Investment Banking Services for Asset ManagersInvestment Banking Services for Asset Managers

HOULIHAN SMITH FIRM OVERVIEW

HOULIHAN SMITH & COMPANY, INC. (“HOULIHAN”) is a nationally recognized valuationand investment banking firm (Member FINRA, SIPC) with offices in Chicago, London, LosAngeles, New York and Toronto. Houlihan provides comprehensive services to several of theAngeles, New York and Toronto. Houlihan provides comprehensive services to several of thelargest asset managers around the world. Backed by years of experience, Houlihan isfrequently called upon to provide valuation and advisory services to hedge fund advisors,traditional fund managers, family offices, fund administrators, pension funds, endowmentsand other financial instit tionsand other financial institutions.

Houlihan works with 20 of Alpha Magazine’s Top 100 Hedge Funds. The firm’s tailoredservices to asset managers include Portfolio Valuation (FAS 157); Restructuring, M&A andg ( ) gTransaction Advisory. We are highly experienced with dealing with complicated transactionsand complex asset classes that challenge the most sophisticated client. Houlihan covers allinvestment strategies, including those that are illiquid and underperforming.

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HOULIHAN SMITH & COMPANY, INC. Houlihan has a focused group of professionals dedicated to serving our Investment Management clients. Below are some of our core competencies:

Independent Portfolio Valuation Services• Fairness and Solvency Opinions• Portfolio Valuation

Seasoned Professionals• Unparalleled Leadership• Decades of Experience

• Advisor Valuation• Financial Reporting Compliance• Litigation Support

p• National Footprint• Highest level of Professional

Standards

Investment Banking• Mergers & Acquisitions• Restructuring• Private Placements• Transaction Advisory CLIENT FOCUS

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INVESTMENT BANKING SERVICES FOR ASSET MANAGERS

M&A Advisory Portfolio ValuationM&A Advisory• Sales and Divestitures• Acquisitions of Targets • Mergers and Strategic Ventures

Portfolio Valuation• Monthly, Quarterly and Annual

Portfolio Valuations• Financial Reporting Compliance Mergers and Strategic Ventures

• Transactional Support/Due Diligence

Financial Reporting Compliance • Side Pocket Transactions• Specific Investment Valuation(s)

Restructuring • Asset Level • Portfolio Level

Transaction Advisory• Secondary Market Transactions• Financial Opinions

• Advisor Level • Advisor Valuation

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THE HOULIHAN FIRM

Our reputation is built upon years of unmatched quality and service. We consistently deliverhigh-end performance which is evidenced by the caliber of our client base. The HoulihanFirm is built on serving our clients and creating a plan that is focused on executing in a highly

hi ti t d d i O tt i “B t E ti B t P ti ”sophisticated and responsive manner. Our motto is “Best Execution. Best Practices.”

Investment Bank with Deep Industry KnowledgeHoulihan Smith is a full-service investment bank with

Depth of Experience Houlihan boasts a deep understanding of theHoulihan Smith is a full service investment bank with

the capabilities to meet the evolving needs of assetmanagers. Dedicated teams of specialists withexpertise in the Asset Management industry arerepresented in each service offering ensuring the

Houlihan boasts a deep understanding of thechallenges that asset managers, both traditional andalternative, are facing in today’s market. We havesuccessfully transacted numerous acquisitions anddispositions of asset managers advocating culturalrepresented in each service offering, ensuring the

necessary industry experience to thoroughly executeassignments.

Independent

dispositions of asset managers, advocating culturalfit, strategic optimization and mutually advantageousdeal structures.

Senior Level AttentionIndependentWe understand the need for independence in thesetimes of heightened scrutiny. Our practice is built onstrong risk-managed principles where we seek toreduce conflicts of interest and ensure our analyses

Senior Level AttentionOur key principals are involved at every juncture ofthe transaction process, lending years of experienceand expertise to every assignment.

reduce conflicts of interest and ensure our analysesare objective and unbiased.

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M&A ADVISORY

As a result of the consolidation occurring in the financial services industry, the need for aninvestment bank that understands the nuances of asset management operations has never beengreater. Further, current market conditions have hindered smaller RIA’s ability to raise additionalg ycapital, making mergers and strategic alliances even more attractive strategic alternatives.

Houlihan provides both buy-side and sell-side advisory to asset management clients, traditional andalternative. There are several considerations that must be made in every transaction. Houlihanalternative. There are several considerations that must be made in every transaction. Houlihanunderstands the importance of a cultural fit for its clients. Matching leadership styles and strategiesare necessary components to a successful combination.

Each transaction requires a complex valuation with unique circumstances factored into theEach transaction requires a complex valuation with unique circumstances factored into thevaluation model. We analyze the value of an advisor from multiple perspectives, incorporating awide array of valuation metrics (See Transaction Advisory – Advisor Valuation). Our seasonedinvestment bankers negotiate and structure deals to maximize our clients’ short and long-termbj ti di t t d th f d l ki ti t i hobjectives regarding management earnouts and other forward looking compensation triggers, such

as cash versus stock consideration, and mechanisms to allow our client to participate in the futuregrowth of the firm. In addition, our experience enables us to provide strategic tax advisorypertaining to the allocation of a transaction’s proceeds in order to minimize the associated taxliabilities.

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M&A ADVISORY (cont.)

Furthermore, Houlihan’s extensivenetwork provides us withDiversify Client Base network provides us withcomprehensive understanding ofthe investment advisor universe.We represent dozens of clients onb th th b id fi t i llny

Acquisition Appetite

Branded Image

Access Broader Distribution

Seed New Strategies

Participate in Upside

uisi

tion

both the buy-side, firms typicallywith greater than $5.0 billion AUM,as well as on the sell-side, firmstypically with less than $1.0 billionA

cqui

ring

Com

pan

Expandable Platform

Strong

Cross Sell Strategies/Products with Branded FirmA

cqu

Liquidity Event

Maximize Earnout through Enhanced Performance yp y $

AUM. Additionally, that networkallows us to introduce partiesinterested in forming strategicalliances and partnerships to

AgHistorical

Performance

Broad Distribution

Network

Enhanced Performance

trate

gic

llian

ce Breadth of Service Offerings

A t B d Di t ib ti alliances and partnerships tocross-sell niche products acrossmultiple distribution networks.

St A Access to Broader Distribution

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PORTFOLIO VALUATION

The current market conditions dictate the need for independent and supportable pricing, giventhe material impact that certain investments can have on the Net Asset Value, on a mark-to-market basis. The introduction of FAS 157 has made independent valuation a necessity formarket basis. The introduction of FAS 157 has made independent valuation a necessity forany entity with financial reporting requirements. Investment management firms are heavilydependent on the validity and integrity of security pricing and portfolio valuation. Houlihanhas decades of valuation experience providing companies with objective, independent anddefensible opinions of al e that meet acco nting and reg lator req irements We combinedefensible opinions of value that meet accounting and regulatory requirements. We combinetechnical expertise with best practice modeling techniques to perform complex financialinstrument and portfolio valuation.

We employ sophisticated methodology when it comes to pricing and use the most currentmark-to-market pricing technology available. Our experiences from both the audit andfinancial valuation world have established us as a service provider renowned for dealing withthe most complex and hard to value securitiesthe most complex and hard-to-value securities.

Houlihan’s senior leadership team has a clear understanding of the level of independentevidence that is required for auditors to support their opinion, which overall leads to anefficient and more cost effective year-end process.

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PORTFOLIO VALUATION (cont.)

Houlihan provides comprehensive valuation services to hedge funds, fund advisors, fundadministrators, and related financial services firms. Our reports are highly transparent, whichensures a deliverable that is well accepted by clients and their auditors, such as:ensures a deliverable that is well accepted by clients and their auditors, such as:

• Monthly, Quarterly and Annual Portfolio Valuations• Financial Reporting Compliance• Side Pocket Transactions

• Mortgage-Backed Securities • Credit Linked Notes

• Side Pocket Transactions• Specific Investment Valuation including:

• Asset-Backed Securities• Pass-Throughs• Mezzanine Debt Securities• Convertibles

• Structured Investment Vehicles• Exotic OTC Options• Complex Derivatives• Private Equity Placements

• Distressed Securities• Auction Rate Securities• Cash & Synthetic CDO & CDO²

Tranches

• Other Illiquid and Hard-to-Value Securities (Level III)

• Fund of Funds and Other LP Interests

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RESTRUCTURING

Houlihan provides a comprehensive suite of restructuring services for alternative investmentfirms seeking to restructure in the midst of the current unprecedented market conditions.Alternative Investment Managers will face continuing pressure in the coming months as theAlternative Investment Managers will face continuing pressure in the coming months as theindustry’s assets under management are expected to drop significantly due to investorredemptions and declines in asset values. Some industry forecasts are predicting declines inAUM of 30% or more across the industry. Continued consolidation within the alternativein estment ind str ill req ire a niq e set of ser ices and skill sets to ser e the criticalinvestment industry will require a unique set of services and skill sets to serve the criticalneeds of funds looking to provide investors with a broad array of options.

Our experience in advising alternative investment managers looking to provide investors withp g g g pchoices, whether it be the lock-up of money up, having funds placed in a liquidating trustwhere investments will be sold and the cash paid out over time, or splitting a fund into a liquidand illiquid master fund represented by different share classes is unparallel. We have actedas an advisor on a number of fund restructuring engagements as we have an extensiveas an advisor on a number of fund restructuring engagements as we have an extensivenetwork of alternative investment managers making markets across a wide variety of assetclasses. The restructuring is designed to meet clients’ objectives to retain assets undermanagement, while also creating synergies among the trading platforms.

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RESTRUCTURING (cont.)

Asset Level Advisor Level

Restructuring Service Levels

Asset Level

• Structuring and Arranging the Sale of Securities

• Maximizing the Value of Assets

Advisor Level

• Loan Workouts and Refinancing• Recapitalization and Reorganization• Advisory Related to Lock-Up Periods • Maximizing the Value of Assets

Portfolio Level

S S

• Advisory Related to Lock-Up Periods • NAV Calculation, High Water Mark Resets

and External Valuation Opinions

• Side Pocket Structuring and Valuation• Advising and Valuation of Dissolutions • Wind Downs for Both Onshore and Offshore

Complex Hedge FundsComplex Hedge Funds• Evaluation of Alternative Restructuring and

Remediation Proposals

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TRANSACTION ADVISORY

Advisor Valuation

• Advisors in need of firm valuations count on

Secondary Market Transactions

Houlihan is uniquely situated to introduce Houlihan to provide comprehensive, detailed analytical reports that maximize the firm’s intrinsic value, whether it is for strategic or financial purposes.

transaction opportunities to both buyers and sellers across the investment universe, including the following types of positions:

A ti R t S iti (ARS)• Houlihan provides guidance to advisors regarding compensation and incentive structures that are strategic and can be supported by the firm’s existing structure and

• Auction Rate Securities (ARS)• Non-Performing Whole Loan Pools• CDO Tranches• Limited Partnership Interests

M t B k d S itipp y gcomply with federal and state laws and regulations.

• Houlihan’s proprietary advisor valuation model uses a fundamental approach to

• Mortgage-Backed Securities• 1st and 2nd Lien Loans• Distressed Real Estate Assets

model uses a fundamental approach to forecast future growth rates across each product/strategy. Other items taken into consideration include management, performance and other fees, current and performance and other fees, current and projected AUM, and operating expenses.

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TRANSACTION ADVISORY (cont.)

Financial Opinions

There are certain situations that require an independent opinion as to whether, from a financial point ofview the terms of a transaction are fair to specific parties of interest typically investors in a fundview, the terms of a transaction are fair to specific parties of interest, typically investors in a fund,creditors of an Advisor or shareholders of an Advisor. For instance, when a portfolio of assets are beingbought from or sold to a related entity or when a majority block of shares of an Investment Advisor aresold without prior consent of a minority shareholder. Often times there are changes to the Advisor’scapital structure that merit a fairness opinion as wellcapital structure that merit a fairness opinion as well.

Houlihan Smith is a leading provider of fairness opinions, one whose reputation is highly regarded.Houlihan’s approach incorporates the leading best practices within the corporate governance, regulatory,legal and valuation fields Our experience in the asset management industry and our strict adherence tolegal, and valuation fields. Our experience in the asset management industry and our strict adherence tomaintaining independence enables Houlihan to discern fairness for all parties in the transaction. Whereareas of uncertainty do arise, we are forthcoming with sound advice to ensure significant and timesensitive transactions are completed without the foregoing of fiduciary duties.

Houlihan has issued a number of Fairness Opinions in the following situations:• Transactions involving the purchase/sale of assets• Transactions involving the purchase/sale of investment advisors• Transactions involving the purchase/sale of investment advisors• Recapitalization/reorganizations

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RECENT SPEAKING ENGAGEMENTS

August 2009: Karl D’Cunha. “Finding a Strategic Partner in Today’s Environment/What’s Your Hedge Fund Worth Today?” Infovest21 LLC - Seminar. (New York, NY)July 2009: Karl D’Cunha. “FASB157: Compliance Strategies and Lessons Learned.” NYSSA Event – Co-hosting with Harvey Poniachek, PhD, Director of Valuation Services, RSM McGladrey, Inc. (New York, NY)June 2009: Andrew Smith. “M&A in the Middle Market.” Duane Morris LLP – Partners Meeting. (Atlanta, GA) April 2009: Richard Houlihan and Karl D’Cunha. “Overview of the Current Market Conditions.” Proskauer Rose, LLP. (New York, NY)April 2009: Andrew Smith and William Butrym . “Hedge Fund Restructuring and Consolidation in 2009.” GAIM Ops Cayman – Co-hosting with Bingham McCutchen LLP and Aragon Group. (Grand Caymans)April 2009: Karl D’Cunha. “Hedge Fund Restructuring.” Round Table – Co-hosting with Lowenstein Sandler PC, PricewaterhouseCoopers, and Aragon Group. (New York, NY)April 2009: Karl D’Cunha "Hedge Funds in Distress " City Bar Center for Continuing Legal Education – Conference (New York NY)April 2009: Karl D Cunha. Hedge Funds in Distress. City Bar Center for Continuing Legal Education Conference. (New York, NY)March 2009: Houlihan Smith & Company, Inc. “Capital Availability and M&A in the Middle Market.” Duane Morris LLP – Presentation to Corporate Practice Group via Webinar. March 2009: Karl D’Cunha. “The Changing Landscape of Fund Reporting.” Private Equity Seminar – Co-hosting with Mourant Fund Services, JC Flowers & Co. LLC, and Simpson Thacher & Bartlett LLP. (New York, NY)February 2009: Andrew Smith. “Making the Most of Financing Opportunities in Today’s Market.” Conference – Co-hosting with Winston & Strawn LLP d GE C i l Fi (Chi IL)LLP and GE Commercial Finance. (Chicago, IL)January 2009: Karl D’Cunha and Andrew Smith. “Latest Trends in Investor Operational Due Diligence and Hedge Fund Selection and Industry Best Practices.” GAIM Miami 2009 – Co-hosting with Sadis & Goldberg LLP, Sellers Capital LLC, Citadel Solutions LLC, and KPMG. (Miami, FL) January 2009: Karl D’Cunha. “Getting the Deal Done: Corporate Valuations in 2009.” Dealmaker Magazine – Panelist via Webinar.November 2008: Karl D’Cunha. "FAS 157 and Marking to Market: What Does Fair Value Mean to Your Company in Today's Economy?" Co-hosting with Ernst & Young LLP and Lowenstein Sandler PC. (New York, NY)with Ernst & Young LLP and Lowenstein Sandler PC. (New York, NY)November 2008: Karl D’Cunha and Jim Honan. 2nd Annual Structured Credit Investor Conference – Co-Sponsor and Speaker.October 2008: Karl D’Cunha. “Understanding Investment Opportunities and Systematic Risks within a Global Framework.” 2008 Annual AFP Conference – Panelist. (Los Angeles, CA)October 2008: Houlihan Smith & Company, Inc. “Finding Liquidity in an Illiquid Market.” Fulbright & Jaworski LLP – Presentation to Practice via Webinar.October 2008: Houlihan Smith & Company Inc “How to Find Liquidity in an Illiquid Market ” Co hosting with Day Pitney LLP (CT MA NJ & NY)October 2008: Houlihan Smith & Company, Inc. “How to Find Liquidity in an Illiquid Market.” Co-hosting with Day Pitney LLP. (CT, MA, NJ, & NY)March 2008: Karl D’Cunha. “Valuation in 2008: Fair Value Issues for Hedge Funds Private Equity Funds and Corporate Transactions Seminar.” Panel – Co-hosting with Katten Muchin Rosenman LLP. (New York, NY)

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RECENT PRESSInvestment Dealers' Digest “More Science Than Art?” (2009 July 9) Cited: Smith AndrewInvestment Dealers Digest. More Science Than Art? (2009, July 9) – Cited: Smith, Andrew.

Mergers & Acquisitions Journal. “An Inexact Science.” (2009, July) – Cited: Smith, Andrew.

Chicago Sun-Times. “Finding the Sales.” (2009, June) – Cited: Houlihan, Richard.

Chicago Sun Times Online “Finding the Sales ” (2009 June) Cited: Houlihan Richard Chicago Sun-Times Online. Finding the Sales. (2009, June) – Cited: Houlihan, Richard.

Structured Credit Investor. “Little Awareness of Policymaker Impact on Risk Management.” (2009, June) – Cited: Weber, Brian.

Hedge Fund Weekly. “Robeco-Sage Capital Eyes FoHF Purchase.” (2009, June) – Cited: D’Cunha, Karl. g y g p y ( )

Chicago Sun-Times. “Taking Groceries Online.” (2009, May) – Cited: Houlihan Smith & Company, Inc.

CFO Magazine. “More Than Zero.” (2009, April) – Cited: D’Cunha, Karl.

Alpha. “What are Funds Buying?” (2009, March) – Featured: D’Cunha, Karl.p y g ( , ) ,

Hedge Fund Law Report. (2009, March) – Cited: D’Cunha, Karl.

Investment Dealers’ Digest. “Culture Clash as Hedgies Join Forces.” (2009, March) – Cited: D’Cunha, Karl.

HFM Week. “Houlihan Smith Expects Consolidation Increase.” (2009, January) – Cited: D’Cunha, Karl.p ( , y) ,

Pensions & Investments. “Illiquid Securities to Get New Market.” (2008, November) – Cited: D’Cunha, Karl.

Dow Jones. “Toxic Auction-Rate Securities Available at Firesale Price.” (2008, November) – Cited: D’Cunha, Karl.

CFO Magazine. “Rethinking Capital.” (2008, November) – Cited: D’Cunha, Karl.g g p ( , ) ,

Barron’s. “Unlocking the Auction Rate Mess.” (2008, August) – Cited: D’Cunha, Karl.

Seeking Alpha. “The Untold Story of The Auction Rate Securities.” (2008, August) – Cited: D’Cunha, Karl.14

ASSET MANAGER SERVICES GROUP

Karl D’Cunha is a Senior Managing Director at Houlihan Smith and oversees thefirm’s financial advisory practice. He is head of the firm’s Hedge Fund Advisoryservices group and a team leader of the firm’s Technical Standards Committee. Mr.D’Cunha has over 13 years experience in the alternative investments industry,including working with some of the largest hedge funds globally on valuation,restructuring and M&A issues. Mr. D’Cunha has prepared, supervised, andconsulted upon assignments to US and International hedge funds, fund of funds,investment advisors, mutual funds and other entities. Mr. D'Cunha was previously anaudit manager at Ernst & Young, LLP and PricewaterhouseCoopers, LLP with 8years experience in the Investment Management industry group.

Mr. D'Cunha holds a B.A. in Finance and Economics from University of WesternOntario and a Graduate Diploma in Accounting from McGill University. Mr. D'Cunhais a Chartered Accountant and a level III candidate in the Chartered FinancialAnalyst program Mr D’Cunha is a member of the following organizations: CanadianAnalyst program. Mr. D Cunha is a member of the following organizations: CanadianInstitute of Chartered Accountants, CFA Society of Chicago, CFA Institute, HedgeFund Association, New York Hedge Fund Roundtable, Association of CharteredAccountants in the United States, Association for Financial Professionals, AppraisalIssues Task Force and American MENSA LtdIssues Task Force, and American MENSA, Ltd.

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ASSET MANAGER SERVICES GROUP

Bill Butrym is a Senior Managing Director who has extensive experience in hedgefund restructuring, operations, financing, work-out and due diligence. Bill hasdirected the start-up and closure of numerous hedge funds. He has extensiveexperience in structuring and managing leverage facilities. In addition, he hasparticipated on various investor committees and provided advice to numerous hedgefunds on restructuring strategies, such as the formation of side pocket/liquidatingtrusts, redemptive share class offerings, exit financing for portfolios and sales ofadvisors. Prior to joining Houlihan Smith & Co., Bill managed a fund of hedge fundsin the Asset Based Lending Sector. Bill co-managed the investment portfolio andwas responsible for all operational aspects of the fund.

Bill spent 24 years with Arthur Andersen where he held various Managing Partnerroles in domestic and global operations, including directly overseeing the orderlydissolution of the company in 2002. Bill was dedicated to all aspects of strategydevelopment, risk assessment, finance, operations and all related back‐officefunctions. Bill holds a BSBA (1979) from Creighton University and an MBA (1981)also from Creighton University.

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ASSET MANAGER SERVICES GROUP

Tom Kornmeier is a Managing Director with Houlihan Smith & Company in the New York office. Mr. Kornmeier serves in a business development capacity with a focus on assisting alternative investment advisors with their portfolio valuation, M&A advisory, restructuring and transaction advisory needs. Prior to joining Houlihan Smith, Mr. Kornmeier was a founding partner of Quantitative Alpha. Quantitative Alpha employed an investing approach that integrated a set of carefully researched alphas with a unique and effective investment process. Before founding Quantitative Alpha, Mr. Kornmeier was a financial advisor for UBS A.G. where he was responsible for the management of a large portfolio of fixed income and equity securities.

Mr. Kornmeier began his career in finance as Executive Vice President of RiskspanL.L.C. While he was there he managed the sales and marketing of Riskpan'svaluation and risk management application for fixed income securities for buy side and sell side enterprises. His additional responsibilities included security modeling and reverse engineering of fixed income instruments for accurate modeling by Riskspan’s analytic tools.

Mr. Kornmeier is involved with the Real Men Read program in the Chicago Public S h l S d h Child Aff d b A I D S F d i M K i School System and the Children Affected by A.I.D.S Foundation. Mr. Kornmeier holds a Bachelor of Science degree from the University of Michigan in Ann Arbor.

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ASSET MANAGER SERVICES GROUP

Bruce Lohman is a Managing Director at Houlihan Smith & Company, Inc. andworks with a wide range of domestic and international financial services institutions.In this role, Bruce focuses on providing fairness opinions, solvency opinions,valuation services, complex securities valuation, transaction services, structuredfinance advisory, and financial restructuring services.

Bruce has over twenty years of experience in global derivatives, structured products,corporate credit and bankruptcy workout transactions working with a wide range ofcorporate, financial institution, and special purpose vehicle end users. Previously,Bruce worked at ABN Amro where he was a Managing Director in the GlobalDerivatives Team. In his career, Bruce has focused on special purpose counterpartyrisk, securitization, derivatives accounting, ISDA documentation and bundledfinancing solutions. Bruce executed a wide range of large scale, complex derivativesand structured transactions across a range of credit, market value and ratesmarkets. Bruce originated, structured, executed and then terminated successfully amulti-billion notional portfolio of derivatives supporting single seller mortgagesecuritizations and bespoke repo agreements. Bruce has spoken at numerousindustry conferences.

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ASSET MANAGER SERVICES GROUP

Peter Melloni is an Managing Director at Houlihan Smith & Company, Inc. where heis responsible for the firm’s M&A and private-placement efforts for the financialservices industry, including asset management, hedge funds, banking, andinsurance businesses. Prior to joining Houlihan, Mr. Melloni launched and manageda $400 million CLO of middle market leveraged loans on behalf of institutionalinvestors.

Mr. Melloni was previously with ABNAMRO Incorporated working four years in theprivate equity placement group and the credit structuring advisory group. Prior tothose four years with ABN AMRO Incorporated, Mr. Melloni worked six years withABN AMRO Bank, N.V. in various capacities including a two-year assignment as aboard member of ABN AMRO (Polska), S.A. in Warsaw, Poland, with functionalresponsibility of building and managing both the structured finance unit and theinternational corporate banking group. Prior to ABN AMRO Bank, Mr. Melloni workedfor Fuji Bank, Ltd. and Riggs National Bank of Washington D.C.

Mr. Melloni completed The Executive Program at the Haas School of Business at theUniversity of California at Berkeley and holds a B.S.B.A. with double major infinance and international business from Georgetown University. Mr. Melloni is ali d S i FINRA i i ilicensed Series 7 FINRA securities representative.

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ASSET MANAGER SERVICES GROUP

Jeff Spurlock is a Vice President with Houlihan Smith & Company, Inc. Mr. Spurlockis a team leader of the firm’s Investment Management and financial advisory groups.Mr. Spurlock has worked on numerous client engagements with investmentmanagers employing a wide array of strategies, working on issues related to M&Atransactions, raising additional assets under management, valuation of Level IIIportfolio securities, rendering financial opinions, and the liquidation of illiquid portfolioinvestments during distressed situations. In addition, Mr. Spurlock leads the firm’sfinancial advisory practice providing financial opinions including valuations, fairnessopinions, and structured finance advisory to public and private companies.

Mr. Spurlock is a graduate of the Kelley School of Business at Indiana University inBloomington, Indiana, where he earned a B.S. with concentrations in Finance andBusiness Process Management. In addition, he has earned the designation ofCertified Management Accountant. Mr. Spurlock is also a CFA Level III candidate.

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