Knox & Co., as part of its corporate advisory business, is continually engaged in the valuation of businesses and their securities in connection with the following:

• Mergers and Acquisitions
• Shareholder Buyouts
• Liquidation
• Estate Issues

Determining the market value of a business is based on comprehensive research and analysis of a company, industry comparisons and future earnings potential. Unlike others who perform valuations as a mechanical exercise, we do not view valuation as a mathematical exercise of computing numbers, adjusting financial statements and making comparisons to other companies. The process of valuation includes a good bit of subjectivity and market related judgment on our part, reflecting factors we believe to be relevant based on our experience in these matters, as to the range of likely achievable values for the company. While many firms specialize in academic and theoretical valuations, our extensive background in making markets (the buyers and sellers of companies) is critical to identifying true benchmarks for clients.

We have advised boards of directors, investors and special committees of companies to provide them with information regarding the fairness, from a financial point of view, of pending transactions. Our experience in valuations and mergers & acquisitions is critical in the board's evaluation of its strategic alternatives and making sound business decisions. This value is based on the personal experience of our senior bankers in real world middle market transactions.

Knox & Co. does not end its involvement with a firm upon delivering the valuation report or fairness opinion. Knox & Co. provides the professional resources and discusses the strategic alternatives available to business owners to achieve the values discussed in the valuation report.