1. EXPERTISE
“BEST PRACTICES.
HOULIHAN SMITH & COMPANY, INC. is a leading provider of BEST EXECUTION.”
comprehensive valuation and restructuring services which address the Overview
needs of the healthcare market. Houlihan Smith is responsive to the recent  A leading independent financial
Financial Accounting Standards Board Statement No. 157, Fair Value advisory and investment banking
Measurements, that has laid out stricter guidelines for measuring firm
value. Houlihan Smith’s technical expertise combined with senior-level  A trusted provider of financial
commitment has helped our clients achieve results and derive value opinions, mergers and acquisition
advisory, valuation, financing, and
throughout their restructuring activities. Houlihan recognizes the immense other corporate advisory services
challenges that face those in the healthcare industry in a changing business  A registered broker-dealer and
and financial environment. Houlihan Smith’s valuations are objective, FINRA/SIPC member committed
independent, defensible and meet shareholder requirements, tax to the highest levels of professional
compliance and standard financial reporting requirements: standards and quickly respond and
efficiently handle complex client
HEALTHCARE COVERAGE engagements
 Synonymous with valuation and
Services Technology deal-making expertise, leveraging
years of experience, reputation, and
 Behavioral Healthcare  Biotechnology relationships
 Home Healthcare  E-Health
 Hospitals  Medical Devices Healthcare Team
 Medical Imaging Services  Pharmaceuticals Richard Houlihan
 Long-Term Care  Tele-Medicine Founder and Chairman
 Managed Care
Andrew Smith
 Benefit Management Companies Co-Founder and President
 Physician Medical Groups
 Rehabilitation Karl D’Cunha
Senior Managing Director
M&A ADVISORY PORTFOLIO VALUATION
Reginald McGaugh
 Sales and Divestitures  Monthly, Quarterly and Annual Managing Director
 Acquisition of Targets Portfolio Valuation
 Mergers and Strategic Ventures  Financial Reporting Compliance Brian Gorski
 Transactional Support/Due  Side Pocket Transactions Vice President
Diligence  Specific Investment Valuation(s)
Darcy Bonner
TRANSACTION ADVISORY RESTRUCTURING Analyst
 Capital Raising  Asset Level Maria Ika Erwina
 Financial Opinions  Portfolio Level Analyst
 Advisor Valuation  Advisor Level
For more information regarding healthcare valuation, capital raising, merger WWW.HOULIHANSMITH.COM
WWW.FAIRNESSOPINION.COM
and acquisition, and/or strategic advisory services please contact: WWW.SOLVENCYOPINION.COM
105 West Madison Street
Reginald McGaugh Maria Ika Erwina Suite 1200
rmcgaugh@houlihansmith.com ierwina@houlihansmith.com Chicago, IL 60602
312-499-5900

2. Select Healthcare Clients
Cubist
Pharmaceuticals, Inc. Medtronic, Inc
Inc.
Performed an Independent Analysis on the Provided a full and comprehensive valuation
Company’s Structured Finance Portfolio in report to Medtronic that includes valuation of
with FAS 157: Fair Value certain Auction Rate Securities held by the
MeaCompliance surements Company.
MMR Information Healthcare Finance
Systems, Inc. Group
We provided a full and comprehensive Provided a full and comprehensive valuation
valuation report to HFG that includes report to HFG that includes valuation of
valuation of certain Auction Rate Securities certain Auction Rate Securities held by the
held by the Company. Company.
The Healing Staff HCI Specialty
Ceragenix Pharmacy, LLC
Acted as Financial Advisor and Fairness Opinion -Acted as Independent Fairness Opinion - Acted as Independent
Financial Advisor to the Special Committee Financial Advisor to the Special Committee
Sold Company
of the Board. of the Board.
Delta Dental Plans Pacific Medical King Pharmaceuticals
Association Centers
Provided the Board of Directors with Provided a full and comprehensive valuation Performed an Independent Analysis on the
financial advisory services and report to Pacific that includes valuation of Company’s Structured Finance Portfolio in
comprehensive valuation report for purposes certain Auction Rate Securities held by the Compliance with FAS 157: Fair Value
of a transaction consideration Company. Measurements
For more information regarding healthcare valuation, capital raising, merger WWW.HOULIHANSMITH.COM
WWW.FAIRNESSOPINION.COM
and acquisition, and/or strategic advisory services please contact: WWW.SOLVENCYOPINION.COM
105 West Madison Street
Reginald McGaugh Maria Ika Erwina Suite 1200
rmcgaugh@houlihansmith.com ierwina@houlihansmith.com Chicago, IL 60602
312-499-5900