Business Valuations

Fairness Opinions

Solvency Opinions

Expert Testimony

Better valuations through research

SM

Thorough and highly

documented opinions

Cost containment and reasonable pricing

Serious people, doing serious work, for serious clients

SP

&

H is the Gold Standard in business valuation

FAIRNESS OPINIONS

The Measure of Value

SM

SP&H conducted due

diligence for fairness opinion

analyses.

Y

OUTHSTREAM

M

EDIA

N

ETWORKS

,

I

NC

.

SP&H provided a fairness

opinion for the purchase of

KES Acquisition Company.

G

OVERNMENT

C

LIENTS

Ci t y o f In du st r y C i t y of E l Mo nt e

C i t y of C om merc e C it y of C ars on

SP&H provided financial advisory

services & fairness opinions.

SP&H conducted thorough due

diligence for fairness opinion

analyses & financial advisory

services.

SP&H conducted due

diligence for fairness opinion

analyses.

SP&H conducted due diligence for

fairness opinion analyses.

P

ACIFIC

B

USINESS

S

YSTEMS

SP&H provided a fairness opinion

on the purchase price of buying

out an existing shareholder.

Z

KEY

.

COM

SP&H provided a fairness opinion

& analyzed several buy-out offers.

SP&H provided a fairness opinion

to the Board of Directors during

the acquisition by Cambria Group.

K

IX

S

OFTWARE

SP&H provided a fairness opinion

on the transfer of technology from

the University of British Columbia

to an investor group.

SP&H conducted due diligence,

including stock valuation and fair

compensation analyses, for the

acquisition of Media Defender, Inc.

SP&H provided fairness and

solvency opinions for a stock

repurchase.

E

RUCES

SP&H conducted due

diligence for the issuance of a

fairness opinion.

SP & H p ro vi d ed a fai rn es s o pi ni o n fo r t he

pu rch ase o f a maj o ri t y s hare ho ld ers ’

i nt er es t b y t he C om pan y’s Em pl o yee

S t oc k O pt i o n P l an.

S P &H perf or med d ue di l i g ence an d

v al uat i o n ana l ys es o f i nt el l ect u al p ro per ty

i n con nec ti o n wi t h t h e ac qui s i t i on of

An al yt i cs , I nc.

.

SP&H performed due diligence and

valuation analyses of intellectual

property in connection with the

acquisition of Autumn Leaves, Inc.

A

VETA

H

EALTH

,

I

NC

.

SP&H performed valuation

analyses to provide a major

shareholder with information

for a possible divestiture.

SP&H is providing financial

advisory services and expert

opinions.

SP&H provided financial advisory

services and expert opinions.

SP&H is providing financial advisory

services for recapitalizations and

shareholder transactions.

SP&H provided financial advisory

services and expert opinions.

S P & H p ro vi de d fi na nci al adv i so ry

s erv i ces an d ex per t o pi n io ns .

SP&H provided financial advisory

services and expert opinions.

S P &H i s p ro vi di n g fi n anci al ad vi s or y

s erv i ces t o eval u at e e nerg y fac i li t y

exp ans i o n pro po s al s at ni n e ca mpu s es.

SP&H provided financial advisory

services and expert opinions.

Nevin Sanli, ASA

President

T: 310/571-3400 ext. 236

nsanli@sphvalue.com

Los Angeles

Thomas E. Pastore, ASA, CFA, CPA

Chief Executive Officer

T: 310-571-3400 ext. 234

tpastore@sphvalue.com

Los Angeles

Forrest Vickery, ASA

Manager

T: 916/614-0530

fvickery@sphvalue.com

Sacramento

Los Angeles Office

1990 South Bundy Drive, Suite 800

Los Angeles, California 90025

Sacramento Office

701 University Avenue, #108

Sacramento, California 95825

www.sphvalue.com