The Williams Capital Group, L.P. Presentation to National Association of Regulatory Utility Commissioners Summer Committee Meetings.

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1 Presentation to National Association of Regulatory Utility Commissioners Summer Committee Meetings July 18, 2010

2 WCG Co Manager relationships with Power and Gas utilities Fixed Income Underwriting (Lead or Co-Manager) AEP Texas Central Consolidated Natural Gas FPL Group Capital PPL Corp Alabama Power Consumers Energy Georgia Power Progress Energy Corp. Allegheny Energy Supply Dominion Resources JCP&L Transition Funding Progress Energy Florida Alliant Energy Resources DTE Energy Keyspan Corporation Public Service Electric & Gas American Electric Power Duke Energy Nevada Power Public Service Enterprise Group Atmos Energy Duke Energy Carolinas Northern Natural Gas San Diego Gas & Electric Centerpoint Energy Inc. Duke Energy Indiana NRG Energy Sempra Energy Centerpoint Energy Resources Entergy Corporation Oncor Electric Southern California Edison Cleveland Electric Entergy Gulf States Louisiana Pacific Gas & Electric Southern Company CMS Energy Exelon Panhandle Eastern Pipeline Systems Energy Resources Commonwealth Edison Exelon Generation PECO Energy Virginia Electric & Power Connecticut Light & Power First Energy Pepco Holdings Washington Gas Light Co. Consolidated Edison Inc. Florida Gas Transmission Pipeline Funding Co. Wisconsin Electric Consolidated Edison of NY Florida Power & Light Potomac Edison Wisconsin Power & Light Potomac Electric Power Wisconsin Public Service Equity Underwriting (Co-Manager) Alliant Energy Consolidated Edison Great Plains Energy Southern Energy American Electric Power Duke Energy NRG Energy PPL Corp. American Water First Energy Keyspan Southern Company Calpine Corp. FPL Group Reliant Resources WPS Resources 2

3 Directed Brokerage and Directed Diversity Brokerage Defined Directed Brokerage: A mutual fund company directing trades to a broker dealer (BD) as a reward for selling the fund s shares to investors This is replete with conflicts of interest and is no longer acceptable practice Directed Diversity Brokerage A plan sponsor directs its outside investment advisors to utilize MWDVBE firms (or brokers located in a particular geography) for a targeted amount of its trade execution business This is a common and acceptable practice for pension plan sponsors that wish to help developing firms compete against legacy bulge bracket firms MWDVBE BD must still meet investment advisor, and/or consultant, criteria and approval process. 3

4 Directed Diversity Brokerage In Practice Directed Diversity Brokerage A plan sponsor will often maintain a list of approved BDs Plan sponsor may use a consultant and/or an RFP to determine qualified BDs Criteria for approval vary widely but should include: Investment advisor must still seek best execution but this is a broad definition 34 Act section 28(e) safe harbor provides that a manager can pay more than the lowest available commission price if that money manager determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services obtained. 4 *For firms applying as MWDVBE BEs

5 Directed Diversity Brokerage In Practice Directed Diversity Brokerage A great tool for emerging MWDVBE BD s to get in the door Goal is to move from a top 50 broker to a top 10 by offering Large institutions are unbundling their commission dollars This means they seek to separate the payment of execution from the bundled commission rate, which includes research and ancillary services Institutional investors use Commission Sharing Arrangements (CSAs) to gain maximum flexibility and value for their investors. This is permitted under SEC Section 28(e) 5

6 Benefits/Objections of Directed Diversity Brokerage Benefits Encourage competition with legacy bulge bracket BDs Can provide better service than behemoth institutions If geography is criteria can promote in state job growth Promote growth of historically underutilized vendors Objections Objections usually come from the legacy BD s not the plan sponsors Legacy BDs will claim that best execution is jeopardized but this is no longer the case 6

7 Best Execution Is Not Jeopardized Gap between legacy bulge bracket BD s and MWDVBE BDs has shrunk After the financial crisis of top notch talent has chosen smaller BDs Experienced traders often prove their worth the most during periods of volatility and illiquidity. Technology gap is minimal. MWDVBE BDs have the same technology as legacy bulgebracket BD s from pre trade, execution and through post trade Counterparty risk gap has narrowed: The perceived risk of legacy bulge bracket BD s has risen while that of MWDVBE BDs has not changed.most MWDVBE BDs do not have prop trading desks whose interests are at odds with their investors i.e. MWDVBE BDs are unconflicted The trend toward electronic trading and Algorithmic Trading has also given MWDVBE BD s the opportunity tap the same markets/liquidity as the legacy bulge bracket firms. 7

8 Williams Capital: Power and Gas Team David Finkelstein Principal Elgin Thompson Principal, M&A Priyanka Mahadevia Associate

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