Table of Contents
Investment Thesis ....................................................................3
End Market Overview and Outlook .........................................8
Recent Macro Data .................................................................17
Residential HVAC Outlook.....................................................27
Commercial HVAC Outlook ...................................................44
Other Long-Term Drivers.......................................................61
HVAC 101: Market Overview..................................................87
HVAC 101: Competitive Landscape....................................107
Review and Outlook for Key Participants ..........................115
Pricing in this report as of 6/23/09.