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First Reserve Announces Senior Promotions, Strengthening its Deep Energy-Focused Private Equity Investment Team

GREENWICH, Conn., HOUSTON, LONDON and HONG KONG, December 12, 2013-- First Reserve, the largest global private equity firm exclusively focused on energy, today announced the promotion of two senior investment professionals within the Buyout Funds team. The promotions further strengthen the Firm's senior team which continues to uphold the Firm's 30-year tradition of diverse energy sector investments around the world.

"I am extremely proud of the team we have built at First Reserve, and these promotions reflect both our deep bench of talent and our commitment to excellence," said William Macaulay, Chief Executive Officer of First Reserve. "In my view, our investment team remains as strong as it has ever been, with a vast network of talent to continue to pursue worldwide opportunities in the energy industry."

The promotions become effective as of January 1, 2014, and include:

•Gary Reaves, promoted to Managing Director. Gary has been a key figure in First Reserve's Midstream and Downstream success since joining the firm in 2006. He remains instrumental in the Firm's efforts in that sector, spearheading First Reserve's recent sale of Brand Energy and the recently announced agreement to acquire TNT Crane & Rigging. Prior to joining First Reserve, Gary was an Analyst in the Global Energy Group at UBS Investment Bank. He also spent time in Financial Advisory Services for Howard Frazier Barker Elliott, Inc. As a Managing Director, Gary will continue to drive performance and pursue opportunities primarily in the Midstream and Downstream sector. He is based in the Houston office.

•Will Brown, promoted to Director. Will serves a critical role on the team managing the Firm's investment in AFGlobal, helping to drive its global growth strategy. He also was a key figure in First Reserve's 2012 sale of Acteon which completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint under the Firm's ownership. Prior to joining First Reserve in 2006, Will was an Investment Banking Analyst for Banc of America Securities. As a Director, Will plans to continue to focus on global opportunities in the energy equipment and services sector. He is based in the Houston office.

"These two individuals have played an important role in First Reserve's success to date and will be key figures in the future of the Firm. They exemplify the intellectual vigor, diverse capabilities and strong work ethic that we have across our investment team," concluded Alex Krueger, President of First Reserve.

About First Reserve

First Reserve is the largest global private equity firm exclusively focused on energy. With 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than $24 billion of aggregate capital since inception. Putting these funds to work, First Reserve has completed more than 475 transactions (including platform investments and add-on acquisitions) across six continents. Its portfolio companies operate in approximately 50 countries and span the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure.

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