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DUNCAN HURST CAPITAL MANAGEMENT LP
> POWL
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2008 | POWELL INDUSTRIES INC | POWL | 15,580 | -6,860 | 635,819 | -495,381 | $40.81 |
| 06/30/2008 | POWELL INDUSTRIES INC | POWL | 22,440 | -300 | 1,131,200 | 235,926 | $50.41 |
| 03/31/2008 | POWELL INDUSTRIES INC | POWL | 22,740 | 4,840 | 895,274 | 106,421 | $39.37 |
| 12/31/2007 | POWELL INDUSTRIES INC | POWL | 17,900 | 14,980 | 788,853 | 678,215 | $44.07 |
| 09/30/2007 | POWELL INDUSTRIES INC | POWL | 2,920 | -67,550 | 110,638 | -2,127,489 | $37.89 |
| 06/30/2007 | POWELL INDUSTRIES INC | POWL | 70,470 | -34,030 | 2,238,127 | -1,105,873 | $31.76 |
| 03/31/2007 | POWELL INDUSTRIES INC | POWL | 104,500 | 12,880 | 3,344,000 | 451,557 | $32.00 |
| 12/31/2006 | POWELL INDUSTRIES INC | POWL | 91,620 | 91,620 | 2,892,443 | 2,892,443 | $31.57 |
| 08/13/2004 | POWELL INDUSTRIES INC | POWL | 0 | -46,000 | 0 | -1,042,000 | |
| 12/31/2001 | POWELL INDUSTRIES INC | POWL | 0 | -46,000 | 0 | -1,042,000 | |
| 09/30/2001 | POWELL INDUSTRIES INC | POWL | 46,000 | 46,000 | 1,042,000 | 1,042,000 | $22.65 |
| 06/30/2001 | POWELL INDUSTRIES INC | POWL | 0 | -66,030 | 0 | -957,000 | |
| 03/31/2001 | POWELL INDUSTRIES INC | POWL | 66,030 | 66,030 | 957,000 | 957,000 | $14.49 |
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