Hayward Consulting's services are grouped into five practice areas:

• Utility Valuation And Utility Asset Appraisal. HCG has evaluated the condemnation, sale, or purchase of U.S. and international utilities. For example, we prepared a valuation report for the possible acquisition of a large ($350 million) U.S. investor-owned water utility. Designed and used an enterprise DCF financial model (FinMod © 2005, Hayward Consulting Group, All Rights Reserved) to value the transaction. Mr. Hayward is the author of several utility valuation books, professional papers, training manuals, and has prepared 13 seminars and conferences on water utility valuation and electric utility valuation.
  
  
• Utility Regulation. Typically, the firm's "work product" is pre-filed direct, rebuttal, and/or oral testimony on behalf of its clients. This practice area includes analyses and studies regarding: cost of capital and capital structure; pricing utility services (marginal and embedded cost of service analyses); tariff design; analyses of utility mergers; regulatory policy issues; design of performance-based regulations (PBR); affiliate transactions; fuel or purchased gas adjustment clauses; utility financing; natural gas supply planning, transportation rates, and regulations; and designing and implementing utility financial planning models.
  
  
• International. Through The World Bank, Asian Development Bank, and the U.S. Agency for International Development (USAID) consulting projects, Mr. David Hayward (HCG's president) has served as a utility/energy advisor to cabinet-level government officials (e.g., Minister of Energy) regarding privatization and regulatory reform projects in 11 developing countries: Armenia, Bolivia, Czech Republic, Egypt, Guyana, India, Nigeria, Serbia-Montenegro, Pakistan, Philippines, and Poland.
  
  
• Training. Mr. Hayward provides custom training in the areas of ratemaking, regulatory policy issues, utility finance, utility accounting, and utility valuation.
  
  
• Litigation Support. We provide litigation support to plaintiffs and defendants involved in civil litigation usually associated with public utility issues.
  

For more information contact:

Hayward Consulting L.L.C.
David L. Hayward, President
1047 Hygeia Ave., Leucadia, CA 92024
Phone: (760) 436-7888
E-mail: DavidLHayward@cs.com