Trust. Experience. Independence. Results. CASCADIA QUICK FACTS . Established in 1999 Cascadia Capital is a diversified investment bank, serving both private . Wall Street class bankers serving and public growth companies around the globe. We partner with our middle market companies . Over 350 transactions with more clients to deliver results based on our domain expertise, transaction than $12 billion aggregate deal value experience and commitment to long-term relationships. . Transparent, client-focused, process-driven advisors

Cascadia Capital delivers high-quality, conflict- Fairness Opinions free financial advice and opinions to boards and

Public & Private Companies special committees that withstand the most rigorous scrutiny.

WHO WE SERVE SITUATIONS

• Public and private companies • Mergers & acquisitions • Business owners • • Board of directors • Private placements and down-round • Trustees capital raises • Special committees • Divestitures • Investors • Going private transactions • Lenders • Related party transactions • Other fiduciaries • ESOP transactions

BENEFITS HOW WE ADD VALUE

• Minimizes the risk of misunderstanding • Experienced team and senior level and future litigation among attention stakeholders • Independent and unbiased opinions • Protects shareholder interests • Disciplined process and analytical rigor • Reduces risk of shareholder dissention • Quality results that withstand ever- • Fulfills fiduciary responsibilities of increasing scrutiny from regulators boards and investors

Contact Us: Michael Butler | Managing Director 1000 2nd Avenue, Phone: 206.436.2530 Suite 1200 Fax: 206.436.2501 Seattle, WA 98104 [email protected] Member FINRA/SIPC Fairness Opinion Experience

As an independent investment bank, we deliver high-quality, conflict-free financial advice and opinions to boards and special committees that withstand the most rigorous scrutiny. Our fairness opinions often involve complex transactions that have significant financial implications for the company and shareholders involved. We have an excellent reputation as a trusted advisor and serve various parties across the industries we cover, allowing them to fulfill their fiduciary responsibilities.

Intrexon Corporation, a Boyne USA, Inc., parent company publicly-traded bioengineering of Boyne Resorts, Inc., one of the and biopharmaceutical largest independent ski and golf company, was seeking to divest resort owner/operators in the non-core, non-healthcare country, with twelve properties related assets to future nationwide. R&D projects.

The Special Committee of the Board of Directors of Cascadia was engaged to provide a fairness opinion Intrexon engaged Cascadia to provide a fairness to Boyne in connection with the sale of Crystal opinion for the sale of a stake in AquaBounty, a Mountain, Inc., operator of Crystal Mountain Ski genetically-modified salmon producer. Resort.

Cost-U-Less owns and operates R. W. Beck, Inc. was a 700- warehouse stores that offer employee design engineering discount food and general company, based in Seattle, WA, merchandise products to island focused primarily on public and communities in the South Pacific private infrastructure and Caribbean. organizations.

Cascadia provided a fairness opinion for Cost-U-Less Cascadia provided a fairness opinion for RW Beck’s in its sale to North West Company, a publicly traded board of directors on the sale of the company to Canadian food retailer. SAIC, a $5 billion publicly traded engineering services firm.

Helix Biomedix is a publicly- Imperium Renewables is a traded specialty dermatology biodiesel producer that and consumer products skin commercialized a new design for company based in Bothell, biodiesel refining. Washington.

Cascadia provided a fairness opinion for Helix’s go- Cascadia provided a fairness opinion to the Board of dark transaction through a reverse split. Trustees of the Seattle Employees’ Retirement System regarding its equity investment in Imperium.