to assume
    excessive risks.
Tax Considerations.
Section 162(m) of the Code
    generally disallows a tax deduction for compensation in excess
    of $1.0 million paid by a public company to its chief
    executive officer and to each other officer (other than its
    chief executive officer and chief financial officer) whose
    compensation is required to be reported to stockholders by
    reason of being among the three other most highly paid executive
    officers. Qualifying performance-based compensation is not
    subject to the deduction limitation if specified requirements
    are met. We will periodically review the potential consequences
    of Section 162(m) on the various elements of our executive
    compensation program, and we generally intend to structure the
    equity incentives component of our executive compensation
    program, where feasible, to comply with exemptions in
    Section 162(m) so that the compensation remains tax
    deductible to us. However, our board of directors or
    compensation committee may, in its judgment, authorize
    compensation payments that do not comply with the exemptions in
    Section 162(m) when it believes that such payments are
    appropriate to attract and retain executive talent.
Section 409A of the Code applies to plans, agreements and
    arrangements that provide for the deferral of compensation, and
    imposes penalty taxes on employees if those plans, agreements
    and arrangements do not comply with Section 409A. We have
    sought to structure our executive compensation arrangements to
    be exempt from, or comply with, Section 409A.
Executive
    Compensation
Summary
    Compensation Table
The following table sets forth information regarding
    compensation earned by our chief executive officer, our chief
    financial officer and our three next most highly compensated
    executive officers during our fiscal year ended
    December 31, 2009. We refer to these individuals as our
    named executive officers.
Option
All Other
Name and
Salary
Bonus
Awards
Compensation
Total
Principal Position
($)
($)(1)
($)(2)
($)(3)
($)
George P. Sakellaris(4)
500,000
2,049,424
26,785
2,576,209
President and Chief
Executive Officer
Andrew B. Spence
220,000
16,816
14,504
251,320
Vice President and
Chief Financial Officer
Louis P. Maltezos
250,000
119,658
15,870
385,528
Executive Vice President and General Manager
William J. Cunningham
250,000
20,834
15,175
286,009
Senior Vice President, Corporate Government Relations
David J. Anderson(4)
264,750
—
15,911
280,661
Executive Vice President, Business Development
(1)
The bonus payments to our executive officers under our incentive
    bonus program for 2009 have not yet been determined. We expect
    that they will be determined in the second quarter of 2010.
(2)
Value is equal to the aggregate grant date fair value of stock
    options computed in accordance with ASC Topic 718. These amounts
    do not represent the actual amounts paid to or realized by the
    named executive officer with respect to these option grants. The
    assumptions used by us with respect to the valuation of
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option awards are the same as those set forth in Note 11 to our
    consolidated financial statements included elsewhere in this
    prospectus.
(3)
Amounts represent the value of perquisites and other personal
    benefits, which are further detailed below.
Matched 401(k)
Group Life
Auto
Contribution ($)
Insurance ($)
Insurance ($)
Total ($)
George P. Sakellaris
14,700
10,585
1,500
26,785
Andrew B. Spence
13,521
983
—
14,504
Louis P. Maltezos
14,700
1,170
—
15,870
William J. Cunningham
14,005
1,170
—
15,175
David J. Anderson
14,700
1,211
—
15,911
(4)
Messrs. Sakellaris and Anderson are also members of our
    board of directors, but do not receive any additional
    compensation in their capacities as directors.
Grants
    of Plan-Based Awards in 2009
The following table sets forth information regarding grants of
    compensation in the form of plan-based awards during the fiscal
    year ended December 31, 2009 to our named executive
    officers.
All Other
Grant
Option
Date
Awards:
Exercise
Fair
Number of
or Base
Market
Value of
Securities
Price of
Price on
Stock and
Underlying
Option
Grant
Option
Grant
Approval
Options
Awards
Date
Awards
Name
Date
Date
(#) (1)
($/Sh)
($/Sh)
($)
George P. Sakellaris
9/30/2009
9/30/2009
300,000
12.11
22.00
6,600,000
Andrew B. Spence
—
—
—
—
—
—
Louis P. Maltezos
7/22/2009
7/22/2009
50,000
12.11
18.00
900,000
William J. Cunningham
7/22/2009
7/22/2009
25,000
12.11
18.00
450,000
David J. Anderson
—
—
—
——
—
—
Outstanding
    Equity Awards at Fiscal Year End
The following table sets forth information regarding outstanding
    stock options held by our named executive officers as of
    December 31, 2009. No unvested restricted stock was held by
    our named executive officers as of December 31, 2009.
Option Awards (1)
Number of
Number of
Securities
Securities
Underlying
Underlying
Unexercised
Unexercised
Option
Option
Options (#)
Options (#)
Exercise
Expiration
Name
Exercisable
Unexercisable
Price ($)
Date
George P. Sakellaris
—
300,000
12.11
9/30/2019
Andrew B. Spence
150,000
—
1.75
4/25/2012
50,000
—
3.75
10/16/2013
32,500
17,500
6.50
7/26/2016
Louis P. Maltezos
100,000
—
5.50
6/25/2014
37,500
12,500
6.50
1/27/2016
45,000
55,000
8.44
7/25/2017
—
50,000
12.11
7/22/2019
William J. Cunningham
—
25,000
12.11
7/22/2019
David J. Anderson
—
—
—
—
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(1)
All option awards and stock awards listed in this table were
    granted under the 2000 stock plan. Each option listed above
    vests or has vested as to 20% of the shares on the first
    anniversary of the grant date, and as to an additional five
    percent of the shares at the end of each successive three-month
    period of employment with us until the fifth anniversary of the
    grant date. Under the terms of the individual stock option
    agreements we have entered into with our named executive
    officers, if, an "Acquisition Event" (as defined in
    the 2000 stock plan) involving us occurs, and prior to the
    one-year anniversary of such Acquisition Event the
    executive's employment is terminated without Cause (as
    defined in the 2000 stock plan) or the executive voluntarily
    terminates his or her employment for Good Reason (as defined in
    the 2000 stock plan) prior to such anniversary, then the number
    of shares subject to the option which would have vested and
    become exercisable had the last 24 months (or if less than
    24 months remained, such lesser period) of scheduled
    vesting been accelerated shall vest and become exercisable
    immediately prior to such named executive officer's
    termination date.
Option
    Exercises and Stock Vested
No named executive officer exercised any options during the
    fiscal year ended December 31, 2009. The following table
    sets forth information regarding vesting of restricted stock
    awards held by our named executive officers during the fiscal
    year ended December 31, 2009.
Option Awards
Stock Awards
Number of Shares
Value Realized on
Number of Shares
Value Realized on
Acquired on Exercise
Exercise
Acquired on Vesting
Vesting
Name
(#)
($)
(#)
($) (1)
George P. Sakellaris
—
—
1,000,000
12,110,000
Andrew B. Spence
—
—
—
—
Louis P. Maltezos
—
—
—
—
William J. Cunningham
—
—
—
—
David J. Anderson
—
—
—
—
(1)
There was no public market for our Class A common stock on
    the date that these shares of restricted stock vested. The value
    realized has been calculated by multiplying the fair value of
    our Class A common stock as of the date that such shares
    vested, based on the fair value that was most recently
    determined by our board of directors, by the number of vested
    shares.
Potential
    Payments Upon Termination or Change of Control
The table below summarizes the potential payments to each of our
    named executive officers if he were to be terminated without
    cause or resign for good reason prior to the
one-year
anniversary of a sale of our company, based on stock options
    held on December 31, 2009.
Value of Additional
Vested Option
Total
Name
Awards($)(1)
Benefits
George P. Sakellaris
(2
)
Andrew B. Spence
(3
)
Louis P. Maltezos
(4
)
—
William J. Cunningham
(5
)
David J. Anderson
—
—
(1)
Valuation of these options is based on a price per share of our
    Class A common stock of $     ,
    which is the midpoint of the estimated price range shown on the
    cover of this prospectus.
(2)
Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 120,000 shares of Class A common
    stock would vest and become immediately exercisable.
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(3)
Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 30,000 shares of Class A common
    stock would vest and become immediately exercisable.
(4)
Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 47,000 shares of Class A common stock would
    vest and become immediately exercisable.
(5)
Upon termination without cause or resignation for good reason
    prior to the one-year anniversary of an Acquisition Event,
    options to purchase 10,000 shares of Class A common
    stock would vest and become immediately exercisable.
Stock
    Option and Other Compensation Plans
2010
    Stock Incentive Plan
The 2010 stock plan, which will become effective upon the
    closing of this offering, was adopted by our board of directors
    in          
    2010 and approved by our stockholders
    on          ,
    2010. The 2010 stock plan provides for the grant of incentive
    stock options, non-statutory stock options, restricted stock
    awards and other stock-based awards. Upon its
    effectiveness,           shares
    of our Class A common stock will be reserved for issuance
    under the 2010 stock plan.
Our employees, officers, directors, consultants and advisors are
    eligible to receive awards under the 2010 stock plan; however,
    incentive stock options may only be granted to our employees.
    The maximum number of shares of our Class A common stock
    with respect to which awards may be granted to any participant
    under the 2010 stock plan
    is          
    per year.
In accordance with the terms of the 2010 stock plan, our board
    of directors has authorized our compensation committee to
    administer the 2010 stock plan. Pursuant to the terms of the
    2010 stock plan, our compensation committee will select the
    recipients of awards and determine:
•
the number of shares of our Class A common stock covered by
    the award and the dates upon which the award will vest;
•
with respect to options, the exercise price and period of
    exercise; and
•
with respect to restricted stock and other stock-based awards,
    the terms and conditions of such awards, including conditions
    for repurchase, issue price and repurchase price.
Upon a merger or other reorganization event, our board of
    directors may, in its sole discretion, take any one or more of
    the following actions pursuant to the 2010 stock plan as to some
    or all outstanding awards:
•
provide that all outstanding awards shall be assumed or
    substituted by the successor corporation;
•
upon written notice to a participant, provide that the
    participant's unexercised options or awards will terminate
    immediately prior to the consummation of such transaction unless
    exercised by the participant;
•
provide that outstanding awards will become exercisable,
    realizable or deliverable, or restrictions applicable to an
    award will lapse, in whole or in part, prior to or upon the
    reorganization event;
•
in the event of a reorganization event pursuant to which holders
    of our Class A common stock will receive a cash payment for
    each share surrendered in the reorganization event, make or
    provide for a cash payment to the participants equal to the
    excess, if any, of the acquisition price times the number of
    shares of our Class A common stock subject to such
    outstanding awards (to the extent then exercisable at prices not
    in excess of the acquisition price), over the aggregate exercise
    price of all such outstanding awards and any applicable tax
    withholdings, in exchange for the termination of such
    awards; and
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•
provide that, in connection with a liquidation or dissolution,
    awards convert into the right to receive liquidation proceeds.
Upon the occurrence of a reorganization event other than a
    liquidation or dissolution, the repurchase and other rights
    under each outstanding restricted stock award will continue for
    the benefit of the successor company and will, unless the board
    of directors may otherwise determine, apply to the cash,
    securities or other property into which our Class A common
    stock is converted pursuant to the reorganization event. Upon
    the occurrence of a reorganization event involving a liquidation
    or dissolution, all conditions on each outstanding restricted
    stock award will automatically be deemed terminated or
    satisfied, unless otherwise provided in the agreement evidencing
    the restricted stock award.
No award may be granted under the 2010 stock plan after 2020.
    Our board of directors may amend, suspend or terminate the 2010
    stock plan at any time, except that stockholder approval will be
    required to comply with applicable law or stock market
    requirements.
2000
    Stock Incentive Plan
The 2000 stock plan was adopted in October 2000. As of
    December 31, 2009, a maximum of 14,250,000 shares of
    our Class A common stock was authorized for issuance under
    the 2000 stock plan. The 2000 stock plan allows us to grant
    options, restricted stock awards and other stock-based awards to
    our employees, officers and directors as well as outside
    consultants and advisors we retain from time to time. As of
    December 31, 2009, under the 2000 stock plan, options to
    purchase 4,725,100 shares of our Class A common stock
    were outstanding, 1,088,350 shares of our Class A
    common stock had been issued and were outstanding pursuant to
    the exercise of options, 4,211,125 shares of our
    Class A common stock had been issued pursuant to restricted
    stock awards and remain outstanding, and 4,222,800 shares
    of our Class A common stock were available for future
    awards. After the effective date of the 2010 stock plan, we will
    grant no further stock options or restricted stock awards under
    the 2000 stock plan.
401(k)
    Retirement Plan
We maintain a 401(k) retirement plan that is intended to be a
    tax-qualified defined contribution plan under
    Section 401(k) of the Code. In general, all of our
    employees are eligible to participate upon commencement of their
    employment. The 401(k) plan includes a salary deferral
    arrangement pursuant to which participants may elect to reduce
    their current compensation by up to the statutorily prescribed
    limit, equal to $16,500 in 2009, plus $5,500 for those age 50
    and over, and have the amount of the reduction contributed to
    the 401(k) plan. We currently match on a per payroll basis up to
    100% of the first six percent of base compensation and
    commissions that a participant contributes to his or her in
    401(k) plan, up to $14,700 in 2009, subject to certain time of
    service and other eligibility conditions.
Limitation
    of Liability and Indemnification
As permitted by Delaware law, we have included provisions in our
    restated certificate of incorporation, which will become
    effective upon the closing of this offering, that limit or
    eliminate the personal liability of our directors to the maximum
    extent permitted by Delaware law. Our directors will not be
    personally liable for monetary damages for breaches of their
    fiduciary duties as directors, except liability for:
•
any breach of the director's duty of loyalty to us or our
    stockholders;
•
any act or omission not in good faith or that involves
    intentional misconduct or a knowing violation of law;
•
any unlawful payments related to dividends or unlawful stock
    repurchases, redemptions or other distributions; or
•
any transaction from which the director derived an improper
    personal benefit.
These limitations do not affect the availability of equitable
    remedies, including injunctive relief or rescission. Any
    amendment to or repeal of these provisions will not eliminate or
    reduce the effect of these
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provisions in respect of any act, omission or claim that
    occurred or arose prior to such amendment or repeal. If Delaware
    law is amended to authorize the further elimination or limiting
    of a director, then the liability of our directors will be
    eliminated or limited to the fullest extent permitted by
    Delaware law as so amended.
As permitted by Delaware law, our restated certificate of
    incorporation that will become effective upon the closing of
    this offering also provides that:
•
we will indemnify our directors and officers to the fullest
    extent permitted by law;
•
we may indemnify our other employees and other agents to the
    same extent that we indemnify our officers and directors, unless
    otherwise determined by our board of directors; and
•
we will advance expenses to our directors and officers in
    connection with legal proceedings in connection with a legal
    proceeding to the fullest extent permitted by law.
The indemnification provisions contained in our restated
    certificate of incorporation that will become effective upon the
    closing of this offering are not exclusive.
In addition, we have entered into indemnification agreements
    with each of our directors and executive officers. Each
    indemnification agreement will provide that we will indemnify
    the director or executive officer to the fullest extent
    permitted by law for claims arising in his or her capacity as
    our director, officer, employee or agent, provided that he or
    she acted in good faith and in a manner that he or she
    reasonably believed to be in, or not opposed to, our best
    interests and, with respect to any criminal proceeding, had no
    reasonable cause to believe that his or her conduct was
    unlawful. In the event that we do not assume the defense of a
    claim against a director or executive officer, we are required
    to advance his or her expenses in connection with his or her
    defense, provided that he or she undertakes to repay all amounts
    advanced if it is ultimately determined that he or she is not
    entitled to be indemnified by us.
We believe that these provisions and agreements are necessary to
    attract and retain qualified persons as directors and officers.
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933, as amended, which we refer to as the
    Securities Act, may be permitted to directors, officers or
    persons controlling our company pursuant to the foregoing
    provisions, we understand that in the opinion of the SEC such
    indemnification is against public policy as expressed in the
    Securities Act and is therefore unenforceable.
In addition, we maintain standard policies of insurance under
    which coverage is provided to our directors and officers against
    losses arising from claims made by reason of breach of duty or
    other wrongful act, and to us with respect to payments which may
    be made by us to such directors and officers pursuant to the
    above indemnification provisions or otherwise as a matter of law.
Rule 10b5-1
Sales Plans
Our directors and executive officers may adopt written plans,
    known as
Rule 10b5-1
plans, in which they will contract with a broker to buy or sell
    shares of our common stock on a periodic basis. Under a
Rule 10b5-1
plan, a broker executes trades pursuant to parameters
    established by the director or officer when entering into the
    plan, without further direction from the director or officer.
    The director or officer may amend or terminate the plan in some
    circumstances. Our directors and executive officers may also buy
    or sell additional shares outside of a
Rule 10b5-1
plan when they are not in possession of material, nonpublic
    information concerning our company.
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RELATED
    PERSON TRANSACTIONS
Since January 1, 2007, we have engaged in the following
    transactions with our directors, executive officers and holders
    of more than five percent of our voting securities, and
    affiliates of our directors, executive officers and holders of
    more than five percent of our voting securities. We believe that
    all of the transactions described below were made on terms no
    less favorable to us than could have been obtained from
    unaffiliated third parties.
Conversion
    of Common Stock into Class A Common Stock and Convertible
    Preferred Stock into Class B Common Stock
Prior to the closing of this offering, we will amend and restate
    our certificate of incorporation to (i) reclassify all
    outstanding shares of our common stock as Class A common
    stock and (ii) provide that each share of our convertible
    preferred stock will be convertible into shares of our
    Class B common stock. Each share of our Class B common
    stock will be entitled to      votes
    per share, will be convertible at any time into one share of our
    Class A common stock at the option of the holder of such
    shares and will automatically convert into one share of our
    Class A common stock upon the occurrence of certain
    specified events. See "Description of Capital
    Stock — Common Stock."
As of February 28, 2010, three of our executive officers,
    Mr. Sakellaris, Mr. Anderson and Mr. Corrsin, and
    one of our non-employee directors, Mr. Sutton, beneficially
    owned 1,675,000, 510,000, 650,000 and 500,000 shares of our
    common stock, respectively, which, prior to the amendment and
    restatement of our certificate of incorporation, collectively
    represents approximately 49.65% of our outstanding common stock.
    Upon the amendment and restatement of our certificate of
    incorporation, these shares will be reclassified as 1,675,000,
    510,000, 650,000 and 500,000 shares of our Class A
    common stock, respectively. Our founder, principal stockholder,
    chief executive officer and president, Mr. Sakellaris, owns
    3,000,000 shares of our convertible preferred stock, which
    represents all of our outstanding convertible preferred stock.
    Upon the closing of this offering, these shares will
    automatically convert into 9,000,000 shares of our
    Class B common stock.
Subordinated
    Note and Indemnity
On May 17, 2000, our board of directors authorized us to
    borrow $2,998,750 from Mr. Sakellaris, and this loan is
    evidenced by a subordinated note in favor of
    Mr. Sakellaris. The subordinated note bears interest at the
    rate of ten percent per annum, which is payable monthly in
    arrears, and all amounts outstanding under the subordinated note
    are payable on demand. During each of 2007, 2008 and 2009, we
    made interest payments of $300,000 to Mr. Sakellaris under
    the subordinated note. As of February 28, 2010, the entire
    $2,998,750 principal amount under the subordinated note remains
    outstanding. Our obligations under this note are subordinated to
    our obligations under our senior credit facilities. See
    "Management's Discussion and Analysis —
    Liquidity and Capital Resources." We expect to repay this
    subordinated note using net proceeds from this offering. See
    "Use of Proceeds."
Our sureties have historically required that Mr. Sakellaris
    personally indemnify them for up to an aggregate of
    $50 million of losses associated with the bonds they have
    provided on our behalf. As consideration for this personal
    indemnity, in October 2006, we issued to Mr. Sakellaris
    1,000,000 shares of restricted stock, which vested in full on
    the third anniversary of the issuance, and in September 2009, we
    granted Mr. Sakellaris an option to purchase
    300,000 shares of common stock, which vest as to 20% of the
    shares on the first anniversary of the grant date and as to an
    additional five percent at each successive three-month period.
Other
    Transactions
In 2002, we entered into a letter agreement, which we refer to
    as the Terra agreement, with TERRA Nova Holdings LLC, or Terra,
    which was under the common control of William H. Kremer and
    Samuel T. Byrne, each of whom then held more than five percent
    of our outstanding common stock. Under the Terra agreement,
    Terra provided us with consulting services related to a 2002
    acquisition in exchange for a $344,000
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cash fee to be payable by us in specified circumstances. Terra
    subsequently assigned its rights under the Terra agreement to
    CrossHarbor Capital Partners LLC, or CrossHarbor, which was also
    under the common control of Messrs. Kremer and Byrne. On
    September 25, 2008, we entered into a warrant termination
    agreement with Messrs. Kremer and Byrne, each of whom still
    held more than five percent of our outstanding common stock, and
    CrossHarbor and Terra, each of which remained under the common
    control of Messrs. Kremer and Byrne. Pursuant to the
    warrant termination agreement, we and the other parties agreed
    to terminate a warrant pursuant to which CrossHarbor had the
    right to purchase up to 740,000 shares of our common stock
    at a purchase price of $0.44 per share in exchange for a
    $1,959,400 cash payment by us to CrossHarbor. In addition, under
    the warrant termination agreement, in consideration of the
    termination of the Terra agreement, we agreed to reduce the
    exercise price per share under two separate warrants held by
    CrossHarbor, each for the purchase of up to 30,000 shares
    of our common stock, from $0.44 to $0.01. Immediately following
    the consummation of the transactions under the warrant
    termination agreement, CrossHarbor transferred one of its
    warrants for the purchase of up to 30,000 shares of our
    common stock to Mr. Kremer, and the other to Mr. Byrne.
On September 25, 2008, we also entered into a stock
    repurchase agreement with Mr. Kremer, pursuant to which we
    purchased 666,667 shares of our common stock from
    Mr. Kremer, for an aggregate purchase price of $4,546,669,
    or $6.82 per share, as a result of which Mr. Kremer ceased
    to be a stockholder of our company.
On September 25, 2008, we entered into a warrant
    termination agreement with AMCAP Holdings, Ltd, or AMCAP, which
    was wholly-owned by Mr. Byrne. Pursuant to the agreement,
    we and AMCAP agreed to terminate a warrant pursuant to which
    AMCAP had the right to purchase up to 793,686 shares of our
    common stock at a purchase price of $0.01 per share in exchange
    for a $5,605,002 cash payment from us.
On October 14, 2008, Mr. Byrne transferred the warrant
    to purchase up to 30,000 shares of our common stock
    transferred to him by CrossHarbor to a charitable institution.
    On December 2, 2008, we and the charitable institution
    entered into a warrant termination agreement pursuant to which
    the charitable institution agreed to terminate the warrant in
    exchange for a $204,300 cash payment from us.
On November 11, 2008, AMCAP transferred a warrant to
    purchase up to 3,671 shares of our common stock to a
    charitable institution. On December 2, 2008, we and the
    charitable institution entered into a warrant termination
    agreement pursuant to which the charitable institution agreed to
    terminate the warrant in exchange for a $25,000 cash payment
    from us.
In April 2007, we repurchased from David J. Anderson, our
    executive vice president, business development and a member of
    our board of directors, 90,000 shares of our common stock
    at a purchase price per share of $6.82.
Director
    and Officer Indemnification Agreements
We have entered into indemnification agreements with each of our
    directors and officers. The indemnification agreements and our
    restated certificate of incorporation and restated by-laws
    require us to indemnify our directors and officers to the
    fullest extent permitted by Delaware law. See
    "Management — Limitation of Liability and
    Indemnification."
Registration
    Rights
We entered into a stockholder agreement on September 25,
    2008 with three of our stockholders, Mr. Sakellaris,
    Mr. Byrne and AMCAP. After the closing of this offering and
    the sale by the selling stockholders of the shares of our
    Class A common stock offered by them hereby, Mr. Byrne
    will beneficially own 666,667 shares of our Class A
    common stock and AMCAP will hold an exercisable warrant to
    purchase up to 202,643 shares of our Class A common
    stock. Pursuant to the stockholder agreement, if during the
    two-year period following the closing of this offering, we
    propose to register shares of our Class A common stock
    under the Securities Act, other than under a registration
    statement on
Form S-4
or
Form S-8
(or any other successor forms used to register shares issued by
    us under an employee benefit plan or dividend reinvestment plan
    or pursuant to an acquisition or merger, or any other form for a
    similar limited purpose), then we are
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required to give Mr. Byrne and AMCAP notice of our intent
    to make the registration and, subject to certain exceptions,
    Mr. Byrne and AMCAP will have the right to request that
    some or all of their shares be included in such registration. If
    Mr. Byrne or AMCAP makes such a request, then we will be
    required to use our commercially reasonable efforts to cause
    such shares to be included in that registration statement.
    Mr. Byrne's and AMCAP's registration rights under
    the stockholder agreement expire upon the earliest of the second
    anniversary of the closing of this offering, the time when he or
    it no longer holds any "registrable securities," which
    includes the shares currently held by Mr. Byrne as well as
    the shares of our Class A common stock issuable upon
    exercise of AMCAP's warrant, and the time when Mr. Byrne
    and AMCAP together hold less than two percent of our Class A and
    Class B common stock.
The foregoing description of these registration rights is
    intended as a summary only and is qualified in its entirety by
    reference to the stockholder agreement, which is filed as an
    exhibit to the registration statement of which this prospectus
    forms a part.
Policies
    and Procedures for Related Person Transactions
Our board of directors has adopted a written related person
    transaction policy for the review of any transaction,
    arrangement or relationship in which we are a participant, the
    amount involved exceeds $120,000, and one of our executive
    officers, directors, director nominees or five percent
    stockholders (or their immediate family members), each of whom
    we refer to as a "related person," has a direct or
    indirect material interest.
If a related person proposes to enter into such a transaction,
    arrangement or relationship, which we refer to as a
    "related person transaction," the related person must
    report the proposed related person transaction to our general
    counsel. The policy calls for the proposed related person
    transaction to be reviewed and, if deemed appropriate, approved
    by our audit committee. Whenever practicable, the reporting,
    review and approval will occur prior to entry into the
    transaction. If the general counsel determines that advance
    review and approval is not practicable, then the audit committee
    will review, and, in its discretion, may ratify the related
    person transaction. The policy also permits the chairman of the
    audit committee to review and, if deemed appropriate, approve
    proposed related person transactions that arise between audit
    committee meetings, subject to ratification by the audit
    committee at its next meeting. Any related person transactions
    previously approved by the audit committee or otherwise already
    existing that are ongoing in nature in nature will be reviewed
    annually, or more frequently if the audit committee determines
    such review to be necessary.
The audit committee will review all relevant information
    available to it about the related person transaction and may
    approve or ratify it only if the audit committee determines
    that, under all of the circumstances, the transaction is in, or
    is not inconsistent with, Ameresco's best interests. The
    audit committee may impose any conditions on the related person
    transaction that it deems appropriate.
The policy provides that transactions involving compensation of
    executive officers shall be reviewed and approved by our
    compensation committee in the manner specified in its charter.
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PRINCIPAL
    AND SELLING STOCKHOLDERS
This section sets forth certain information regarding the
    beneficial ownership of our Class A and Class B common
    stock as of February 28, 2010 (adjusted as set forth below)
    and immediately after the closing of this offering by:
•
each of our directors;
•
each of our named executive officers;
•
each person, or group of affiliated persons, who is known by us
    to beneficially own more than five percent of our Class A and
    Class B common stock;
•
all of our directors and executive officers as a group; and
•
each selling stockholder.
For purposes of the table below, the percentage ownership
    calculations for beneficial ownership prior to this offering are
    based on 7,271,142 shares of our Class A common stock and
    9,000,000 shares of our Class B common stock
    outstanding as of February 28, 2010. Our assumed total
    outstanding share numbers reflect (i) the reclassification
    of all outstanding shares of our common stock as Class A
    common stock, (ii) the election by all holders of our
    convertible preferred stock, other than Mr. Sakellaris, to
    convert all of their shares of our convertible preferred stock
    into shares of our Class A common stock and (iii) the
    conversion of all outstanding shares of our convertible
    preferred stock into shares of our Class B common stock. The
    table below assumes that there
    are           shares
    of our Class A common stock and 9,000,000 shares of
    our Class B common stock outstanding immediately following
    the closing of this offering.
Beneficial ownership is determined in accordance with the rules
    of the SEC. These rules generally attribute beneficial ownership
    of shares to persons who possess sole or shared voting power or
    investment power with respect to our shares. In computing the
    number of shares beneficially owned by an individual or entity
    and the percentage ownership of that person, shares subject to
    options, warrants or other rights held by such person that are
    currently exercisable or will become exercisable within
    60 days of February 28, 2010 are considered
    outstanding, although these shares are not considered
    outstanding for purposes of computing the percentage ownership
    of any other person.
Except as otherwise indicated in the footnotes to the table
    below, all persons listed below have sole voting and investment
    power with respect to the shares beneficially owned by them,
    subject to applicable community property laws. The information
    presented in the table below is not necessarily indicative of
    beneficial ownership for any other purpose. Beneficial ownership
    representing less than one percent is denoted with an asterisk
    (*).
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Percentage total voting power represents voting power with
    respect to all shares of our Class A and Class B
    common stock, as a single class. Each holder of Class A
    common stock is entitled to one vote per share of Class A
    common stock and each holder of Class B common stock is
    entitled to   votes per share of Class B
    common stock. See "Description of Capital Stock —
    Common Stock."
Shares of
Class A
Shares Beneficially Owned Prior to Offering
Common
Shares Beneficially Owned After Offering
Class A
Class B
% Total
Stock
Class A
Class B
% Total
Common Stock
Common Stock
Voting
Being
Common Stock
Common Stock
Voting
Name of Beneficial Owner
Shares
%
Shares
%
Power
Offered
Shares
%
Shares
%
Power
Five Percent Stockholders:
George P.
Sakellaris(1)
1,675,000
23.04
9,000,000
100.00
Samuel T.
Byrne(2)
869,310
3.12
—
Directors and Named Executive Officers:
Andrew B.
Spence(3)
237,500
3.16
—
Louis P.
Maltezos(4)
197,500
2.64
William J. Cunningham
—
—
—
—
David J. Anderson
510,000
7.01
—
William M.
Bulger(5)
75,000
1.02
—
David J. Corrsin
750,000
10.31
—
Guy W.
Nichols(5)
75,000
1.02
*
Joseph W.
Sutton(6)
500,000
6.88
—
All executive officers and directors as a group
(14 persons)(7)
4,868,750
57.54
9,000,000
100.00
Other Selling Stockholders:
(1)
Mr. Sakellaris's address is c/o Ameresco, Inc., 111 Speen
    Street, Framingham, Massachusetts 01701.
(2)
Includes 202,643 shares of our Class A common stock
    issuable upon the exercise of an exercisable warrant held by
    AMCAP Holdings, Ltd, or AMCAP, which is wholly-owned by
    Mr. Byrne. The address of Mr. Byrne and AMCAP is
c/o CrossHarbor
Capital Partners LLC, One Boston Place, Suite 2300, Boston,
    Massachusetts 02108.
(3)
Includes 237,500 shares of our Class A common stock
    issuable upon the exercise of options that are exercisable
    within 60 days of February 28, 2010.
(4)
Includes 197,500 shares of our Class A common stock
    issuable upon the exercise of options that are exercisable
    within 60 days of February 28, 2010.
(5)
Includes 75,000 shares of our Class A common stock
    issuable upon the exercise of options that are exercisable
    within 60 days of February 28, 2010.
(6)
Consists of shares of our Class A common stock held by
    Sutton Ventures LP. Mr. Sutton is managing member of Sutton
    Ventures Group LLC, which is the general partner of Sutton
    Ventures LP.
(7)
Includes 1,190,000 shares of our Class A common stock
    issuable upon the exercise of options that are exercisable
    within 60 days of February 28, 2010.
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DESCRIPTION
    OF CAPITAL STOCK
General
The following description of our capital stock and provisions of
    our restated certificate of incorporation and by-laws are
    summaries and are qualified by reference to our restated
    certificate of incorporation and by-laws that will be in effect
    upon the closing of this offering. Copies of these documents
    will be filed with the SEC as exhibits to our registration
    statement, of which this prospectus forms a part. The
    descriptions of our common stock and preferred stock reflect
    changes to our capital structure that will occur upon the
    closing of this offering.
Upon the closing of this offering, our authorized capital stock
    will consist
    of          shares
    of our Class A common stock, par value $0.0001 per
    share,           shares
    of our Class B common stock, par value $0.0001 per share,
    and           shares
    of preferred stock, par value $0.0001 per share.
Common
    Stock
Following this offering, we will have two classes of common
    stock: Class A common stock and Class B common stock.
    The rights of the holders of our Class A common stock and
    our Class B common stock will be identical, except that
(i) each share of our Class A common stock will be
    entitled to one vote per share while each share of our
    Class B common stock will be entitled
    to      votes per share, and
(ii) each share of our Class B common stock will
    convertible into one share of our Class A common stock at
    the option of the holder at any time and will automatically
    convert into one share of our Class A common stock in
    specified circumstances (described below).
Assuming (i) the reclassification of all outstanding shares
    of our common stock as Class A common stock and
    (ii) the conversion of all outstanding shares of our
    convertible preferred stock into shares of our Class B
    common stock, as of December 31, 2009, there were:
•
7,271,142 shares of our Class A common stock
    outstanding, held of record by 38 stockholders;
•
9,000,000 shares of our Class B common stock
    outstanding, held of record by one stockholder;
•
202,643 shares of our Class A common stock issuable
    upon the exercise of a warrant outstanding and exercisable as of
    December 31, 2009 at an exercise price of $0.01 per share,
    which will remain outstanding after this offering if not
    exercised prior to this offering; and
•
4,725,100 shares of our Class A common stock issuable
    upon the exercise of stock options outstanding as of
    December 31, 2009 at a weighted-average exercise price of
    $5.36 per share.
In connection with the reclassification of our common stock as
    Class A common stock, each outstanding option and warrant
    to purchase shares of our common stock will become an option or
    warrant to purchase an equal number of shares of our
    Class A common stock at the same exercise price per share.
Voting
The holders of our Class A and Class B common stock
    will vote together on all matters properly submitted to our
    stockholders for their vote (including the election of
    directors). The holders of our Class A common stock are
    entitled to one vote for each share held on all matters properly
    submitted to a vote of our stockholders and do not have any
    cumulative voting rights with respect to the election of
    directors. The holders of our Class B common stock are
    entitled to      votes for each share
    held on all matters properly submitted to a vote of our
    stockholders and do not have any cumulative voting rights with
    respect to the election of directors. Delaware law generally
    requires holders of our Class A common stock or our
    Class B common stock, as applicable, to vote separately as
    a single class if we amend our restated certificate of
    incorporation in a manner that alters or changes the powers,
    preferences or special rights of such class of stock in a manner
    that affects them adversely or increases or decreases the number
    of shares of that class. However,
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we have provided in our restated certificate of incorporation
    that the holders of neither our Class A common stock nor
    our Class B common stock are entitled to a vote as a
    separate class in the event that the number of shares of their
    respective class is increased or decreased.
Dividends
Holders of our Class A and Class B common stock are
    entitled to share equally, on a per-share basis, in any
    dividends declared by our board of directors out of funds
    legally available therefor, subject to any preferential dividend
    or other rights of any then outstanding preferred stock. In the
    event a dividend is paid in the form of shares of common stock
    or rights to acquire shares of common stock, the holders of our
    Class A common stock shall receive shares of our
    Class A common stock or rights to acquire shares of our
    Class A common stock, as the case may be, and the holders
    of shares of our Class B common stock shall receive shares
    of our Class B common stock or rights to acquire shares of
    our Class B common stock, as the case may be.
Conversion
Our Class A common stock is not convertible into any other
    shares of our capital stock.
Our Class B common stock is convertible as follows:
Voluntary Conversion.
Each share of our Class B
    common stock is convertible into one share of our Class A
    common stock at any time, at the option of the holder.
Mandatory Conversion.
All shares of our Class B
    common stock will convert into shares of our Class A common
    stock on a
one-for-one
basis in the following instances:
(i) we receive a written consent executed by the holders of
    a majority of the shares of our Class B common stock then
    outstanding electing to convert all outstanding shares of our
    Class B common stock into our Class A common
    stock, or
(ii) at such time when the total number of outstanding
    shares of our Class B common stock is less
    than     % of the aggregate number of
    shares of our Class A and Class B common stock then
    outstanding.
In addition, each share of our Class B common stock will
    convert into one share of our Class A common stock upon any
    transfer of such share of our Class B common stock, whether
    or not for value, except for transfers to (a) certain of
    such Class B common stockholder's family members or
    descendants, entities controlled by such Class B common
    stockholder, certain trusts for the benefit of such Class B
    common stockholder or such holder's family or charitable
    organizations established by such Class B common
    stockholder or certain members of such holder's family or
    (b) a pledgee (subject to certain limitations) or nominee
    of such Class B common stockholder.
Following the closing of this offering, we may not issue or sell
    any shares of our Class B common stock, or any securities
    convertible or exercisable into shares of our Class B
    common stock, except for any stock splits, stock dividends,
    subdivisions, combinations or recapitalizations with respect to
    our Class B common stock.
No class of common stock may be subdivided or combined unless
    the other class of common stock concurrently is subdivided or
    combined in the same proportion and in the same manner.
Liquidation
    Rights
In the event of our liquidation or dissolution, holders of our
    Class A and Class B common stock are entitled to share
    equally, on a per-share basis, in all assets remaining after
    payment of all debts and other liabilities, subject to the prior
    rights of any then outstanding preferred stock.
Other
    Rights
Holders of our Class A and Class B common stock have
    no preemptive, subscription or redemption rights.
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The rights, preferences and privileges of holders of our common
    stock are subject to, and may be adversely affected by, the
    rights of holders of shares of any series of preferred stock
    that we may designate and issue in the future.
Preferred
    Stock
Under the terms of our restated certificate of incorporation,
    our board of directors is authorized to issue up
    to           shares
    of preferred stock in one or more series without stockholder
    approval. Our board of directors has the discretion to determine
    the rights, preferences, privileges and restrictions, including
    voting rights, dividend rights, conversion rights, redemption
    privileges and liquidation preferences, of each series of
    preferred stock, any or all of which may be greater than or
    senior to the rights of the either or both of our Class A
    and Class B common stock. The issuance of preferred stock
    could adversely affect the voting power of holders of either or
    both of our Class A and Class B common stock and
    reduce the likelihood that such holders will receive dividend
    payments or payments on liquidation.
The purpose of authorizing our board of directors to issue
    preferred stock and determine its rights and preferences is to
    eliminate the delay and uncertainty associated with a
    stockholder vote on specific issuances. The issuance of
    preferred stock, while providing flexibility in connection with
    possible acquisitions, future financings and other corporate
    purposes, could have the effect of making it more difficult for
    a third party to acquire, or could discourage a third party from
    seeking to acquire, a majority of our outstanding stock. In
    certain circumstances, an issuance of preferred stock could have
    the effect of decreasing the market price of our Class A
    common stock. Upon the closing of this offering, there will be
    no shares of preferred stock outstanding, and we have no present
    plans to issue any shares of preferred stock.
Anti-Takeover
    Effects of Delaware Law and Our Restated Certificate of
    Incorporation and By-Laws
Delaware law, our restated certificate of incorporation and our
    by-laws contain provisions that could have the effect of
    delaying or discouraging another party from acquiring control of
    us. These provisions, which are summarized below, are intended
    to discourage coercive takeover practices and inadequate
    takeover bids. These provisions are also intended to encourage
    persons seeking to acquire control of us to first negotiate with
    our board of directors. In addition, see "Description of
    Capital Stock—Common Stock" for a description of our
    dual class capital structure.
Staggered
    Board of Directors; Removal of Directors
Our restated certificate of incorporation and by-laws divide our
    board of directors into three classes with staggered three-year
    terms. In addition, a director may be removed only for cause and
    only by the affirmative vote of the holders of at least
    two-thirds of the votes that all stockholders would be entitled
    to cast in any annual election of directors. Any vacancy on our
    board of directors, including a vacancy resulting from an
    enlargement of our board of directors, may be filled only by
    vote of a majority of our directors then in office.
Stockholder
    Action by Written Consent; Special Meetings
Our restated certificate of incorporation provides that any
    action required or permitted to be taken by our stockholders
    must be effected at a duly called annual or special meeting of
    such holders and may not be effected by any consent in writing
    by such holders. Our restated certificate of incorporation and
    by-laws also provide that special meetings of our stockholders
    can only be called by the chairman of our board of directors,
    our chief executive officer or our board of directors.
Advance
    Notice Requirements for Stockholder Proposals
Our by-laws establish an advance notice procedure for
    stockholder proposals to be brought before an annual meeting of
    stockholders, including proposed nominations of persons for
    election to our board of directors. Stockholders at an annual
    meeting may only consider proposals or nominations specified in
    the notice of meeting or brought before the meeting by or at the
    direction of our board of directors or by a
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stockholder of record on the record date for the meeting, who is
    entitled to vote at the meeting and who has delivered timely
    written notice in proper form to our secretary of the
    stockholder's intention to bring such business before the
    meeting.
Delaware
    Business Combination Statute
We are subject to Section 203 of the Delaware General
    Corporation Law. Subject to certain exceptions, Section 203
    prevents a publicly-held Delaware corporation from engaging in a
    "business combination" with any "interested
    stockholder" for three years following the date that the
    person became an interested stockholder, unless (1) the
    interested stockholder attained such status with the approval of
    our board of directors, (2) the business combination is
    approved by our board of directors and stockholders in a
    prescribed manner or (3) the interested stockholder
    acquired at least 85% of our outstanding voting stock in the
    transaction in which it became an interested stockholder. A
    "business combination" includes, among other things, a
    merger or consolidation involving us and the "interested
    stockholder" and the sale of more than ten percent of our
    assets, and other transactions resulting in a financial benefit
    to the interested stockholder. In general, an "interested
    stockholder" is any entity or person beneficially owning
    15% or more of our outstanding voting stock and any entity or
    person affiliated with or controlling or controlled by such
    entity or person. Section 203 would not prevent us from
    engaging in a business combination with Mr. Sakellaris even
    though he owns greater than five percent of our outstanding
    voting stock because he acquired such voting stock before we
    were subject to Section 203.
Amendment
    of Restated Certificate of Incorporation and
    By-Laws
The Delaware General Corporation Law provides generally that the
    affirmative vote of a majority of the shares entitled to vote on
    any matter is required to amend a corporation's certificate
    of incorporation or by-laws, unless a corporation's
    certificate of incorporation or by-laws, as the case may be,
    requires a greater percentage. Our by-laws may be amended or
    repealed by a majority vote of our board of directors or by the
    affirmative vote of the holders of at least two-thirds of the
    votes that all our stockholders would be entitled to cast in any
    annual election of directors. In addition, the affirmative vote
    of the holders of at least two-thirds of the votes that all our
    stockholders would be entitled to cast in any annual election of
    directors is required to amend or repeal or to adopt any
    provisions inconsistent with the bylaw amendment provision or
    any of the provisions of our restated certificate of
    incorporation described above under "— Staggered
    Board of Directors; Removal of Directors" and
    "— Stockholder Action by Written Consent; Special
    Meetings."
Transfer
    Agent and Registrar
The transfer agent and registrar for our Class A and
    Class B common stock
    is          .
Stock
    Market Listing
We expect to apply to list our ordinary shares on either the New
    York Stock Exchange or the NASDAQ Global Market under the symbol
    "          ."
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SHARES ELIGIBLE
    FOR FUTURE SALE
Prior to this offering, there has been no public market for our
    common stock, and a liquid public trading market for our common
    stock may not develop or be sustained after this offering. If a
    public market does develop, future sales of significant amounts
    of our common stock, including shares issued upon exercise of
    outstanding options or warrants, or the anticipation of those
    sales, could adversely affect the public market prices
    prevailing from time to time and could impair our ability to
    raise capital through sales of our equity securities. We expect
    to apply to list our Class A common stock on either the New
    York Stock Exchange or the NASDAQ Global Market under the symbol
    "          ."
    Our Class B common stock will not be listed on any stock
    market or exchange. Due, in part, to the mandatory conversion
    features of our Class B common stock, we do not anticipate
    that there will ever be a trading market for our Class B
    common stock.
Upon the closing of this offering, we will have outstanding an
    aggregate
    of           shares
    of Class A common stock and 9,000,000 shares of
    Class B common stock, based on 7,271,142 shares of
    Class B common stock outstanding as of December 31,
    2009, assuming no exercise by the underwriters of their
    over-allotment option and no exercise of outstanding options or
    an outstanding warrant. Of these shares, all of the shares of
    our Class A common stock sold in this offering will be
    freely tradable without restriction or further registration
    under the Securities Act, except for any shares of our
    Class A common stock purchased by our
    "affiliates," as that term is defined in Rule 144
    under the Securities Act, whose sales would be subject to the
    Rule 144 resale restrictions described below.
The remaining shares of Class A common stock and all of the
    shares of our Class B common stock (and the shares of
    Class A common stock that they can be converted into) will
    be "restricted securities," as that term is defined in
    Rule 144 under the Securities Act. As set forth in our
    restated certificate of incorporation, upon the consummation of
    the sale of any shares of our Class B common stock (except
    for sales to family members and certain affiliated persons and
    entities), such shares of our Class B common stock will be
    automatically converted into shares of our Class A common
    stock. These restricted securities are eligible for public sale
    only if they are registered under the Securities Act or if they
    qualify for an exemption from registration under the Securities
    Act. One such safe-harbor exemption is Rule 144, which is
    summarized below.
Subject to the
lock-up
agreements described below and the provisions of Rule 144
    under the Securities Act, these restricted securities will be
    available for sale in the public market as follows:
Date Available for Sale
Shares Eligible for Sale
Comment
Date of prospectus
Shares sold in the offering and shares that can be sold under
    Rule 144 that are not subject to a lock-up
90 days after date of prospectus
Shares that are not subject to a lock-up and can be sold under
    Rule 144
180 days after date of prospectus
Lock-up released; shares can be sold under Rule 144
In addition, of the 4,725,100 shares of our Class A
    common stock that were issuable upon the exercise of stock
    options outstanding as of December 31, 2009, options to
    purchase 3,516,775 shares were exercisable as of
    December 31, 2009 and, upon exercise, these shares will be
    eligible for sale in the public markets, subject to the
lock-up
agreements and securities laws described below. Our outstanding
    warrant for 202,643 shares of our Class A common stock
    was exercisable as of December 31, 2009, and upon exercise
    these shares will be eligible for sale in the public market six
    months after the date of exercise, subject to the
lock-up
agreements and securities laws described below.
Rule 144
Affiliate
    Resales of Shares
Affiliates of ours must generally comply with Rule 144 if
    they wish to sell in the public market any shares of our
    Class A common stock or our Class B common stock,
    whether or not those shares are "restricted
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securities." "Restricted securities" are any
    securities acquired from us or one of our affiliates in a
    transaction not involving a public offering. All shares of our
    Class A and Class B common stock issued prior to the
    closing of this offering, and the shares of Class A common
    stock that our Class B common stock can be converted into,
    are considered to be restricted securities. The shares of our
    Class A common stock sold in this offering are not
    considered to be restricted securities.
In general, subject to the
lock-up
agreements described below, beginning 90 days after the
    effective date of the registration statement of which this
    prospectus is a part, a person who is an affiliate of ours, or
    who was an affiliate of ours at any time during the 90 days
    immediately before a sale can sell restricted shares of our
    Class A common stock or our Class B common stock in
    compliance with the following requirements of Rule 144.
Holding period:
If the shares are restricted
    securities, an affiliate must have beneficially owned the shares
    of our Class A or Class B common stock for at least
    six months.
Manner of sale:
An affiliate must sell its
    shares in "broker's transactions" or certain
    "riskless principal transactions" or to market makers,
    each within the meaning of Rule 144.
Limitation on number of shares sold:
An
    affiliate is only allowed to sell within any three-month period
    an aggregate number of shares of our Class A and our B
    common stock that does not exceed:
•
for our Class B common stock: one percent of the number of
    the total number of shares of our Class A and Class B
    common stock then outstanding, which will equal
    approximately          shares
    immediately after this offering; and
•
for our Class B common stock converted to Class A
    common stock and our Class A common stock, the greater of
    (a) one percent of the number of the aggregate number of
    shares of our Class A and Class B common stock then
    outstanding, which will equal
    approximately           shares
    immediately after this offering or (b) the average weekly
    trading volume in our Class A common stock on the stock
    exchange where our Class A common stock is traded during
    the four calendar weeks preceding either (i) to the extent
    that the seller is required to file a notice on Form 144
    with respect to such sale, the date of filing such notice,
    (ii) date of receipt of the order to execute the
    transaction by the broker or (iii) the date of execution of
    the transaction with the market maker.
Current public information:
An affiliate may
    only resell its restricted securities to the extent that
    adequate current public information, as defined in
    Rule 144, is available about us, which, in our case, means
    that we have been subject to the reporting requirements of
    Section 13 or 15(d) of the Securities Exchange Act of 1934
    for a period of at least 90 days prior to the date of the
    sale and we have filed all reports with the SEC required by
    those sections during the preceding twelve months (or such
    shorter period that we have been subject to these filing
    requirements).
Notice on Form 144:
If the number of
    shares of either our Class A or Class B common stock
    being sold by an affiliate under Rule 144 during any
    three-month period exceeds 5,000 shares or has an aggregate
    sale price in excess of $50,000, then the seller must file a
    notice on Form 144 with the SEC and the stock exchange on
    which our Class A common stock is traded concurrently with
    either the placing of a sale order with the broker or the
    execution directly with a market maker.
Non-Affiliate
    Resales of Restricted Shares
Any person or entity who is not an affiliate of ours and who has
    not been an affiliate of ours at any time during the three
    months preceding a sale is only required to comply with
    Rule 144 in connection with sales of restricted shares of
    our Class A or Class B common stock. Subject to the
lock-up
agreements described below, those persons may sell shares of our
    Class A or Class B common stock that they have
    beneficially owned for at least one year without any
    restrictions under Rule 144 immediately following the
    effective date of the registration statement of which this
    prospectus is a part.
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Further, beginning 90 days after the effective date of the
    registration statement of which this prospectus is a part, a
    person who is not an affiliate of ours at the time such person
    sells shares of either our Class A or Class B common
    stock, and has not been an affiliate of ours at any time during
    the three months preceding such sale, and who has beneficially
    owned such shares of our Class A or Class B common
    stock, as applicable, for at least six months but less than a
    year, is entitled to sell such shares so long as there is
    adequate current public information, as defined in
    Rule 144, available about us.
Resales of restricted shares of our Class A and
    Class B common stock by non-affiliates are not subject to
    the manner of sale, volume limitation or notice filing
    provisions of Rule 144, described above.
Rule 701
Rule 701 under the Securities Act applies to shares
    purchased from us by our employees, directors or consultants, in
    connection with a qualified compensatory stock plan or other
    written agreement, either prior to the date of this prospectus
    or pursuant to the exercise of options granted prior to the date
    of this prospectus. Shares issued in reliance on Rule 701
    are "restricted securities," but may be sold in the
    public market beginning 90 days after the date of this
    prospectus (i) by our affiliates, subject to compliance
    with the provisions of Rule 144 other than its one-year
    holding period requirement, and (ii) by persons other than
    our affiliates, subject only to the manner of sale provisions of
    Rule 144.
Lock-up
Agreements
Our officers and directors and the holders
    of          
    outstanding shares of our Class A common stock and all of
    our outstanding shares of Class B common stock have agreed
    with the underwriters, subject to certain exceptions, not to
    dispose of or hedge any of our Class A or Class B
    common stock or securities convertible into or exchangeable for
    shares of our Class A common stock for a period through the
    date 180 days after the date of this prospectus, as
    modified as described below, except with the prior written
    consent of Merrill Lynch, Pierce, Fenner & Smith
    Incorporated on behalf of the underwriters.
The
180-day
restricted period will be automatically extended under the
    following circumstances:
•
if, during the last 17 days of the
180-day
restricted period, we issue an earnings release or announce
    material news or a material event, the restrictions described in
    the preceding paragraph will continue to apply until the
    expiration of the
18-day
period beginning on the issuance of the earnings release or the
    announcement of the material news or material event; or
•
if, prior to the expiration of the
180-day
restricted period, we announce that we will release earnings
    results or become aware that other material news or a material
    event will occur during the
16-day
period beginning on the last day of the
180-day
period, the restrictions described in the preceding paragraph
    will continue to apply until the expiration of the
18-day
period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event, as applicable.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
    currently does not anticipate shortening or waiving any of the
lock-up
agreements and do not have any pre-established conditions for
    such modifications or waivers. Merrill Lynch, Pierce,
    Fenner & Smith Incorporated may, however, release for
    sale in the public market all or any portion of the shares
    subject to the
lock-up
agreement.
Stock
    Options and Warrants
As of December 31, 2009, there were 202,643 shares of
    our Class A common stock issuable upon the exercise of a
    warrant outstanding and exercisable as of December 31, 2009
    at an exercise price of $0.01 per share, which will remain
    outstanding after this offering if not exercised prior to this
    offering.
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As of December 31, 2009, we had outstanding options to
    purchase 4,725,100 shares of our Class A common stock
    at a weighted-average exercise price of $5.36 per share, of
    which options to purchase 3,516,775 shares were exercisable
    as of December 31, 2009. Following this offering, we intend
    to file a registration statement on
Form S-8
under the Securities Act to register all of the shares subject
    to outstanding options and options and other awards issuable
    under the 2000 stock plan and the 2010 stock plan. See
    "Management—Executive Compensation—Stock Option
    and Other Compensation Plans" for additional information
    regarding these plans.
Registration
    Rights
Mr. Sakellaris, Mr. Byrne and AMCAP have registration
    rights with respect to certain shares of Class A common
    stock held by, or issuable to, them. See "Related Person
    Transactions—Registration Rights."
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MATERIAL
    U.S. FEDERAL TAX CONSIDERATIONS FOR
NON-U.S.
HOLDERS
The following is a general discussion of material
    U.S. federal income and estate tax considerations relating
    to ownership and disposition of our Class A common stock by
    a
non-U.S. holder.
For purposes of this discussion, the term
"non-U.S. holder"
means a beneficial owner of our Class A common stock that
    is not, for U.S. federal income tax purposes:
•
an individual who is a citizen or resident of the United States;
•
a corporation, or other entity treated as a corporation for
    U.S. federal income tax purposes, created or organized in
    or under the laws of the United States or of any political
    subdivision of the United States;
•
an estate the income of which is subject to U.S. federal
    income taxation regardless of its source; or
•
a trust, if a U.S. court is able to exercise primary
    supervision over the administration of the trust and one or more
    U.S. persons have authority to control all substantial
    decisions of the trust or if the trust has a valid election to
    be treated as a U.S. person under applicable
    U.S. Treasury Regulations.
An individual may be treated as a resident instead of a
    nonresident of the United States in any calendar year for
    U.S. federal income tax purposes if the individual was
    present in the United States for at least 31 days in that
    calendar year and for an aggregate of at least 183 days
    during the three-year period ending with the current calendar
    year. For purposes of this calculation, all of the days present
    in the current year, one-third of the days present in the
    immediately preceding year and one-sixth of the days present in
    the second preceding year are counted. Residents are taxed for
    U.S. federal income tax purposes as if they were
    U.S. citizens.
This discussion is based on current provisions of the Code,
    existing and proposed U.S. Treasury Regulations promulgated
    thereunder, current administrative rulings and judicial
    decisions, all as in effect as of the date of this prospectus
    and all of which are subject to change or to differing
    interpretation, possibly with retroactive effect. Any change
    could alter the tax consequences to
non-U.S. holders
described in this prospectus. In addition, the Internal Revenue
    Service, or the IRS, could challenge one or more of the tax
    consequences described in this prospectus.
We assume in this discussion that each
non-U.S. holder
holds shares of our Class A common stock as a capital asset
    (generally, property held for investment). This discussion does
    not address all aspects of U.S. federal income and estate
    taxation that may be relevant to a particular
non-U.S. holder
in light of that
non-U.S. holder's
individual circumstances nor does it address any aspects of
    U.S. state, local or
non-U.S. taxes.
This discussion also does not consider any specific facts or
    circumstances that may apply to a
non-U.S. holder
and does not address the special tax rules applicable to
    particular
non-U.S. holders,
such as:
•
insurance companies;
•
tax-exempt organizations;
•
financial institutions;
•
brokers or dealers in securities;
•
regulated investment companies;
•
pension plans;
•
controlled foreign corporations;
•
passive foreign investment companies;
•
owners that hold our Class A common stock as part of a
    straddle, hedge, conversion transaction, synthetic security or
    other integrated investment; and
•
certain U.S. expatriates.
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In addition, this discussion does not address the tax treatment
    of partnerships or persons who hold their Class A common
    stock through partnerships or other entities which are
    transparent for U.S. federal income tax purposes. A partner
    in a partnership or other transparent entity that will hold our
    Class A common stock should consult his, her or its own tax
    advisor regarding the tax consequences of the ownership and
    disposition of our Class A common stock through a
    partnership or other transparent entity, as applicable.
Prospective investors should consult their own tax advisors
    regarding the U.S. federal, state, local and
    non-U.S. income and other tax considerations of acquiring,
    holding and disposing of our Class A common stock.
Dividends
If we pay distributions on our Class A common stock, those
    distributions generally will constitute dividends for
    U.S. federal income tax purposes to the extent paid from
    our current or accumulated earnings and profits, as determined
    under U.S. federal income tax principles. If a distribution
    exceeds our current and accumulated earnings and profits, the
    excess will be treated as a tax-free return of the
non-U.S. holder's
investment, up to such holder's tax basis in the
    Class A common stock. Any remaining excess will be treated
    as capital gain, subject to the tax treatment described below
    under the heading "Gain on Disposition of Class A
    Common Stock."
Dividends paid to a
non-U.S. holder
generally will be subject to withholding of U.S. federal
    income tax at a 30% rate or such lower rate as may be specified
    by an applicable income tax treaty between the United States and
    such holder's country of residence. If we determine, at a
    time reasonably close to the date of payment of a distribution
    on our Class A common stock, that the distribution will not
    constitute a dividend because we do not anticipate having
    current or accumulated earnings and profits, we intend not to
    withhold any U.S. federal income tax on the distribution as
    permitted by U.S. Treasury Regulations.
Dividends that are treated as effectively connected with a trade
    or business conducted by a
non-U.S.
holder within the United States, and, if an applicable income
    tax treaty so provides, that are attributable to a permanent
    establishment or a fixed base maintained by the
non-U.S. holder
within the United States, are generally exempt from the 30%
    withholding tax if the
non-U.S. holder
satisfies applicable certification and disclosure requirements.
    However, such U.S. effectively connected income, net of
    specified deductions and credits, is taxed at the same graduated
    U.S. federal income tax rates applicable to
    U.S. persons (as defined in the Code). Any
    U.S. effectively connected income received by a
non-U.S. holder
that is a corporation may also, under certain circumstances, be
    subject to an additional "branch profits tax" at a 30%
    rate or such lower rate as may be specified by an applicable
    income tax treaty between the United States and such
    holder's country of residence.
A
non-U.S. holder
of our Class A common stock who claims the benefit of an
    applicable income tax treaty between the United States and such
    holder's country of residence generally will be required to
    provide a properly executed IRS
Form W-8BEN
(or successor form) and satisfy applicable certification and
    other requirements. Non-U.S holders are urged to consult their
    own tax advisors regarding their entitlement to benefits under a
    relevant income tax treaty.
A
non-U.S. holder
that is eligible for a reduced rate of U.S. withholding tax
    under an income tax treaty may obtain a refund or credit of any
    excess amounts withheld by timely filing an appropriate claim
    with the IRS.
Gain on
    Disposition of Class A Common Stock
A
non-U.S. holder
generally will not be subject to U.S. federal income tax on
    gain recognized on a disposition of our Class A common
    stock unless:
•
the gain is effectively connected with the
non-U.S. holder's
conduct of a trade or business in the United States, and, if an
    applicable income tax treaty so provides, the gain is
    attributable to a permanent establishment maintained by the
non-U.S. holder
in the United States; in these cases, the
non-U.S. holder
will be taxed on a net income basis at the regular graduated
    rates and in the manner applicable to U.S. persons, and, if
    the
non-U.S. holder
is a foreign corporation, an additional branch profits tax at a
    rate of 30%, or a lower rate as may be specified by an
    applicable income tax treaty, may also apply;
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•
the
non-U.S. holder
is an individual present in the United States for 183 days
    or more in the taxable year of the disposition and certain other
    conditions are met, in which case the
non-U.S. holder
will be subject to a 30% tax (or such lower rate as may be
    specified by an applicable income tax treaty) on the net gain
    derived from the disposition; or
•
we are or have been, at any time during the five-year period
    preceding such disposition (or the
non-U.S. holder's
holding period, if shorter) a "U.S. real property
    holding corporation" unless our Class A common stock
    is regularly traded on an established securities market and the
non-U.S. holder
held no more than five percent of our outstanding Class A
    common stock, directly or indirectly, during the shorter of the
five-year
period ending on the date of the disposition or the period that
    the
non-U.S. holder
held our Class A common stock. Generally, a corporation is
    a "U.S. real property holding corporation" if the
    fair market value of its "U.S. real property
    interests" equals or exceeds 50% of the sum of the fair
    market value of its worldwide real property interests plus its
    other assets used or held for use in a trade or business. We
    believe that we are not currently, and we do not anticipate
    becoming, a "U.S. real property holding
    corporation" for U.S. federal income tax purposes.
Information
    Reporting and Backup Withholding Tax
We must report annually to the IRS and to each
non-U.S. holder
the gross amount of the distributions on our Class A common
    stock paid to such holder and the tax withheld, if any, with
    respect to such distributions.
Non-U.S. holders
may have to comply with specific certification procedures to
    establish that the holder is not a U.S. person (as defined
    in the Code) in order to avoid backup withholding at the
    applicable rate, currently 28%, with respect to dividends on our
    Class A common stock. Generally, a holder will comply with
    such procedures if it provides a properly executed IRS
Form W-8BEN
or otherwise meets documentary evidence requirements for
    establishing that it is a
non-U.S. holder,
or otherwise establishes an exemption.
Information reporting and backup withholding generally will
    apply to the proceeds of a disposition of our Class A
    common stock by a
non-U.S. holder
effected by or through the U.S. office of any broker,
    U.S. or foreign, unless the holder certifies its status as
    a
non-U.S. holder
and satisfies certain other requirements, or otherwise
    establishes an exemption. Generally, information reporting and
    backup withholding will not apply to a payment of disposition
    proceeds to a
non-U.S. holder
where the transaction is effected outside the United States
    through a
non-U.S. office
of a broker. However, for information reporting purposes,
    dispositions effected through a
non-U.S. office
of a broker with substantial U.S. ownership or operations
    generally will be treated in a manner similar to dispositions
    effected through a U.S. office of a broker.
Non-U.S. holders
should consult their own tax advisors regarding the application
    of the information reporting and backup withholding rules to
    them.
Copies of information returns may be made available to the tax
    authorities of the country in which the
non-U.S. holder
resides or is incorporated under the provisions of a specific
    treaty or agreement.
Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
non-U.S. holder
can be refunded or credited against the
non-U.S. holder's
U.S. federal income tax liability, if any, provided that an
    appropriate claim is timely filed with the IRS.
Federal
    Estate Tax
Class A common stock owned or treated as owned by an
    individual who is a
non-U.S. holder
(as specially defined for U.S. federal estate tax purposes)
    at the time of death will be included in the individual's
    gross estate for U.S. federal estate tax purposes and,
    therefore, may be subject to U.S. federal estate tax,
    unless an applicable estate tax or other treaty provides
    otherwise.
The preceding discussion of material U.S. federal tax
    considerations is for general information only. It is not tax
    advice. Prospective investors should consult their own tax
    advisors regarding the particular U.S. federal, state,
    local and non- U.S. tax consequences of purchasing, holding
    and disposing of our Class A common stock, including the
    consequences of any proposed changes in applicable laws.
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UNDERWRITING
Merrill Lynch, Pierce, Fenner & Smith Incorporated is
    acting as representative of each of the underwriters named
    below. Subject to the terms and conditions set forth in a
    purchase agreement among us, the selling stockholders and the
    underwriters, we and the selling stockholders have agreed to
    sell to the underwriters, and each of the underwriters has
    agreed, severally and not jointly, to purchase from us and the
    selling stockholders, the number of shares of Class A
    common stock set forth opposite its name below.
Number
Underwriter
of Shares
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
RBC Capital Markets Corporation
Oppenheimer & Co. Inc.
Total
Subject to the terms and conditions set forth in the purchase
    agreement, the underwriters have agreed, severally and not
    jointly, to purchase all of the shares sold under the purchase
    agreement if any of these shares are purchased. If an
    underwriter defaults, the purchase agreement provides that the
    purchase commitments of the nondefaulting underwriters may be
    increased or the purchase agreement may be terminated.
We and the selling stockholders have agreed to indemnify the
    underwriters against certain liabilities, including liabilities
    under the Securities Act, or to contribute to payments the
    underwriters may be required to make in respect of those
    liabilities.
The underwriters are offering the shares, subject to prior sale,
    when, as and if issued to and accepted by them, subject to
    approval of legal matters by their counsel, including the
    validity of the shares, and other conditions contained in the
    purchase agreement, such as the receipt by the underwriters of
    officer's certificates and legal opinions. The underwriters
    reserve the right to withdraw, cancel or modify offers to the
    public and to reject orders in whole or in part.
Commissions
    and Discounts
The representative has advised us and the selling stockholders
    that the underwriters propose initially to offer the shares to
    the public at the public offering price set forth on the cover
    page of this prospectus and to dealers at that price less a
    concession not in excess of $      per
    share. The underwriters may allow, and the dealers may reallow,
    a discount not in excess of $      per
    share to other dealers. After the initial offering, the public
    offering price, concession or any other term of the offering may
    be changed.
The following table shows the public offering price,
    underwriting discount and proceeds before expenses to us and the
    selling stockholders. The information assumes either no exercise
    or full exercise by the underwriters of their overallotment
    option.
Per Share
Without Option
With Option
Public offering price
$
$
$
Underwriting discount
$
$
$
Proceeds, before expenses, to us
$
$
$
Proceeds, before expenses, to the selling stockholders
$
$
$
The expenses of the offering, not including the underwriting
    discount, are estimated at $      and
    are payable by us and the selling stockholders.
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Overallotment
    Option
We and the selling stockholders have granted an option to the
    underwriters to purchase up
    to          additional
    shares at the public offering price, less the underwriting
    discount. The underwriters may exercise this option for
    30 days from the date of this prospectus solely to cover
    any overallotments. If the underwriters exercise this option,
    each will be obligated, subject to conditions contained in the
    purchase agreement, to purchase a number of additional shares
    proportionate to that underwriter's initial amount
    reflected in the above table.
No Sales
    of Similar Securities
We and the selling stockholders, our executive officers and
    directors and our other existing security holders have agreed
    not to sell or transfer any common stock or securities
    convertible into, exchangeable for, exercisable for, or
    repayable with common stock, for 180 days after the date of
    this prospectus without first obtaining the written consent of
    Merrill Lynch, Pierce, Fenner & Smith Incorporated.
    Specifically, we and these other persons have agreed, with
    certain limited exceptions, not to directly or indirectly
•
offer, pledge, sell or contract to sell any common stock;
•
sell any option or contract to purchase any common stock;
•
purchase any option or contract to sell any common stock;
•
grant any option, right or warrant for the sale of any common
    stock;
•
lend or otherwise dispose of or transfer any common stock;
•
request or demand that we file a registration statement related
    to the common stock; or
•
enter into any swap or other agreement that transfers, in whole
    or in part, the economic consequence of ownership of any common
    stock whether any such swap or transaction is to be settled by
    delivery of shares or other securities, in cash or otherwise.
We may also issue shares of common stock or securities
    convertible into, exchangeable for, exercisable for, or
    repayable with in connection with business combinations or
    acquisitions of assets or businesses so long as the number of
    shares issued does not exceed  % of our common stock
    outstanding immediately following the closing of this offering.
This
lock-up
provision applies to common stock and to securities convertible
    into or exchangeable or exercisable for or repayable with common
    stock. It also applies to common stock owned now or acquired
    later by the person executing the agreement or for which the
    person executing the agreement later acquires the power of
    disposition. In the event that either (x) during the last
    17 days of the
lock-up
period referred to above, we issue an earnings release or
    material news or a material event relating to us occurs or
    (y) prior to the expiration of the
lock-up
period, we announce that we will release earnings results or
    become aware that material news or a material event will occur
    during the
16-day
period beginning on the last day of the
lock-up
period, the restrictions described above shall continue to apply
    until the expiration of the
18-day
period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
Listing
We expect the shares to be approved for listing on
    the          
    under the symbol
    "          ."
    If the listing will be on the New York Stock Exchange, in order
    to meet the requirements for listing on that exchange, the
    underwriters will have undertaken to sell a minimum number of
    shares to a minimum number of beneficial owners as required by
    that exchange.
Before this offering, there has been no public market for our
    common stock. The initial public offering price will be
    determined through negotiations among us, the selling
    stockholders and the representative. In addition to prevailing
    market conditions, the factors to be considered in determining
    the initial public offering price are
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•
the valuation multiples of publicly-traded companies that the
    representative believes to be comparable to us;
•
our financial information;
•
the history of, and the prospects for, our company and the
    industry in which we compete;
•
an assessment of our management, its past and present
    operations, and the prospects for, and timing of, our future
    revenue; and
•
the above factors in relation to market values and various
    valuation measures of other companies engaged in activities
    similar to ours.
An active trading market for the shares may not develop. It is
    also possible that after the offering the shares will not trade
    in the public market at or above the initial public offering
    price.
The underwriters do not expect to sell more than five percent of
    the shares in the aggregate to accounts over which they exercise
    discretionary authority.
Price
    Stabilization, Short Positions and Penalty Bids
Until the distribution of the shares is completed, SEC rules may
    limit underwriters and selling group members from bidding for
    and purchasing our common stock. However, the representative may
    engage in transactions that stabilize the price of the common
    stock, such as bids or purchases to peg, fix or maintain that
    price.
In connection with the offering, the underwriters may purchase
    and sell our common stock in the open market. These transactions
    may include short sales, purchases on the open market to cover
    positions created by short sales and stabilizing transactions.
    Short sales involve the sale by the underwriters of a greater
    number of shares than they are required to purchase in the
    offering. "Covered" short sales are sales made in an
    amount not greater than the underwriters' overallotment
    option described above. The underwriters may close out any
    covered short position by either exercising their overallotment
    option or purchasing shares in the open market. In determining
    the source of shares to close out the covered short position,
    the underwriters will consider, among other things, the price of
    shares available for purchase in the open market as compared to
    the price at which they may purchase shares through the
    overallotment option. "Naked" short sales are sales in
    excess of the overallotment option. The underwriters must close
    out any naked short position by purchasing shares in the open
    market. A naked short position is more likely to be created if
    the underwriters are concerned that there may be downward
    pressure on the price of our common stock in the open market
    after pricing that could adversely affect investors who purchase
    in the offering. Stabilizing transactions consist of various
    bids for or purchases of shares of common stock made by the
    underwriters in the open market prior to the completion of the
    offering.
The underwriters may also impose a penalty bid. This occurs when
    a particular underwriter repays to the underwriters a portion of
    the underwriting discount received by it because the
    representative has repurchased shares sold by or for the account
    of such underwriter in stabilizing or short covering
    transactions.
Similar to other purchase transactions, the underwriters'
    purchases to cover the syndicate short sales may have the effect
    of raising or maintaining the market price of our common stock
    or preventing or retarding a decline in the market price of our
    common stock. As a result, the price of our common stock may be
    higher than the price that might otherwise exist in the open
    market. The underwriters may conduct these transactions on the ,
    in the
over-the-counter
market or otherwise.
Neither we nor any of the underwriters make any representation
    or prediction as to the direction or magnitude of any effect
    that the transactions described above may have on the price of
    our common stock. In addition, neither we nor any of the
    underwriters make any representation that the representative
    will engage in these transactions or that these transactions,
    once commenced, will not be discontinued without notice.
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Electronic
    Offer, Sale and Distribution of Shares
In connection with the offering, certain of the underwriters or
    securities dealers may distribute prospectuses by electronic
    means, such as
e-mail.
In
    those cases, prospective investors may view offering terms
    online. Depending upon the particular underwriter, prospective
    investors may be allowed to place orders online. The
    underwriters may agree with us to allocate a specific number of
    shares for sale to online brokerage account holders. Any such
    allocation for online distributions will be made on the same
    basis as other allocations.
Other than this prospectus in electronic format, the information
    concerning any underwriter's web site and any information
    contained in any other web site maintained by an underwriter is
    not intended to be part of this prospectus or the registration
    statement, has not been approved
and/or
endorsed by us or any underwriter in its capacity as
    underwriter. Investors should not rely on such information.
In addition, Merrill Lynch, Pierce, Fenner & Smith
    Incorporated may facilitate Internet distribution for this
    offering to certain of its Internet subscription customers.
    Merrill Lynch, Pierce, Fenner & Smith Incorporated may
    allocate a limited number of shares for sale to its online
    brokerage customers. An electronic prospectus is available on
    the Internet web site maintained by Merrill Lynch, Pierce,
    Fenner & Smith Incorporated. Other than the prospectus
    in electronic format, the information on the Merrill Lynch,
    Pierce, Fenner & Smith Incorporated web site is not
    part of this prospectus.
Conflicts
    of Interest
An affiliate of Merrill Lynch, Pierce, Fenner & Smith
    Incorporated, one of the underwriters, will receive more than
    five percent of the net proceeds from this offering when we
    repay our $50 million revolving senior secured credit
    facility. See "Use of Proceeds." Because of the manner
    in which the proceeds will be used, the offering will be
    conducted in accordance with FINRA Rule 5510(h)(1) and NASD
    Rule 2720. These rules require, among other things, that a
    qualified independent underwriter has participated in the
    preparation of, and has exercised the usual standards of
    "due diligence" in respect to, the registration
    statement and this prospectus. Oppenheimer & Co. Inc.
    has agreed to act as qualified independent underwriter for the
    offering and to undertake the legal responsibilities and
    liabilities of an underwriter under the Securities Act of 1933,
    specifically including those inherent in Section 11 of the
    Securities Act. Oppenheimer & Co. Inc. will not receive any
    additional compensation for acting in this capacity in
    connection with the offering. We have agreed to indemnify
    Oppenheimer & Co. Inc. against liabilities incurred in
    connection with acting as a qualified independent underwriter,
    including liabilities under the Securities Act.
Other
    Relationships
Bank of America, N.A., an affiliate of Merrill Lynch, Pierce,
    Fenner & Smith Incorporated, is the agent and a lender
    under our revolving senior secured credit facility. Some of the
    underwriters and their affiliates have engaged in, and may in
    the future engage in, investment banking and other commercial
    dealings in the ordinary course of business with us or our
    affiliates. They have received, or may in the future receive,
    customary fees and commissions for these transactions.
Notice to
    Prospective Investors in the EEA
In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a
    "Relevant Member State") an offer to the public of any
    shares which are the subject of the offering contemplated by
    this prospectus may not be made in that Relevant Member State,
    except that an offer to the public in that Relevant Member State
    of any shares may be made at any time under the following
    exemptions under the Prospectus Directive, if they have been
    implemented in that Relevant Member State:
(a) to legal entities which are authorized or regulated to
    operate in the financial markets or, if not so authorized or
    regulated, whose corporate purpose is solely to invest in
    securities;
116
Table of Contents
(b) to any legal entity which has two or more of
    (1) an average of at least 250 employees during the
    last financial year; (2) a total balance sheet of more than
    €43,000,000 and (3) an annual net turnover of more
    than €50,000,000, as shown in its last annual or
    consolidated accounts;
(c) by the underwriters to fewer than 100 natural or legal
    persons (other than "qualified investors" as defined
    in the Prospectus Directive) subject to obtaining the prior
    consent of the representative for any such offer; or
(d) in any other circumstances falling within
    Article 3(2) of the Prospectus Directive;
provided that no such offer of shares shall result in a
    requirement for the publication by us or any representative of a
    prospectus pursuant to Article 3 of the Prospectus
    Directive.
Any person making or intending to make any offer of shares
    within the EEA should only do so in circumstances in which no
    obligation arises for us or any of the underwriters to produce a
    prospectus for such offer. Neither we nor the underwriters have
    authorized, nor do they authorize, the making of any offer of
    shares through any financial intermediary, other than offers
    made by the underwriters which constitute the final offering of
    shares contemplated in this prospectus.
For the purposes of this provision, and your representation
    below, the expression an "offer to the public" in
    relation to any shares in any Relevant Member State means the
    communication in any form and by any means of sufficient
    information on the terms of the offer and any shares to be
    offered so as to enable an investor to decide to purchase any
    shares, as the same may be varied in that Relevant Member State
    by any measure implementing the Prospectus Directive in that
    Relevant Member State and the expression "Prospectus
    Directive" means Directive 2003/71/EC and includes any
    relevant implementing measure in each Relevant Member State.
Each person in a Relevant Member State who receives any
    communication in respect of, or who acquires any shares under,
    the offer of shares contemplated by this prospectus will be
    deemed to have represented, warranted and agreed to and with us
    and each underwriter that:
(A) it is a "qualified investor" within the
    meaning of the law in that Relevant Member State implementing
    Article 2(1)(e) of the Prospectus Directive; and
(B) in the case of any shares acquired by it as a financial
    intermediary, as that term is used in Article 3(2) of the
    Prospectus Directive, (i) the shares acquired by it in the
    offering have not been acquired on behalf of, nor have they been
    acquired with a view to their offer or resale to, persons in any
    Relevant Member State other than "qualified investors"
    (as defined in the Prospectus Directive), or in circumstances in
    which the prior consent of the representative has been given to
    the offer or resale; or (ii) where shares have been
    acquired by it on behalf of persons in any Relevant Member State
    other than qualified investors, the offer of those shares to it
    is not treated under the Prospectus Directive as having been
    made to such persons.
In addition, in the United Kingdom, this document is being
    distributed only to, and is directed only at, and any offer
    subsequently made may only be directed at persons who are
    "qualified investors" (as defined in the Prospectus
    Directive) (i) who have professional experience in matters
    relating to investments falling within Article 19
    (5) of the Financial Services and Markets Act 2000
    (Financial Promotion) Order 2005, as amended (the
    "Order")
and/or
(ii) who are high net worth companies (or persons to whom
    it may otherwise be lawfully communicated) falling within
    Article 49(2)(a) to (d) of the Order (all such persons
    together being referred to as "relevant persons").
    This document must not be acted on or relied on in the United
    Kingdom by persons who are not relevant persons. In the United
    Kingdom, any investment or investment activity to which this
    document relates is only available to, and will be engaged in
    with, relevant persons.
Notice to
    Prospective Investors in Switzerland
This document, as well as any other material relating to the
    shares which are the subject of the offering contemplated by
    this prospectus, do not constitute an issue prospectus pursuant
    to Article 652a
and/or
1156
    of the Swiss Code of Obligations. The shares will not be listed
    on the SIX Swiss Exchange and,
117
Table of Contents
therefore, the documents relating to the shares, including, but
    not limited to, this document, do not claim to comply with the
    disclosure standards of the listing rules of SIX Swiss Exchange
    and corresponding prospectus schemes annexed to the listing
    rules of the SIX Swiss Exchange. The shares are being offered in
    Switzerland by way of a private placement,
i.e.
, to a
    small number of selected investors only, without any public
    offer and only to investors who do not purchase the shares with
    the intention to distribute them to the public. The investors
    will be individually approached by the issuer from time to time.
    This document, as well as any other material relating to the
    shares, is personal and confidential and do not constitute an
    offer to any other person. This document may only be used by
    those investors to whom it has been handed out in connection
    with the offering described herein and may neither directly nor
    indirectly be distributed or made available to other persons
    without express consent of the issuer. It may not be used in
    connection with any other offer and shall in particular not be
    copied
and/or
distributed to the public in (or from) Switzerland.
Notice to
    Prospective Investors in the Dubai International Financial
    Centre
This document relates to an exempt offer in accordance with the
    Offered Securities Rules of the Dubai Financial Services
    Authority. This document is intended for distribution only to
    persons of a type specified in those rules. It must not be
    delivered to, or relied on by, any other person. The Dubai
    Financial Services Authority has no responsibility for reviewing
    or verifying any documents in connection with exempt offers. The
    Dubai Financial Services Authority has not approved this
    document nor taken steps to verify the information set out in
    it, and has no responsibility for it. The shares which are the
    subject of the offering contemplated by this prospectus may be
    illiquid
and/or
subject to restrictions on their resale. Prospective purchasers
    of the shares offered should conduct their own due diligence on
    the shares. If you do not understand the contents of this
    document you should consult an authorised financial adviser.
118
Table of Contents
LEGAL
    MATTERS
The validity of the Class A common stock being offered will
    be passed upon for us by Wilmer Cutler Pickering Hale and Dorr
    LLP, Boston, Massachusetts. The underwriters are represented by
    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.,
    Boston, Massachusetts, in connection with certain legal matters
    related to this offering.
EXPERTS
The consolidated financial statements as of December 31,
    2008 and December 31, 2009 and for each of the three years
    in the period ended December 31, 2009 included in this
    prospectus have been so included in reliance on the report of
    Caturano and Company, P.C., an independent registered
    public accounting firm, given on the authority of said firm as
    experts in auditing and accounting.
119
Table of Contents
WHERE YOU
    CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on
Form S-1
under the Securities Act of 1933 with respect to the shares of
    our Class A common stock to be sold in this offering. This
    prospectus, which constitutes part of the registration
    statement, does not include all of the information contained in
    the registration statement and the exhibits, schedules and
    amendments to the registration statement. Some items are omitted
    in accordance with the rules and regulations of the SEC. For
    further information with respect to us and our Class A
    common stock, we refer you to the registration statement and to
    the exhibits and schedules to the registration statement filed
    as part of the registration statement. Statements contained in
    this prospectus about the contents of any contract or any other
    document filed as an exhibit are not necessarily complete and in
    each instance we refer you to the copy of the contract or other
    documents filed as an exhibit to the registration statement.
    Each of theses statements is qualified in all respects by this
    reference.
You may read and copy the registration statement of which this
    prospectus is a part at the SEC's public reference room,
    which is located at 100 F Street, N.E.,
    Room 1580, Washington, D.C. 20549. You can request
    copies of the registration statement by writing to the SEC and
    paying a fee for the copying cost. Please call the SEC at
1-800-SEC-0330
for more information about the operation of the SEC's
    public reference room. In addition, the SEC maintains an
    Internet website, located at www.sec.gov, which contains
    reports, proxy and information statements and other information
    regarding issuers that file electronically with the SEC. You may
    access the registration statement of which this prospectus is a
    part at the SEC's Internet website.
Upon the closing of the offering, we will become subject to the
    full informational and periodic reporting requirements of the
    Exchange Act. We will fulfill our obligations with respect to
    such requirements by filing periodic reports and other
    information with the SEC. These documents will also be publicly
    available, free of charge, on our website, www.ameresco.com. We
    intend to furnish our stockholders with annual reports
    containing consolidated financial statements certified by an
    independent registered public accounting firm.
120
AMERESCO,
    INC.
Index
    to Consolidated Financial Statements
Report of Independent Registered Public
    Accounting Firm
F-2
Consolidated Financial Statements:
Balance Sheets
F-3
Statements of Income and Comprehensive Income
F-4
Statements of Changes in Stockholders'
    Equity
F-5
Statements of Cash Flows
F-6
Notes to Consolidated Financial Statements
F-8
F-1
Table of Contents
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Stockholders of Ameresco, Inc. and Subsidiaries
We have audited the accompanying consolidated balances sheets of
    Ameresco, Inc. and Subsidiaries as of December 31, 2009 and
    2008, and the related consolidated statements of income and
    comprehensive income, changes in stockholders' equity and
    cash flows for each of the three years in the period ended
    December 31, 2009. These financial statements are the
    responsibility of the Company's management. Our
    responsibility is to express an opinion on these financial
    statements based on our audits.
We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. The Company is not required to
    have, nor were we engaged to perform, an audit of its internal
    control over financial reporting. Our audit included
    consideration of internal controls over financial reporting as a
    basis for designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Company's controls over
    financial reporting. Accordingly, we express no such opinion. An
    audit includes examining, on a test basis, evidence supporting
    the amounts and disclosures in the financial statements. An
    audit also includes assessing the accounting principles used and
    significant estimates made by management, as well as evaluating
    the overall financial statement presentation. We believe that
    our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of Ameresco, Inc. and Subsidiaries as of
    December 31, 2009 and 2008, and the results of their
    operations and their cash flows for each of the years in the
    period ended December 31, 2009, in conformity with
    U.S. generally accepted accounting principles.
/s/ Caturano and Company, P.C.
CATURANO AND COMPANY, P.C.
March 31, 2010
Boston, Massachusetts
F-2
Table of Contents
AMERESCO,
    INC.
CONSOLIDATED
    BALANCE SHEETS
December 31,
2008
2009
ASSETS
Current assets:
Cash and cash equivalents
$
18,149,145
$
47,927,540
Restricted cash
7,743,238
9,249,885
Accounts receivable, net
49,073,084
61,279,515
Accounts receivable retainage
12,907,288
9,242,288
Costs and estimated earnings in excess of billings
9,755,691
14,009,076
Inventory, net
7,460,671
4,237,909
Prepaid expenses and other current assets
6,368,279
8,077,761
Deferred income taxes
9,540,208
9,279,473
Project development costs
10,434,641
8,468,974
Total current assets
131,432,245
171,772,421
Federal ESPC receivable financing
25,585,217
51,397,347
Property and equipment, net
3,713,218
4,373,256
Project assets, net
103,053,353
117,637,990
Deferred financing fees, net
1,032,506
3,582,560
Goodwill
13,640,265
16,132,429
Other assets
13,570,169
10,648,605
160,594,728
203,772,187
$
292,026,973
$
375,544,608
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
5,142,757
$
8,093,016
Accounts payable
46,387,522
75,578,378
Accrued expenses
16,367,193
18,362,674
Billings in excess of cost and estimated earnings
20,860,311
28,166,364
Income taxes payable
2,209,386
2,129,529
Total current liabilities
90,967,169
132,329,961
Long-term debt, less current portion
90,980,463
102,807,203
Subordinated debt
2,998,750
2,998,750
Deferred income taxes
12,160,724
11,901,645
Deferred grant income (Note 5)
—
4,158,508
Other liabilities
20,833,612
18,578,754
126,973,549
140,444,860
Commitments and contingencies (Note 13)
Stockholders' equity:
Series A convertible preferred stock, $0.0001 par
    value, 3,500,000 shares authorized, 3,210,000 shares
    issued and outstanding
321
321
Common stock, $0.0001 par value, 30,000,000 shares
    authorized,  7,130,084 shares issued and 4,844,392
    outstanding at December 31, 2008, 8,999,084 shares
    issued and 6,641,142 outstanding at December 31, 2009
713
900
Additional paid-in capital
4,346,790
10,467,212
Retained earnings
77,975,837
97,882,985
Less — treasury stock, at cost, 2,285,692 shares
    and 2,357,942
shares, respectively
(7,538,653
)
(8,413,601
)
Accumulated other comprehensive (loss) income
(698,753
)
2,831,970
Total stockholders' equity
74,086,255
102,769,787
$
292,026,973
$
375,544,608
F-3
Table of Contents
AMERESCO,
    INC
CONSOLIDATED
    STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Year Ended December 31,
2007
2008
2009
Revenue:
Energy efficiency revenue
$
345,935,912
$
325,031,789
$
340,635,122
Renewable energy revenue
32,541,298
70,821,940
87,881,467
378,477,210
395,853,729
428,516,589
Direct expenses:
Energy efficiency expenses
285,966,267
259,018,970
282,344,502
Renewable energy expenses
26,071,557
59,550,958
66,472,031
312,037,824
318,569,928
348,816,533
Gross profit
66,439,386
77,283,801
79,700,056
Operating expenses:
Salaries and benefits
25,892,212
30,288,750
28,273,987
Project development costs
8,062,996
13,106,407
9,599,862
General, administrative and other
13,087,106
9,212,872
16,532,355
47,042,314
52,608,029
54,406,204
Operating income
19,397,072
24,675,772
25,293,852
Other (expense) income, net (Note 16)
(3,138,067
)
(5,187,545
)
1,562,910
Income before provision for income taxes
16,259,005
19,488,227
26,856,762
Income tax provision
(5,713,590
)
(1,215,127
)
(6,949,614
)
Net income
10,545,415
18,273,100
19,907,148
Other comprehensive income (loss):
Foreign currency translation adjustment
3,306,152
(5,059,128
)
3,530,723
Comprehensive income
$
13,851,567
$
13,213,972
$
23,437,871
Net income per share attributable to common shareholders
Basic
$
1.90
$
3.42
$
3.98
Diluted
$
0.60
$
1.09
$
1.25
Weighted average common shares outstanding
Basic
5,560,511
5,339,055
4,995,956
Diluted
17,698,569
16,789,954
15,964,317
F-4
Table of Contents
AMERESCO,
    INC.
CONSOLIDATED STATEMENTS OF CHANGES IN
    STOCKHOLDERS' EQUITY
Accumulated
Other
Series A Preferred
Additional
Comprehensive
Total
Stock
Common Stock
Paid-in
Retained
Treasury Stock
Income
Stockholders'
Shares
Amount
Shares
Amount
Capital
Earnings
Shares
Amount
(Loss)
Equity
Balance, December 31, 2006
3,210,000
$
321
7,040,084
$
704
$
6,584,141
$
49,426,862
1,252,000
$
(103,239
)
$
1,054,223
$
56,963,012
Cumulative effect of change in accounting
—
—
—
—
—
(269,540
)
—
—
—
(269,540
)
Repurchase of restricted stock
—
—
—
—
—
—
367,025
(2,521,245
)
—
(2,521,245
)
Exercise of stock options
—
—
76,000
8
74,007
—
—
—
—
74,015
Stock-based compensation expense
—
—
—
—
2,678,638
—
—
—
—
2,678,638
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
3,306,152
3,306,152
Net income
—
—
—
—
—
10,545,415
—
—
—
10,545,415
Balance, December 31, 2007
3,210,000
$
321
7,116,084
$
712
$
9,336,786
$
59,702,737
1,619,025
$
(2,624,484
)
$
4,360,375
$
70,776,447
Repurchase of stock
—
—
—
—
—
—
666,667
(4,914,169
)
—
(4,914,169
)
Repurchase of warrants
—
—
—
—
(7,998,001
)
—
—
—
—
(7,998,001
)
Exercise of stock options
—
—
14,000
1
67,249
—
—
—
—
67,250
Stock-based compensation expense
—
—
—
—
2,940,756
—
—
—
—
2,940,756
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
(5,059,128
)
(5,059,128
)
Net income
—
—
—
—
—
18,273,100
—
—
—
18,273,100
Balance, December 31, 2008
3,210,000
$
321
7,130,084
$
713
$
4,346,790
$
77,975,837
2,285,692
$
(7,538,653
)
$
(698,753
)
$
74,086,255
Vesting of 2006 stock issuance
—
—
1,000,000
100
2,077,028
—
—
—
—
2,077,128
Repurchase of restricted stock
—
—
—
—
—
—
72,250
(874,948
)
—
(874,948
)
Exercise of stock options
—
—
869,000
87
874,673
—
—
—
—
874,760
Stock-based compensation expense
—
—
—
—
3,168,721
—
—
—
—
3,168,721
Foreign currency translation adjustment
—
—
—
—
—
—
—
—
3,530,723
3,530,723
Net income
—
—
—
—
—
19,907,148
—
—
—
19,907,148
Balance, December 31, 2009
3,210,000
$
321
8,999,084
$
900
$
10,467,212
$
97,882,985
2,357,942
$
(8,413,601
)
$
2,831,970
$
102,769,787
F-5
Table of Contents
AMERESCO,
    INC.
CONSOLIDATED
    STATEMENTS OF CASH FLOWS
Year Ended December 31,
2007
2008
2009
Cash flows from operating activities:
Net income
$
10,545,415
$
18,273,100
$
19,907,148
Adjustments to reconcile net income to cash provided by
    operating activities:
Depreciation of project assets
2,845,131
2,713,407
5,260,805
Depreciation of property and equipment
1,056,197
1,064,859
1,372,885
Impairment of projects assets
1,997,003
3,500,000
—
Amortization of deferred financing fees
323,587
238,454
254,705
Provision for bad debts
208,159
1,092,294
552,368
Gain relating to certain business acquisitions
—
(5,850,479
)
—
Gain on sale of assets
(2,300,217
)
—
(691,292
)
Unrealized (gain) loss on interest rate swaps
1,365,813
2,831,524
(2,263,802
)
Stock-based compensation expense
2,678,638
2,940,756
3,168,721
Deferred income taxes
(3,630,780
)
(2,071,600
)
3,400,628
Changes in operating assets and liabilities:
(Increase) decrease in:
Restricted cash draws
20,720,436
25,519,347
33,051,426
Accounts receivable
(8,063,037
)
(3,227,279
)
(11,033,926
)
Accounts receivable retainage
(3,692,345
)
(115,488
)
5,029,832
Federal ESPC receivable financing
(9,320,783
)
(26,301,019
)
(52,900,979
)
Inventory
(63,196
)
(3,821,507
)
3,222,762
Costs and estimated earnings in excess of billings
7,163,330
3,939,285
(3,651,857
)
Prepaid expenses and other current assets
2,830,274
(2,337,926
)
(1,591,213
)
Project development costs
(2,851,011
)
(3,623,396
)
1,987,761
Other assets
(200,471
)
(1,934,563
)
3,846,224
Increase (decrease) in:
Accounts payable and accrued expenses
(4,019,297
)
(2,472,682
)
27,280,548
Billings in excess of cost and estimated earnings
9,847,732
(4,602,608
)
6,819,869
Other liabilities
6,224,033
(6,932,531
)
8,945
Income taxes payable
(3,404,810
)
2,525,472
2,264,752
Net cash provided by operating activities
30,259,801
1,347,420
45,296,310
Cash flows from investing activities:
Purchases of property and equipment
(1,789,416
)
(1,863,243
)
(1,797,949
)
Purchases of project assets
(21,019,927
)
(41,158,695
)
(19,841,648
)
Acquisitions, net of cash received
(10,780,467
)
—
(674,110
)
Net cash used in investing activities
(33,589,810
)
(43,021,938
)
(22,313,707
)
F-6
Table of Contents
AMERESCO,
    INC.
CONSOLIDATED
    STATEMENTS OF CASH FLOWS — (Continued)
Year Ended December 31,
2007
2008
2009
Cash flows from financing activities:
Payments of financing fees
(73,652
)
(880,044
)
(2,804,759
)
Proceeds from exercise of stock options
74,015
67,250
874,760
Repurchase of stock
(2,521,245
)
(4,914,169
)
(874,948
)
Repurchase of warrants
—
(7,998,001
)
—
Proceeds from (repayments of) revolving senior secured credit
    facility
—
34,493,460
(14,578,242
)
Repayment of senior secured term and revolving credit facility
(2,500,000
)
(2,500,000
)
—
Proceeds from long-term debt financing
6,173,948
9,277,043
28,196,538
Restricted cash
—
(2,400,580
)
(3,092,590
)
Payments of long-term debt
(4,382,782
)
(2,940,368
)
(3,592,073
)
Net cash (used in) provided by financing activities
$
(3,229,716
)
$
22,204,591
$
4,128,686
Effect of exchange rate changes on cash
$
1,998,055
$
(3,273,211
)
$
2,667,108
Net (decrease) increase in cash and cash equivalents
(4,561,670
)
(22,743,138
)
29,778,395
Cash and cash equivalents, beginning of year
45,453,953
40,892,283
18,149,145
Cash and cash equivalents, end of year
$
40,892,283
$
18,149,145
$
47,927,540
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
$
2,481,849
$
2,431,534
$
2,904,970
Income taxes
$
8,063,883
$
5,304,148
$
2,145,742
Supplemental disclosure of noncash investing and financing
    transactions:
Acquisitions, net of cash received:
Accounts receivable
$
2,419,386
$
—
$
—
Inventory
3,575,968
—
—
Prepaids and other assets
132,500
—
18,177
Property and equipment
78,613
—
113,842
Goodwill
7,645,805
—
2,492,165
Accounts payable
(2,440,437
)
—
(345,181
)
Accrued expenses
(422,839
)
—
(1,222,340
)
Long-term debt, net
—
—
(382,553
)
Other liabilities
(208,529
)
—
—
$
10,780,467
$
—
$
674,110
Noncash ESPC receivable financing
$
21,957,882
$
11,925,101
$
27,088,849
F-7
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
1.
DESCRIPTION
    OF BUSINESS
Ameresco, Inc. and subsidiaries (the, "Company") was
    organized as a Delaware corporation on April 25, 2000. The
    Company is a provider of energy efficiency solutions for
    facilities throughout North America. The Company operates in one
    business segment — providing solutions, both products
    and services, that enable customers to reduce their energy
    consumption, lower their operating and maintenance costs and
    realize environmental benefits. The Company's comprehensive
    set of services includes upgrades to a facility's energy
    infrastructure and the construction and operation of small-scale
    renewable energy plants. It also sells certain photovoltaic
    equipment worldwide. The Company operates in the United States,
    Canada, and Europe.
The Company is compensated through a variety of methods,
    including: 1) direct payments based on
fee-for-services
contracts (utilizing lump-sum or cost-plus pricing
    methodologies); 2) the sale of energy from the
    Company's generating assets; and 3) direct payment for
    photovoltaic equipment and systems.
2.
SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES
Codification
The accompanying consolidated financial statements have been
    prepared in accordance with accounting standards set by the
    Financial Accounting Standards Board ("FASB"). The
    FASB sets generally accepted accounting principles
    ("GAAP") that the Company follows to ensure its
    financial condition, results of operations, and cash flows are
    consistently reported. References to GAAP issued by the FASB in
    these notes to the consolidated financial statements are to the
    FASB Accounting Standards Codification ("ASC"), which
    was effective for the Company in 2009.
A summary of the significant accounting policies consistently
    applied in the preparation of the accompanying consolidated
    financial statements follows.
Principles
    of Consolidation
The accompanying consolidated financial statements include the
    accounts of Ameresco, Inc. and its wholly owned subsidiaries.
    All significant intercompany accounts and transactions have been
    eliminated. Gains and losses from the translation of all foreign
    currency financial statements are recorded in the accumulated
    other comprehensive income (loss) account within
    stockholders' equity.
Use
    of Estimates
The preparation of financial statements in conformity with
    generally accepted accounting principles requires management to
    make estimates and assumptions that affect the reported amounts
    of assets and liabilities and disclosure of contingent assets
    and liabilities at the date of the financial statements and the
    reported amounts of revenue and expenses during the reporting
    period. The most significant estimates with regard to these
    consolidated financial statements relate to the estimation of
    final construction contract profit in accordance with accounting
    for long-term contracts, allowance for doubtful accounts,
    inventory reserves, project development costs, fair value of
    derivative financial instruments, impairment of long lived
    assets, income taxes and estimating potential liability in
    conjunction with certain commitments and contingencies. Actual
    results could differ from those estimates.
Cash
    and Cash Equivalents
Cash includes cash on deposit, overnight repurchase agreements,
    and amounts invested in highly liquid money market funds. Cash
    equivalents consist of short term investments with original
    maturities of three months or less. The Company maintains
    accounts with financial institutions and the balances in such
    accounts, at times, exceed federally insured limits. This credit
    risk is divided among a number of financial
F-8
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
institutions that management believes to be of high quality. The
    carrying amount of cash and cash equivalents approximates their
    fair value.
Restricted
    Cash
Restricted cash consists of cash held in an escrow account in
    association with construction draws for energy savings
    performance contracts ("ESPCs"), as well as cash
    required under term loans to be maintained in debt service
    reserve accounts until all obligations have been indefeasibly
    paid in full.
Accounts
    Receivable
Accounts receivable are stated at the amount management expects
    to collect from outstanding balances. An allowance for doubtful
    accounts is provided for those accounts receivable considered to
    be uncollectible based upon historical experience and
    management's evaluation of outstanding accounts receivable
    at the end of the year. Bad debts are written off against the
    allowance when identified. Changes in the allowance for doubtful
    accounts for the years ended December 31, 2007, 2008 and
    2009 are as follows:
2007
2008
2009
Balance at beginning of period
$
1,331,280
$
1,539,439
$
1,049,711
Charges to costs and expenses
249,631
385,418
1,670,589
Account write-offs and other deductions
(41,472
)
(875,146
)
(1,118,221
)
Balance at end of period
$
1,539,439
$
1,049,711
$
1,602,079
At each of December 31, 2008 and 2009, the Company had one
    customer that accounted for approximately 12% and 14%,
    respectively, of the Company's total accounts receivable.
Accounts
    Receivable Retainage
Accounts receivable retainage represents amounts due from
    customers, but where payments are withheld contractually until
    certain construction milestones are met. Amounts retained
    typically range from five percent to ten percent of the total
    invoice.
Inventory
Inventories, which consist of photovoltaic solar panels,
    batteries and related accessories, are stated at the lower of
    cost
("first-in,
first-out" method) or market (determined on the basis of
    estimated realizable values). Provisions have been made to
    reduce the carrying value to the realizable value.
Prepaid
    Expenses
Prepaid expenses consist primarily of short-term prepaid
    expenditures that will amortize within one year.
Federal
    ESPC Receivable Financing
Federal ESPC receivable financing represents the amount to be
    paid by various federal government agencies for work performed
    and earned by the Company under specific ESPCs. Ameresco assigns
    certain of its right to receive those payments to third-party
    lenders that provide construction and permanent financing for
    such contracts. The receivable is recognized as revenue as each
    project is constructed. Upon completion and acceptance of the
    project by the government, the assigned ESPC receivable and
    corresponding related project debt are eliminated from the
    Company's financial statements.
F-9
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Project
    Development Costs
The Company capitalizes as project development costs only those
    costs incurred in connection with the development of energy
    projects, primarily direct labor, interest costs, outside
    contractor services, consulting fees, legal fees and travel, if
    incurred after a point in time where the realization of related
    revenue becomes probable. Project development costs incurred
    prior to the probable realization of revenue are expensed as
    incurred. The Company classifies project development costs as a
    current asset as the development efforts are expected to proceed
    to construction activity in the twelve months that follow.
Property
    and Equipment
Property and equipment consists primarily of office and computer
    equipment. These assets are recorded at cost. Major additions
    and improvements are capitalized as additions to the property
    and equipment accounts, while replacements, maintenance and
    repairs that do not improve or extend the life of the respective
    assets, are expensed as incurred. Depreciation and amortization
    of property and equipment are computed on a straight-line basis
    over the following estimated useful lives:
Asset Classification
Estimated Useful Life
Furniture and office equipment
Five years
Computer equipment and software costs
Five years
Leasehold improvements
Lesser of term of lease or five years
Automobiles
Five years
Project
    Assets
Project assets consist of costs of materials, direct labor,
    interest costs, outside contract services and project
    development costs incurred in connection with the construction
    of small-scale renewable energy plants that we own and the
    implementation of energy savings contracts. These amounts are
    capitalized and amortized over the lives of the related assets
    or the terms of the related contracts.
The Company capitalizes interest costs relating to construction
    financing during the period of construction. The interest
    capitalized is included in the total cost of the project at
    completion. The amount of interest capitalized for the years
    ended December 31, 2007, 2008 and 2009 was $0, $233,767 and
    $1,395,483, respectively.
Routine maintenance costs are expensed in the current
    year's consolidated statements of income and comprehensive
    income to the extent that they do not extend the life of the
    asset. Major maintenance, upgrades and overhauls are required
    for certain components of the Company's assets. In these
    instances, the costs associated with these upgrades are
    capitalized and are depreciated over the shorter of the life of
    the asset or until the next required major maintenance or
    overhaul period. Gains or losses on disposal of property and
    equipment are reflected in general, administrative and other
    expenses in the consolidated statements of income and
    comprehensive income.
The Company evaluates its long-lived assets for impairment as
    events or changes in circumstances indicate the carrying value
    of these assets may not be fully recoverable. The Company
    evaluates recoverability of long-lived assets to be held and
    used by estimating the undiscounted future cash flows before
    interest associated with the expected uses and eventual
    disposition of those assets. When these comparisons indicate
    that the carrying value of those assets is greater than the
    undiscounted cash flows, the Company recognizes an impairment
    loss for the amount that the carrying value exceeds the fair
    value.
During 2007, the Company decommissioned one of its landfill gas
    ("LFG") energy facilities as the power sales agreement
    with the local utility company expired in December 2006. During
    2007, the plant was temporarily shut down. The plant equipment
    had been in service for 20 years and the cost of
    maintaining the
F-10
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
aged equipment was economically unfeasible. The remaining book
    value of $2.0 million was written off, and is included in
    direct expenses in the accompanying consolidated statements of
    income and comprehensive income for 2007.
During 2008, the Company determined that impairment had occurred
    on two of its LFG facilities. One facility's landfill owner
    was experiencing permanent operational issues with its existing
    well field equipment. The volume of LFG supplied to the
    Company's facility was impaired by this factor, resulting
    in a write-down of the asset value. The second facility's
    industrial customer filed for bankruptcy in 2008. The Company
    assessed the likelihood of the industrial customer emerging from
    bankruptcy and the resulting impact on future cash flows to the
    project in determining the amount of the impairment. A total of
    $3,500,000 was written down for these two facilities, and is
    included in direct expenses in the accompanying consolidated
    statements of income and comprehensive income for 2008.
Deferred
    Financing Fees
Deferred finance fees relate to the external costs incurred to
    obtain financing for the Company. All deferred financing fees
    are amortized over the respective term of the financing.
Goodwill
The Company has classified as goodwill the excess of fair value
    of the net assets (including tax attributes) of companies
    acquired in purchase transactions. The Company assesses the
    impairment of goodwill and intangible assets with indefinite
    lives on an annual basis
    (December 31
st
)

    and whenever events or changes in circumstances indicate that
    the carrying value of the asset may not be recoverable. The
    Company would record an impairment charge if such an assessment
    were to indicate that, more likely than not, the fair value of
    such assets was less than their carrying values. Judgment is
    required in determining whether an event has occurred that may
    impair the value of goodwill or identifiable intangible assets.
Factors that could indicate that an impairment may exist include
    significant underperformance relative to plan or long-term
    projections, significant changes in business strategy,
    significant negative industry or economic trends or a
    significant decline in the base stock price of our public
    competitors for a sustained period of time.
The first step (defined as "Step 1") of the goodwill
    impairment test, used to identify potential impairment, compares
    the fair value of the equity with its carrying amount, including
    goodwill. If the fair value of the equity exceeds its carrying
    amount, goodwill of the reporting unit is considered not
    impaired, thus the second step of the impairment test is
    unnecessary. If the carrying amount of a reporting unit exceeds
    its fair value, the second step of the goodwill impairment test
    shall be performed to measure the amount of impairment loss, if
    any. The Company performed a Step 1 test at its annual testing
    dates of December 31, 2007, 2008 and 2009, and determined
    that the fair value of equity exceeded the carrying value of
    equity, therefore goodwill was not impaired.
The Company completed its Step 1 test utilizing both an income
    approach and a market approach. The discounted cash flow method
    is used to measure the fair value of equity under the income
    approach. A terminal value utilizing a constant growth rate of
    cash flows was used to calculate a terminal value after the
    explicit projection period. Determining the fair value using a
    discounted cash flow method requires the Company to make
    significant estimates and assumptions, including long-term
    projections of cash flows, market conditions and appropriate
    discount rates. The Company's judgments are based upon
    historical experience, current market trends, pipeline for
    future sales, and other information. While the Company believes
    that the estimates and assumptions underlying the valuation
    methodology are reasonable, different estimates and assumptions
    could result in a different outcome. In estimating future cash
    flows, the Company relies on internally generated projections
    for a defined time period for sales and operating profits,
    including
F-11
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
capital expenditures, changes in net working capital, and
    adjustments for non-cash items to arrive at the free cash flow
    available to invested capital.
Under the market approach, the Company estimates the fair value
    based on market multiples of revenue and earnings of comparable
    publicly-traded companies and comparable transactions of similar
    companies. The estimates and assumptions used in the
    calculations include revenue growth rates, expense growth rates,
    expected capital expenditures to determined projected cash
    flows, expected tax rates and an estimated discount rate to
    determine present value of expected cash flows. These estimates
    are based on historical experiences, projections of future
    operating activity and weighted average cost of capital.
In addition, the Company periodically reviews the estimated
    useful lives of identifiable intangible assets, taking into
    consideration any events or circumstances that might result in
    either a diminished fair value or revised useful life. If the
    "Step 1" test concludes an impairment is indicated,
    the Company will employ a second step to measure the impairment.
    If the Company determines that an impairment has occurred, the
    Company will record a write-down of the carrying value and
    charge the impairment as an operating expense in the period the
    determination is made. Although the Company believes goodwill
    and intangible assets are appropriately stated in the
    accompanying consolidated financial statements, changes in
    strategy or market conditions could significantly impact these
    judgments and require an adjustment to the recorded balance.
Other
    Assets
Other assets consist primarily of notes and contracts receivable
    due to the Company.
Asset
    Retirement Obligations
The Company recognizes a liability for the fair value of
    required asset retirement obligations (ARO) when such
    obligations are incurred. The liability is estimated on a number
    of assumptions requiring management's judgment, including
    equipment removal costs, site restoration costs, salvage costs,
    cost inflation rates and discount rates and is accredited to its
    projected future value over time. The capitalized asset is
    depreciated using the convention of depreciation of plant
    assets. Upon satisfaction of the ARO conditions, any difference
    between the recorded ARO liability and the actual retirement
    cost incurred is recognized as an operating gain or lose in the
    consolidated statements of income and comprehensive income. As
    of December 31, 2007, 2008 and 2009, the Company had no
    AROs.
Other
    Liabilities
Other liabilities consist primarily of deferred revenue related
    to multi-year operation and maintenance contracts which expire
    as late as 2031. Other liabilities also include the fair value
    of derivatives.
Revenue
    Recognition
The Company derives revenue from energy efficiency and renewable
    energy products and services. Energy efficiency products and
    services include the design, engineering, and installation of
    equipment and other measures to improve the efficiency, and
    control the operation, of a facility's energy
    infrastructure. Renewable energy products and services include
    the construction of small-scale plants that produce electricity,
    gas, heat or cooling from renewable sources of energy, the sale
    of such electricity, gas, heat or cooling from plants that the
    Company owns, and the sale and installation of solar energy
    products and systems.
Revenue from the installation or construction of projects is
    recognized on a
percentage-of-completion
basis. The
percentage-of-completion
for each project is determined on an actual
cost-to-estimated
final cost basis. Maintenance revenue is recognized as related
    services are performed. In accordance with industry practice,
    the Company includes in current assets and liabilities the
    amounts of receivables related to construction projects
    realizable and payable over a period in excess of one year. The
    Company recognizes
F-12
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
revenue associated with contract change orders only when the
    authorization for the change order has been properly executed
    and the work has been performed and accepted by the customer.
When the estimate on a contract indicates a loss, or claims
    against costs incurred reduce the likelihood of recoverability
    of such costs, the Company records the entire expected loss
    immediately, regardless of the percentage of completion.
Billings in excess of costs and estimated earnings represents
    advanced billings on certain construction contracts. Costs and
    estimated earnings in excess of billings under customer
    contracts represent certain amounts that were earned and
    billable but not invoiced at December 31, 2008 and 2009.
The Company sells certain products and services in bundled
    arrangements, where multiple products
and/or
services are involved. The Company divides bundled arrangements
    into separate deliverables and revenue is allocated to each
    deliverable based on the relative fair value of all elements.
    The fair value is determined based on the price of the
    deliverable sold on a stand-alone basis.
The Company recognizes revenue from the sale and delivery of
    products, including the output from renewable energy plants,
    when produced and delivered to the customer, in accordance with
    specific contract terms, provided that persuasive evidence of an
    arrangement exists, the Company's price to the customer is
    fixed or determinable and collectibility is reasonably assured.
The Company recognizes revenue from O&M contracts and
    consulting services as the related services are performed.
For a limited number of contracts under which the Company
    receives additional revenue based on a share of energy savings,
    such additional revenue is recognized as energy savings are
    generated.
Direct
    Expenses
Direct expenses include the cost of labor, materials, equipment,
    subcontracting and outside engineering that are required for the
    development and installation of our projects, as well as
    preconstruction costs, sales incentives, associated travel,
    inventory obsolescence charges, and, if applicable, costs of
    procuring financing. A majority of our contracts have fixed
    price terms; however, in some cases the Company negotiates
    protections, such as a cost-plus structure, to mitigate the risk
    of rising prices for materials, services and equipment.
Direct expenses also include the costs of maintaining and
    operating the small-scale renewable energy plants that the
    Company owns, including the cost of fuel (if any) and
    depreciation charges.
Income
    Taxes
The Company provides for income taxes based in the liability
    method. The Company provides for deferred income taxes based on
    the expected future tax consequences of differences between the
    financial statement basis and the tax basis of assets and
    liabilities calculated using the enacted tax rates in effect for
    the year in which the differences are expected to be reflected
    in the tax return.
The Company accounts for uncertain tax positions using a
    "more-likely-than-not" threshold for recognizing and
    resolving uncertain tax positions. The evaluation of uncertain
    tax positions is based on factors that include, but are not
    limited to, changes in tax law, the measurement of tax positions
    taken or expected to be taken in tax returns, the effective
    settlement of matters subject to audit, new audit activity and
    changes in facts or circumstances related to a tax position. The
    Company evaluates uncertain tax positions on a quarterly basis
    and adjusts the level of the liability to reflect any subsequent
    changes in the relevant facts surrounding the uncertain
    positions. The Company's liabilities for uncertain tax
    positions can be relieved only if the contingency becomes
    legally extinguished through either payment to the taxing
    authority or the expiration of
F-13
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
the statute of limitations, the recognition of the benefits
    associated with the position meet the
    "more-likely-than-not" threshold or the liability
    becomes effectively settled through the examination process. The
    Company considers matters to be effectively settled once the
    taxing authority has completed all of its required or expected
    examination procedures, including all appeals and administrative
    reviews; the Company has no plans to appeal or litigate any
    aspect of the tax position; and the Company believes that it is
    highly unlikely that the taxing authority would examine or
    re-examine the related tax position. The Company also accrues
    for potential interest and penalties, related to unrecognized
    tax benefits in income tax expense.
Foreign
    Currency Translation
The local currency of the Company's foreign operations is
    considered the functional currency of such operations. All
    assets and liabilities of the Company's foreign operations
    are translated into U.S. dollars at year-end exchange
    rates. Income and expense items are translated at average
    exchange rates prevailing during the year. Translation
    adjustments are accumulated as a separate component of
    stockholders' equity. Foreign currency translation gains
    and losses are reported on the consolidated statements of income
    and comprehensive income.
Financial
    Instruments
Financial instruments consist of cash and cash equivalents,
    restricted cash, accounts receivable, long-term contract
    receivables, accounts payable, long-term debt and interest rate
    swaps. The estimated fair value of cash and cash equivalents,
    restricted cash, accounts receivable, long-term contract
    receivables and accounts payable approximates their carrying
    value. See below for fair value measurements of long-term debt.
    See Note 17 for fair value of interest rate swaps.
Stock-Based
    Compensation Expense
Stock-based compensation expense results from the issuances of
    shares of restricted common stock and grants of stock options
    and warrants to employees, directors, outside consultants and
    others. The Company recognizes the costs associated with
    restricted stock, option and warrant grants using the fair value
    recognition provisions of ASC 718, Compensation —
    Stock Compensation (formerly SFAS No. 123(R),
    Share-Based Payment) on a straight-line basis over the vesting
    period of the awards.
Stock-based compensation expense is recognized based on the
    grant-date fair value. The Company estimates the fair value of
    the stock-based awards, including stock options, using the
    Black-Scholes option-pricing model. Determining the fair value
    of stock-based awards requires the use of highly subjective
    assumptions, including the fair value of our common stock
    underlying the award, the expected term of the award and
    expected stock price volatility.
The assumptions used in determining the fair value of
    stock-based awards represent management's estimates, which
    involve inherent uncertainties and the application of management
    judgment. As a result, if factors change, and different
    assumptions are employed, the stock-based compensation could be
    materially different in the future. The risk-free interest rates
    are based on the U.S. Treasury yield curve in effect at the time
    of grant, with maturities approximating the expected life of the
    stock options. The Company has no history of paying dividends.
    Additionally, as of each of the grant dates, there was no
    expectation to pay dividends over expected life of the options.
    The expected life of the awards is estimated using historical
    data and management's expectations. Because there was no
    public market for the Company's common stock prior to this
    offering, management lacked company-specific historical and
    implied volatility information. Therefore, estimates of expected
    stock volatility were based on that of publicly-traded peer
    companies, and it is expected that the Company will continue to
    use this methodology until such time as there is adequate
    historical data regarding the volatility of the Company's
    publicly-traded stock price.
F-14
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The Company is required to recognize compensation expense for
    only the portion of options that are expected to vest. Actual
    historical forfeiture rate of options is based on employee
    terminations and the number of shares forfeited. These data and
    other qualitative factors are considered by the Company in
    determining to use a 25% forfeiture rate in recognizing stock
    compensation expense. If the actual forfeiture rate varies from
    historical rates and estimates, additional adjustments to
    compensation expense may be required in future periods. If there
    are any modifications or cancellations of the underlying
    unvested securities or the terms of the stock option, it may be
    necessary to accelerate, increase or cancel any remaining
    unamortized stock-based compensation expense.
The Company also accounts for equity instruments issued to
    non-employee directors and consultants at fair value. All
    transactions in which goods or services are the consideration
    received for the issuance of equity instruments are accounted
    for based on the fair value of the consideration received or the
    fair value of the equity instrument issued, whichever is more
    reliably measurable. The measurement date of the fair value of
    the equity instrument issued is the date on which the
    counterparty's performance is complete. No awards to
    individuals who were not either an employee or director of the
    Company occurred during the years ended December 31, 2007,
    2008 and 2009.
Fair
    Value Measurements
On January 1, 2007, the Company adopted the guidance for
    fair value measurements. The guidance defines fair value,
    establishes a framework for measuring fair value in accordance
    with generally accepted accounting principles and expands
    disclosures about fair value measurements. In addition, in 2009,
    the Company adopted fair value measurements for all of its
    non-financial assets and non-financial liabilities, except for
    those recognized at fair value in the financial statements at
    least annually. These assets include goodwill and long-lived
    assets measured at fair value for impairment assessments, and
    non-financial assets and liabilities initially measured at fair
    value in a business combination. The Company's adoption of
    this guidance did not have a material impact on its consolidated
    financial statements.
The Company's financial instruments include cash and cash
    equivalents, accounts and notes receivable, interest rate swaps,
    accounts payable, accrued expenses, equity-based liabilities and
    short-and long-term borrowings. Because of their short maturity,
    the carrying amounts of cash and cash equivalents, accounts and
    notes receivable, accounts payable, accrued expenses and
    short-term borrowings approximate fair value. The carrying value
    of long-term variable-rate debt approximates fair value. The
    carrying value of the Company's fixed-rate long-term debt
    exceeds its fair value by approximately $741,000. This is based
    on quoted market prices or on rates available to the Company for
    debt with similar terms and maturities.
The Company accounts for its interest rate swaps as derivative
    financial instruments in accordance with the related guidance.
    Under this guidance, derivatives are carried on the consolidated
    balance sheets at fair value. The fair value of the
    Company's interest rate swaps are determined based on
    observable market data in combination with expected cash flows
    for each instrument.
Derivative
    Financial Instruments
Effective January 1, 2009, the Company adopted new guidance
    which expands the disclosure requirements for derivative
    instruments and hedging activities.
In the normal course of business, the Company utilizes
    derivatives contracts as part of its risk management strategy to
    manage exposure to market fluctuations in interest rates. These
    instruments are subject to various credit and market risks.
    Controls and monitoring procedures for these instruments have
    been established and are routinely reevaluated. Credit risk
    represents the potential loss that may occur because a party to
    a transaction fails to perform according to the terms of the
    contract. The measure of credit exposure is the replacement cost
    of contracts with a positive fair value. The Company seeks to
    manage credit risk by
F-15
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
entering into financial instrument transactions only through
    counterparties that the Company believes to be creditworthy.
    Market risk represents the potential loss due to the decrease in
    the value of a financial instrument caused primarily by changes
    in interest rates. The Company seeks to manage market risk by
    establishing and monitoring limits on the types and degree of
    risk that may be undertaken. As a matter of policy, the Company
    does not use derivatives for speculative purposes. The Company
    considers the use of derivatives with all financing transactions
    to mitigate risk.
During 2009, the Company purchased an interest rate cap from a
    major bank to mitigate effects of rising interest rates on a
    fixed rate customer contract for $2.2 million. The Company
    terminated the agreement in 2009 and realized a gain of
    $2.5 million. The Company did not designate this derivative
    as a cash flow hedge; therefore hedge accounting was not applied.
A portion of the Company's project financing includes two
    projects that utilize an interest rate swap instrument. During
    2007, the Company entered into two fifteen-year interest rate
    swap contracts under which the Company agreed to pay an amount
    equal to a specified fixed rate of interest times a notional
    principal amount, and to in turn receive an amount equal to a
    specified variable rate of interest times the same notional
    principal amount.
The Company did not apply hedge accounting based upon the
    criteria established by the related guidance as the Company did
    not designate its derivatives as cash flow hedges. The Company
    recognizes all derivatives in the consolidated balance sheets
    and statements of income and comprehensive income at fair value.
    Cash flows from derivative instruments are reported as operating
    activities on the consolidated statements of cash flows.
With respect to the Company's interest rate swaps, the
    Company recorded the unrealized gain (loss) in earnings in 2007,
    2008 and 2009, of approximately $(1,365,813), $(2,831,524) and
    $2,263,802, respectively, as other (expense) income in the
    consolidated statements of income and comprehensive income.
See Notes 16, 17 and 18 for additional information on the
    Company's derivative instruments.
Earnings
    Per Share
Basic earnings per share is calculated using the Company's
    weighted-average outstanding common shares, including vested
    restricted shares. When the effects are not anti-dilutive,
    diluted earnings per share is calculated using the
    weighted-average outstanding common shares and the dilutive
    effect of preferred stock, warrants and stock options as
    determined under the treasury stock method.
Year Ended December 31,
2007
2008
2009
Basic and diluted net income
$
10,545,415
$
18,273,100
$
19,907,148
Basic weighted-average shares outstanding
5,560,511
5,339,055
4,995,956
Effect of dilutive securities
Preferred stock
9,630,000
9,630,000
9,630,000
Stock options
2,505,668
1,820,226
1,338,233
Warrants
2,390
673
128
Diluted weighted-average shares outstanding
17,698,569
16,789,954
15,964,317
Recent
    Accounting Pronouncements
In 2009, the FASB issued an accounting pronouncement
    establishing the ASC as the source of authoritative accounting
    principles recognized by the FASB to be applied by
    nongovernmental entities. This
F-16
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
pronouncement was effective for financial statements issued for
    interim and annual periods ending after September 15, 2009,
    for most entities. On the effective date, all non-SEC accounting
    and reporting standards were superseded. The Company adopted
    this new accounting pronouncement during 2009, and it did not
    have a material impact on the Company's consolidated
    financial statements.
In May 2009, the FASB issued guidance on subsequent events,
    which sets forth general standards of accounting for and
    disclosure of events that occur after the balance sheet date but
    before financial statements are issued or are available to be
    issued. The Company adopted the guidance during 2009, and it did
    not have a material impact on the Company's consolidated
    financial statements.
In January 2010, the FASB issued guidance on improving
    disclosures about fair value measurements. This guidance has new
    requirements for disclosures related to recurring or
    nonrecurring fair-value measurements including significant
    transfers into and out of Level 1 and Level 2
    fair-value measurements and information on purchases, sales,
    issuances and settlements in a rollforward reconciliation of
    Level 3 fair-value measurements. This guidance is effective
    for the first reporting period beginning after December 15,
    2009, and, as a result, it was effective for the Company
    beginning January 1, 2010. The Level 3 reconciliation
    disclosures are effective for fiscal years beginning after
    December 15, 2010, which will be effective for the Company
    for the year ending December 31, 2011. The Company does not
    expect its adoption of the guidance to have a material impact on
    its consolidated financial statements.
In September 2009, the FASB issued guidance related to revenue
    arrangements with multiple deliverables as codified in
    ASC 605, Revenue Recognition ("ASC 605").
    ASC 605 provides greater ability to separate and allocate
    arrangement consideration in a multiple element revenue
    arrangement. In addition, ASC 605 requires the use of
    estimated selling price to allocate arrangement considerations,
    therefore eliminating the use of the residual method of
    accounting. ASC 605 will be effective for fiscal years
    beginning after June 15, 2010 and may be applied
    retrospectively or prospectively for new or materially modified
    arrangements. Earlier application is permitted. The Company does
    not expect its adoption of this guidance will have a material
    effect on its consolidated financial statements.
3.
BUSINESS
    ACQUISITIONS AND RELATED TRANSACTIONS
On May 2, 2007, the Company entered into a stock purchase
    agreement to expand its product lines and operations. The
    Company paid $11.5 million in cash to acquire the stock of
    Southwestern Photovoltaic, Inc., $10.8 million, net of cash
    received.
On September 18, 2009, the Company entered into a share purchase
    agreement with Byrne Engineering, Inc ("Byrne"). The
    Company made an initial cash payment of $674,110 to acquire the
    stock of Byrne. The agreement also provides for an earn out
    which is estimated to be $1,222,340. The total fair value of the
    consideration is $1,896,450.
The 2007 acquisition was accounted for using the purchase method
    of accounting. The 2009 acquisition was accounted for using the
    acquisition method in accordance with ASC-805 —
    Business Combinations. The purchase price has been allocated to
    the assets based on their estimated fair values at the date of
    acquisition. The excess purchase price over the estimated fair
    value of the net assets acquired has been recorded as goodwill.
    In each acquisition, identified intangible assets had de minimis
    value as the Company was primarily acquiring an assembled
    workforce in addition to the tangible net assets identified
    below.
F-17
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
2007
2008
2009
Cash
$
692,007
$
—
$
—
Accounts receivable
2,419,386
—
—
Inventory
3,575,968
—
—
Prepaid expenses and other current assets
132,500
—
18,177
Property and equipment
78,613
—
113,842
Goodwill
7,645,805
—
2,492,165
Accounts payable
(2,440,437
)
—
(345,181
)
Accrued liabilities
(422,839
)
—
(1,222,340
)
Long-term debt, net
—
—
(382,553
)
Other liabilities
(208,529
)
—
—
Purchase price
$
11,472,474
$
—
$
674,110
Total, net of cash received
$
10,780,467
$
—
$
674,110
Total fair value of consideration
$
11,472,474
$
—
$
1,896,450
The allocation of the purchase price for the 2007 acquisition is
    final and is based on management's best estimates. During
    2008, no acquisitions or related transactions occurred. The
    settlement of the pre-existing litigation and contractual
    disputes that existed at the 2009 acquisition date may vary from
    estimates in the purchase price allocation.
The results of the acquired companies since the date of the
    acquisitions have been included in the Company's operations
    as presented in the accompanying consolidated statements of
    income and comprehensive income and consolidated statements of
    cash flows. Pro forma financial information has not been
    presented as the acquisitions are not material. The revenue and
    pre-tax loss of Byrne in 2009 was $1,176,953 and $97,138,
    respectively, following the acquisition date.
4.
PROPERTY
    AND EQUIPMENT
Property and equipment consisted of the following at
    December 31, 2008 and 2009:
2008
2009
Furniture and office equipment
$
1,211,596
$
1,271,569
Computer equipment and software costs
6,903,526
8,453,230
Leasehold improvements
823,635
1,311,625
Automobiles
424,088
505,029
9,362,845
11,541,453
Less — accumulated depreciation
5,649,627
7,168,197
Property and equipment, net
$
3,713,218
$
4,373,256
Depreciation expense on property and equipment for the years
    ended December 31, 2007, 2008 and 2009 was approximately
    $1,056,197, $1,064,859 and $1,372,885, respectively, and is
    included in general, administrative and other expenses in the
    accompanying consolidated statements of income and comprehensive
    income.
F-18
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
5.
PROJECT
    ASSETS
Project assets consisted of the following at December 31,
    2008 and 2009:
2008
2009
Project assets
$
117,935,266
$
137,957,878
Less — accumulated depreciation and amortization
14,881,913
20,319,889
Project assets, net
$
103,053,353
$
117,637,990
In 2009, the Company received $12,864,644 in grant awards from
    the U.S. Treasury Department (the "Treasury") as part
    of the 2009 American Recovery and Reinvestment Act (the Act).
    The Act authorizes the Treasury to make payments to eligible
    persons who place in service qualifying renewable energy
    projects. The grants are paid in lieu of investment tax credits.
    All of the proceeds from the grants were used and recorded as a
    reduction in the cost basis of the applicable project assets. If
    the Company disposes of the property, or the property ceases to
    qualify as a specified energy property, within five years from
    the date the property is placed in service, then a prorated
    portion of the Section 1603 payment must be repaid. For tax
    purposes, the Section 1603 payments are not included in
    federal and certain state taxable income and the basis of the
    property is reduced by 50% of the payment received. Deferred
    grant income of $4,158,508 in the accompanying consolidated
    balance sheets at December 31, 2009, represents the benefit
    of the basis difference to be amortized to income tax expense
    over the life of the related property.
Depreciation and amortization expense on the above project
    assets for the years ended December 31, 2007, 2008 and 2009
    was approximately $2,845,131, $2,713,407 and $5,260,821,
    respectively, and is included in direct expenses in the
    accompanying consolidated statements of income.
6.
UNCOMPLETED
    CONTRACTS
Costs, estimated earnings and related billings on uncompleted
    contracts at December 31, 2008 and 2009, respectively, are
    as follows:
2008
2009
Cost incurred to date
$
510,818,791
$
822,280,622
Estimated earnings
96,436,131
161,849,274
607,254,922
984,129,896
Less — billings to date
(618,359,542
)
(998,287,184
)
$
(11,104,620
)
$
(14,157,288
)
Included in the accompanying consolidated balance sheets are the
    following at December 31, 2008 and 2009:
2008
2009
Costs and estimated earnings in excess of billings on
    uncompleted contracts
$
9,755,691
$
14,009,076
Billings in excess of costs and estimated earnings on
    uncompleted contracts
(20,860,311
)
(28,166,364
)
$
(11,104,620
)
$
(14,157,288
)
F-19
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
7.
LONG-TERM
    DEBT
Long-term debt at December 31, 2008 and 2009 consisted of
    the following:
2008
2009
Federal ESPC receivable financing
$
29,234,584
$
33,411,009
Revolving senior secured credit facility, due June 2011,
    interest at varying rates monthly in arrears
34,493,460
19,915,218
7.299% term note payable in quarterly installments through March
    2013
5,132,000
4,115,000
6.90% term loan payable in quarterly installments through
    September 2014
6,248,569
5,415,426
8.673% term loan payable in quarterly installments through
    December 2015
6,035,625
5,220,000
6.345% term loan payable in quarterly installments through
    February 2021
3,039,683
2,901,845
6.345% term loan payable in quarterly installments through June
    2024
11,939,299
12,866,491
Variable rate construction to term loan due September 2024
—
27,055,230
96,123,220
110,900,219
Less — current maturities
5,142,757
8,093,016
Long-term debt
$
90,980,463
$
102,807,203
Aggregate maturities of long-term debt are as follows for the
    years ended December 31,:
2010
$
8,093,016
2011
22,754,963
2012
3,023,020
2013
2,360,278
2014
1,685,031
Thereafter
72,983,911
$
110,900,219
Federal
    ESPC Receivable Financing
Represents construction draws received during the construction
    or installation of certain energy savings equipment or
    facilities in association with agreements to sell long-term
    receivables arising from ESPCs related to said equipment and
    facilities. These financings are with financial institutions and
    carry discount rates that vary by project ranging from 6.5% to
    8.9%.
Revolving
    Senior Secured Credit Facilities
On June 10, 2008, the Company entered into a credit and
    security agreement with a bank, consisting of a $50,000,000
    revolving facility. The agreement requires the Company to pay
    monthly interest at various rates in arrears, based on the
    amount outstanding. At December 31, 2009, the weighted-average
    interest rate was 3.34%. This facility has a maturity date of
    June 30, 2011. At December 31, 2008 and 2009,
    $34,493,460 and $19,915,218, respectively, was outstanding under
    the facility. The agreement contains various restrictive
    covenants and is secured by a lien on all of the assets of the
    Company other than renewable energy projects that the Company
    owns and that are financed by others.
F-20
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
On December 29, 2004, the Company entered into a credit and
    security agreement with a bank, consisting of a $10,000,000 term
    loan and a $15,000,000 revolving facility. The agreement
    required the Company to pay interest at various rates in
    arrears, based on the amounts outstanding. The term loan was
    payable in quarterly principal installments of $625,000,
    beginning in March 2005 and continuing through June 10,
    2008, the amended maturity date of the term loan. The term loan
    and revolving facility matured and was paid in full on
    June 10, 2008.
At December 31, 2007, the term loan had a balance of
    $2,500,000, and $0 was outstanding under the revolving loan. The
    agreement contained various restrictive covenants and was
    secured by a lien on all of the assets of the Company other than
    renewable energy projects that the Company owns and that are
    financed by others.
7.299%
    Term Loan
The Company has a term loan with a bank with an original
    principal amount of $10,000,000. The notes evidencing the loan
    bear interest at a rate of 7.299%. The principal payments are
    due in semi-annual installments ranging from $404,000 to
    $638,500, plus interest, with remaining principal balances and
    unpaid interest due March 31, 2013. In the event a payment
    is defaulted on, the payee has the option to accelerate payment
    terms and make due the remaining principal and accrued interest
    balance. As of December 31, 2008 and 2009, $5,132,000 and
    $4,115,000, respectively, was outstanding under the term loan.
6.90%
    Term Loan
The Company has a construction and term loan with a bank with an
    original principal amount of $9,500,000. The notes evidencing
    the loan bear interest at a rate of 6.90%. The principal
    payments are due in semi-annual installments ranging from
    $306,000 to $698,000, plus interest, with remaining principal
    balances and unpaid interest due September 30, 2014. In the
    event a payment is defaulted on, the payee has the option to
    accelerate payment terms and make due the remaining principal
    and accrued interest balance. As of December 31, 2009, the
    Company was in default of one of its covenants, as the
    offtaker/counterparty of one of the underlying LFG facilities
    was working through Chapter 11 bankruptcy. The Company is
    currently working with the bank to renegotiate the facility.
    Renegotiations are ongoing and expected to be completed during
    the second quarter of 2010. The debt is recourse to the
    subsidiary only and there are no cross-default provisions. The
    Company has classified the entire debt as current on the
    accompanying consolidated balance sheets as of December 31,
    2009. As of December 31, 2008 and 2009, $6,248,569 and
    $5,415,426, respectively, was outstanding under the term loan.
8.673%
    Term Loan
The Company has a construction and term loan agreement with a
    finance company with a total commitment amount of $7,250,000.
    The notes evidencing the construction portion of the loan bear
    interest at a variable rate based on LIBOR. In February 2007,
    the Company converted the construction loan into a term loan in
    accordance with the loan agreement. The original balance of the
    term loan was equal to the commitment amount and bears interest
    at a fixed rate of 8.673%. The principal payments are due in
    quarterly installments ranging from $96,000 to $217,500, plus
    interest, with remaining principal balances and unpaid interest
    due December 31, 2015.
As of December 31, 2008 and 2009, $6,035,625 and
    $5,220,000, respectively, was outstanding under the term loan.
    In the event a payment is defaulted on, the payee has the option
    to accelerate payment terms and make due the remaining principal
    and accrued interest balance.
F-21
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Variable-Rate
    Construction and 6.345% Term Loans
On January 30, 2006, the Company entered into a master
    construction and term loan facility with a bank for use in
    providing limited recourse financing for certain of its LFG to
    energy projects. The total loan commitment is $17,156,395, and
    is comprised initially of two tranches, but structured for the
    addition of subsequent projects that meet lender credit
    requirements.
The first loan has an original balance of $3,239,734, and bears
    an interest rate of 6.345%. The principal payments are due in
    semi-annual installments ranging from $32,000 to $275,000, plus
    interest, with the remaining principal and unpaid interest due
    February 26, 2021.
The second loan was originated on September 28, 2007.
    During 2007 and 2008, the Company made draws as construction
    loans under the facility totaling $11,939,299, the amount
    outstanding at December 31, 2008. During 2009, the Company
    drew additional amounts totaling $1,141,308. The Company
    converted the construction loans into term loans in August 2009
    for a total term loan balance of $13,080,607. The loan bears
    interest at a variable rate and matures on June 30, 2024.
    As of December 31, 2008 and 2009, $14,978,982 and
    $15,768,336, respectively, was collectively outstanding under
    this facility.
In the event a payment is defaulted on, the payee has the option
    to accelerate payment terms and make due the remaining principal
    and accrued interest balance.
Variable-Rate
    Construction and Term Loan
In February 2009, the Company entered into a construction and
    term loan financing agreement with a bank for use in providing
    limited resource financing for certain of its landfill gas to
    energy projects. The total loan commitment under the agreement
    is $37,905,983, and bears interest at a variable rate. The rate
    at December 31, 2009 was 3.74%. As of December 31,
    2009, $27,055,869 in construction loans was outstanding under
    the agreement. See Note 19.
Other
On December 31, 2007, in a refinancing and securitization
    transaction, the Company sold certain long-term receivables,
    contract rights and refinanced certain project finance debt
    acquired and assumed during the Company's 2006 acquisition.
    The investors and securitization trusts have no recourse to the
    Company for failure of the debtors to pay when due. The Company
    recognized a gain of approximately $2.3 million on this
    transaction, which is included in energy efficiency revenue on
    the accompanying consolidated statements of income and
    comprehensive income in 2007.
8.
SUBORDINATED
    DEBT
In connection with the organization of the Company, on
    May 17, 2000, the Board of Directors authorized the Company
    to issue a subordinated note to the Company's principal and
    controlling shareholder in the amount of $2,998,750. The
    subordinated note bears interest at the rate of 10.00% per
    annum, payable monthly in arrears, and is subordinated to the
    Company's senior secured credit facility. The subordinated
    note is payable upon demand, subject to the subordination
    agreement described below. The Company incurred interest related
    to the subordinated note during the years ended
    December 31, 2007, 2008 and 2009, of $300,000, $300,000 and
    $300,000, respectively.
In conjunction with the Company entering into the senior secured
    credit facility (see Note 7), the holder of the
    subordinated note entered into an Intercreditor Subordination
    Agreement. Under the agreement, the subordinated lender agreed
    that the payment of principal, interest and all other charges
    with respect to the subordinated note is expressly subordinated
    in right of payment to the prior payment and satisfaction in
    full of
F-22
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
the revolving senior secured credit facility. The intercreditor
    subordination agreement allows for the payment of interest on
    the subordinated note provided the Company is in compliance with
    all other covenants.
At December 31, 2009, the Company did not have any
    intention to make principal payments on the subordinated note
    and thus the subordinated note has been classified as long-term
    in the accompanying consolidated balance sheets.
9.
INCOME
    TAXES
The components of domestic and foreign income before income
    taxes as of December 31, 2007, 2008 and 2009 are as follows:
2007
2008
2009
Domestic
$
10,194,751
$
15,333,845
$
22,702,229
Foreign
6,064,254
4,154,382
4,154,533
$
16,259,005
$
19,488,227
$
26,856,762
The income tax provision for the years ended December 31,
    2007, 2008 and 2009 is as follows:
2007
2008
2009
Current:
Federal
$
5,214,147
$
(565,975
)
$
(1,415,107
)
State
1,522,594
1,862,654
548,246
Foreign
2,607,629
1,990,048
4,146,311
9,344,370
3,286,727
3,279,450
Deferred:
Federal
(2,483,856
)
(3,517,257
)
7,095,001
State
(1,146,924
)
(1,029,898
)
587,252
Foreign
—
2,475,555
(4,012,089
)
(3,630,780
)
(2,071,600
)
3,670,164
$
5,713,590
$
1,215,127
$
6,949,614
F-23
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The Company's deferred income tax assets and liabilities
    result primarily from temporary differences between financial
    reporting and tax recognition of depreciation, reserves, and
    certain accrued liabilities. Deferred income tax assets and
    liabilities at December 31, 2008 and 2009 consist of the
    following:
2008
2009
Deferred income tax assets:
Compensation accruals
$
3,745,551
$
1,852,578
Reserves
431,672
1,940,919
Other accruals
3,058,596
2,500,316
Net operating losses
—
877,518
Goodwill
349,654
76,270
State items
264,467
444,523
Interest rate swaps
1,690,268
801,180
Credits
—
786,169
Gross deferred income tax assets
9,540,208
9,279,473
Deferred income tax liabilities:
Depreciation
(4,430,097
)
(7,645,315
)
Contract refinancing
(3,749,313
)
(3,147,505
)
Canada
(3,981,314
)
(338,435
)
Acquisition accounting
—
(770,390
)
Gross deferred income tax liabilities
(12,160,724
)
(11,901,645
)
Deferred income tax assets and liabilities, net
$
(2,620,516
)
$
(2,622,172
)
The provision for income taxes is based on the various rates set
    by federal and local authorities and are affected by permanent
    and temporary differences between financial accounting and tax
    reporting requirements. The following is a reconciliation of the
    effective tax rates for 2007, 2008 and 2009:
2007
2008
2009
Income before income tax
$
16,259,005
$
19,488,227
$
26,856,762
Federal statutory tax expense
$
5,690,652
$
6,820,879
$
9,399,917
State income taxes, net of federal benefit
748,190
595,632
1,259,719
Net state impact of deferred rate change
—
(141,358
)
(997,011
)
Meals and entertainment
66,986
87,068
88,798
Stock compensation expense
131,621
177,972
459,439
Energy efficiency preferences
(1,212,142
)
(7,965,383
)
(2,973,669
)
Foreign items and rate differential
210,140
1,359,105
(413,467
)
Other state benefits
—
—
(309,752
)
Miscellaneous
78,143
281,212
435,640
$
5,713,590
$
1,215,127
$
6,949,614
F-24
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
2007
2008
2009
Effective tax rate:
Federal statutory rate expense
35.0
%
35.0
%
35.0
%
State income taxes, net of federal benefit
4.6
%
3.1
%
4.7
%
Net state impact of deferred rate change
—
%
(.7
)%
(3.7
)%
Meals and entertainment
.4
%
.4
%
.3
%
Stock compensation expense
.8
%
.9
%
1.7
%
Energy efficiency preferences
(7.5
)%
(40.9
)%
(11.1
)%
Foreign rate differential
1.3
%
7.0
%
(1.5
)%
Other state benefits
—
%
—
%
(1.2
)%
Miscellaneous
.5
%
1.4
%
1.6
%
35.1
%
6.2
%
25.8
%
The Company adopted ASC
740-10 —
Uncertain Tax Positions as of January 1, 2007, as required.
    As a result, the Company recorded a cumulative effect related to
    adopting ASC
740-10
through retained earnings of approximately $270,000.
The Company had a gross unrecognized tax benefit of $4,500,000
    and $4,400,000 at December 31, 2008 and 2009, respectively.
    The Company also had accrued interest and penalties of
    approximately $800,000 and $1,100,000 for years ended
    December 31, 2008 and 2009, respectively.
A reconciliation of the beginning and ending balances of the
    total amounts of gross unrecognized tax benefits for the years
    ended December 31, 2008 and 2009 is as follows:
2008
2009
Balance, beginning of year
$
3,500,000
$
4,500,000
Additions for prior year tax positions
1,300,000
100,000
Settlements paid to tax authorities
—
—
Reductions of prior year tax positions
(300,000
)
(200,000
)
Balance, end of year
$
4,500,000
$
4,400,000
At December 31, 2009, the Company had net operating loss
    carryforwards of $2.1 million, which will expire from 2011
    through 2029.
The tax years 2006 through 2009 remain open to examination by
    major taxing jurisdictions. The Company accounts for interest
    and penalties related to uncertain tax positions as part of its
    provision for federal and state income taxes.
10.
STOCKHOLDERS'
    EQUITY
Common
    Stock
The Company has authorized 30,000,000 shares of common
    stock, par value $0.0001 per share ("Common Stock"),
    as of December 31, 2009. Each share of Common Stock
    entitles the holder to one vote on all matters submitted to a
    vote of the Company's stockholders. Holders of Common Stock
    are entitled to receive dividends, if any, as declared by the
    Company's board of directors, subject to any preferential
    dividend rights of the Preferred Stock ("Preferred
    Stock").
F-25
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Preferred
    Stock
The Company issued 3,220,000 shares of Series A
    Preferred Stock (the "Series A Preferred Stock")
    during the period from inception (April 25, 2000) to
    December 31, 2000. The Series A Preferred Stock was
    issued to several officers of the Company as well as a related
    party at a price of $1.00 per share. Each share of Series A
    Preferred Stock is convertible, at the option of the holder, at
    any time and from time to time and without the payment of
    additional consideration by the holder, into three fully paid
    and nonassessable shares of Common Stock. On any matter
    presented to the stockholders of the Company, each holder of
    outstanding shares of Series A Preferred Stock is entitled
    to the number of votes equal to the number of whole shares of
    Common Stock into which the Series A Preferred Stock are
    convertible. The Company had authorized 3,500,000 shares of
    Series A Preferred Stock, par value $0.0001 per share, as
    of December 31, 2009.
The Company is not permitted to declare or pay any cash
    dividends on shares of Common Stock until the holders of shares
    of Series A Preferred Stock have first received a cash
    dividend on each outstanding share of Preferred Stock in an
    amount at least equal to the product of the per share amount and
    the whole number of common shares into which such shares of
    Series A Preferred Stock are then convertible.
    Additionally, all Series A Preferred Stock holders receive
    preferential treatment in the event of the liquidation or
    dissolution of the Company. During the year ended
    December 31, 2002, 10,000 shares of Series A
    Preferred Stock were converted into 30,000 shares of Common
    Stock and repurchased by the Company. These shares have been
    recorded, at cost, as treasury stock in the accompanying
    consolidated statements of stockholders' equity. Dividends
    were not declared in 2007, 2008 or 2009.
Warrants
As part of a previous debt agreement, the Company issued fully
    vested warrants to acquire 1,000,000 and 800,000 shares of
    common stock in 2001 and 2002, respectively. The warrants have
    an exercise price of $0.01 and $0.60, respectively. The warrants
    may be exercised upon cash payment determined by multiplying the
    number of shares exercised by the warrant price. The warrants
    are entitled to receive a proportionate share of any
    distributions made to holders of the Common Stock. The warrants
    will expire on June 29, 2011.
During 2008, the Company repurchased a selected number of
    warrants at an estimated average market value of $5.01 per
    share. There were a total of 1,597,357 warrants repurchased at a
    total net price of $7,998,001. This transaction is recorded in
    additional paid-in capital in the accompanying consolidated
    balance sheets for 2008.
Share
    Repurchases
On April 27, 2007, the Company repurchased a selected
    number of shares of Common Stock from certain employees at $6.82
    per share. There were 367,025 shares repurchased at a total
    net price of $2,521,245.
During 2008, through three separate transactions, the Company
    repurchased 666,667 shares of Common Stock from certain
    employees and stockholders at $6.63 per share, or a total net
    price of $4,914,169. The repurchased shares are recorded as
    treasury stock in the accompanying consolidated balance sheets
    for 2008.
During 2009, the Company repurchased 72,250 shares of Common
    Stock from an employee at $12.11 per share, or a total net price
    of $874,948. The repurchased shares are recorded as treasury
    stock in the accompanying consolidated balance sheets for 2009.
F-26
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
11.
STOCK
    INCENTIVE PLAN
On October 27, 2000, the Company's Board of Directors
    approved the Company's 2000 Stock Incentive Plan (the
    "Plan") and authorized the Company to reserve
    6,000,000 shares of common stock for issuance under the
    Plan. On August 7, 2001 and April 25, 2002, the
    Company's Board of Directors authorized the Company to
    reserve an additional 2,000,000 shares of common stock for
    issuance under the Plan, bringing the total number of shares of
    common stock reserved under the Plan to 8,000,000. On
    June 1, 2003 and October 25, 2006, the Company's
    Board of Directors authorized the Company to reserve an
    additional 2,250,000 shares of common stock for issuance
    under the Plan, bringing the total number of shares of common
    stock reserved under the Plan to 10,250,000. The Plan provides
    for the issuance of restricted stock grants, incentive stock
    options and nonqualified stock options. On July 22, 2009,
    the Company's Board of Directors authorized the Company to
    reserve an additional 4,000,000 shares of common stock for
    issuance under the Plan, bringing the total number of shares of
    common stock reserved under the Plan to 14,250,000.
Grants
    of Restricted Shares
On October 25, 2006, the Company issued
    1,000,000 shares of restricted stock to the Company's
    principal and controlling shareholder under the 2000 Stock
    Incentive Plan as consideration for providing an indemnification
    to the Company's surety provider (see Note 15). The shares
    vested entirely upon the date three years from the date of
    grant. The stock was issued when the fair value was estimated to
    be $6.82 per share. The Company recorded an expense of
    $2,273,333, $2,273,333 and $1,856,036 in 2007, 2008 and 2009,
    respectively, related to this award. On October 25, 2009,
    these shares vested. The Company recorded excess tax benefits of
    $2,077,128 related to the vesting of these shares in the
    accompanying consolidated statements of changes in
    stockholders' equity in 2009.
F-27
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Stock
    Option Grants
The Company has also granted stock options to certain employees
    and directors under the Plan. At December 31, 2009,
    4,222,800 shares were available for grant under the Plan.
    The following table summarizes the activity under the Plan:
Weighted-
Average
Number of
Exercise
Options
Price
Outstanding at December 31, 2006
5,006,650
$
3.41
Granted
703,500
7.86
Exercised
(76,000
)
(0.97
)
Forfeited
(112,900
)
(5.88
)
Outstanding at December 31, 2007
5,521,250
3.96
Granted
151,500
11.20
Exercised
(14,000
)
(4.80
)
Forfeited
(291,000
)
(5.89
)
Outstanding at December 31, 2008
5,367,750
4.06
Granted
431,000
12.11
Exercised
(869,000
)
(1.01
)
Forfeited
(204,650
)
(4.04
)
Outstanding at December 31, 2009
4,725,100
$
5.36
Options exercisable at December 31, 2009
3,516,775
$
4.29
Expected to vest at December 31, 2009
940,082
$
9.38
Options exercisable at December 31, 2008
4,214,153
$
3.07
The weighted-average remaining contractual life of options
    expected to vest at December 31, 2009 was 5.01 years. The
    total intrinsic value of options exercised during the years
    ended December 31, 2008 and 2009 was $500,390 and
    $18,213,570, respectively.
F-28
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The following table summarizes information about stock options
    outstanding at December 31, 2009.
Outstanding Options
Weighted-
Exercisable Options
Average
Weighted-
Weighted-
Remaining
Average
Average
Number
Contractual
Exercise
Number
Exercise
Exercise Prices
Outstanding
Life
Price
Exercisable
Price
$0.0167
16,000
0.86
$
0.0167
16,000
$
0.0167
0.90
203,000
1.10
0.90
203,000
0.90
1.50
250,000
1.97
1.50
250,000
1.50
1.75
883,100
2.55
1.75
883,100
1.75
3.00
25,000
3.08
3.00
25,000
3.00
3.50
205,000
3.53
3.50
205,000
3.50
3.75
100,000
3.73
3.75
100,000
3.75
5.50
755,000
4.52
5.50
755,000
5.50
6.00
30,000
5.07
6.00
28,500
6.00
6.50
693,500
3.71
6.50
516,325
6.50
6.82
541,500
3.54
6.82
300,550
6.82
8.44
485,000
4.21
8.44
204,500
8.44
12.11
538,000
5.92
12.11
29,800
12.11
4,725,100
3,516,775
Cash received from option exercise under all stock-based payment
    arrangements for the years ended December 31, 2008 and 2009
    was $67,250 and $874,760, respectively. Total shares exercised
    during 2008 included cashless exercises. No actual tax benefit
    was realized from option exercises during these periods.
Under the terms of the plan, all options expire if not exercised
    within ten years after the grant date. The options generally
    vest over five years at a rate of 20% after the first year, and
    at a rate of five percent every three months beginning one year
    after the grant date. If the employee ceases to be employed by
    the Company for any reason before vested options have been
    exercised, the employee has 90 days to exercise vested
    options or they are forfeited.
The Company uses the Black-Scholes option pricing model to
    determine the weighted-average fair value of options granted.
    The Company will recognize the compensation cost of stock-based
    awards on a straight-line basis over the vesting period of the
    award.
The determination of the fair value of stock-based payment
    awards utilizing the Black-Scholes model is affected by the
    stock price and a number of assumptions, including expected
    volatility, expected life, risk-free interest rate and expected
    dividends. The following table sets forth the significant
    assumptions used in the model during 2007, 2008, and 2009:
Years Ended December 31,
2007
2008
2009
Future dividends
$ —
$ —
$ —
Risk-free interest rate
4.26-4.84%
2.90-5.07%
2.00-2.94%
Expected volatility
32%-43%
48%-54%
57%-59%
Expected life
6.5 years
6.5 years
6.5 years
The Company will continue to use judgment in evaluating the
    expected term, volatility and forfeiture rate related to the
    stock-based compensation on a prospective basis, and
    incorporating these factors into the Black-
F-29
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Scholes pricing model. Higher volatility and longer expected
    lives result in an increase to stock-based compensation expense
    determined at the date of grant. In addition, any changes in the
    estimated forfeiture rate can have a significant effect on
    reported stock-based compensation expense, as the cumulative
    effect of adjusting the rate for all expense amortization is
    recognized in the period that the forfeiture estimate is
    changed. If a revised forfeiture rate is higher than the
    previously estimated forfeiture rate, an adjustment is made that
    will result in a decrease to the stock-based compensation
    expense recognized in our consolidated financial statements. If
    a revised forfeiture rate is lower than the previously estimated
    rate, an adjustment is made that will result in an increase to
    the stock-based compensation expense recognized in the
    accompanying consolidated financial statements. These expenses
    will affect the direct expenses, salaries and benefits and
    project development costs expenses.
The weighted-average fair value of stock options granted during
    the years ended December 31, 2007, 2008 and 2009, under the
    Black-Scholes option pricing model was $7.53, $10.91 and $15.82,
    respectively per share. For the years ended December 31,
    2007, 2008 and 2009, the Company recorded stock-based
    compensation expense of approximately $376,000, $508,000 and
    $1,312,685, respectively, in connection with stock-based payment
    awards. The compensation expense is allocated between direct
    expenses, salaries and benefits and project development costs on
    the accompanying consolidated statements of income and
    comprehensive income based on the salaries and work assignments
    of the employees holding the options. As of December 31,
    2009, there was approximately $6.8 million of unrecognized
    compensation expense related to non-vested stock option awards
    that is expected to be recognized over a weighted-average period
    of 4.02 years.
12.
EMPLOYEE
    BENEFITS
The Company has salary reduction/profit sharing plans under the
    provisions of Section 401(k) of the Internal Revenue Code.
    The plans cover all employees who have completed the minimum
    service requirement, as defined by the plans. The plans require
    the Company to contribute 100% of the first six percent of base
    compensation that a participant contributes to the plans.
    Matching contributions made by the Company were approximately
    $1,211,000, $1,495,000 and $2,238,373 for the years ended
    December 31, 2007, 2008 and 2009, respectively.
13.
COMMITMENTS
    AND CONTINGENCIES
The Company leases certain administrative offices. The leases
    are long-term noncancelable real estate lease agreements,
    expiring at various dates through fiscal 2017. The agreements
    generally provide for fixed minimum rental payments and the
    payment of utilities, real estate taxes, insurance and repairs.
    Rent and related expenses for the years ended December 31,
    2007, 2008 and 2009 was approximately $2,912,000, $3,442,000 and
    $3,328,646, respectively.
The Company's lease obligations under operating leases are
    as follows:
Operating
Leases
Years ended December 31,:
2010
$
2,194,694
2011
1,064,930
2012
753,758
2013
491,144
2014
254,148
Thereafter
762,443
Total minimum lease payments
$
5,521,117
F-30
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
Legal
    Proceedings
In the ordinary course of business, the Company may be involved
    in a variety of legal proceedings.
In 2009, a lawsuit was filed against the Company. In the
    lawsuit, the plaintiff alleged that the Company caused action
    for damages by soliciting and hiring the plaintiff's
    employees. The Company and the plaintiff settled the lawsuit by
    the Company paying $1,750,000 to the plaintiff and in exchange
    both parties agreed to dismiss the lawsuit and reciprocally
    release and discharge each other from all claims stated or which
    could have been stated in the action against each other. The
    settlement was not construed as an admission of any wrongdoing,
    but rather was an economic decision to settle and compromise
    disputed claims. The settlement was recorded in 2009 in general,
    administrative and other expenses in the accompanying
    consolidated statements of income and comprehensive income.
At the time of the Company's 2006 acquisition of Select
    Energy Systems, Inc., the U.S. government was conducting an
    investigation of contracting practices at a site where the
    acquired company had performed energy conservation work. The
    Company negotiated financial concessions from the seller and had
    accrued for this contingency as part of its estimated opening
    balance sheet. Therefore, the Company had recorded
    $5.9 million as the best estimate of costs associated with
    managing and settling this contingency at May 5, 2006.
    During 2008, based on consultations with the customer and with
    legal advisors, the Company concluded that the contingency was
    no longer required. The recovery of $5.9 million was
    recorded for 2008 and is included in general, administrative and
    other expenses in the accompanying consolidated statements of
    income and comprehensive income.
On February 27, 2009, the Company received notice of a
    default termination from a customer for which the Company was
    performing construction services. The dispute involves the
    customer's assertion of its understanding of the
    contractual scope of work involved and with the completion date
    of the project. The Company disputes the customer's
    assertion as it believes that the basis of the default arose
    from a delay due to the discovery of and need for remediation of
    previously undiscovered hazardous materials not identified by
    the customer during contract negotiations. In February 2010, the
    Company filed a motion for summary judgment as to a portion of
    the complaint. In March 2010, the customer filed its response.
    Discovery is currently ongoing and no date has been set for a
    hearing on the Company's motion.
14.
GEOGRAPHIC
    INFORMATION
The Company attributes revenue to customers based on the
    location of the customer. The composition of the Company's
    assets as of December 31, 2008 and 2009, and revenues from
    sales to unaffiliated customers for the years ended
    December 31, 2007, 2008 and 2009, between those in the
    United States and those in other locations, is as follows:
2008
2009
Assets:
United States
$
251,179,388
$
322,599,256
Canada
40,847,585
52,945,352
$
292,026,973
$
375,544,608
2007
2008
2009
Revenue:
United States
$
278,074,041
$
308,559,860
$
341,607,504
Canada
100,403,169
84,070,159
83,632,845
Other
—
3,223,710
3,276,240
$
378,477,210
$
395,853,729
$
428,516,589
F-31
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
15.
RELATED
    PARTY TRANSACTIONS
The Company's principal and controlling shareholder
    provides a limited personal indemnification to the surety
    companies that provide performance and payment bonds and other
    surety products to the Company. In 2006, the Company issued
    1,000,000 shares of restricted stock to the Company's
    principal and controlling shareholder under the 2000 Stock
    Incentive Plan (see Note 11) as compensation for providing
    the personal indemnification. In 2009, the Company issued
    300,000 stock options to the principal and controlling
    shareholder under the 2000 Stock Incentive Plan as compensation
    for providing the personal indemnification.
16.
OTHER
    INCOME (EXPENSE), NET
Other income (expense), net, consisted of the following items
2007
2008
2009
Gain realized from derivative
$
—
$
—
$
2,493,980
Unrealized (loss) gain from derivatives
(1,365,813
)
(2,831,524
)
2,263,802
Interest expense, net of interest income
(1,448,667
)
(2,117,567
)
(2,993,250
)
Amortization of deferred financing costs
(323,587
)
(238,454
)
(201,622
)
$
(3,138,067
)
$
(5,187,545
)
$
1,562,910
During 2009, the Company purchased an interest rate cap from a
    major bank to mitigate effects of rising interest rates on a
    fixed rate customer contract for $2.2 million. The Company
    terminated the agreement in 2009 and realized a gain of
    $2.5 million. The Company did not designate this derivative
    as a cash flow hedge; therefore hedge accounting was not applied.
17.
FAIR
    VALUE MEASUREMENT
On January 1, 2008, the Company adopted new guidance for
    its financial assets and liabilities recognized at fair value on
    a recurring basis (at least annually). The guidance defines fair
    value as the price that would be received for an asset or paid
    to transfer a liability (an exit price) in the principal or most
    advantageous market for the asset or liability in an orderly
    transaction between market participants on the measurement date.
    The guidance also describes three levels of inputs that may be
    used to measure fair value:
Level 1:
Inputs are based upon unadjusted
    quoted prices for identical instruments traded in active markets.
Level 2:
Inputs are based upon quoted
    prices for similar instruments in active markets, quoted prices
    for identical or similar instruments in markets that are not
    active, and model based valuation techniques for which all
    significant assumptions are observable in the market or can be
    corroborated by observable market data for substantially the
    full term of the assets or liabilities.
Level 3:
Inputs are generally
    unobservable and typically reflect management's estimates
    of assumptions that market participants would use in pricing the
    asset or liability. The fair values are therefore determined
    using model-based techniques that include option pricing models,
    discounted cash flow models, and similar techniques.
The following table presents the input level used to determine
    the fair values of the Company's financial instruments
    measured at fair value on a recurring basis for the years ended
    December 31, 2008 and 2009:
Fair Value as of
Level
December 31, 2008
December 31, 2009
Liabilities:
Interest rate swap instruments
2
$
4,197,337
$
1,933,535
Total liabilities
$
4,197,337
$
1,933,535
F-32
Table of Contents
AMERESCO,
    INC.
NOTES TO
    CONSOLIDATED FINANCIAL
    STATEMENTS — (Continued)
The fair value of the Company's interest rate swaps was
    determined using cash flow analysis on the expected cash flow of
    the contract in combination with observable market-based inputs,
    including interest rate curves and implied volatilities. As part
    of this valuation, the Company considered the credit ratings of
    the counterparties to the interest rate swaps to determine if a
    credit risk adjustment was required.
The Company is also required periodically to measure certain
    other assets at fair value on a nonrecurring basis, including
    long-lived assets, goodwill and other intangible assets. The
    Company determined the fair value used in the impairment
    analysis with its own discounted cash flow analysis. The Company
    has determined the inputs used in such analysis as Level 3
    inputs. The Company did not record any impairment charges on
    goodwill or other intangible assets as no significant events
    requiring non-financial assets and liabilities to be measured at
    fair value occurred during the years ended December 31,
    2007, 2008 and 2009. The Company did record an impairment charge
    on long-lived assets during 2007 and 2009 (see Note 2).
18.
DERIVATIVE
    INSTRUMENTS AND HEDGING ACTIVITIES
As of December 31, 2008 and 2009, the following table
    presents information about the fair value amounts of the
    Company's derivative instruments:
Liability Derivatives as of
December 31, 2008
December 31, 2009
Balance Sheet
Balance Sheet
Location
Fair Value
Location
Fair Value
Derivatives not designated as hedging instruments:
Interest rate swap contracts
Other liabilities
$
4,197,337
Other liabilities
$
1,933,535
The following table presents information about the effects of
    the Company's derivative instruments on the consolidated
    statements of income and comprehensive income:
Location of Gain
Amount of (Loss) Gain Recognized in
(Loss) Recognized in
Income on Derivative for the Years Ended
Income on
December 31, are as follows:
Derivative
2007
2008
2009
Derivatives Not Designated as Hedging Instruments
Interest rate swap contract
Interest (expense) income
$
(1,365,813
)
$
(2,831,524
)
$
2,263,802
Interest rate cap
Interest (expense) income
$
—
$
—
$
2,493,980
19.
SUBSEQUENT
    EVENTS
During 2010, the Company drew additional construction draws
    totaling $812,397 under the construction and term loan financing
    agreement that it entered into in February 2009 (See
    Note 7). In March 2010, the Company converted the
    construction loans to a term loan totaling $27,867,626. The loan
    bears interest at a fixed rate of 6.95%, with quarterly
    principal payments ranging from $206,211 to $2,424,302. The loan
    matures in 2024.
During 2010, the Company entered into four federal ESPC
    receivable financing arrangements. These financings are with
    various financial institutions and total approximately
    $40,417,000. Discount rates vary by project, ranging from 6.80%
    to 7.81%.
The Company has evaluated subsequent events through the date of
    this filing.
F-33
Table of Contents
Through and
    including          
    (the 25th day after the date of this prospectus), all
    dealers effecting transactions in these securities, whether or
    not participating in this offering, may be required to deliver a
    prospectus. This is in addition to the dealers' obligation
    to deliver a prospectus when acting as underwriters and with
    respect to their unsold allotments or subscriptions.
Shares
Class A Common
    Stock
PROSPECTUS
BofA Merrill Lynch
RBC Capital Markets
Oppenheimer &
    Co.
,
    2010
Table of Contents
Part II
Information
    Not Required in Prospectus
Item 13.
Other
    Expenses of Issuance and Distribution
The following table indicates the expenses to be incurred in
    connection with the offering described in this Registration
    Statement, other than underwriting discounts and commissions,
    all of which will be paid by Ameresco. All amounts are estimated
    except the Securities and Exchange Commission registration fee
    and the FINRA filing fee.
Amount
Securities and Exchange Commission registration fee
$
8,913
Financial Industry Regulatory Authority fee
13,000
listing fee
*
Accountants' fees and expenses
*
Legal fees and expenses
*
Blue Sky fees and expenses
*
Transfer Agent's fees and expenses
*
Printing and engraving expenses
*
Miscellaneous
*
Total Expenses
$
*
* To be filed by amendment.
Item 14.
Indemnification
    of Directors and Officers
Section 102 of the General Corporation Law of the State of
    Delaware permits a corporation to eliminate the personal
    liability of directors of a corporation to the corporation or
    its stockholders for monetary damages for a breach of fiduciary
    duty as a director, except where the director breached his duty
    of loyalty, failed to act in good faith, engaged in intentional
    misconduct or knowingly violated a law, authorized the payment
    of a dividend or approved a stock repurchase in violation of
    Delaware corporate law or obtained an improper personal benefit.
    Our restated certificate of incorporation that will become
    effective upon the closing of this offering provides that no
    director of Ameresco shall be personally liable to it or its
    stockholders for monetary damages for any breach of fiduciary
    duty as director, notwithstanding any provision of law imposing
    such liability, except to the extent that the Delaware General
    Corporation Law prohibits the elimination or limitation of
    liability of directors for breaches of fiduciary duty.
Section 145 of the Delaware General Corporation Law
    provides that a corporation has the power to indemnify a
    director, officer, employee, or agent of the corporation and
    certain other persons serving at the request of the corporation
    in related capacities against expenses (including
    attorneys' fees), judgments, fines and amounts paid in
    settlements actually and reasonably incurred by the person in
    connection with an action, suit or proceeding to which he is or
    is threatened to be made a party by reason of such position, if
    such person acted in good faith and in a manner he reasonably
    believed to be in or not opposed to the best interests of the
    corporation and, in any criminal action or proceeding, had no
    reasonable cause to believe his conduct was unlawful, except
    that, in the case of actions brought by or in the right of the
    corporation, no indemnification shall be made with respect to
    any claim, issue or matter as to which such person shall have
    been adjudged to be liable to the corporation unless and only to
    the extent that the Court of Chancery or other adjudicating
    court determines that, despite the adjudication of liability but
    in view of all of the circumstances of the case, such person is
    fairly and reasonably entitled to indemnity for such expenses
    which the Court of Chancery or such other court shall deem
    proper.
Our restated certificate of incorporation provides that we will
    indemnify each person who was or is a party or threatened to be
    made a party to any threatened, pending or completed action,
    suit or proceeding (other
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than an action by or in the right of Ameresco) by reason of the
    fact that he or she is or was, or has agreed to become, a
    director or officer of Ameresco, or is or was serving, or has
    agreed to serve, at our request as a director, officer, partner,
    employee or trustee of, or in a similar capacity with, another
    corporation, partnership, joint venture, trust or other
    enterprise (all such persons being referred to as an
    Indemnitee), or by reason of any action alleged to have been
    taken or omitted in such capacity, against all expenses
    (including attorneys' fees), judgments, fines and amounts
    paid in settlement actually and reasonably incurred in
    connection with such action, suit or proceeding and any appeal
    therefrom, if such Indemnitee acted in good faith and in a
    manner he or she reasonably believed to be in, or not opposed
    to, our best interests, and, with respect to any criminal action
    or proceeding, he or she had no reasonable cause to believe his
    or her conduct was unlawful. Our restated certificate of
    incorporation provides that we will indemnify any Indemnitee who
    was or is a party to an action or suit by or in the right of
    Ameresco to procure a judgment in our favor by reason of the
    fact that the Indemnitee is or was, or has agreed to become, a
    director or officer of Ameresco, or is or was serving, or has
    agreed to serve, at our request as a director, officer, partner,
    employee or trustee or, or in a similar capacity with, another
    corporation, partnership, joint venture, trust or other
    enterprise, or by reason of any action alleged to have been
    taken or omitted in such capacity, against all expenses
    (including attorneys' fees) and, to the extent permitted by
    law, amounts paid in settlement actually and reasonably incurred
    in connection with such action, suit or proceeding, and any
    appeal therefrom, if the Indemnitee acted in good faith and in a
    manner he or she reasonably believed to be in, or not opposed
    to, the best interests of Ameresco, except that no
    indemnification shall be made with respect to any claim, issue
    or matter as to which such person shall have been adjudged to be
    liable to us, unless a court determines that, despite such
    adjudication but in view of all of the circumstances, he or she
    is entitled to indemnification of such expenses. Notwithstanding
    the foregoing, to the extent that any Indemnitee has been
    successful, on the merits or otherwise, he or she will be
    indemnified by us against all expenses (including
    attorneys' fees) actually and reasonably incurred in
    connection therewith. Expenses must be advanced to an Indemnitee
    under certain circumstances.
We have entered into indemnification agreements with each of our
    directors and our executive officers. These indemnification
    agreements may require us, among other things, to indemnify our
    directors and executive officers for some expenses, including
    attorneys' fees, judgments, fines and settlement amounts
    incurred by a director or executive officer in any action or
    proceeding arising out of his service as one of our directors or
    executive officers, or any of our subsidiaries or any other
    company or enterprise to which the person provides services at
    our request.
We maintain a general liability insurance policy that covers
    certain liabilities of directors and officers of our corporation
    arising out of claims based on acts or omissions in their
    capacities as directors or officers.
In any underwriting agreement we enter into in connection with
    the sale of our Class A common stock being registered
    hereby, the underwriters will agree to indemnify, under certain
    conditions, us, our directors, our officers and persons who
    control us with the meaning of the Securities Act of 1933, as
    amended, against certain liabilities.
Item 15.
Recent
    Sales of Unregistered Securities
Set forth below is information regarding securities sold by us
    within the past three years. Also included is the consideration
    received by us for such sales and information relating to the
    section of the Securities Act, or rule of the Securities and
    Exchange Commission, under which exemption from registration was
    claimed.
Between January 1, 2007 and December 31, 2007, we
    issued an aggregate of 76,000 shares of our common stock
    upon exercise of options for aggregate consideration of $74,015.
Between January 1, 2008 and December 31, 2008, we
    issued an aggregate of 14,000 shares of our common stock
    upon exercise of options for aggregate consideration of $67,250.
Between January 1, 2009 and December 31, 2009, we
    issued an aggregate of 869,000 shares of our common stock
    upon exercise of options for aggregate consideration of $874,760.
Since January 1, 2010, we have not sold any securities.
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The shares of our common stock described in this paragraph
    (a) of Item 15 were issued pursuant to written
    compensatory plans or arrangements with our employees, directors
    and consultants in reliance upon the exemption from the
    registration requirements of the Securities Act provided by
    Rule 701 promulgated under the Securities Act or, in some
    cases, in reliance upon the exemption from the registration
    requirements of the Securities Act provided by Section 4(2)
    of the Securities Act and Regulation D promulgated
    thereunder as sales by an issuer not involving any public
    offering.
No underwriters were involved in the foregoing issuances of
    securities. All of the foregoing securities are deemed
    restricted securities for purposes of the Securities Act. All
    certificates representing the issued shares of common stock
    described in Item 15 included appropriate legends setting
    forth that the securities had not been registered and the
    applicable restrictions on transfer.
Item 16.
Exhibits
The exhibits to the registration statement are listed in the
    Exhibit Index to this registration statement and are
    incorporated by reference herein.
Item 17.
Undertakings
The undersigned registrant hereby undertakes to provide to the
    underwriters at the closing specified in the underwriting
    agreement, certificates in such denominations and registered in
    such names as required by the underwriters to permit prompt
    delivery to each purchaser.
Insofar as indemnification for liabilities arising under the
    Securities Act of 1933 may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that, in the opinion of the Securities and Exchange
    Commission, such indemnification is against public policy as
    expressed in the Securities Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act and
    will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the
    Securities Act, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule 430A and contained in the form of
    prospectus filed by the registrant pursuant to Rule 424(b)(1) or
    (4) or 497(h) under the Securities Act shall be deemed to
    be part of the registration statement as of the time it was
    declared effective.
(2) For purposes of determining any liability under the
    Securities Act, each post-effective amendment that contains a
    form of prospectus shall be deemed to be a new registration
    statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be
    the initial bona fide offering thereof.
(3) For the purpose of determining liability under the
    Securities Act to any purchaser, each prospectus filed pursuant
    to Rule 424(b) as part of a registration statement relating
    to an offering, other than registration statements relying on
    Rule 430B or other than prospectuses filed in reliance on
    Rule 430A, shall be deemed to be part of and included in
    the registration statement as of the date it is first used after
    effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the
    registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    first use, supersede or
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modify any statement that was made in the registration statement
    or prospectus that was part of the registration statement or
    made in any such document immediately prior to such date of
    first use.
(4) For the purpose of determining liability of the
    registrant under the Securities Act to any purchaser in the
    initial distribution of the securities, in a primary offering of
    securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, the
    Registrant has duly caused this Registration Statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Framingham, Commonwealth of
    Massachusetts, on the
    31
st
day

    of March, 2010.
AMERESCO, INC.
By:
/s/
George
    P. Sakellaris
George P. Sakellaris
President and Chief Executive Officer
POWER OF
    ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints George P. Sakellaris,
    David J. Corrsin and Andrew B. Spence, and each of them,
his/her
true
    and lawful attorneys-in-fact and agents, with full power of
    substitution and resubstitution for him/her and in
his/her
name, place and stead, in any and all capacities, to sign any
    and all amendments (including post-effective amendments) to this
    Registration Statement, and any subsequent registration
    statements pursuant to Rule 462 of the Securities Act and
    to file the same, with all exhibits thereto, and other documents
    in connection therewith, with the Securities and Exchange
    Commission, granting unto said attorneys-in-fact and agents, and
    each of them, full power and authority to do and perform each
    and every act and thing requisite and necessary to be done in
    and about the premises, as fully to all intents and purposes as
he/she
might
    or could do in person, hereby ratifying and confirming all that
    each of said attorney-in-fact or
his/her
substitute or substitutes, may lawfully do or cause to be done
    by virtue hereof.
Pursuant to the requirements of the Securities Act, this
    Registration Statement has been signed by the following persons
    in the capacities and on the dates indicated.
Signature
Title
Date
/s/
George
    P. Sakellaris
George
    P. Sakellaris
Chairman of the Board of Directors, President and Chief
    Executive Officer (Principal Executive Officer)
March 31, 2010
/s/
Andrew
    B. Spence
Andrew
    B. Spence
Chief Financial Officer
(Principal Financial and
Accounting Officer)
March 31, 2010
/s/
David
    J. Anderson
David
    J. Anderson
Director
March 31, 2010
/s/
David
    J. Corrsin
David
    J. Corrsin
Director
March 31, 2010
/s/
William
    M. Bulger
William
    M. Bulger
Director
March 31, 2010
/s/
Guy
    W. Nichols
Guy
    W. Nichols
Director
March 31, 2010
/s/
Joseph
    W. Sutton
Joseph
    W. Sutton
Director
March 31, 2010
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Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
1
.1*
Form of Underwriting Agreement
3
.1*
Form of Amended and Restated Certificate of Incorporation of the
    Registrant, to be filed and effective prior to the closing of
    the offering
3
.2*
Form of Amended and Restated Certificate of Incorporation of the
    Registrant, to be filed promptly following the closing of the
    offering
3
.3*
Form of Amended and Restated By-Laws of the Registrant, to be
    effective prior to the closing of the offering
4
.1*
Specimen Certificate evidencing shares of Class A common
    stock
5
.1*
Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
10
.1
Lease dated November 20, 2000 between Ameresco, Inc. and
    BCIA New England Holdings, LLC
10
.2
First Amendment to Lease dated November 2001 by and between
    Ameresco, Inc. and BCIA New England Holdings, LLC
10
.3
Second Amendment to Lease and Extension Agreement dated
    April 8, 2005 by and between Ameresco, Inc. and BCIA New
    England Holdings, LLC
10
.4
Third Amendment to Lease dated April 17, 2007 by and
    between RREEF America REIT III-Z1 LLC and Ameresco, Inc.
10
.5
Amended and Restated Credit and Security Agreement dated
    June 10, 2008 among Ameresco, Inc., certain guarantors
    party thereto, certain lenders party thereto from time to time
    and Bank of America, N.A. as Administrative Agent
10
.6
Ameresco, Inc. 2000 Stock Incentive Plan
10
.7
Form of Incentive Stock Option Agreement granted under Ameresco,
    Inc. 2000 Stock Incentive Plan
10
.8
Form of Non-Qualified Stock Option Agreement granted under
    Ameresco, Inc. 2000 Stock Incentive Plan
10
.9
Form of Restricted Stock Agreement granted under Ameresco, Inc.
    2000 Stock Incentive Plan
10
.10*
Ameresco, Inc. 2010 Stock Incentive Plan
10
.11*
Form of Incentive Stock Option Agreement granted under Ameresco,
    Inc. 2010 Stock Incentive Plan
10
.12*
Form of Non-Qualified Stock Option Agreement granted under
    Ameresco, Inc. 2010 Stock Incentive Plan
10
.13*
Form of Restricted Stock Agreement granted under Ameresco, Inc.
    2010 Stock Incentive Plan
10
.14
Stockholder Agreement dated as of September 25, 2008 by and
    among the Registrant, Samuel T. Byrne, AMCAP Holdings, Ltd.,
    George P. Sakellaris and such other persons who from time to
    time become party thereto
10
.15*
Form of Indemnification Agreement entered into between the
    Registrant and each director and executive officer
21
.1*
Subsidiaries of the Registrant
23
.1
Consent of Caturano and Company, P.C.
23
.2*
Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included
    in Exhibit 5.1)
24
.1
Powers of Attorney (included on signature page)
*
To be filed by amendment.
+
Confidential treatment requested as to certain portions, which
    portions have been omitted and filed separately with the
    Securities and Exchange Commission.
II-6