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Fairness Opinions - Arms Length Transactions

1998	Beverage	Pepsi-Cola Puerto Rico Bottling Company	Fairness opinion re sale of voting control to Pohlad Companies.
2006	Biotechnology	Siga Technologies, Inc.	Fairness opinion re proposed merger.
2000	Education	California Culinary Academy, Inc.	Fairness opinion re cash merger with Career Education Corporation.
1997	Finance	Bear, Stearns & Co. Inc.	Opinion to both parties re value of brokerage firm in connection with sale of minority interest back to issuer.
2007	Food	Vita Food Products, Inc.	Fairness opinion re sale of control to a director who was a minority shareholder.
1999	Food	Vacu-dry Company	Fairness opinion re sale of principal business.
2005	Healthcare	California Department of Managed Health Care	Fairness opinion re sale by Sharp Health Plan of its Medi-Cal business, Healthy Families Program, and AIM Program to Molina Healthcare of California
2001	Internet	insci-statements.com corp.	Fairness opinion re sale of convertible debt.
1998	Manufacturing	Home Security International, Inc.	Fairness opinion re acquisition of Ness Security Products Pty. Ltd.
2000	Oil & Gas	Union Pacific Resources Group Inc.	Opinion to fiduciary re merger with Anadarko Petroleum Corporation.
2001	Security	The Kroll-O'Gara Company	Fairness opinion re sale of armored car business.
1998	Semiconductors	Catalyst Semiconductors, Inc.	Fairness opinion re issuance of shares to outside investor.
2000	Semiconductors	Galvantech, Inc.	Fairness opinion re merger with Cypress Semiconductor, Inc.
1999	Services	Deloitte & Touche LLP	Fairness opinion re sale of systems integration consulting group.
2001	Shipping	R. Holdings, Inc.	Fairness opinion re sale of $78 million of convertible notes.
2000	Trade Shows	HW Exhibits Inc.	Fairness opinion re merger with Creative Management Services, Inc.
1996	Data Processing	Digital Video Systems, Inc.	Fairness opinion re change in terms of warrants.

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