Client Alert

| January 23, 2012

2011 — A Fast Start Dampened by Volatile Markets and Regulatory Speed Bumps

Each year at this time, in connection with the SNL EXNET Power and Utilities M&A Symposium, we write to clients and other friends of the firm about key developments over the past year, the drivers of that activity and what factors we think are likely to influence power and utility merger and acquisition activity over the coming year.

Please see the brochure for the SNL EXNET Power and Utilities M&A Symposium which is attached to this email for further information on the symposium.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383