Headwaters Incorporated

Headwaters is a leading manufacturer of light building products for the residential construction, residential remodeling, commercial and institutional construction industries. The Company’s portfolio of light building products consists of architectural stone, resin‐based exterior siding accessories (such as shutters, mounting blocks, and vents), concrete block and other building products. The Company’s heavy construction materials segment focuses on the sale of fly ash, a material used in infrastructure projects. The Company also operates an Energy Services group that adds value to coal while helping to protect the environment by upgrading waste coal into a marketable product, converting coal into liquid fuels, and utilizing waste heat from a coal fired power plant in the production of ethanol.