Transactions
Valuation Advisory

Business Services
M&A Advisory

has been acquired by the Action Labor Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
Valuation Advisory & Fairness Opinion

Business Services
M&A Advisory

has been acquired by the AE2S Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
Consulting Services

Industrial Growth
Fairness Opinion

Consumer
M&A Advisory

has been acquired by

Advisor to the Seller
Consumer
Valuation Advisory

Business Services
Valuation Advisory

Industrial Growth
M&A Advisory

has been acquired by the Alton Steel Inc Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
M&A Advisory

has been acquired by

Advisor to the Seller
Healthcare
Valuation Advisory

Industrial Growth
Valuation Advisory & Fairness Opinion

Business Services
M&A Advisory

has been acquired by the A. Morton Thomas and Associates, Inc. Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
Valuation Advisory

Business Services
Valuation Advisory

Construction & Real Estate
ESOP Advisory

has been acquired by the Arch Telecom Employee Stock Ownership Trust
Telecommunications
Recapitalization

has been recapitalized. Financing provided by

Telecommunications
Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by

Advisor to the Seller
Industrial Growth
ESOP Advisory

has been acquired by the Builder's Bloc Employee Stock Ownership Plan
Construction & Real Estate
Valuation Advisory & Fairness Opinion

Construction & Real Estate
M&A Advisory

has been acquired by the Butters Employee Stock Ownership Plan
Advisor to the Buyer
Construction & Real Estate
Recapitalization

has been recapitalized
Business Services
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the Cogent Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
ESOP Advisory

Sale of 100% of the company to an employee stock ownership plan
Industrial Growth
Recapitalization

has been recapitalized. Financing provided by

Business Services
Consulting Services

Hospitality
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the Design Solutions & Integration Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the ESL Power Systems Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
Valuation Advisory

Business Services
Recapitalization

has been recapitalized into a partnership through a private placement and a buyback of shares. Financing provided by

Business Services
Consulting Services

Business Services
Recapitalization

has been recapitalized through a private placement and a buyback of shares. Financing provided by

Business Services
Fairness Opinion

Hospitality
M&A Advisory

has been acquired by PureStar, a portfolio company of

Advisor to the Seller
Hospitality
M&A Advisory

has been acquired by

Advisor to the Seller
Healthcare
Fairness Opinion

Business Services
Valuation Advisory

Business Services
M&A Advisory

has been acquired by the Gewalt Hamilton Associates, Inc. Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
M&A Advisory

has been acquired by Renaissance Power Systems, a portfolio company of

Advisor to the Seller
Industrial Growth
ESOP Advisory

has been acquired by the Haberfeld Associates Employee Stock Ownership Plan
Business Services
Recapitalization

has been recapitalized. Financing provided by

Business Services
Fairness Opinion

Business Services
M&A Advisory

has been acquired by

Advisor to the Seller
Business Services
Fairness Opinion

Construction & Real Estate
ESOP Advisory

has been acquired by the Independent Imaging Holdings, Inc. Employee Stock Ownership Plan
Healthcare
Fairness Opinion

Construction & Real Estate
Valuation Advisory

Business Services
ESOP Advisory

The Kelly, Anderson & Associates, Inc. Employee Stock Ownership Plan acquired common stock of KAA Federal Solutions
Business Services
Valuation Advisory

Business Services
M&A Advisory

has been acquired by the Labor Solutions Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
Valuation Advisory

Industrial Growth
M&A Advisory

has been acquired by the Laser Dynamics Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
M&A Advisory

has been acquired by

Advisor to the Seller
Industrial Growth
Valuation Advisory

Industrial Growth
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by AG Solutions Group, a portfolio company of

Advisor to the Seller
Industrial Growth
Valuation Advisory & Fairness Opinion

Consumer
M&A Advisory

has been acquired by

Advisor to the Seller
Consumer
Recapitalization

has been recapitalized through a private placement and a buyback of ESOP shares. Financing provided by

Construction & Real Estate
ESOP Advisory

has been acquired by The McLean Group Employee Stock Ownership Plan
Business Services
Fairness Opinion

Industrial Growth
Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the Modern Air Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
Recapitalization

has been recapitalized. Financing provided by

Industrial Growth
Valuation Advisory & Fairness Opinion

Construction & Real Estate
M&A Advisory

has been acquired by the NP Mechanical Employee Stock Ownership Plan
Advisor to the Buyer
Construction & Real Estate
ESOP Advisory

has been acquired by the NSD Holdings, Inc. Employee Stock Ownership Plan
Business Services
M&A Advisory

has been acquired through a majority recapitalization by an undisclosed buyer
Advisor to the Seller
Business Services
Valuation Advisory

Healthcare
Valuation Advisory

Industrial Growth
Valuation Advisory

Industrial Growth
M&A Advisory

has been acquired by the Paper Machinery Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
ESOP Advisory

has been acquired by the Paschall Truck Lines, Inc. Employee Stock Ownership Plan
Transportation
Consulting Services

Healthcare
ESOP Advisory

has been acquired by the Path Medical Center Holdings, Inc. Employee Stock Ownership Plan
Healthcare
Consulting Services

Business Services
ESOP Advisory

has been acquired by the Quaintance-Weaver Management, LLC Employee Stock Ownership Plan
Hospitality
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the Raydon Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
M&A Advisory

has been acquired by Bylight, a portfolio company of

Advisor to the Seller
Industrial Growth
Valuation Advisory & Fairness Opinion

Business Services
Valuation Advisory & Fairness Opinion

Construction & Real Estate
M&A Advisory

has been acquired by the Rumsey Construction Employee Stock Ownership Plan
Advisor to the Buyer
Construction & Real Estate
Valuation Advisory

Business Services
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by

Advisor to the Seller
Industrial Growth
ESOP Advisory

has been acquired by the Smith Transport Employee Stock Ownership Plan
Transportation
Fairness Opinion

Business Services
M&A Advisory

has been acquired by the Solid IT Networks Employee Stock Ownership Plan
Advisor to the Buyer
Business Services
Valuation Advisory

Industrial Growth
ESOP Advisory

The Spinx Company, Inc. Employee Stock Ownership Plan has acquired common stock of Spinx Company, Inc.
Advisor to the Buyer
Consumer
Valuation Advisory

Industrial Growth
Fairness Opinion

Business Services
M&A Advisory

has been acquired by

Advisor to the Seller
Industrial Growth
Valuation Advisory & Fairness Opinion

Consumer
M&A Advisory

has been acquired by the Taylor Guitars Employee Stock Ownership Plan
Advisor to the Buyer
Consumer
Valuation Advisory & Fairness Opinion

Business Services
ESOP Advisory

The Tecolote Research Employee Stock Ownership Plan has acquired common stock of Telecote
Advisor to the Buyer
Business Services
Valuation Advisory & Fairness Opinion

Industrial Growth
M&A Advisory

has been acquired by the TMF Employee Stock Ownership Plan
Advisor to the Buyer
Industrial Growth
Consulting Services

Hospitality
M&A Advisory

has been acquired by

Advisor to the Seller
Hospitality
Valuation Advisory

Consumer
M&A Advisory

has been acquired by the True Air Mechanical Employee Stock Ownership Plan
Advisor to the Buyer
Consumer
Recapitalization

has been recapitalized. Financing provided by

Construction & Real Estate
Consulting Services

Construction & Real Estate
Fairness Opinion

Consumer
M&A Advisory

has been acquired by the Westchester Publishing Services Employee Stock Ownership Plan
Advisor to the Buyer
Consumer