Avalon Advisors’ Services Include:

• Fairness Opinions

• Business Valuations and Appraisals

• Valuations for Tax and Financial Reporting

• Business Combinations, Goodwill, and Intangible Asset Analysis (FASB #141, #142, and #144)

• Minority Sales and Fractional Interest Valuations

• Stock Option Valuations

• Intangible Asset and Intellectual Property Valuations

• Employee Stock Ownership Plans (ESOPS)

• Litigation/Audit Support and Expert Testimony

• Merger & Acquisition Valuation Advisory

Avalon Advisors’ Advantage… “Transaction EXPERIENCE”

As a Business Appraiser, Mr. Bates brings to his clients a unique combination of professional appraisal, financial analysis skills, and, above all, actual transaction experience. He is qualified by virtue of his more than 15 years’ experience as a mergers and acquisitions and business brokerage professional, where intimate knowledge of complex fair market value factors is essential in negotiating successful transactions between knowledgeable buyers and sellers of small to midsize businesses.

In addition to personally participating in more than 300 transactions, involving private and public companies, Mr. Bates has completed more than 500 valuation and advisory engagements, including fairness opinions, economic and business analysis, and litigation support. He has valued a broad range of businesses, including agriculture, distribution, food services, technology, manufacturing and retailing. He has testified at trial, and has been qualified as an expert witness on matters involving standard of care for business brokers, fair market value, business valuation, and community property business assets, such as family businesses and professional and medical practices.

Mr. Bates’ background and related experience includes serving as Managing Director for RSM EquiCo Capital Markets, LLC, an international investment banking firm specializing in the valuation and sale of privately held middle-market companies; a Registered Financial Advisor with Morgan Stanley; founder/president of a nationally recognized business brokerage firm specializing in the sale of small to midsize companies; and the owner of Bates Business Group, Inc.

Professional Associations and Licenses

Mr. Bates is a member of the Institute of Business Appraisers (IBA), membership #11242; and holds the following Securities and Exchange (SEC) licenses:*