TABLE OF CONTENTS


  

 
 
EXECUTIVE SUMMARY 5
ENERGY SERVICES INDUSTRY 7
North America Weak and International Markets Steady in 2009 7
NBF Forecast Commodity Prices 8
Activity Levels – U.S. and Canada Bottom, International Markets Steady 9
The Oil Side 10
International Activity Remains Strong 11
Group Valuations Look Attractive 12
ENERFLEX SYSTEMS INCOME FUND 14
Highlights 14
Financials 16
Company Profile 17
Operations 18
Reporting Segments 22
Management and Directors 25
History and Strategy 27
Competition 29
Investment Highlights 30
Valuation and Recommendation 32
Risk Factors 33
SHAWCOR LTD. 35
Highlights 35
Financials 37
Company Profile 38
Operations 39
Reporting Segments 39
Management and Directors 45
History and Strategy 47
Competition 48
Investment Highlights 49
Demand Drivers 51
Valuation and Recommendation 53
Risk Factors 55
DISCLOSURES 57