ABOUT BROWNSTONE ASSOCIATES

Brownstone Associates Incorporated is a financial consulting and advising firm specializing in corporate mergers, acquisitions and restructurings, and various securities transactions. We provide financial reviews and opinions for valuation, solvency, and fairness purposes, as well as independent and confidential merger, acquisition, and divestiture analyses and unbiased securities research and analysis.

Our philosophy at Brownstone Associates is to provide our clients with the experience, competence, and professionalism needed for objective and supportable analyses. Our principals bring to you approximately 45 years of combined experience working with several hundred companies, including closely-held organizations and international subsidiaries of Fortune 500 corporations.

The analysts at Brownstone Associates hold such valuation and investment designations as Chartered Financial Analyst and are members of the American Society of Appraisers and the CFA Institute. These credentials are important indicators of high-quality standards and results -- a level of quality usually reserved for large, multinational companies. Brownstone Associates brings this expertise to all organizations.

Our clients receive objective and credible financial, securities, and valuation analyses relied upon by attorneys, bankers, directors, executives, shareholders, and trustees. We utilize current financial theories and quantitative methods include arbitrage pricing theory, Black-Scholes and binomial option pricing models, capital asset pricing model, portfolio diversification theory, and multiple regression yield analyses.

At Brownstone Associates, we thoroughly research the economy, industry and company, utilizing such independent resources as Moody's, Risk Management Association, Dun and Bradstreet, and Standard and Poor's. We also understand the confidential and sensitive issues involving corporate mergers, acquisitions, and restructuring. Whether presenting results to your board of directors or discussing a production process with a manufacturing manager, we strive for the highest level of intelligent, courteous, and trustworthy representation.

Finally, the analysts at Brownstone Associates emphasize client service. All projects receive personal attention and review from senior-level professionals, and we are flexible enough to address your immediate needs.

We are committed to establishing and maintaining a long-term relationship with you and your organization. Whether a full valuation or a brief consultation, at Brownstone Associates, we strive to satisfy your specific needs in a high-quality, cost-effective manner.

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