The outlook for sustainable industries looked challenging during the first half of 2012, as cleantech average deal sizes along with equity financings, and project financings were down compared to the last quarter of 2011. The upcoming elections European debt crisis, and other macro issues have also been weighing on the US economy during the past several months. However, despite these unfavorable conditions, Cascadia believes that financing and M&A in the sustainable industries will begin to make progress and consequently, stabilize by the end of this year. We expect this recovery to be led in part by activity in the energy efficiency and solar sectors, along with early stage investments.