October 21, 2010 | 8 Pages

Global Industrial Infrastructure Company Report

Badger Meter Inc.

HEADWINDS APPEAR MANAGEABLE, PIPELINE OF (NYSE: BMI)
AMR/AMI PROJECTS REMAIN STRONG, REDUCING RATING: BUY
2011 ESTIMATES, MAINTAIN BUY, PRICE TARGET $48 Michael J. Coleman, CFA Nicholas P. Heymann
(212) 338-4718 (212) 338-4703
mcoleman@sterneagee.com nheymann@sterneagee.com
n Headwinds Are Manageable: While certainly a concern, we
think headwinds in 2011 from rising Copper prices and to a Paul A. Dircks, CFA
lesser extent USD weakness are largely manageable. BMI is (212) 338-4725
likely to implement a price increase in early 2011 and price pdircks@sterneagee.com
increases from 2010 should see improved realization over the
next couple of quarters. Other potential offsets include ongoing Fiscal Year Ends Dec
shift of manufacturing activities to lower cost regions and
savings from vertical integration due to the recent acquisition of Rating: Buy
a key component supplier with which BMI previously had a Price: Close $42.09
licensing agreement. Price Target: $48
n Pipeline of Projects Remains Strong: BMI characterized its 52-wk Range: $32.58-$44.71
current pipeline of projects as strong, with ~30% of the installed Market Capitalization (M): $632
U.S. base of water meters having been converted to AMR or Shares Outstanding (M): 15
AMI. Supplementing U.S. growth from conversions to Avg. Daily Vol. (000): 66
AMR/AMI are opportunities in the Caribbean and Mexico. An Dividend: $0.56
improving industrial end-market for Flow Measure should also Dividend Yield: 1.33%
contribute to top-line growth next year. Net Debt: $10
n Normal Seasonality Expected In 4Q10: We are modeling 4Q10 Average Net ROTC: 25%
revenues of $67.3M, an 11% Q/Q decrease. Contributing to the Consensus EPS Current Year: $1.85
Q/Q decrease is the run-off of stimulus-related order activity, Consensus EPS Next Year: $2.09
which augmented 2Q10 and 3Q10. We lowered our 4Q10 EPS Est. 3-yr. EPS Growth: 16.0%
estimate to $0.42 (from $0.47) on a combination of lower
Earnings Summary
revenues and gross margins, due to expected near-term
FYE Dec 2010E 2011E 2012E
Commodity headwinds. Sales: $279 $309 $340
n Adjusting 2011 & Introducing 2012 EPS Estimates. We are
lowering our 2011 EPS estimate to $2.15 from $2.25, due to a EPS & P/E Summary
2010 2011 2012
lower sales estimate (resulting from reduced 4Q10 estimate as EPS: 2010E Prior 2011E Prior 2012E Prior
our 2011 sales growth estimate remains double digits) and a
Q1 $0.36 $0.36 $0.41 $0.44 -- --
lower gross margin assumption (36.6% vs. 37.1%). We are also Q2 $0.50 $0.50 $0.58 $0.59 -- --
introducing a 2012 EPS estimate of $2.45, which assumes 10% Q3 $0.60 $0.55 $0.65 $0.66 -- --
top-line growth, with flat gross margins of 36.6% and ~80bps of Q4 $0.42 $0.47 $0.51 $0.57 -- --
SGA leverage for an operating margin forecast of 17.4%. Full Year $1.88 $1.88 $2.15 $2.25 $2.45 --
n Retaining Buy Rating & Nominally Raising Price Target: We P/E Ratio: 22.4x -- 19.6x -- 17.2x --
are retaining our Buy rating based on our expectation that BMI
can successfully leverage its leading market share position to
capitalize on a strong pipeline of projects in the underpenetrated
AMR /AMI water meter market and continue to grow the
specialty metering (Flow Measure) business through bolt-on
acquisitions and cyclical recovery. The combination of these
factors, in our opinion, points to highly visible (reliable) top-
and bottom-line growth outlook for Badger Meter over the next
3-5 years, in our view. BMI earnings growth bottomed in 2009
at +6% vs. most industrials which experienced >30% cyclical
decrease in earnings. Our revised price target of $48 (from $47)
equates to ~22x our FY11 EPS estimate. Our target multiple is
Source: Factset
in line with BMI’s average NTM P/E over the last five years.
Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
800 Shades Creek Parkway Suite 700 Birmingham, AL 35209 205-949-3500
Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
BADGER METER INC. (NYSE: BMI) October 21, 2010

BMI $42.09
Market Cap $632
Net Debt $10
EV $642
FYE: Dec FY06 FY07 FY08 FY09 FY10 E FY11 E FY12 E
Net Income $17 $18 $24 $26 $28 $32 $37
EPS $1.15 $1.26 $1.65 $1.75 $1.88 $2.15 $2.45
EPS growth 9% 31% 6% 8% 14% 14%
PE 33.5x 25.5x 24.1x 22.4x 19.6x 17.2x
EBITDA ($M) $36 $37 $47 $51 $54 $61 $69
EBITDA Growth 4% 27% 8% 7% 13% 12%
EBITDA per share $2.49 $2.54 $3.16 $3.39 $3.60 $4.05 $4.54
EV / EBITDA 17.9x 17.3x 13.7x 12.7x 11.9x 10.5x 9.4x
CAPEX ($M) ($11) ($16) ($13) ($8) ($9) ($10) ($10)
EV / EBITDA less Capex 26.0x 30.4x 19.0x 15.0x 14.3x 12.5x 10.9x
Price Target $48
PT Multiples FY06 FY07 FY08 FY09 FY10 E FY11 E FY12 E
P/E 41.7x 38.2x 29.1x 27.5x 25.6x 22.4x 19.6x
EV / EBITDA 20.4x 19.7x 15.6x 14.4x 13.5x 12.0x 10.7x

Upside to Price Target 14%

Dividend Yield 1.3%
Total Return 15%
Source: Company Reports and Sterne Agee estimates

n Strong 3Q10 Results: GAAP EPS $0.60 included $0.05 in previously unrecognized
tax benefits. Excluding the tax benefit, adjusted EPS was $0.55, in line with our
estimate and ahead of $0.51 consensus. Excluding the tax benefit, EPS increased
~30% Y/Y.
n Record Quarterly Sales: Net sales grew 25% Y/Y (2% Q/Q) to $75.7M, above our
estimate of $75.0M and $71.9M consensus, driven by follow-through order strength
and shipments following stimulus funding resolution in February, which resulted in
significant improvement in orders beginning in March and continuing through the
summer months. Sales increased in most product lines, lead by AMR and AMI
Water product lines. Water sales (83.7% of mix) increased 16.5% to $63.6M with
Orion sales increasing 18.4%, Itron (ITRI - $60.69 – Buy) increasing 25.5% and
manual read meters increasing 10.6%. Sales of Commercial water meters were
relatively flat on a year-over-year basis. The Fresno project contributed to the
quarter as the project is now in full swing. BMI did not win the Cleveland water
AMI contract, but did express optimism that it may still be a meter supplier to the
project.
n Specialty Sales Benefit From Duke Contract and Other Municipal Gas Utilities:
Specialty products increased 92% to $12.3M from $6.4M in 3Q09 with significant
contribution to the year-on-year improvement from the Cox acquisition (~$1.4M or
similar to 2Q10 contribution). While the Duke (DUK – $17.79 – No Rating) contract
contributed to the sales growth, BMI has shipped radios for gas meters at ~60 small
municipal gas utilities. BMI is seeing modest (double-digit) improvement in
Specialty products that were hit the hardest during the recession (~down 25%-30%),
and expects to see further improvement tied to the cyclical recovery in these higher-
margin products.
n Gross Margins Increased Q/Q: Gross margin contracted 210bp Y/Y but expanded
50bp Q/Q to 36.9% and was approximately in line with our 37.0% estimate. We
believe sequential margin expansion was supported by a combination of price
increases from earlier this year, a decrease in 2Q10 copper prices vs. 1Q10 of
~$0.50, the strengthening of the USD in 1H10 and the ongoing production shift to a
lower cost facility in Mexico. BMI noted that if commodity prices remain high, then
a price increase could be implemented in early 2011. EBIT margin expanded 20bp
Y/Y and 120bp Q/Q to 17.7%.
n Cash Balance Decreases Due to Pension & Investments: Ending cash balance of
$2.7M was roughly flat vs. 2Q10 due to a $4.7M unplanned pension contribution and
$8.0M to acquire a license for the manufacture and sale of a key component in
BMI’s turbine meters. Badger finished 3Q10 with ~$10M in net debt, up from net
zero debt at the end of 2Q10.
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BADGER METER INC. (NYSE: BMI) October 21, 2010

Badger Meter — Earnings Model 2005-2012E

DEC: FYE 2005 2006 % Chge 2007 % Chge 2008 % Chge 2009 % Chge 2010E % Chge 2011E % Chge 2012E % Chge

Net Sales ($M) 204 230 13% 235 2% 280 19% 250 -10% 279 11% 309 11% 340 10%

Cost of Sales 130 153 18% 153 0% 182 19% 153 -16% 176 15% 196 11% 216 10%
Gross Profit 73 77 4% 81 6% $97 20% $97 0% $103 6% $113 10% $124 10%
Gross Profit Margin 36.1% 33.4% 34.7% 34.9% 38.8% 36.8% 36.6% 36.6%

Selling, General & Administrative 46 48 3% 51 6% 58 13% 55 -5% 58 6% 62 6% 65 6%

% of sales 22.7% 20.8% 21.6% 20.6% 21.9% 20.7% 19.9% 19.2%

Operating Income 27 29 6% 31 6% 40 30% 42 6% 45 6% 52 15% 59 14%

EBIT Margin 13.3% 12.5% 13.0% 14.3% 16.9% 16.0% 16.7% 17.4%

EBITDA 34 36 7% 37 4% 47 27% 51 8% 54 7% 61 13% 69 12%

EBITDA Margin 16.5% 15.6% 15.8% 16.8% 20.2% 19.3% 19.7% 20.1%

Interest Expense (Income), net 1 1 -13% 1 -1% 1 4% 1 -21% 0 -65% 0 3% 0 0%

Other Expense (Income), net 0 0 0 0 0 0 0 0
Non Operating Expense (Income), net 1 1 1 1 1 0 0 0
Pre-Tax Income 26 27 7% 29 7% 39 31% 41 7% 44 8% 51 15% 59 15%
Income Tax Provision (Benefit) 10 11 11 14 15 16 19 22
Tax Rate (%) 37% 40% 37% 37% 37% 37% 37% 37%
Net Income - Continuing Ops 16 17 2% 18 11% 24 33% 26 7% 28 8% 32 15% 37 15%

Discont. Ops, net of taxes (3) (9) (2) (3) 1 0 0 0

Net Income $13 $8 -43% $16 118% $22 33% $27 24% $28 4% $32 15% $37 15%

EPS - Continuing Ops $1.15 $1.15 0% $1.26 9% $1.65 31% $1.75 6% $1.88 8% $2.15 14% $2.45 14%
EPS - Reported $0.95 $0.52 -44% $1.13 115% $1.48 31% $1.82 23% $1.88 3% $2.15 14% $2.45 14%

Diluted Shares Out (Mil) 14 14 15 15 15 15 15 15

Source: Badger Meter and Sterne Agee estimates

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BADGER METER INC. (NYSE: BMI) October 21, 2010

Badger Meter — 2010E Quarterly Sales And Earnings Model

(Dollars and shares in millions, except per-share data)

DEC: FYE 1Q10 1Q09 % Chge 2Q10 2Q09 % Chge 3Q10 3Q09 % Chge 4Q10E 4Q09 % Chge 2010E 2009 % Chge
Water 53 59 -10% 65 61 6% 64 54 17% 57 50 14% 212 224 -5%
Specialty 9 6 39% 10 7 40% 12 6 92% 10 7 60% 36 26 38%
Net Sales ($M) 62 65 -5% 74 68 10% 76 61 24% 67 56 19% 279 250 11%

Cost of Sales 39 39 -1% 47 41 15% 48 37 29% 43 36 19% 176 153 15%

Gross Profit 23 26 -11% 27 27 2% 28 24 18% 24 21 19% 103 97 6%
Gross Profit Margin 37.6% 40.1% 36.4% 39.3% 36.9% 39.0% 36.4% 36.4% 36.8% 38.8%

Selling, General & Administrative 14 15 -2% 15 14 6% 15 13 11% 14 13 8% 58 55 6%

% of sales 23.4% 22.5% 19.9% 20.6% 19.2% 21.5% 21.0% 23.2% 20.7% 21.9%

Operating Income 9 11 -24% 12 13 -3% 13 11 26% 10 7 39% 45 42 6%

EBIT Margin 14.2% 17.6% 16.5% 18.7% 17.7% 17.5% 15.4% 13.2% 16.0% 16.9%
EBITDA 11 13 14 16 15 11 12 12 51 53
EBITDA Margin 17.0% 20.6% 18.6% 24.1% 19.8% 17.5% 17.8% 22.1% 18.4% 21.1%

Interest Expense (Income) 0.1 0.4 0.1 0.3 0.1 0.2 0.1 0.2 0.4 1.1
Pre-Tax Income 9 11 -22% 12 12 -2% 13 10 27% 10 7 41% 44 41 8%
Income Tax Provision (Benefit) 3 4 5 5 4 4 4 2 16 15
Tax Rate (%) 38.1% 37.0% 37.8% 37.2% 32.4% 40.3% 39.2% 30.2% 36.5% 36.7%
Net Income From Continuing Ops 5 7 -23% 8 8 -2% 9 6 44% 6 5 23% 28 26 8%
Discont Ops, net of taxes 0 0 0 0 0 1 0 0 0 1
Net Income 5 7 8 8 9 7 6 5 28 27

EPS - Continuing Ops / Adj. $0.36 $0.47 -24% $0.50 $0.52 -3% $0.60 $0.42 44% $0.42 $0.34 23% $1.88 $1.75 8%
EPS - Reported $0.36 $0.47 -24% $0.50 $0.52 -3% $0.60 $0.49 22% $0.42 $0.34 23% $1.88 $1.82 3%

Diluted Shares Out (Mil) 15 15 15 15 15 15 15 15 15 15

Source: Badger Meter and Sterne Agee estimates

Badger Meter, Inc.— 2011E Quarterly Sales And Earnings Model

(Dollars and shares in millions, except per-share data)

1Q11E 1Q10 % Chge 2Q11E 2Q10 % Chge 3Q11E 3Q10 % Chge 4Q11E 4Q10E % Chge 2011E 2010E % Chge
Water 54.4 52.9 2.8% 64.7 64.8 -0.1% 59.8 63.6 -6.0% 49.4 56.9 -13.1% 228 212 7.7%
Specialty 10.0 8.9 12.5% 10.4 9.5 9.9% 10.1 12.3 -18.2% 8.5 10.4 -18.6% 39 36 8.1%
Net Sales ($M) 71 62 15% 81 74 9% 83 76 10% 74 67 10% 309 279 11%
Cost of Sales 45 39 17% 51 47 9% 52 48 10% 47 43 10% 196 176 11%
Gross Profit 26 23 11% 30 27 10% 31 28 10% 27 24 10% 113 103 10%
Gross Profit Margin 36.5% 37.6% 36.6% 36.4% 36.9% 36.9% 36.4% 36.4% 36.6% 36.8%

Selling, General & Administrative 16 14 10% 16 15 6% 15 15 4% 15 14 5% 62 58 6%

% of sales 22.4% 23.4% 19.4% 19.9% 18.2% 19.2% 20.0% 21.0% 19.9% 20.7%

Operating Income 10 9 14% 14 12 14% 16 13 16% 12 10 18% 52 45 15%

EBIT Margin 14.1% 14.2% 17.2% 16.5% 18.7% 17.7% 16.4% 15.4% 16.7% 16.0%
EBITDA 12 11 16 14 17 15 14 12 58 51
EBITDA Margin 16.3% 17.0% 19.2% 18.6% 20.7% 19.8% 18.5% 17.8% 18.8% 18.4%

Interest Expense (Income) 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.4 0.4
Pre-Tax Income 10 9 14% 14 12 14% 15 13 16% 12 10 18% 51 44 15%
Income Tax Provision (Benefit) 4 3 5 5 6 4 4 4 19 16
Tax Rate (%) 37.0% 38.1% 37.0% 37.8% 37.0% 32.4% 37.0% 39.2% 37.0% 36.5%
Net Income From Continuing Ops 6 5 16% 9 8 15% 10 9 8% 8 6 22% 32 28 15%
Discont Ops, net of taxes 0 0 0 0 0 0 0 0 0 0
Net Income 6 5 9 8 10 9 8 6 32 28

EPS - Continuing Ops / Adj. $0.41 $0.36 16% $0.58 $0.50 15% $0.65 $0.60 8% $0.51 $0.42 22% $2.15 $1.88 14%
EPS - Reported $0.41 $0.36 16% $0.58 $0.50 15% $0.65 $0.60 8% $0.51 $0.42 22% $2.15 $1.88 14%

Diluted Shares Out (Mil) 15 15 15 15 15 15 15 15 15 15

Source: Badger Meter and Sterne Agee estimates

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BADGER METER INC. (NYSE: BMI) October 21, 2010

Page 5
BADGER METER INC. (NYSE: BMI) October 21, 2010

APPENDIX SECTION
Company Description: Badger Meter, Inc. is a leading manufacturer and marketer of flow measurement meters and control
products. Meter product applications include residential, commercial and industrial and Badger serves water utilities, municipalities
and other industrial customers.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment thesis and the achievement of our price target include, but are not limited to, a company's failure to achieve
Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect
demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or
industry; intense and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability
to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could
affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities
Exchange Commission, or contact Mr. Robert Hoehn, Director of Research at Sterne, Agee & Leach, Inc., at 212-338-4731.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately
reflects the absolute value of earnings, the earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc., by contacting Mr. Robert
Hoehn, Director of Research at Sterne, Agee & Leach, Inc., at 212-338-4731.

Regulation Analyst Certification:

I, Michael J. Coleman, CFA, (877) 647-8625, Nicholas P. Heymann, (800) 385-4816, Paul A. Dircks, CFA, (877) 647-8625, hereby
certify the views expressed in this research report accurately reflect my personal views about the subject security(ies) or issuer(s). I
further certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or
views expressed by me in this report.

Sterne, Agee & Leach, Inc. Disclosure Legend as of October 21, 2010:

Company Disclosure(s) – See Below

Badger Meter Inc. (BMI - NYSE): 1

1. Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
2. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or
provided other investment banking services for the subject company.
3. Sterne, Agee & Leach, Inc. has various security accounts open for the subject company.
4. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company.
5. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company.
6. The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
7. Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity securities of the
subject company.

Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject
company in the next three months. Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various
factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:

BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
SELL: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.

Appendix Section, Page I

BADGER METER INC. (NYSE: BMI) October 21, 2010

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of September 30, 2010, 46.9% had a BUY rating, 52.1% had a NEUTRAL
rating, 1.0% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY,
1.94% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee &
Leach, Inc., within the 12 months preceding September 30, 2010.
ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.

Copyright © 2010 Sterne, Agee & Leach, Inc. All Rights Reserved.

Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA
regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the
current quarter, will not be displayed until the following quarter.

Price Chart(s):

To receive price charts or other disclosures on the companies mentioned in this report, please contact Sterne, Agee & Leach, Inc. toll-
free at (800) 240-1438 or (205) 949-3689.

Appendix Section, Page II

 STERNE, AGEE & LEACH, INC.
Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for
over a century. During the early years, our founders prominently established themselves in the financial securities
industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne,
Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne Agee is one of the largest independent firms in the
country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee
& Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.—
www.sterneagee.com
EQUITY CAPITAL MARKETS
Ryan Medo Managing Dir., Eq. Cap. Mkts. (205) 949-3623 David Lee Director, Equity Products (205) 949-3689
Robert Lake Vice President (205) 949-3624 Yan Chao Associate (205) 949-3622

INSTITUTIONAL SALES INSTITUTIONAL TRADING

Steve Pokorny Head of Institutional Sales (214) 702-4020 JT Cacciabaudo Head of Trading (212) 763-8288

EQUITY RESEARCH
Robert Hoehn Director of Research (212) 338-4731

CONSUMER FINANCIAL SERVICES (CONT.)

Apparel Retailing & Toys Mortgage Finance & Specialty Finance
Margaret Whitfield SVP, Sr. Analyst (973) 519-1019 Henry J. Coffey, Jr., CFA SVP, Sr. Analyst (615) 760-1472
Jennifer Milan VP, Sr. Analyst (212) 763-8211 Jason Weaver Analyst (615) 760-1475
Jessica Gerberi Analyst (212) 338-4784
Property/Casualty Insurance
Educational Services / Interactive Entertainment Dan Farrell Mng. Dir. (212) 338-4782
Arvind Bhatia, CFA Mng. Dir. (214) 702-4001 Nitin Chhabra Associate (212) 338-4779
Brett Strauser Associate (214) 702-4009
GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
Footwear & Apparel ACME & Latin America
Sam Poser SVP, Sr. Analyst (212) 763-8226 Lawrence T. De Maria, CFA Director (212) 338-4704
Kenneth M. Stumphauzer Sr. Analyst (212) 763-8287 Ben Elias, CFA SVP, Sr. Analyst (212) 338-4706
Jessica Bornn Associate (212) 338-4721

Leisure & Entertainment Building, Power & Water Infrastructure

Michael J. Coleman, CFA SVP, Sr. Analyst (212) 338-4718
David Bain Mng. Dir. (949) 721-6651
Sherry Yin Associate (949) 721-6651
Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753
Restaurants
Lynne Collier Mng. Dir. (214) 702-4045
Industrial Components
Philip May Analyst (214) 702-4004
Samuel H. Eisner VP, Analyst (212) 338-4705
ENERGY
Multi-Industry
Oilfield Services & Equipment Nicholas P. Heymann Mng. Dir. (212) 338-4703
David S. Havens Mng. Dir. (212) 763-8238 Paul A. Dircks, CFA Analyst (212) 338-4725
Ryan Mueller Associate (212) 338-4732 Jordan Calabrese Associate (212) 338-4729

FINANCIAL SERVICES TECHNOLOGY

Asset Management LED Supply Chain
Jason Weyeneth, CFA SVP, Sr. Analyst (212) 763-8293 Andrew Huang Mng. Dir. (415) 362-6143
Naghmeh Rabii Associate (415) 362-6141
Banks & Thrifts
Adam Barkstrom, CFA Mng. Dir. (800) 906-0577 Semiconductors
Blair Brantley, CFA Analyst (800) 621-8635 Vijay Rakesh Mng. Dir. (312) 525-8431
Matthew Kelley Mng. Dir. (207) 699-5800 Ryan Brookman Associate (312) 525-8430
Mike I. Shafir SVP, Sr. Analyst (212) 763-8239
Matthew Breese Analyst (207) 699-5800
TRANSPORTATION, SERVICES & EQUIPMENT
Edward D. Timmons SVP, Sr. Analyst (800) 203-5332
Ashby W. Price Associate (888) 477-9602 Jeffrey A. Kauffman Mng. Dir. (212) 338-4765
Brett Rabatin, CFA SVP, Sr. Analyst (877) 457-8625 Sal Vitale VP, Analyst (212) 338-4766
Kenneth James Analyst (615) 760-1474 Kanchana Pinnapureddy Associate (212) 338-4767
Peyton Green Mng. Dir. (877) 492-2663
ADMINISTRATION
Joe Maloney Analyst (615) 760-1468
Carlo Francisco Supervisory Analyst (914) 434-3451
Life Insurance Marianne Pence Mgr., Res. Admin. (205) 949-3618
John M. Nadel Mng. Dir. (212) 338-4717 Nathan Mitchell Editor (205) 949-3635
Dennis Zavolock Analyst (212) 338-4748 Elizabeth Koch Editor (615) 289-4122

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)