Samuel D. Brothwell

SAMUEL D. BROTHWELL joined Merrill Lynch Securities Research in January
1997. He is the director of Natural Gas Equity Research, providing lead
coverage of natural gas pipelines and utilities. Mr. Brothwell is the
author of ML Power & Gas group’s On Power & Gas weekly research product.
He launched MLs Energy Technology research group, covering
distributed/network power, alternative energy and energy e-commerce. In
2001, Mr. Brothwell was named in Institutional Investor’s Home Run
Hitter’s list. In 1999 he was also named in Institutional Investor’s
global research survey, utility sector second team. He is a member of
the power and gas research team headed by Steven Fleishman,
Institutional Investor’s top-ranked sector analyst. From 1995 to 1997 he
was responsible for research and debt ratings on major US and Latin
American electric utilities at Moody’s Investors Service. Prior to that,
from 1985-1996, Mr. Brothwell provided financial and strategic planning,
investor relations, regulatory affairs, and accounting for the Public
Service Company of New Mexico, an investor-owned electric and gas
utility serving Albuquerque and Santa Fe. He is a Certified Public
Accountant and a 1983 Graduate of the Anderson Schools of Management at
the University of New Mexico.