SEC AUDIT FEE REPORT a Comparison of Public Company Audit Fees, Sorted by Revenue, Paid to Regional, National and Big 4 External Auditors During 2014, 2013 and 2012

ARMANINO’S ANNUAL SEC AUDIT FEE REPORT A comparison of public company audit fees, sorted by revenue, paid to regional, national and Big 4 external auditors during 2014, 2013 and 2012. WHAT’S YOUR

FEE-TO-VALUE RATIO? This report is organized by revenue. Turn to the page that best represents your revenue range to learn insights When it comes to public companies the fee-to-value ratio makes regional directly tied to your group. audit firms the most attractive partner for companies on the lookout for a new audit partner—and significant cost savings with increased service. PAGE REVENUE Armanino reports annual audit fees from the 10-K and proxy statements of California, publicly traded companies, providing you with a tool to 02 <$50M help you quickly compare your audit fees to your peers from the same 11 $50 - $100M revenue bracket. 14 $101 - $500M We compiled and analyzed more than 750 public companies’ reporting 22 $501M - $1B * revenues and audit fees over the past three years (2012-2014). 26 >$1B Consistently, we find companies overpaying for their national and Big 4 audits.

In 2014, companies with less than $50M in revenue listing Big 4 firms as their auditor paid 82% higher fees than the average fees paid by firms with the same revenue. In addition, companies within the $50M – $100M revenue range paid 32% higher fees than average when working with the Big 4. In addition, the Big 4 increased their audit fees an average of 2% across all revenue categories.

Are you paying above-average prices for an average audit?

1 *Source: 2015 Ives Group Inc. In 2014, companies with less than $50M in revenue listing Big 4 firms as their auditor paid 82% higher fees than the average audit fee of $369,874. Over the past <50M IN REVENUE year alone, audit fees for these same companies have increased 5%. Companies listing National firms as their auditor paid less than average for an audit ($258,671).

Companies using regional firms paid an impressive 72% less than average, paying $102,552 for their audit. $800K

$700K $671,554 82% Above Average Fees continue to rise. Over the past 3 years, fees have increased 70%, $600K with a 27% increase between 2012 and 2013, followed by a similar increase (34%) occurring between 2013 and 2014. $500K $400K $369,874 $400K

Average Fee $369,874 $300K $276,723 $300K $258,671 $217,794 30% Below Average $200K $200K Regional & National Average $147,294 $102,552 $100K $100K 72% Below Average

Regional National Big 4 ‘12 ‘13 ‘14 0 0 <$50m <$50m

2 <$50M IN REVENUE The chart below outlines all companies that have less than $50M in revenue. Use this to compare your audit fees to your peer grouping.

Auditor Audit Fees/Audit Related Fees Revenue Company or Fund Type 2014 2013 2012 2014 2013 2012 1ST CENTURY BANCSHARES, INC. National $180,000 $180,000 $180,000 $20,926,000 $18,809,000 $17,025,000 ACADIA PHARMACEUTICALS INC. Big 4 $543,000 $470,000 $417,000 $120,000 $1,145,000 $4,907,000 ACCELERIZE INC. Regional $74,500 $70,500 $70,500 $16,460,030 $9,653,865 $5,800,622 ACELRX PHARMACEUTICALS INC. Big 4 $657,464 $843,875 $616,375 $5,217,000 $29,502,000 $2,394,000 ACHAOGEN INC. Big 4 $1,098,140 $906,154 - $19,970,000 $18,512,000 - ADAMIS PHARMACEUTICALS CORP. National $149,311 $119,240 $103,308 - - - AEHR TEST SYSTEMS Regional $149,355 $148,945 $151,335 $19,684,000 $16,488,000 $15,521,000 AEROCENTURY CORP. National $304,000 $251,000 $256,000 $25,306,900 $33,704,600 $27,761,400 AETHLON MEDICAL INC. Regional $97,000 $104,032 $113,571 $1,623,769 $1,230,004 $1,359,621 ALEXZA PHARMACEUTICALS INC. Big 4 $1,388,100 $915,065 $819,000 $5,561,000 $47,839,000 $4,070,000 AMBIENT WATER CORP. Regional $34,250 $27,242 $34,746 $96,993 $142,136 $19,675 AMERICAN BOARDING CO Regional $6,500 $3,500 $4,000 $8,475 - - AMERICAN RIVER BANKSHARES National $172,500 $172,500 $189,000 $22,142,000 $20,896,000 $24,073,000 AMERICAN SHARED HOSPITAL SERVICES Regional $150,943 $155,154 $136,000 $15,417,000 $17,584,000 $17,048,000 AMYRIS, INC. Big 4 $1,233,000 $1,527,000 $1,458,000 $43,274,000 $41,119,000 $73,694,000 ANACOR PHARMACEUTICALS, INC. Big 4 $1,148,360 $834,368 $873,616 $20,686,000 $17,228,000 $10,740,000 ANTHERA PHARMACEUTICALS INC. National $368,450 $479,207 $216,005 - - - APRICUS BIOSCIENCES, INC. Big 4 $755,000 $615,000 $601,500 $9,259,000 $2,511,000 $7,945,000 ARADIGM CORP. Regional $165,000 $166,000 $149,000 $33,561,000 $9,717,000 $1,007,000 ARDELYX, INC. Big 4 $1,377,230 $369,774 - $31,623,000 $28,928,000 - ARENA PHARMACEUTICALS INC. Big 4 $735,600 $677,577 $442,000 $36,970,000 $81,394,000 $27,587,000 ARES MANAGEMENT LP Big 4 $2,180,000 $1,911,000 - $(71,101,000) $(65,251,000) - ARROWHEAD RESEARCH CORP. Regional $184,500 $106,000 $159,065 $175,000 $290,266 $146,875 ASTERIAS BIOTHERAPEUTICS, INC. Regional $177,855 $225,000 $41,500 $2,447,342 - - AVALANCHE BIOTECHNOLOGIES, INC. Big 4 $1,441,280 $420,600 - $572,000 $480,000 - AVINGER INC. Big 4 $2,090,000 $50,000 - $11,213,000 $12,964,000 - BANK OF COMMERCE HOLDINGS Regional $263,342 $301,108 $231,376 $41,008,000 $40,803,000 $46,930,000 BIOCEPT INC. National $163,430 $271,400 $35,000 $133,415 $134,245 $109,289 BIOLASE, INC. National $297,544 $295,103 $272,494 $47,656,000 $56,430,000 $57,356,000 BIOTIME INC. Regional $274,744 $229,500 $323,500 $10,486,408 $4,434,336 $3,915,327 BROADVISION INC. Regional $207,057 $220,098 $194,284 $13,585,000 $15,599,000 $15,126,000

3 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 CABINET GROW, INC. Regional $10,820 $11,295 - $184,338 $511,130 - CADIZ INC. Big 4 $252,000 $270,000 $273,000 $336,000 $301,000 $362,000 CALIFORNIA FIRST NATIONAL BANCORP Regional $107,000 $107,000 $107,000 $25,305,000 $26,234,000 $29,496,000 CALITHERA BIOSCIENCES, INC. Big 4 $1,500,000 $32,000 - - - - CAPRICOR THERAPEUTICS, INC. Regional $102,000 $194,150 $100,880 $4,786,700 $503,233 $1,898,764 CARDICA INC. Big 4 $342,000 $226,000 $485,000 $3,615,000 $3,499,000 $3,681,000 CAREDX, INC. Big 4 $1,987,640 $289,187 - $27,306,000 $22,098,000 - CASTLIGHT HEALTH, INC. Big 4 $810,000 $1,659,000 - $45,605,000 $12,973,000 - CELLADON CORP. Big 4 $333,023 $1,007,860 $50,557 - - - CELLULAR BIOMEDICINE GROUP, INC. National $338,562 $441,901 $62,397 $1,128,754 $204,914 $273,620 CENTRAL VALLEY COMMUNITY BANCORP National $328,000 $249,000 $224,500 $49,203,000 $42,667,000 $39,062,000 CERES, INC. Big 4 $658,000 $485,000 $1,178,000 $2,404,000 $5,243,000 $5,371,000 CERUS CORP. Big 4 $1,033,000 $1,047,000 $973,000 $36,416,000 $39,657,000 $36,786,000 CESCA THERAPEUTICS INC. Big 4 $888,000 $410,000 $341,000 $15,987,000 $17,963,000 $19,023,000 CHEMOCENTRYX, INC. Big 4 $360,782 $422,349 $528,390 - $6,060,000 $5,419,000 CHEROKEE INC. Big 4 $318,500 $654,093 $175,000 $28,614,000 $26,558,000 $25,604,000 CLEAN DIESEL TECHNOLOGIES INC. National $578,974 $492,794 $535,628 $41,231,000 $51,801,000 $60,537,000 CODEXIS INC. National $824,360 $724,120 $1,497,420 $35,307,000 $31,922,000 $88,298,000 COHERUS BIOSCIENCES, INC. Big 4 $508,000 $10,000 - $31,106,000 $2,751,000 - COLLABRX, INC. Regional $220,000 $220,000 $213,000 $1,316,000 $400,000 $100,000 COLONY CAPITAL, INC. Big 4 $1,414,200 $828,400 $591,200 $22,459,000 $2,056,000 $1,973,000 COMBIMATRIX CORP. Regional $101,855 $87,500 $89,000 $8,042,000 $6,367,000 $5,350,000 COMMUNITY WEST BANCSHARES Big 4 $324,000 $316,000 $309,000 $30,201,000 $30,697,000 $35,649,000 CONATUS PHARMACEUTICALS INC. Big 4 $321,382 $887,611 $60,364 - - - CORCEPT THERAPEUTICS INC. Big 4 $914,000 $915,000 $1,100,000 $26,551,000 $10,357,000 $3,307,000 CORIUM INTERNATIONAL, INC. Big 4 $892,042 $80,000 - $42,440,000 $50,270,000 - CROWD SHARES AFTERMARKET, INC. Regional $5,709 $5,050 $6,750 $6,600 $19,061 $32,270 CRYOPORT, INC. Regional $69,325 $66,050 $64,660 $2,659,943 $1,100,539 $555,637 CYMABAY THERAPEUTICS, INC. Big 4 $646,563 $1,178,450 $160,118 - - $3,050,000 CYTOKINETICS INC. Big 4 $738,999 $689,950 $523,100 $46,940,000 $30,648,000 $7,559,000 CYTORI THERAPEUTICS, INC. Big 4 $470,000 $664,596 $547,568 $7,598,000 $12,196,000 $14,501,000

4 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 CYTRX CORP. National $408,377 $391,730 $376,300 $100,000 $300,000 $100,000 DAEGIS INC. National $255,697 $327,000 $313,000 $30,958,000 $40,193,000 $43,469,000 DAILY JOURNAL CORP. National $405,000 $526,000 $169,300 $43,423,000 $37,676,000 $31,874,000 DERMIRA, INC. Big 4 $1,349,140 $415,000 - $7,300,000 - - DEVELOPMENT CAPITAL GROUP, INC. Regional $22,244 $15,000 $2,000 $3,063,875 - $300,000 DIADEXUS INC. Big 4 $ 687,075 $ 587,203 $ 559,200 $ 26,423,000 $24,884,000 $ 20,776,000 DIGITAL POWER CORP. Big 4 $112,000 $115,000 $123,000 $9,022,000 $8,770,000 $8,589,000 DURECT CORP. Big 4 $828,203 $761,681 $755,384 $19,401,000 $15,326,000 $53,070,000 DYNAVAX TECHNOLOGIES CORP. Big 4 $971,123 $1,048,330 $843,621 $11,032,000 $11,251,000 $9,714,000 ECHELON CORP. Big 4 $949,749 $907,275 $926,069 $38,730,000 $45,857,000 $134,017,000 EKSO BIONICS HOLDINGS, INC. Regional $381,276 $69,635 $4,500 $5,327,000 - - ENER-CORE INC. Regional $89,375 $148,055 $7,900 $868,000 $16,000 $991,000 ENERGOUS CORP. National $187,976 $153,745 $12,500 - - - ENERGY RECOVERY, INC. National $741,668 $464,210 $410,482 $30,426,000 $43,045,000 $42,632,000 ENVIVIO INC. National $569,000 $515,000 $1,088,000 $43,204,000 $39,099,000 $50,646,000 EVOKE PHARMA INC. Big 4 $215,891 $619,517 $40,000 - - - EXELIXIS, INC. Big 4 $1,221,920 $825,873 $915,458 $25,111,000 $31,338,000 $47,450,000 FATE THERAPEUTICS INC. Big 4 $294,804 $1,017,020 $60,047 - $971,000 $2,670,000 FINJAN HOLDINGS, INC. National $151,929 $128,750 $141,459 $4,998,000 - $1,500,000 FIRSTHAND TECHNOLOGY VALUE FUND, INC. Regional $25,800 $25,000 $17,000 $2,431,890 $1,208,699 $688,716 FIVE PRIME THERAPEUTICS INC. Big 4 $571,255 $1,269,030 $98,778 $19,231,000 $13,791,000 $9,983,000 FRANKLIN LTD DURATION INC.OME TRUST Big 4 $47,556 $47,500 $52,360 - - - FRESH HEALTHY VENDING INTERNATIONAL, INC. Regional $88,955 $71,000 $8,000 $5,258,027 $5,258,027 - GENMARK DIAGNOSTICS, INC. Big 4 $716,917 $858,534 $745,267 $30,594,000 $27,404,000 $20,469,000 GEO POINT RESOURCES, INC. Regional $37,035 $23,503 - $209,953 $201,599 - GERON CORP. Big 4 $615,679 $541,321 $493,263 $1,153,000 $1,283,000 $2,709,000 GIGA TRONICS INC. National $174,000 $140,000 $151,000 $13,309,000 $14,187,000 $13,116,000 GIGOPTIX, INC. Regional $279,646 $239,880 $264,297 $32,947,000 $28,926,000 $36,734,000 GSV CAPITAL CORP. National $694,853 $572,445 $398,680 $(5,317,897) $(1,230,046) $248,077 HANSEN MEDICAL INC. Big 4 $372,000 $630,000 $584,000 $19,495,000 $16,982,000 $17,636,000 HENNESSY ADVISORS INC. National $65,000 $78,000 $67,950 $33,441,000 $23,640,000 $7,021,000

5 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 HERON THERAPEUTICS, INC. Regional $173,286 $159,003 $162,000 - - - HORTONWORKS, INC. Big 4 $2,576,000 $517,000 - $46,048,000 - - IGNYTA, INC. National $161,034 $140,108 $30,500 $150,000 - - IKANOS COMMUNICATIONS, INC. Big 4 $431,822 $1,227,000 $1,156,000 $48,364,000 $79,749,000 $125,948,000 IMMUNOCELLULAR THERAPEUTICS, LTD. National $134,207 $147,155 $118,744 - - - IMPRIMIS PHARMACEUTICALS, INC. Regional $76,450 $66,880 $48,100 $1,660,246 $10,000 $100,000 INFOSONICS CORP. Regional $218,336 $234,577 $196,300 $48,144,000 $37,895,000 $34,294,000 INOVIO PHARMACEUTICALS, INC. Big 4 $852,658 $789,882 $560,450 $10,456,766 $13,467,346 $4,118,652 INTERMOLECULAR INC. Big 4 $1,038,000 $1,018,500 $1,054,600 $47,695,000 $67,406,000 $66,827,000 INTERSECT ENT, INC. Big 4 $1,537,000 $304,000 - $38,587,000 $17,931,000 - INVENTERGY GLOBAL, INC. National $99,780 $97,793 $98,384 $719,267 $20,586,000 $20,671,000 INVITAE CORP. Big 4 $1,110,000 - - $1,604,000 - - IRIDEX CORP. Regional $330,000 $313,000 $281,000 $42,814,000 $38,273,000 $33,859,000 ISHARES COMMODITY OPTIMIZED TRUST Big 4 $50,900 $33,715 - $6,267 - - ISHARES S&P GSCI COMMODITY-INDEXED TRUST Big 4 $60,900 $94,265 $84,300 $517,085 $664,549 $969,621 ITUS CORP. Regional $82,280 $400,330 $311,000 $3,667,320 $388,850 $940,010 KALOBIOS PHARMACEUTICALS INC. Big 4 $621,309 $789,000 $1,725,000 - $44,000 $6,098,000 KINDRED BIOSCIENCES, INC. Regional $95,550 $104,963 $38,606 - - - KITE PHARMA, INC. Big 4 $104,000 $83,000 - - - - KYTHERA BIOPHARMACEUTICALS INC. Big 4 $541,932 $641,574 $966,896 - - $19,687,000 LA JOLLA PHARMACEUTICAL CO Regional $116,603 $66,500 $75,000 - - - LANDMARK INFRASTRUCTURE PARTNERS LP Big 4 $350,000 - - $14,198,460 - - LANTRONIX INC. Regional $140,000 $147,000 $234,346 $44,546,000 $46,655,000 $45,382,000 LOOKSMART LTD Regional $107,000 $101,000 $313,124 $4,702,000 $6,679,000 $15,691,000 LPATH, INC. Regional $122,000 $122,000 $122,000 $5,080,463 $7,986,762 $6,688,153 LRAD CORP. Regional $121,495 $117,445 $117,057 $24,591,342 $17,087,930 $14,792,338 MANNKIND CORP. Big 4 $1,267,390 $912,367 $851,001 - - $35,000 MARATHON PATENT GROUP, INC. Regional $214,891 $75,000 $27,500 $21,404,469 $3,418,371 - MAST THERAPEUTICS, INC. Big 4 $336,300 $226,000 $170,000 - - - MAX SOUND CORP. Regional $64,613 $58,354 $39,648 $2,491 $2,498 $5

6 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 MEDICINOVA INC. Big 4 $518,382 $563,884 $202,559 - $6,003,257 $802,580 MEI PHARMA, INC. National $158,871 $128,400 $133,100 - - - MIRATI THERAPEUTICS, INC. Big 4 $308,085 $445,088 $163,096 - - - MITEK SYSTEMS INC. National $169,000 $164,300 $164,300 $19,150,345 $14,803,185 $9,092,683 MOSYS, INC. Regional $313,000 $305,000 $387,000 $5,380,000 $4,398,000 $6,082,000 MYDX, INC. Regional $7,000 - - - - - NEOTHETICS, INC. Big 4 $925,866 $202,117 - - - - NETLIST INC. Regional $147,700 $136,150 $143,630 $19,195,000 $23,048,000 $36,873,000 NETSOL TECHNOLOGIES INC. Regional $255,000 $240,000 $191,000 $36,384,803 $49,849,463 $39,775,524 NEUROCRINE BIOSCIENCES INC. Big 4 $558,293 $400,190 $397,353 - $2,919,000 $53,140,000 NEVRO CORP. Big 4 $1,864,960 $228,646 - $32,573,000 $23,500,000 NMI HOLDINGS, INC. National $518,883 $692,324 $241,741 $22,208,000 $5,560,000 $284,000 NOVABAY PHARMACEUTICALS, INC. Regional $150,167 $120,798 $92,027 $1,054,000 $3,477,000 $6,947,000 NTN BUZZTIME INC. Regional $145,000 $60,000 $207,000 $26,046,000 $23,749,000 $24,064,000 NUGENE INTERNATIONAL, INC. Regional $24,000 - - $723,438 - - NUZEE, INC. Regional $27,200 $16,500 $16,800 $71,762 $122,232 - OAK VALLEY BANCORP Regional $139,500 $137,500 $137,500 $29,700,000 $28,384,000 $29,130,700 OCERA THERAPEUTICS, INC. Big 4 $723,961 $1,157,830 $318,000 $341,000 $85,000 $8,400,000 OCULUS INNOVATIVE SCIENCES, INC. National $262,000 $310,066 $198,000 $13,668,000 $15,452,000 $12,744,000 ONCOMED PHARMACEUTICALS INC. Big 4 $345,905 $540,852 $139,761 $39,559,000 $37,779,000 $24,681,000 ORBITAL TRACKING CORP. Regional $29,925 $11,888 $11,238 $16,820 - - ORGANOVO HOLDINGS, INC. National $227,000 - $174,000 $379,000 - $1,197,000 ORO EAST MINING, INC. Regional $30,000 $18,300 $20,600 $16,918 $127,234 - OTONOMY, INC. Big 4 $1,174,000 $177,000 - - - - OWENS REALTY MORTGAGE, INC. National $205,000 $182,355 $196,875 $12,268,214 $11,223,260 $13,237,664 OXIGENE INC. Big 4 $266,747 $275,977 $247,117 - $95,000 $156,000 PACIFIC MERCANTILE BANCORP National $255,000 $245,000 $245,000 $42,660,000 $36,844,000 $42,188,000 PEDEVCO CORP. Regional $272,000 $190,855 $65,680 $4,812,000 $744,000 $503,153 PENNYMAC MORTGAGE INVESTMENT TRUST Big 4 $1,768,640 $1,295,800 $935,865 $32,526,000 $41,451,000 $11,403,000 PEREGRINE PHARMACEUTICALS INC. Big 4 $522,000 $336,000 $353,000 $22,401,000 $21,683,000 $15,233,000

7 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 PFENEX INC. Regional $505,745 $216,361 - $10,644,000 $11,914,000 - PLUMAS BANCORP Regional $100,000 $215,000 $213,000 $28,462,000 $26,102,000 $25,021,000 PORTOLA PHARMACEUTICALS INC. Big 4 $987,000 $1,881,000 $106,000 $9,625,000 $10,531,000 $72,042,000 PREMIER PACIFIC CONSTRUCTION, INC. Regional $16,300 $16,000 - $73,972 $6,359 - PRO DEX INC. Regional $97,137 $172,125 $153,500 $10,812,000 $12,249,000 $17,257,000 PUMA BIOTECHNOLOGY, INC. Regional $197,268 $172,645 $84,820 - - - QUALSTAR CORP. Regional $110,000 $149,000 $115,500 $10,941,000 $12,642,000 $17,081,000 QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLD- Regional $430,500 $464,000 $405,920 $34,102,994 $31,903,690 $22,712,071 WIDE, INC. QUICKLOGIC CORPORATION National $399,000 $687,817 $652,132 $27,845,000 $26,072,000 $14,944,000 R F INDUSTRIES LTD National $184,000 $195,000 $263,000 $23,115,000 $36,625,000 $27,687,000 REAL INDUSTRY, INC. Regional $473,200 $718,080 $499,200 $42,007,000 $43,636,000 $44,291,000 RECEPTOS, INC. Big 4 $764,000 $1,117,000 $74,000 $5,900,000 $4,641,000 $8,647,000 REED'S, INC. Regional $134,000 $123,000 $120,000 $43,422,000 $37,281,000 $30,007,000 REGULUS THERAPEUTICS INC. Big 4 $389,000 $380,000 $1,025,000 $7,669,000 $19,569,000 $12,700,000 RELYPSA INC. Big 4 $653,859 $1,207,760 $51,000 - - - RESONANT INC. Regional $163,698 $55,000 - - - - REVANCE THERAPEUTICS, INC. Big 4 $1,266,360 $1,510,690 $1,008,300 $383,000 $617,000 $717,000 REVEN HOUSING REIT, INC. Regional $105,764 $42,587 $4,500 $2,620,128 $342,243 $6,750 RICH PHARMACEUTICALS, INC. Regional $22,500 $9,300 $8,000 - - - RIGEL PHARMACEUTICALS INC. Big 4 $684,000 $516,000 $697,000 $8,250,000 $7,150,000 $2,250,000 ROYAL BAKERY HOLDINGS, INC. Regional $65,000 $104,500 - $255,855 $21,811 - ROYALE ENERGY INC. Regional $159,891 $153,271 $110,299 $3,221,498 $2,573,061 $2,365,882 SANGAMO BIOSCIENCES INC. Big 4 $805,287 $718,938 $554,614 $45,870,000 $24,133,000 $21,655,000 SCHWAB STRATEGIC TRUST Big 4 $330,018 $225,950 $160,683 $16,752,000 $9,010,000 $3,923,000 SECOND SIGHT MEDICAL PRODUCTS INC. Regional $165,000 - - $3,397,852 - - SELECTICA INC. Regional $338,330 $294,698 $290,202 $15,789,000 $17,559,000 $13,787,000 SENOMYX INC. Big 4 $471,299 $428,116 $384,595 $27,662,000 $29,287,000 $31,313,000 SEVION THERAPEUTICS, INC. National $102,900 $98,121 $101,118 $100,000 - $200,000 SIENTRA, INC. Big 4 $1,033,000 $559,000 - $44,733,000 $35,171,000 - SIGNAL GENETICS, INC. National $222,000 $362,000 - $4,320,000 $4,316,484 -

8 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 SIMULATIONS PLUS INC. Regional $65,245 $59,570 $86,190 $11,460,880 $10,070,770 $9,448,608 SMACK SPORTSWEAR Regional $40,000 $40,000 $30,000 $1,084,206 $947,223 $1,284,911 SMITH MICRO SOFTWARE INC. Regional $180,000 $180,000 $380,000 $36,979,000 $42,675,000 $43,329,000 SMOOFI, INC. Regional $5,450 - - $12,000 - - SOLAR3D, INC. Regional $150,000 $80,000 $34,900 $40,379,110 - - SORRENTO THERAPEUTICS, INC. National $168,765 $126,100 $59,615 $3,825,000 $460,000 $584,000 SPIRAL TOYS INC. Regional $48,000 $38,900 $12,176 $269,299 $600,000 $448,801 STEMCELLS INC. National $429,400 $427,615 $432,693 $1,012,391 $172,297 $489,717 SUNESIS PHARMACEUTICALS INC. Big 4 $618,219 $505,000 $385,000 $5,734,000 $7,956,000 $3,754,000 SUPERCONDUCTOR TECHNOLOGIES INC. National $190,350 $215,247 $215,455 $632,000 $1,710,000 $3,459,000 TAITRON COMPONENTS INC. Regional $55,000 $42,800 $42,800 $11,648,000 $6,268,000 $7,192,000 TANDEM DIABETES CARE INC. Big 4 $506,039 $1,675,010 $163,016 $49,722,000 $29,007,000 $2,475,000 TEARLAB CORP. Big 4 $728,400 $742,000 $453,000 $19,718,000 $14,645,000 $3,960,000 TEXAS JACK OIL & GAS CORP. Regional $21,500 $10,000 - $4,083 - - THERAVANCE INC. Big 4 $899,000 $2,306,000 $927,000 $8,433,000 $4,532,000 $5,613,000 THRESHOLD PHARMACEUTICALS INC. Big 4 $500,428 $393,611 $356,612 $14,722,000 $12,495,000 $5,867,000 TOBIRA THERAPEUTICS, INC. National $287,000 $343,000 $314,000 - - - TRACON PHARMACEUTICALS, INC. Big 4 $1,057,710 - - $3,598,000 - - TRIO-TECH INTERNATIONAL National $224,970 $226,337 $220,142 $36,262,000 $31,770,000 $31,100,000 TRIPLEPOINT VENTURE GROWTH BDC CORP. Big 4 $20,000 - - $21,449,000 - - TRIVASCULAR TECHNOLOGIES, INC. Big 4 $867,529 $1,437,460 - $31,798,000 $19,508,000 - TROVAGENE, INC. National $192,318 $284,720 $386,125 $280,178 $259,246 $450,404 TRUETT-HURST, INC. Regional $380,000 $423,000 - $22,057,000 $17,162,000 $12,689,000 ULTRAGENYX PHARMACEUTICAL INC. Big 4 $640,000 $1,264,000 $18,000 - - - UNICO AMERICAN CORP. Big 4 $363,000 $233,000 $236,000 $30,470,240 $31,130,892 $32,756,570 UNITED SECURITY BANCSHARES Regional $161,395 $233,501 $186,977 $30,123,000 $26,970,000 $30,627,000 UNITED STATES 12 MONTH NATURAL GAS FUND, LP Regional $25,000 $25,000 $25,000 $(3,793,304) $4,410,580 $(4,462,964) UNITED STATES 12 MONTH OIL FUND, LP Regional $45,000 $85,000 $85,000 $18,987 $32,681 $51,330 UNITED STATES BRENT OIL FUND, LP Regional $25,000 $25,000 $25,000 $12,121 $11,929 $15,494 UNITED STATES COMMODITY INDEX FUNDS TRUST Regional $110,000 $160,000 $110,000 $351,914 $286,542 $301,276

9 <$50M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 UNITED STATES DIESEL-HEATING OIL FUND, LP Regional $25,000 $25,000 $25,000 $(1,411,616) $(130,313) $206,641 UNITED STATES GASOLINE FUND, LP Regional $60,000 $60,000 $60,000 $13,292 $14,479 $26,007 UNITED STATES SHORT OIL FUND, LP Regional $25,000 $25,000 $25,000 $4,402,039 $(2,869,253) $3,087,468 US NUCLEAR CORP. Regional $46,028 $36,159 $36,500 $1,466,600 $2,353,860 - VERACYTE, INC. Big 4 $798,180 $2,012,870 $303,441 $38,190,000 $21,884,000 $11,628,000 VERSARTIS, INC. Big 4 $1,352,000 $616,000 - - - - VICAL INC. Big 4 $466,209 $550,837 $567,997 $15,217,000 $7,718,000 $17,519,000 VIRTUAL PIGGY, INC. Regional $77,830 $65,390 $58,900 $5,708 $2,456 $1,213 VITAL THERAPIES INC. Big 4 $853,113 $1,436,640 - - - - WAFERGEN BIO-SYSTEMS, INC. Regional $167,794 $150,432 $131,000 $6,001,342 $1,304,747 $586,176 WESTERN ASSET MORTGAGE CAPITAL CORP. Big 4 $1,170,140 $863,750 $736,500 - - - XENCOR INC. National $226,000 $596,000 $84,000 $9,520,000 $10,172,000 $9,524,000 XENOPORT INC. Big 4 $1,323,760 $1,046,220 $1,015,750 $46,868,000 $7,951,000 $21,624,000 XOMA CORP. Big 4 $939,307 $671,559 $593,980 $18,866,000 $35,451,000 $33,782,000 ZOGENIX, INC. Big 4 $984,257 $695,672 $556,278 $40,531,000 $33,012,000 $44,326,000 ZOSANO PHARMA CORP. National $279,782 $69,981 - $2,861,000 $4,250,000 -

10 In 2014, companies with $50 - $100M in revenue listing $50M - $100M Big 4 firms as their auditor paid 32% higher fees than the average audit fee of $631,474. Over the past year, audit IN REVENUE fees for these same companies have increased 5%. Companies using regional firms paid an impressive 53% below average, paying $297,628 for their audit. Over the past year, regional firms have decreased their fees by 9%.

$832,473 $800K 32% Above Average Despite a decrease in fees between 2012 and 2013 (-16%), fees have nearly returned to 2012 rates, missing $700K the mark by a mere $2,563.

$800K $600K Average Fee $631,474 $700K $522,825 $634,037 $631,474 $500K 17% Below Average $600K Regional & National $547,780 Average $437,406 $400K $500K

$400K $300K $297,628 53% Below Average $300K

$200K $200K

$100K $100K$500K ‘12 ‘13 ‘14 ‘12 ‘13 ‘14 Regional National Big 4 0 0 $50m - $100m $50m - $100m 11 $50M - $100M IN REVENUE The chart below outlines all companies that have $50 - $100M in revenue. Use this to compare your audit fees to your peer grouping. Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 ADAMAS PHARMACEUTICALS INC Big 4 $764,000 $1,573,000 - $55,846,000 $71,095,000 - ADEPT TECHNOLOGY INC Regional $374,942 $349,576 $386,750 $57,540,000 $46,816,000 $66,219,000 ALLIANCE FIBER OPTIC PRODUCTS INC National $365,932 $374,543 $249,851 $85,987,000 $76,070,000 $46,611,000 AXT INC Regional $611,822 $668,904 $680,905 $83,499,000 $85,335,000 $88,374,000 B. RILEY FINANCIAL, INC. National $354,844 $356,076 $363,000 $77,116,000 $76,132,000 $83,936,000 BANK OF MARIN BANCORP Regional $265,100 $232,255 $263,384 $81,831,000 $68,626,000 $72,878,000 CARETRUST REIT, INC. Big 4 $809,678 $112,000 - $117,684,000 $48,796,000 - CEVA INC Big 4 $227,500 $207,500 $207,500 $50,808,000 $48,900,000 $53,677,000 COLLECTORS UNIVERSE INC National $289,000 $278,000 $266,000 $60,571,000 $49,090,000 $48,359,000 CU BANCORP National $370,000 $320,100 $294,300 $62,886,000 $57,364,000 $41,457,000 CUTERA INC Big 4 $903,356 $521,239 $433,092 $78,138,000 $74,594,000 $77,277,000 DIGIRAD CORP Big 4 $429,800 $374,200 $361,100 $55,608,000 $49,376,000 $50,513,000 EGAIN CORP Regional $552,705 $614,838 $479,265 $70,262,000 $58,889,000 $43,364,000 FIRST FOUNDATION INC. Regional $125,000 $83,000 $61,000 $72,147,000 - $47,494,000 GSI TECHNOLOGY INC Big 4 $904,950 $829,000 $825,000 $58,579,000 $66,014,000 $82,540,000 HALOZYME THERAPEUTICS INC Big 4 $710,639 $485,861 $543,426 $75,334,000 $54,799,000 $42,325,000 HERITAGE COMMERCE CORP National $350,000 $334,000 $315,000 $67,002,000 $60,000,000 $61,430,000 HERITAGE OAKS BANCORP National $405,359 $296,000 $261,500 $73,663,000 $58,268,000 $58,869,000 IDENTIV, INC. National $550,000 $1,021,100 $551,169 $81,249,000 $74,284,000 $72,361,000 IMMERSION CORP Big 4 $601,019 $538,417 $457,198 $52,937,000 $47,470,000 $32,169,000 INTERGROUP CORP Regional $288,000 $278,000 $286,000 $67,295,000 $62,039,000 $56,999,000 INTEVAC INC National $1,115,370 $1,121,510 $1,096,420 $65,550,000 $69,632,000 $83,424,000 IPASS INC Big 4 $1,366,080 $1,023,500 $1,039,500 $69,804,000 $77,729,000 $92,530,000 ITERIS, INC. National $1,291,000 $275,000 $290,000 $68,228,000 $61,685,000 $58,406,000 LIGAND PHARMACEUTICALS INC National $473,290 $495,083 $341,785 $64,538,000 $48,973,000 $31,388,000 MARIN SOFTWARE INC Big 4 $1,000,000 $841,000 $1,693,500 $99,354,000 $77,315,000 $59,558,000 MODEL N, INC. Big 4 $1,016,010 $1,577,480 $525,000 $81,756,000 $101,904,000 $84,258,000 NATURAL ALTERNATIVES INTERNATIONAL INC Big 4 $305,017 $239,114 $273,461 $73,942,000 $62,797,000 $72,822,000 NEW RELIC INC Big 4 $564,000 - - $63,174,000 - - OAKTREE CAPITAL GROUP, LLC Big 4 $5,944,000 $4,268,000 $2,881,000 $63,952,000 $133,762,000 $99,210,000 OREXIGEN THERAPEUTICS, INC. Big 4 $489,346 $380,103 $525,716 $55,521,000 $3,428,000 $3,428,000

1212 $50M - $100M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Big 4 $768,000 $811,000 $724,000 $60,594,000 $28,181,000 $25,983,000 PACIFIC PREMIER BANCORP INC Regional $203,000 $193,000 $158,000 $94,716,000 $72,611,000 $65,519,000 PIXELWORKS, INC Big 4 $482,875 $517,000 $425,000 $60,923,000 $48,118,000 $59,710,000 PROVIDENT FINANCIAL HOLDINGS INC Big 4 $727,823 $644,800 $524,773 $69,734,000 $119,361,000 $94,585,000 RAPTOR PHARMACEUTICAL CORP National $728,150 $960,006 $219,440 $69,497,000 $16,872,000 - REXFORD INDUSTRIAL REALTY, INC. Big 4 $713,000 $1,421,000 $277,000 $65,464,000 $43,286,000 $31,417,000 S&W SEED CO Regional $111,365 $77,255 $54,375 $51,533,643 $37,338,258 $14,147,617 SIERRA BANCORP Regional $272,000 $272,000 $262,000 $70,952,000 $68,848,000 $73,028,000 SOLAZYME INC Big 4 $925,501 $777,402 $567,184 $60,391,000 $39,750,000 $44,108,000 SPARK NETWORKS INC Big 4 $628,261 $658,564 $463,560 $61,645,000 $69,409,000 $61,743,000 STAAR SURGICAL CO National $746,310 $693,826 $670,183 $74,987,000 $72,215,000 $63,783,000 SUPPORT.COM, INC. National $481,354 $472,300 $428,861 $82,991,000 $88,163,000 $71,954,000 SYSOREX GLOBAL HOLDINGS CORP. National $339,771 $206,000 - $62,949,000 $50,572,000 - TCP CAPITAL CORP. Big 4 $230,000 $140,000 $140,000 $99,571,233 $68,414,888 $52,002,057 TEJON RANCH CO Big 4 $504,429 $517,334 $394,233 $51,252,000 $45,338,000 $47,089,000 TERRENO REALTY CORP Big 4 $1,015,430 $770,000 $451,500 $68,875,000 $45,529,000 $29,335,000 VOCERA COMMUNICATIONS, INC. Big 4 $833,000 $755,500 $1,380,000 $190,842,000 $102,498,000 $100,957,000 WELLS FARGO ADVANTAGE INCOME OPPORTUNITIES FUND Big 4 $49,110 $47,910 $53,210 $65,500,000 - - YODLEE INC Big 4 $2,334,000 $490,000 - $89,081,000 $70,160,000 -

13 In 2014, companies with $101M - $500M in revenue $101M - $500M listing Big 4 firms as their auditor paid 12% higher fees than the average audit fee of $1,193,434. Over the past two years alone, audit fees for these same companies IN REVENUE have increased 18%. Companies using regional firms paid an impressive 63% below average, paying $440,024 for their audit. Over the past year, regional firms have decreased their fees by 13%.

$1.4M Over the past 3 years, fees have $1,339,362 12% Above Average increased 18%, with the most significant increase occurring $1.2M between 2012 and 2013. Average Fee $1,193,434

$1.0M $1.2M $1,196,697 $1,193,434

$815,381 $800K 32% Below Average $1.0M $1,015,432

Regional & National Average $695,949 $800K $600K

$600K $440,024 63% Below Average $400K $400K

$200K $200K

Regional National Big 4 ‘12‘12 ‘13‘13 ‘14‘14 0 0 $101m - $500m $101m - $500m

14 $101M - $500M IN REVENUE The chart below outlines all companies that have $101M - $500M in revenue. Use this to compare your audit fees to your peer grouping.

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 8X8 INC. Regional $543,000 $371,000 $406,000 $128,597,000 $103,786,000 $83,372,000 A10 NETWORKS, INC. Big 4 $974,102 $1,565,120 - $179,507,000 $141,738,000 - ABAXIS INC. Regional $692,000 $685,000 $650,000 $162,031,000 $180,878,000 $156,596,000 ACACIA RESEARCH CORP. National $525,000 $614,000 $666,000 $130,876,000 $130,556,000 $250,727,000 ACCURAY INC. National $1,658,500 $1,926,000 $2,024,000 $369,419,000 $315,974,000 $409,223,000 AEMETIS, INC. National $345,000 $270,000 $325,000 $207,683,000 $177,514,000 $189,048,000 AEROHIVE NETWORKS, INC. Big 4 $969,000 $763,000 - $137,292,000 $107,135,000 - AEROVIRONMENT INC. Big 4 $660,000 $610,000 $610,000 $251,703,000 $240,152,000 $325,008,000 AFFYMETRIX INC. Big 4 $1,897,350 $1,753,650 $1,517,670 $349,019,000 $330,399,000 $295,623,000 ALLIANCE HEALTHCARE SERVICES, INC. Big 4 $739,000 $718,053 $688,540 $436,387,000 $448,831,000 $472,258,000 ALPHA & OMEGA SEMICONDUCTOR LTD National $938,000 $929,000 $1,035,000 $318,121,000 $337,436,000 $342,291,000 ALPHATEC HOLDINGS, INC. Big 4 $1,619,640 $1,218,140 $1,343,540 $206,980,000 $204,724,000 $196,278,000 AMBARELLA INC. Big 4 $754,200 $1,310,700 $835,379 $157,608,000 $121,066,000 $97,257,000 AMERICAN ASSETS TRUST, INC. Big 4 $932,985 $950,239 $874,450 $260,000,000 $255,057,000 $235,466,000 AMERICAN HOMES 4 RENT National $1,842,420 $1,186,650 $232,660 $398,874,000 $139,032,000 $4,540,000 AMERICAN STATES WATER CO Big 4 $1,397,270 $1,262,790 $1,155,020 $465,791,000 $472,077,000 $466,908,000 AMERICAN VANGUARD CORP. National $584,000 $521,000 $463,000 $298,634,000 $381,021,000 $366,190,000 AMPHASTAR PHARMACEUTICALS, INC. Big 4 $1,789,000 $1,490,000 - $210,461,000 $229,681,000 - ANWORTH MORTGAGE ASSET CORP. National $433,000 $406,500 $357,000 $126,300,000 $184,400,000 $201,700,000 APPLIED MICRO CIRCUITS CORP. Big 4 $806,000 $762,000 $674,800 $216,150,000 $195,642,000 $230,887,000 ARC DOCUMENT SOLUTIONS, INC. Big 4 $1,190,000 $900,000 $900,000 $423,756,000 $407,195,000 $406,118,000 ARMCO METALS HOLDINGS, INC. Regional $126,000 $170,000 $137,500 $124,186,989 $128,738,194 $106,569,474 AUTOBYTEL INC. Regional $416,000 $298,000 $284,000 $106,278,000 $78,361,000 $66,802,000 AVIAT NETWORKS, INC. Big 4 $2,989,380 $1,428,919 $1,935,260 $346,000,000 $471,300,000 $444,000,000 BANC OF CALIFORNIA, INC. Big 4 $1,092,000 $882,750 $393,276 $333,776,000 $217,254,000 $91,650,000 BARRACUDA NETWORKS INC. Big 4 $2,811,860 $651,810 - $233,787,000 $198,931,000 - BBCN BANCORP INC. Big 4 $750,000 $800,000 $609,500 $347,664,000 $325,786,000 $307,275,000 BEBE STORES, INC. Big 4 $1,655,000 $1,076,500 $835,000 $425,117,000 $463,169,000 $519,845,000 BOFI HOLDING, INC. National $489,623 $312,495 $322,250 $195,333,000 $163,364,000 $132,103,000 BOINGO WIRELESS INC. Big 4 $1,427,240 $1,465,200 $1,413,290 $119,297,000 $106,746,000 $102,506,000

15 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 BOOT BARN HOLDINGS, INC. Big 4 $493,880 - - $345,868,000 - - BOX INC. Big 4 $1,296,030 - - $124,192,000 - - BRIDGFORD FOODS CORP. Regional $116,313 $142,233 $130,895 $133,401,000 $129,003,000 $127,355,000 CAFEPRESS INC. Big 4 $1,190,000 $990,000 $1,490,000 $153,210,000 $171,773,000 $155,999,000 CAI INTERNATIONAL, INC. Big 4 $934,750 $876,400 $858,800 $227,589,000 $212,405,000 $173,925,000 CALAMP CORP. Regional $458,100 $442,600 $438,700 $235,903,000 $180,579,000 $138,728,000 CALIX, INC. Big 4 $1,683,000 $1,418,000 $1,188,000 $401,227,000 $382,618,000 $330,218,000 CALLIDUS SOFTWARE INC. Big 4 $1,175,660 $1,000,320 $1,035,000 $136,618,000 $112,337,000 $94,952,000 CAPSTONE TURBINE CORP. Big 4 $550,000 $550,000 $1,115,000 $133,105,000 $127,557,000 $109,371,000 CATHAY GENERAL BANCORP Big 4 $1,180,000 $1,428,000 $1,046,700 $459,174,000 $467,303,000 $476,251,000 CAVIUM, INC. Big 4 $1,795,000 $1,415,000 $1,414,900 $372,978,000 $303,993,000 $235,480,000 CEPHEID Big 4 $1,723,810 $1,161,480 $1,077,860 $470,141,000 $401,292,000 $331,212,000 CHEGG, INC. Big 4 $1,666,490 $2,326,990 $690,340 $304,834,000 $255,575,000 $213,334,000 CLEAN ENERGY FUELS CORP. Big 4 $1,292,400 $1,249,500 $1,095,000 $428,940,000 $352,475,000 $334,008,000 COAST DISTRIBUTION SYSTEM INC. Regional $297,700 $283,760 $269,670 $118,799,000 $113,938,000 $113,521,000 COHU INC. Big 4 $1,817,000 $1,702,000 $889,000 $333,323,000 $231,574,000 $206,312,000 CONSUMER PORTFOLIO SERVICES INC. National $810,000 $785,000 $705,000 $300,256,000 $255,775,000 $187,208,000 CORNERSTONE ONDEMAND INC. Big 4 $2,101,000 $1,720,000 $1,650,000 $263,568,000 $185,129,000 $117,914,000 CORVEL CORP. Regional $504,000 $632,500 $580,000 $478,816,000 $429,310,000 $412,668,000 COUPONS.COM INC. Big 4 $1,393,530 $2,538,370 - $221,761,000 $167,892,000 $112,127,000 CROWN MEDIA HOLDINGS INC. Big 4 $926,767 $949,773 $838,169 $415,596,000 $377,801,000 $349,870,000 CVB FINANCIAL CORP. Big 4 $847,795 $752,410 $753,441 $289,315,000 $258,060,000 $278,125,000 CYAN INC. Big 4 $1,065,000 $2,325,000 $300,000 $100,483,000 $116,582,000 $95,872,000 DEMAND MEDIA INC. Big 4 $3,187,000 $2,895,000 $2,652,000 $172,429,000 $209,411,000 $207,640,000 DEPOMED INC. Big 4 $819,800 $803,000 $751,000 $390,363,000 $134,205,000 $90,816,000 DEXCOM INC. Big 4 $939,349 $686,660 $632,097 $259,200,000 $160,000,000 $99,900,000 DOUBLELINE INC.OME SOLUTIONS FUND Big 4 $137,750 $138,000 - $230,688,000 $72,424,000 - DSP GROUP INC. Big 4 $310,000 $350,000 $360,000 $143,036,000 $151,063,000 $162,790,000 DTS, INC. Big 4 $984,581 $1,101,940 $1,040,360 $143,913,000 $125,148,000 $100,649,000 EHEALTH, INC. Big 4 $1,665,000 $1,462,000 $1,421,000 $179,677,000 $179,180,000 $155,473,000

16 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 EL POLLO LOCO HOLDINGS, INC. National $629,691 $181,000 - $344,861,000 $314,727,000 - ELECTRO RENT CORP. Big 4 $780,897 $651,867 $528,788 $241,137,000 $248,731,000 $248,554,000 ELLIE MAE INC. National $771,175 $717,489 $613,509 $161,537,000 $128,481,000 $101,845,000 EMCORE CORP. Big 4 $874,669 $941,072 $1,008,250 $174,778,000 $168,147,000 $163,781,000 ENDOLOGIX INC. Big 4 $551,605 $611,397 $698,900 $295,176,000 $132,257,000 $105,946,000 ENPHASE ENERGY, INC. Big 4 $1,147,000 $791,000 $1,534,000 $343,904,000 $232,846,000 $216,678,000 ENTRAVISION COMMUNICATIONS CORP. National $705,000 $890,000 $790,000 $242,038,000 $223,916,000 $223,253,000 EXAR CORP. National $591,600 $439,200 $937,750 $125,322,000 $122,026,000 $130,566,000 EXCEL TRUST, INC. Big 4 $1,041,850 $1,419,640 $1,505,820 $130,323,000 $112,542,000 $84,421,000 EXPONENT INC. Big 4 $611,000 $600,000 $596,000 $304,704,000 $296,168,000 $292,653,000 FIBROGEN INC. Big 4 $2,187,000 $933,000 - $137,601,000 $102,170,000 - FINANCIAL ENGINES, INC. Big 4 $1,578,000 $1,424,000 $1,327,000 $281,920,000 $238,958,000 $185,822,000 FIREEYE, INC. Big 4 $3,839,370 $2,646,960 $746,114 $425,662,000 $161,552,000 $83,316,000 FIVE9, INC. Big 4 $895,000 $2,358,000 - $103,102,000 $84,132,000 - FLUIDIGM CORP. Big 4 $1,178,550 $981,294 $1,237,000 $116,456,000 $71,183,000 $52,334,000 FORMFACTOR INC. Big 4 $937,000 $905,000 $1,191,500 $268,530,000 $231,533,000 $178,535,000 FOX FACTORY HOLDING CORP. National $657,692 $1,196,930 $223,440 $306,734,000 $272,746,000 $235,869,000 GENERAL FINANCE CORP. National $708,961 $541,956 $513,878 $287,105,000 $245,543,000 $212,239,000 GENOMIC HEALTH INC. Big 4 $835,245 $783,890 $840,000 $275,706,000 $261,595,000 $235,173,000 GIGAMON INC. Big 4 $985,000 $1,478,370 $1,679,040 $157,130,000 $140,295,000 $96,715,000 GLOBAL EAGLE ENTERTAINMENT INC. Big 4 $3,692,000 $4,314,100 $76,925 $387,735,000 $259,722,000 $69,210,000 GLU MOBILE INC. Big 4 $1,275,680 $1,254,840 $1,104,000 $223,146,000 $105,613,000 $108,183,000 GUIDANCE SOFTWARE, INC. Big 4 $731,825 $2,852,246 $3,088,260 $108,656,000 $110,524,000 $129,470,000 GUIDEWIRE SOFTWARE, INC. Big 4 $1,450,500 $1,264,730 $2,108,260 $350,246,000 $300,649,000 $232,061,000 HABIT RESTAURANTS, INC. Regional $141,000 $64,000 - $174,619,000 $120,373,000 - HANMI FINANCIAL CORP. Big 4 $1,846,440 $680,085 $590,000 $179,030,000 $147,040,000 $138,695,000 HARMONIC INC. Big 4 $1,595,000 $1,814,000 $1,825,000 $433,557,000 $461,940,000 $476,871,000 HERCULES TECHNOLOGY GROWTH CAPITAL INC. Big 4 $1,064,070 $1,153,400 $1,541,800 $115,624,000 $109,379,000 $77,685,000 HUDSON PACIFIC PROPERTIES, INC. Big 4 $985,000 $1,310,000 $904,000 $253,415,000 $205,558,000 $160,461,000 ICU MEDICAL INC. Big 4 $902,660 $692,409 $581,832 $309,260,000 $313,716,000 $316,869,000

17 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 IMPAC MORTGAGE HOLDINGS INC. Regional $723,600 $750,000 $741,636 $303,857,000 $317,837,000 $474,056,000 IMPERVA INC. Big 4 $1,543,560 $1,142,990 $1,236,500 $164,010,000 $137,759,000 $104,235,000 INFOBLOX INC. Big 4 $1,038,000 $960,700 $1,793,900 $250,340,000 $225,044,000 $169,246,000 INOGEN INC. National $631,000 $643,000 $134,000 $112,537,000 $75,443,000 $48,576,000 INPHI CORP. Big 4 $1,028,880 $1,025,080 $963,059 $156,142,000 $102,664,000 $91,206,000 INTEGRATED DEVICE TECHNOLOGY INC. Big 4 $1,170,400 $1,267,840 $1,132,000 $484,779,000 $484,452,000 $526,696,000 INTEGRATED SILICON SOLUTION INC. National $1,072,010 $1,088,250 $1,015,980 $328,977,000 $307,570,000 $265,950,000 INVENSENSE INC. Big 4 $1,494,000 $885,000 $1,004,000 $252,533,000 $208,634,000 $152,967,000 ISIS PHARMACEUTICALS INC. Big 4 $700,000 $648,000 $702,000 $214,161,000 $147,285,000 $102,049,000 IXIA Big 4 $5,677,040 $6,505,370 $957,000 $464,458,000 $467,256,000 $413,434,000 IXYS CORP. National $1,226,920 $1,183,860 $1,138,150 $336,330,000 $280,014,000 $368,004,000 JAMBA, INC. Big 4 $1,163,900 $747,700 $731,300 $218,048,000 $229,249,000 $228,789,000 JIVE SOFTWARE, INC. Big 4 $740,000 $671,000 $441,000 $178,693,000 $145,763,000 $113,666,000 JOE'S JEANS INC. Big 4 $770,000 $600,000 $433,000 $188,755,000 $140,183,000 $118,642,000 KENNEDY-WILSON HOLDINGS, INC. Big 4 $2,302,000 $1,921,000 $1,840,000 $398,600,000 $123,100,000 $66,900,000 KKR FINANCIAL HOLDINGS LLC Big 4 $1,375,000 $2,090,590 $1,734,000 $358,788,000 $322,935,000 $292,367,000 LANDEC CORP. Big 4 $1,343,000 $1,208,000 $1,229,000 $476,813,000 $441,708,000 $317,552,000 LENDINGCLUB CORP. Big 4 $1,842,000 $530,000 $330,000 $211,128,000 $285,482,000 $48,195,912 LIMONEIRA CO Big 4 $615,000 $645,000 $515,000 $103,462,000 $84,884,000 $65,828,000 LTC PROPERTIES INC. Big 4 $520,000 $496,045 $483,385 $101,849,000 $98,166,000 $86,022,000 MARKETO, INC. Big 4 $1,015,800 $2,060,520 $547,313 $149,954,000 $95,918,000 $58,413,000 MATTSON TECHNOLOGY INC. Regional $703,500 $1,053,580 $910,348 $178,404,000 $119,434,000 $126,526,000 MAXLINEAR INC. Big 4 $708,030 $589,935 $618,031 $133,112,000 $119,646,000 $97,728,000 MAXWELL TECHNOLOGIES INC. National $750,000 $688,000 $3,453,000 $186,586,000 $193,534,000 $159,258,000 MCGRATH RENTCORP. National $1,284,070 $1,547,820 $1,188,410 $408,122,000 $379,509,000 $364,039,000 MELLANOX TECHNOLOGIES, LTD. Big 4 $1,198,000 $1,175,000 $900,000 $463,649,000 $390,436,000 $500,275,000 MICREL INC. Big 4 $737,500 $768,600 $1,001,000 $247,594,000 $237,080,000 $250,112,000 MOBILEIRON, INC. Big 4 $2,291,500 $488,200 - $132,295,000 $105,574,000 - MONOLITHIC POWER SYSTEMS INC. Big 4 $1,210,000 $1,088,000 $955,000 $282,535,000 $238,091,000 $213,813,000 MRV COMMUNICATIONS INC. National $922,240 $1,275,223 $2,241,420 $172,056,000 $166,201,000 $151,661,000

18 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 NANOMETRICS INC. Big 4 $1,142,760 $1,043,580 $891,606 $166,443,000 $144,307,000 $182,881,000 NATUS MEDICAL INC. Big 4 $1,350,750 $1,809,140 $2,089,000 $355,834,000 $344,112,000 $292,280,000 NEKTAR THERAPEUTICS Big 4 $1,208,430 $930,584 $1,179,070 $200,707,000 $148,921,000 $81,191,000 NEOPHOTONICS CORP. Big 4 $4,667,880 $1,886,440 $1,560,680 $306,177,000 $282,242,000 $245,423,000 NEW HOME CO INC. Big 4 $340,000 $1,092,000 $40,000 $149,656,830 $83,228,485 $55,406,731 NIMBLE STORAGE INC. Big 4 $2,213,500 $31,038 - $125,733,000 $53,840,000 - NOVATEL WIRELESS INC. Big 4 $1,001,810 $1,063,340 $1,539,850 $185,245,000 $335,053,000 $344,288,000 OCLARO, INC. National $2,604,000 $2,900,000 $1,900,000 $390,871,000 $404,629,000 $194,208,000 OMNICELL, INC. Big 4 $2,176,000 $2,004,000 $1,615,000 $440,900,000 $380,585,000 $314,027,000 PATTERN ENERGY GROUP INC. Big 4 $2,929,000 $2,615,000 $2,865,000 $265,493,000 $201,573,000 $114,528,000 PDF SOLUTIONS INC. Big 4 $964,300 $888,400 $791,100 $100,163,000 $101,453,000 $89,540,000 PERFORMANT FINANCIAL CORP. Big 4 $619,900 $604,250 $1,241,450 $195,378,000 $255,302,000 $210,073,000 PERICOM SEMICONDUCTOR CORP. Regional $650,002 $686,295 $616,396 $128,068,000 $129,255,000 $137,135,000 PICO HOLDINGS INC. Big 4 $1,975,290 $1,463,670 $1,005,760 $356,223,000 $314,564,000 $144,275,000 PIMCO ETF TRUST Big 4 $467,556 $438,780 $389,124 $356,941,000 $218,028,000 $86,364,000 POWER INTEGRATIONS INC. Big 4 $1,173,000 $1,115,000 $1,287,000 $348,797,000 $347,089,000 $305,370,000 PROOFPOINT INC. Big 4 $1,216,800 $1,175,000 $1,419,000 $195,607,000 $137,931,000 $106,295,000 PS BUSINESS PARKS INC. Big 4 $460,000 $477,000 $470,000 $376,915,000 $359,885,000 $347,197,000 QAD INC. Big 4 $1,279,000 $1,312,000 $1,327,000 $266,311,000 $252,172,000 $247,258,000 QLOGIC CORP. Big 4 $1,481,000 $1,325,000 $1,420,000 $460,907,000 $484,538,000 $558,608,000 QUALITY SYSTEMS, INC. Big 4 $1,068,830 $1,065,100 $667,959 $444,667,000 $460,229,000 $429,835,000 QUALYS, INC. National $564,661 $519,222 $918,641 $133,579,000 $107,962,000 $91,420,000 QUIDEL CORP. Big 4 $1,350,240 $1,005,700 $848,675 $182,615,000 $175,410,000 $155,741,000 QUINSTREET, INC. Big 4 $1,410,000 $1,345,000 $1,242,000 $282,549,000 $305,101,000 $370,468,000 RAMBUS INC. Big 4 $1,313,940 $1,693,250 $1,412,140 $296,558,000 $271,501,000 $234,051,000 REACHLOCAL INC. National $1,010,070 $1,205,830 $1,114,910 $474,921,000 $514,070,000 $454,957,000 READING INTERNATIONAL INC. National $661,700 $550,000 $593,000 $254,748,000 $258,221,000 $254,430,000 REALD INC. Big 4 $1,183,250 $1,120,610 $1,061,690 $199,234,000 $215,552,000 $246,628,000 REDWOOD TRUST INC. National $1,605,000 $1,523,080 $1,358,970 $247,000,000 $82,000,000 $286,300,000 RENTECH NITROGEN PARTNERS, L.P. Big 4 $1,257,750 $1,066,250 $794,500 $334,612,000 $311,375,000 $261,635,000

19 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 RENTECH, INC. Big 4 $2,418,600 $1,715,000 $1,022,500 $472,661,000 $374,349,000 $261,635,000 RETAIL OPPORTUNITY INVESTMENTS CORP. Big 4 $834,795 $790,319 $805,534 $155,863,511 $111,232,031 $75,095,687 RINGCENTRAL INC. Big 4 $892,000 $2,661,710 $937,441 $219,887,000 $160,505,000 $114,526,000 ROCKET FUEL INC. Big 4 $1,665,960 $2,048,870 $97,544 $408,641,000 $240,605,000 $106,589,000 RPX CORP. Big 4 $1,377,730 $1,242,680 $1,352,460 $259,335,000 $237,504,000 $197,688,000 RUBICON PROJECT, INC. Big 4 $1,842,840 $1,322,660 - $125,295,000 $83,830,000 - RUCKUS WIRELESS INC. Big 4 $1,262,120 $1,233,560 $1,782,270 $326,919,000 $263,067,000 $214,653,000 SABRA HEALTH CARE REIT, INC. Big 4 $1,010,990 $720,565 $588,333 $161,483,000 $128,988,000 $101,742,000 SALEM MEDIA GROUP, INC. Regional $454,034 $461,612 $408,315 $266,536,000 $236,934,000 $229,179,000 SCICLONE PHARMACEUTICALS INC. Big 4 $1,674,000 $1,703,000 $1,838,000 $134,790,000 $127,058,000 $156,269,000 SERVICESOURCE INTERNATIONAL, INC. Big 4 $1,622,860 $1,321,880 $994,500 $272,180,000 $272,482,000 $243,703,000 SHORETEL INC. Big 4 $1,022,000 $1,311,000 $1,154,000 $339,792,000 $313,543,000 $246,632,000 SIGMA DESIGNS INC. Regional $904,922 $870,000 $864,000 $199,193,000 $216,613,000 $182,617,000 SILVER SPRING NETWORKS INC. Big 4 $1,495,270 $1,246,400 $1,194,760 $191,288,000 $326,858,000 $196,737,000 SJW CORP. Big 4 $764,000 $814,120 $726,700 $319,668,000 $276,869,000 $261,547,000 SOLARCITY CORP. Big 4 $4,262,340 $5,293,410 $4,603,900 $255,031,000 $163,837,000 $126,908,000 SPLUNK INC. Big 4 $1,449,760 $1,647,100 $1,047,160 $302,623,000 $198,944,000 $120,960,000 STAMPS.COM INC. Big 4 $479,020 $390,000 $362,000 $147,269,000 $127,819,000 $115,661,000 STARWOOD WAYPOINT RESIDENTIAL TRUST Big 4 $890,250 $664,000 - $142,863,000 $30,867,000 - STEEL EXCEL INC. National $504,900 $361,890 $460,099 $210,148,000 $120,028,000 $100,104,000 TELENAV, INC. Big 4 $1,308,700 $1,069,020 $911,494 $150,313,000 $191,800,000 $205,522,000 TESSERA TECHNOLOGIES INC. Big 4 $1,113,300 $1,459,900 $1,357,990 $278,807,000 $168,811,000 $209,756,000 THORATEC CORP. Big 4 $1,570,600 $1,566,980 $1,536,040 $477,560,000 $502,821,000 $491,654,000 TILLY'S, INC. Big 4 $602,265 $594,520 $1,041,950 $495,837,000 $467,291,000 $400,624,000 TIVO INC. Big 4 $1,272,260 $1,017,600 $1,040,790 $406,253,000 $303,908,000 $238,179,000 TRICO BANCSHARES National $385,000 $309,632 $534,588 $155,631,000 $143,389,000 $146,696,000 TRUECAR, INC. Big 4 $1,996,200 $2,391,170 - $206,649,000 $133,958,000 - TUBEMOGUL INC. Big 4 $1,949,180 $619,905 - $114,243,000 $57,214,000 - U.S. AUTO PARTS NETWORK, INC. Big 4 $1,000,500 $876,200 $977,000 $283,508,000 $254,753,000 $304,017,000 UCP, INC. Big 4 $829,844 $559,091 $717,178 $191,183,000 $92,726,000 $58,126,000

20 $101M - $500M IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 ULTRATECH INC. Big 4 $1,854,000 $1,698,000 $1,743,000 $150,540,000 $157,272,000 $234,825,000 UNITED ONLINE INC. Big 4 $2,488,000 $2,275,580 $2,400,000 $217,245,000 $233,614,000 $257,765,000 VEEVA SYSTEMS INC. Big 4 $576,050 $257,500 - $210,151,000 $129,548,000 - VIOLIN MEMORY INC. Big 4 $977,165 $2,051,350 - $107,656,000 $73,798,000 - VIRCO MFG CORPORATION Big 4 $398,000 $349,000 $309,000 $155,042,000 $157,913,000 $166,441,000 VIVUS INC. Regional $471,565 $391,051 $389,937 $114,181,000 $81,082,000 $2,012,000 WAGEWORKS, INC. Big 4 $1,939,300 $2,338,870 $1,776,250 $267,832,000 $219,278,000 $177,282,000 WD 40 CO Big 4 $819,074 $775,317 $677,622 $382,997,000 $368,548,000 $342,784,000 WESTAMERICA BANCORPORATION Big 4 $900,000 $712,500 $700,000 $191,996,000 $211,407,000 $240,386,000 WILLDAN GROUP, INC. Big 4 $380,000 $312,000 $15,000 $108,080,000 $85,510,000 $93,443,000 WILLIS LEASE FINANCE CORP. Big 4 $926,654 $727,314 $657,984 $174,287,000 $158,412,000 $148,090,000 WILSHIRE BANCORP INC. National $569,164 $581,710 $543,028 $204,945,000 $157,922,000 $145,206,000 WORKDAY, INC. Big 4 $1,626,000 $850,000 $400,000 $468,938,000 $273,657,000 $134,427,000 XOOM CORP. Big 4 $915,000 $930,000 $1,691,000 $159,084,000 $122,206,000 $80,016,000 YELP INC. Big 4 $1,317,000 $1,366,000 $1,299,000 $377,536,000 $232,988,000 $137,567,000 YUME INC. Big 4 $1,220,000 $1,785,000 $930,000 $177,779,000 $151,128,000 $116,744,000 ZELTIQ AESTHETICS INC. Big 4 $1,746,830 $1,233,210 $882,618 $174,478,000 $111,626,000 $76,194,000 ZENDESK, INC. Big 4 $2,510,000 $183,000 - $127,049,000 $72,045,000 $38,228,000 ZHONE TECHNOLOGIES INC. Big 4 $841,210 $612,000 $631,000 $120,582,000 $122,248,000 $115,385,000

21 In 2014, companies with $501 - $1B in revenue listing National firms as their auditor paid 30% below the average $501M - $1B audit fee of $1,611,184 for an audit. However, those same companies are still paying 11% more for their audits than IN REVENUE they did in 2012. Companies listing Big 4 firms as their auditor paid 4% higher fees than the average.

Companies using regional firms paid an impressive 82% under average, paying $286,843 for an audit, on average. Since 2013, regional firms have decreased their fees by 14%. $2.0M

$1.75M Despite a 1.5% increase in fees $1,673,537 4% Above Average between 2012 and 2013, fees have now dropped below 2012 rates by Average Fee $1,611,184 $1,386 to reach $1,611,184. $1.50M

$1,639,257 $1.25M $1,612,570 $1,611,184 $1,135,630 30% Below Average $1.5M Regional & National $1.0M Average $1,014,375

$750K $1.0M

$500K $500K $286,843 82% Below Average $250K

Regional National Big 4 ‘12‘12 ‘13‘13 ‘14‘14 0 0 $500m-$1B $500m-$1B Audit Firm Fee Comparison 22 $501M - $1B IN REVENUE The chart below outlines all companies that have $501M - $1B in revenue. Use this to compare your audit fees to your peer grouping.

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 ALEXANDRIA REAL ESTATE EQUITIES INC. Big 4 $1,094,000 $843,000 $1,070,000 $726,877,000 $631,151,000 $574,497,000 ALIGN TECHNOLOGY INC. Big 4 $2,298,530 $1,995,210 $1,910,000 $761,653,000 $660,206,000 $560,041,000 AMERICAN APPAREL, INC. National $1,695,000 $1,825,000 $1,766,000 $608,891,000 $633,941,000 $617,310,000 ARISTA NETWORKS, INC. Big 4 $3,039,000 $1,152,000 - $584,106,000 - - BIG 5 SPORTING GOODS CORP. Big 4 $946,100 $909,222 $879,454 $977,860,000 $993,323,000 $940,490,000 BIOMARIN PHARMACEUTICAL INC. Big 4 $1,437,290 $1,300,640 $1,179,920 $751,040,000 $548,485,000 $500,723,000 BIOMED REALTY TRUST INC. Big 4 $1,240,000 $1,330,160 $1,238,000 $674,609,000 $637,314,000 $518,167,000 BJS RESTAURANTS INC. Big 4 $481,041 $391,043 $380,000 $845,569,000 $775,125,000 $708,325,000 BREITBURN ENERGY PARTNERS LP Big 4 $3,117,000 $2,001,000 $2,065,000 $863,436,000 $663,840,000 $417,415,000 BRIDGEPOINT EDUCATION INC. Big 4 $2,426,000 $2,145,500 $1,942,040 $638,705,000 $751,449,000 $943,405,000 CALAVO GROWERS INC. Big 4 $1,253,000 $1,134,000 $1,151,000 $782,510,000 $691,451,000 $551,119,000 CALIFORNIA WATER SERVICE GROUP Big 4 $1,342,300 $1,405,190 $1,122,000 $597,499,000 $584,103,000 $559,966,000 CALLAWAY GOLF CO Big 4 $1,543,190 $1,361,600 $1,522,000 $886,945,000 $842,801,000 $834,065,000 COHERENT INC. Big 4 $1,918,650 $1,818,000 $1,725,000 $794,639,000 $810,126,000 $769,088,000 CYPRESS SEMICONDUCTOR CORP. Big 4 $2,773,300 $1,949,100 $2,120,800 $725,497,000 $722,693,000 $769,687,000 DIAMOND FOODS INC. Big 4 $1,431,000 $1,109,000 $16,504,000 $865,207,000 $864,012,000 $981,418,000 DINEEQUITY, INC. Big 4 $1,458,020 $1,076,300 $1,151,960 $654,988,000 $640,467,000 $849,928,000 DOLBY LABORATORIES, INC. Big 4 $2,266,320 $2,397,620 $2,374,200 $960,176,000 $909,674,000 $933,014,000 DOUGLAS EMMETT INC. Big 4 $900,300 $886,100 $996,450 $599,539,000 $591,536,000 $578,999,000 DREAMWORKS ANIMATION SKG, INC. Big 4 $2,864,000 $2,500,200 $1,879,980 $684,623,000 $706,916,000 $749,842,000 DUCOMMUN INC. Big 4 $2,220,600 $1,736,250 $1,372,500 $742,045,000 $736,650,000 $747,037,000 ELECTRONICS FOR IMAGING INC. Big 4 $1,386,000 $1,685,000 $1,575,000 $790,427,000 $727,693,000 $652,137,000 ESSEX PROPERTY TRUST INC. Big 4 $1,659,500 $1,308,920 $1,227,450 $969,305,000 $609,266,000 $535,153,000 EXTREME NETWORKS INC. Big 4 $2,392,500 $1,042,000 $880,000 $519,554,000 $299,343,000 $322,722,000 FAIR ISAAC CORP. Big 4 $2,246,000 $2,175,000 $2,126,000 $788,985,000 $743,444,000 $676,423,000 FARMER BROTHERS CO Big 4 $944,187 $926,483 $507,000 $1,056,760,000 $513,869,000 $498,701,000 FORTINET INC. Big 4 $1,695,280 $1,642,840 $1,338,400 $770,364,000 $615,297,000 $533,639,000 GREEN DOT CORP. Big 4 $1,098,700 $1,004,660 $1,050,000 $601,552,000 $573,621,000 $546,285,000 IMPAX LABORATORIES INC. Big 4 $1,125,000 $1,013,330 $1,034,700 $596,049,000 $511,502,000 $581,692,000 INFINERA CORP. Big 4 $1,563,000 $1,628,000 $1,402,000 $668,079,000 $544,122,000 $438,437,000 INTERSIL CORP. Big 4 $1,436,000 $1,657,000 $1,900,000 $562,555,000 $575,195,000 $607,864,000

23 $501M - $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 IPC HEALTHCARE, INC. Big 4 $566,124 $519,509 $477,881 $693,985,000 $609,517,000 $523,485,000 J2 GLOBAL, INC. National $1,344,003 $1,570,170 $1,236,590 $599,030,000 $520,801,000 $371,396,000 JAKKS PACIFIC INC. National $1,177,520 $1,152,580 $1,068,980 $810,060,000 $632,925,000 $666,762,000 KILROY REALTY CORP. Big 4 $1,693,560 $1,624,860 $1,672,400 $521,725,000 $457,111,000 $373,318,000 KORN FERRY INTERNATIONAL Big 4 $1,945,710 $2,026,160 $2,474,070 $995,559,000 $849,701,000 $826,759,000 KRATOS DEFENSE & SECURITY SOLUTIONS, INC. Big 4 $2,369,560 $2,172,020 $2,094,130 $868,000,000 $950,600,000 $969,200,000 MARCUS & MILLICHAP, INC. Big 4 $599,291 $1,867,000 $424,500 $572,188,000 $435,895,000 $385,716,000 MASIMO CORP. National $1,431,360 $1,444,840 $1,069,460 $586,643,000 $547,245,000 $493,233,000 MEDIVATION, INC. Big 4 $1,518,700 $1,218,800 $1,043,000 $710,487,000 $272,942,000 $181,696,000 MULTI FINELINE ELECTRONIX INC. Big 4 $1,082,840 $948,538 $1,000,620 $633,153,000 $787,644,000 $818,932,000 NETSUITE INC. Big 4 $1,491,380 $1,460,920 $1,100,930 $556,284,000 $414,508,000 $308,825,000 NEWPORT CORP. Big 4 $1,849,600 $1,795,000 $1,573,240 $605,150,000 $560,054,000 $595,346,000 NUVASIVE INC. Big 4 $1,151,320 $1,090,480 $865,855 $762,415,000 $685,173,000 $620,255,000 OSI SYSTEMS INC. Regional $915,000 $925,000 $844,000 $906,742,000 $802,047,000 $792,990,000 PACIFIC SUNWEAR OF CALIFORNIA INC. Big 4 $732,200 $740,100 $857,200 $797,792,000 $784,745,000 $759,129,000 PACWEST BANCORP Big 4 $2,475,000 $1,729,230 $1,257,870 $746,962,000 $314,158,000 $311,987,000 PALO ALTO NETWORKS INC. Big 4 $1,927,890 $1,454,610 $2,004,260 $598,179,000 $396,107,000 $255,138,000 PANDORA MEDIA, INC. Big 4 $1,937,330 $2,052,290 $1,705,560 $920,802,000 $637,900,000 $274,300,000 PENNYMAC FINANCIAL SERVICES, INC. Big 4 $1,326,430 $816,430 $495,095 $518,277,000 $386,559,000 $265,086,000 PLANTRONICS INC. Big 4 $2,179,500 $2,071,140 $2,267,620 $818,607,000 $762,226,000 $713,368,000 PMC SIERRA INC. Big 4 $1,515,720 $1,961,937 $1,295,150 $525,603,000 $508,028,000 $530,997,000 QUANTUM CORP. Big 4 $1,186,000 $1,199,000 $1,241,000 $553,165,000 $587,439,000 $651,987,000 RADNET, INC. Big 4 $1,336,440 $1,265,600 $1,039,500 $717,569,000 $702,986,000 $647,153,000 REALTY INC.OME CORP. Big 4 $1,484,000 $1,524,000 $1,178,000 $933,505,000 $780,209,000 $484,581,000 RESOURCES CONNECTION INC. National $709,100 $656,800 $857,111 $567,181,000 $556,334,000 $571,763,000 ROVI CORP. Big 4 $1,868,780 $1,863,150 $1,787,000 $542,311,000 $537,390,000 $526,094,000 SEMTECH CORP. Big 4 $1,858,350 $1,770,450 $1,465,880 $594,977,000 $578,827,000 $480,601,000 SERVICENOW, INC. Big 4 $2,265,000 $2,207,000 $2,681,000 $682,563,000 $424,650,000 $243,712,000 SHUTTERFLY INC. Big 4 $1,703,500 $1,558,850 $1,335,000 $921,580,000 $783,642,000 $640,624,000 SILICON GRAPHICS INTERNATIONAL CORP. Big 4 $1,891,000 $1,729,000 $2,054,000 $529,946,000 $767,227,000 $752,987,000 SIMPSON MANUFACTURING CO INC. Big 4 $3,163,000 $2,534,000 $2,444,000 $752,148,000 $705,322,000 $656,231,000

24 $501M - $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 SINA CORP. Big 4 $2,980,700 $3,054,220 $1,643,330 $768,241,000 $665,106,000 $529,329,000 SUPERIOR INDUSTRIES INTERNATIONAL INC. Big 4 $971,000 $1,023,740 $1,014,960 $745,447,000 $789,564,000 $821,454,000 SYNAPTICS INC. Big 4 $1,210,000 $899,000 $843,840 $947,539,000 $663,588,000 $548,228,000 UBIQUITI NETWORKS, INC. Big 4 $1,250,000 $1,015,000 $800,000 $572,464,000 $320,823,000 $353,517,000 ULTRA CLEAN HOLDINGS, INC. Big 4 $1,484,250 $1,231,400 $1,118,000 $513,957,000 $444,022,000 $403,430,000 UNIVERSAL ELECTRONICS INC. National $1,260,000 $1,254,000 $1,189,000 $562,329,000 $529,354,000 $463,090,000 WEST MARINE INC. Big 4 $750,000 $851,000 $650,000 $675,751,000 $663,174,000 $675,251,000 WILLIAM LYON HOMES Big 4 $2,210,170 $1,133,980 $798,000 $896,679,000 $572,535,000 $398,330,000 ZYNGA INC. Big 4 $3,027,000 $2,845,000 $2,490,000 $690,410,000 $873,266,000 $1,281,267,000

25 In 2014, companies with more than $1B in revenue listing Big 4 firms as their auditor paid $4.96M in audit >$1B IN REVENUE fees, on average. Over the past year, audit fees for these same companies have increased by just 1%.

Over the past 3 years fees have increased 2%. Fees have decreased $4,959,481 $5B 2% Above Average 1% between 2013 and 2014 after seeing an increase of 3% from 2012 Average Fee $4,855,558 to 2013.

$4B $5M $4.9M $4.763M $4.855M

$3B $4M

$3M $2B

$2M $1,114.377 $1B 77% Below Average $1M

National Big 4 ‘12 ‘13 ‘14 0 0 > $1B > $1B

26 >$1B IN REVENUE The chart below outlines all companies that have over $1B in revenue. Use this to compare your audit fees to your peer grouping.

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 ACTIVISION BLIZZARD, INC. Big 4 $5,754,460 $5,388,460 $4,630,200 $4,408,000,000 $4,583,000,000 $4,856,000,000 ADOBE SYSTEMS INC. Big 4 $3,791,810 $3,672,650 $3,438,260 $4,147,065,000 $4,055,240,000 $4,403,677,000 ADVANCED MICRO DEVICES INC. Big 4 $4,254,200 $3,868,890 $3,485,230 $5,506,000,000 $5,299,000,000 $5,422,000,000 AECOM Big 4 $7,443,180 $6,518,980 $5,995,010 $8,356,783,000 $8,153,495,000 $8,218,180,000 AEROJET ROCKETDYNE HOLDINGS, INC. Big 4 $6,359,000 $5,600,000 $2,898,000 $1,597,400,000 $1,383,100,000 $994,900,000 AGILENT TECHNOLOGIES INC. Big 4 $7,791,000 $4,984,000 $6,296,000 $6,981,000,000 $6,782,000,000 $6,858,000,000 AIR LEASE CORP. Big 4 $1,278,830 $800,000 $1,321,860 $1,050,493,000 $858,675,000 $655,746,000 ALTERA CORP. Big 4 $1,825,910 $1,840,000 $1,778,500 $1,932,089,000 $1,732,572,000 $1,783,035,000 A-MARK PRECIOUS METALS, INC. National $490,000 $698,000 - $5,979,354,000 $7,247,717,000 - AMGEN INC. Big 4 $6,894,000 $6,425,000 $5,926,000 $20,063,000,000 $18,676,000,000 $17,265,000,000 AMN HEALTHCARE SERVICES INC. Big 4 $1,738,470 $1,291,060 $1,293,490 $1,036,027,000 $1,011,816,000 $953,951,000 APPLE INC. Big 4 $10,286,500 $8,417,200 $7,080,500 $182,795,000,000 $170,910,000,000 $156,508,000,000 APPLIED MATERIALS INC. Big 4 $5,483,000 $5,728,000 $6,560,000 $9,072,000,000 $7,509,000,000 $8,719,000,000 ATMEL CORP. Big 4 $1,679,660 $1,905,200 $1,624,500 $1,413,334,000 $1,386,447,000 $1,432,110,000 AUTODESK INC. Big 4 $3,200,000 $3,123,100 $2,479,100 $2,273,900,000 $2,312,200,000 $2,215,600,000 AVERY DENNISON CORP. Big 4 $6,500,000 $5,900,000 $5,000,000 $6,330,300,000 $6,140,000,000 $5,863,500,000 BIO RAD LABORATORIES INC. Big 4 $6,125,000 $5,818,000 $5,682,000 $2,175,044,000 $2,132,694,000 $2,069,235,000 BLACKHAWK NETWORK HOLDINGS, INC. Big 4 $2,532,000 $3,006,400 $2,535,100 $1,444,963,000 $1,138,088,000 $959,069,000 BROADCOM CORP. Big 4 $3,874,000 $3,417,000 $3,640,000 $8,428,000,000 $8,305,000,000 $8,006,000,000 BROCADE COMMUNICATIONS SYSTEMS INC. Big 4 $1,984,500 $1,886,000 $1,927,200 $2,211,267,000 $2,222,864,000 $2,237,770,000 CADENCE DESIGN SYSTEMS INC. Big 4 $3,187,000 $3,017,000 $2,670,000 $1,580,932,000 $1,460,116,000 $1,326,424,000 CALIFORNIA RESOURCES CORP. Big 4 $1,985,000 - - $4,173,000,000 - - CBRE GROUP, INC. Big 4 $7,500,000 $6,700,000 $6,800,000 $9,049,918,000 $7,184,794,000 $6,514,099,000 CENTRAL GARDEN & PET CO Big 4 $3,400,000 $3,250,000 $2,900,000 $1,604,357,000 $1,653,633,000 $1,700,013,000 CHEESECAKE FACTORY INC. Big 4 $605,940 $579,388 $559,629 $1,976,624,000 $1,877,910,000 $1,809,017,000 CHEVRON CORP. Big 4 $27,200,000 $26,600,000 $25,200,000 $200,494,000,000 $220,156,000,000 $230,590,000,000 CISCO SYSTEMS, INC. Big 4 $20,740,000 $20,220,000 $16,710,000 $47,142,000,000 $48,607,000,000 $46,061,000,000 CITY NATIONAL CORP. Big 4 $2,211,000 $2,073,000 $1,898,000 $1,319,024,000 $1,234,830,000 $1,244,154,000 CLOROX CO. Big 4 $4,678,000 $4,144,000 $4,076,000 $5,591,000,000 $5,623,000,000 $5,468,000,000 COOPER COMPANIES INC. Big 4 $4,384,000 $3,620,000 $3,614,300 $1,717,776,000 $1,587,725,000 $1,445,136,000

27 > $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 CORELOGIC, INC. Big 4 $2,867,600 $2,713,320 $2,594,390 $1,405,040,000 $1,404,401,000 $1,333,479,000 CORE-MARK HOLDING COMPANY, INC. Big 4 $2,086,140 $1,372,030 $1,534,140 $10,280,100,000 $9,767,600,000 $8,892,400,000 CUBIC CORP. Big 4 $4,450,000 $2,877,000 $3,878,000 $1,398,352,000 $1,361,407,000 $1,404,084,000 DIGITAL REALTY TRUST, INC. Big 4 $1,653,930 $1,682,300 $1,824,620 $1,616,438,000 $1,482,259,000 $1,279,067,000 EAST WEST BANCORP INC. Big 4 $2,220,000 $1,977,540 $1,970,000 $1,141,984,000 $976,217,000 $1,045,477,000 EBAY INC. Big 4 $12,321,000 $10,796,000 $10,018,000 $17,902,000,000 $16,047,000,000 $14,072,000,000 EDISON INTERNATIONAL Big 4 $6,420,000 $6,312,000 $9,940,000 $13,413,000,000 $12,581,000,000 $11,862,000,000 EDWARDS LIFESCIENCES CORP. Big 4 $2,300,000 $2,300,000 $2,300,000 $2,322,900,000 $2,045,500,000 $1,899,600,000 ELECTRONIC ARTS INC. Big 4 $4,707,000 $4,787,000 $4,572,000 $3,575,000,000 $3,797,000,000 $4,143,000,000 ENCORE CAPITAL GROUP INC. National $1,860,540 $1,376,680 $707,722 $1,072,902,000 $769,142,000 $557,585,000 ENSIGN GROUP, INC. Big 4 $1,236,000 $1,548,760 $953,250 $1,027,406,000 $904,556,000 $823,155,000 EQUINIX INC. Big 4 $6,516,210 $4,966,980 $5,092,760 $2,443,776,000 $2,152,766,000 $1,887,376,000 FACEBOOK INC. Big 4 $6,206,000 $4,402,310 $5,628,900 $12,466,000,000 $7,872,000,000 $5,089,000,000 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INC. Big 4 $2,838,540 $2,847,480 $2,701,300 $1,433,400,000 $1,405,400,000 $1,405,900,000 FINISAR CORP. Big 4 $2,250,030 $2,008,380 $1,917,200 $1,156,833,000 $934,335,000 $952,579,000 FIRST AMERICAN FINANCIAL CORP. Big 4 $6,397,520 $6,441,940 $6,250,710 $4,677,949,000 $4,956,077,000 $4,541,821,000 FRANKLIN RESOURCES INC. Big 4 $6,438,000 $6,416,000 $6,259,000 $8,444,000,000 $7,938,100,000 $7,064,300,000 GAP INC. Big 4 $4,734,450 $4,530,000 $4,289,000 $16,148,000,000 $15,651,000,000 $14,549,000,000 GILEAD SCIENCES INC. Big 4 $5,235,000 $5,088,000 $4,902,000 $24,890,000,000 $11,202,000,000 $9,702,000,000 GOOGLE INC. Big 4 $13,865,000 $13,666,000 $14,624,000 $66,001,000,000 $55,519,000,000 $46,039,000,000 GOPRO, INC. Big 4 $3,012,000 $2,375,000 - $1,394,205,000 $985,737,000 - GRANITE CONSTRUCTION INC. Big 4 $2,591,640 $2,785,950 $3,289,560 $2,275,270,000 $2,266,901,000 $2,083,037,000 GUESS INC. Big 4 $2,461,000 $2,623,000 $2,763,000 $2,569,786,000 $2,658,605,000 $2,688,048,000 HALF ROBERT INTERNATIONAL INC. Big 4 $1,808,260 $1,916,170 $1,845,030 $4,695,014,000 $4,245,895,000 $4,111,213,000 HCP, INC. Big 4 $2,464,000 $1,837,000 $2,147,000 $2,191,788,000 $2,013,719,000 $1,855,434,000 HEALTH NET INC. Big 4 $6,900,000 $7,044,000 $7,514,000 $14,008,586,000 $11,053,743,000 $11,289,092,000 HEWLETT PACKARD CO Big 4 $30,000,000 $34,900,000 $30,600,000 $111,454,000,000 $112,298,000,000 $120,357,000,000 ILLUMINA INC. Big 4 $2,505,650 $1,932,950 $1,599,250 $1,861,358,000 $1,421,178,000 $1,148,516,000 INFORMATICA CORP. Big 4 $2,301,000 $1,889,000 $1,753,000 $1,047,954,000 $948,171,000 $811,571,000 INGRAM MICRO INC. Big 4 $9,232,000 $9,093,000 $8,366,000 $46,487,426,000 $42,553,918,000 $37,827,299,000

28 > $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 INTEL CORP. Big 4 $17,800,000 $17,847,000 $18,623,000 $55,870,000,000 $52,708,000,000 $53,341,000,000 INTUIT INC. Big 4 $3,613,000 $3,565,000 $3,574,000 $4,506,000,000 $4,171,000,000 $3,808,000,000 INTUITIVE SURGICAL INC. Big 4 $1,681,030 $1,780,000 $1,775,000 $2,131,700,000 $2,265,100,000 $2,178,800,000 JACK IN THE BOX INC. Big 4 $897,515 $910,520 $1,115,000 $1,484,131,000 $1,489,867,000 $1,509,295,000 JACOBS ENGINEERING GROUP INC. Big 4 $7,394,500 $6,098,700 $5,899,700 $12,695,157,000 $11,818,376,000 $10,893,778,000 JDS UNIPHASE CORP. Big 4 $3,272,640 $3,884,020 $3,840,500 $1,743,200,000 $1,676,900,000 $1,662,400,000 JUNIPER NETWORKS INC. Big 4 $4,895,400 $4,395,920 $4,388,230 $4,627,100,000 $4,669,100,000 $4,365,400,000 KAISER ALUMINUM CORP. Big 4 $1,599,750 $1,392,200 $1,562,120 $1,356,100,000 $1,297,500,000 $1,360,100,000 KB HOME Big 4 $1,070,000 $964,000 $874,000 $2,400,949,000 $2,097,130,000 $1,560,115,000 KLA TENCOR CORP. Big 4 $2,910,550 $2,943,410 $2,610,580 $2,929,408,000 $2,842,781,000 $3,171,944,000 LAM RESEARCH CORP. Big 4 $4,584,120 $4,901,110 $4,528,330 $4,607,309,000 $3,598,916,000 $2,665,192,000 LINEAR TECHNOLOGY CORP. Big 4 $928,000 $886,400 $856,000 $1,388,386,000 $1,282,236,000 $1,266,621,000 LINKEDIN CORP. Big 4 $3,605,000 $3,327,000 $2,539,000 $2,218,767,000 $1,528,545,000 $972,309,000 LIONS GATE ENTERTAINMENT CORP. Big 4 $2,346,930 $1,810,320 $1,877,890 $2,630,254,000 $2,708,141,000 $1,587,579,000 LIVE NATION ENTERTAINMENT, INC. Big 4 $7,722,000 $7,452,000 $6,828,000 $6,866,964,000 $6,478,547,000 $5,819,047,000 LOGITECH INTERNATIONAL SA Big 4 $7,031,000 $3,143,000 $3,057,000 $2,128,713,000 $2,099,277,000 $2,316,203,000 MACERICH CO Big 4 $3,617,000 $3,394,000 $3,063,000 $1,105,247,000 $1,029,475,000 $797,517,000 MATTEL INC. Big 4 $7,991,000 $7,303,000 $7,156,000 $6,023,819,000 $6,484,892,000 $6,420,881,000 MAXIM INTEGRATED PRODUCTS INC. Big 4 $1,867,940 $1,721,300 $1,580,210 $2,453,663,000 $2,441,459,000 $2,403,529,000 MCCLATCHY CO Big 4 $3,380,000 $3,208,000 $2,796,600 $1,146,552,000 $1,214,848,000 $1,279,844,000 MCKESSON CORP. Big 4 $11,059,800 $8,464,730 $7,428,920 $137,392,000,000 $122,196,000,000 $122,321,000,000 MERCURY GENERAL CORP. Big 4 $2,290,830 $1,944,660 $1,929,600 $3,011,773,000 $2,821,041,000 $2,783,370,000 MICROSEMI CORP. Big 4 $3,043,740 $3,256,960 $3,377,810 $1,138,263,000 $975,944,000 $1,012,495,000 MOLINA HEALTHCARE INC. Big 4 $3,074,020 $2,768,000 $2,728,090 $9,666,601,000 $6,588,934,000 $5,914,209,000 MONSTER BEVERAGE CORP. Big 4 $1,303,130 $1,228,050 $1,172,130 $2,464,867,000 $2,246,428,000 $2,060,702,000 NETAPP, INC. Big 4 $5,132,000 $4,528,000 $3,935,000 $6,325,100,000 $6,332,400,000 $6,233,200,000 NETFLIX INC. Big 4 $1,600,000 $1,396,000 $1,327,000 $5,504,656,000 $4,374,562,000 $3,609,282,000 NETGEAR, INC. Big 4 $1,779,130 $1,738,590 $1,620,900 $1,393,515,000 $1,369,633,000 $1,271,921,000 NVIDIA CORP. Big 4 $3,894,820 $3,274,900 $3,469,740 $4,130,162,000 $4,280,159,000 $3,997,930,000 OMNIVISION TECHNOLOGIES INC. Big 4 $1,899,000 $1,551,000 $1,586,000 $1,453,929,000 $1,407,929,000 $897,730,000

29 > $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 ON ASSIGNMENT INC. Big 4 $2,128,000 $2,394,040 $1,854,200 $1,859,922,000 $1,628,927,000 $1,134,614,000 ORACLE CORP. Big 4 $23,405,800 $21,624,000 $20,735,100 $38,275,000,000 $37,180,000,000 $37,121,000,000 PACIFIC ETHANOL, INC. Regional $573,807 $331,639 $365,100 $1,107,412,000 $908,437,000 $816,044,000 PACIFIC GAS & ELECTRIC CO Big 4 $4,100,000 $3,800,000 $3,900,000 $17,088,000,000 $15,593,000,000 $15,035,000,000 PCM, INC. Big 4 $1,131,580 $954,000 $1,139,550 $1,356,362,000 $1,359,999,000 $1,342,298,000 PG&E CORP. Big 4 $4,870,000 $4,600,000 $4,700,000 $17,090,000,000 $15,598,000,000 $15,040,000,000 POLYCOM INC. Big 4 $2,885,000 $2,533,000 $2,791,000 $1,345,154,000 $1,368,389,000 $1,392,628,000 PRICESMART INC. Big 4 $2,138,000 $2,050,000 $2,031,000 $2,517,567,000 $2,299,812,000 $2,045,163,000 PROLOGIS, INC. Big 4 $4,475,500 $4,757,900 $4,473,590 $1,760,787,000 $1,750,486,000 $1,960,518,000 PUBLIC STORAGE Big 4 $992,000 $1,017,000 $916,000 $2,195,404,000 $1,981,746,000 $1,842,504,000 QUALCOMM INC. Big 4 $6,777,000 $7,094,000 $7,701,000 $26,487,000,000 $24,866,000,000 $19,121,000,000 QUIKSILVER INC. Big 4 $2,882,120 $2,191,000 $2,763,000 $1,570,399,000 $1,810,570,000 $1,941,849,000 RELIANCE STEEL & ALUMINUM CO. Big 4 $3,210,000 $3,031,000 $2,511,000 $10,451,600,000 $9,223,800,000 $8,442,300,000 RESMED INC. Big 4 $1,751,670 $1,901,600 $1,796,490 $1,554,973,000 $1,514,457,000 $1,368,515,000 RESTORATION HARDWARE HOLDINGS INC. Big 4 $1,247,260 $804,395 $594,939 $1,550,961,000 $1,193,046,000 $958,084,000 ROSS STORES INC. Big 4 $1,255,000 $1,191,000 $1,091,000 $10,230,353,000 $9,721,065,000 $8,608,291,000 RYLAND GROUP INC. Big 4 $934,700 $1,030,000 $947,500 $2,615,069,000 $2,140,755,000 $1,308,466,000 SALESFORCE COM INC. Big 4 $5,899,740 $4,693,530 $4,474,460 $4,071,003,000 $3,050,195,000 $2,266,539,000 SANDISK CORP. Big 4 $3,369,000 $3,062,000 $2,861,000 $6,627,701,000 $6,170,003,000 $5,052,509,000 SANMINA CORP. Big 4 $2,413,880 $2,268,900 $3,570,240 $6,215,106,000 $5,917,124,000 $6,093,334,000 SCHWAB CHARLES CORP. Big 4 $7,600,000 $6,500,000 $6,400,000 $6,058,000,000 $5,435,000,000 $4,883,000,000 SEMPRA ENERGY Big 4 $9,404,000 $9,617,000 $9,769,800 $11,035,000,000 $10,557,000,000 $9,647,000,000 SKECHERS USA INC. National $1,533,000 $1,354,000 $2,738,000 $2,386,668,000 $1,854,095,000 $1,567,425,000 SMART & FINAL STORES, INC. Big 4 $2,779,330 $835,000 - $3,534,244,000 $3,210,293,000 - SOUTHERN CALIFORNIA EDISON CO. Big 4 $5,608,000 $5,477,000 $6,188,000 $13,380,000,000 $12,562,000,000 $11,851,000,000 STANDARD PACIFIC CORP. Big 4 $871,040 $758,215 $787,678 $2,435,297,000 $1,939,519,000 $1,258,258,000 SUNPOWER CORP. Big 4 $2,479,730 $2,123,600 $4,170,950 $3,027,265,000 $2,507,203,000 $2,417,501,000 SUNSTONE HOTEL INVESTORS, INC. Big 4 $1,033,030 $1,042,490 $818,956 $1,141,998,000 $923,824,000 $829,084,000 SUPER MICRO COMPUTER, INC. Big 4 $1,501,000 $1,446,000 $1,465,000 $1,467,202,000 $1,162,561,000 $1,013,874,000 SVB FINANCIAL GROUP Big 4 $5,139,120 $4,771,480 $4,361,550 $1,464,155,000 $1,402,827,000 $984,264,000

30 > $1B IN REVENUE

Audit Fees/Audit Related Fees Revenue Company or Fund Auditor Type 2014 2013 2012 2014 2013 2012 SYMANTEC CORP. Big 4 $9,002,080 $8,344,500 $9,240,890 $6,676,000,000 $6,906,000,000 $6,730,000,000 SYNNEX CORP. Big 4 $3,284,900 $1,577,670 $1,818,530 $13,839,590,000 $10,845,164,000 $10,285,507,000 SYNOPSYS INC. Big 4 $2,962,000 $2,854,000 $3,667,000 $2,057,472,000 $1,962,214,000 $1,756,017,000 TELEDYNE TECHNOLOGIES INC. Big 4 $4,317,800 $3,011,400 $2,286,600 $2,394,000,000 $2,338,600,000 $2,127,300,000 TESLA MOTORS INC. Big 4 $2,969,000 $2,396,000 $1,355,000 $3,198,356,000 $2,013,496,000 $413,256,000 TETRA TECH INC. Big 4 $3,083,280 $3,103,200 $2,791,260 $2,483,814,000 $2,613,755,000 $2,711,075,000 TRI POINTE GROUP, INC. Big 4 $2,748,000 $580,500 $563,000 $1,703,616,000 $1,274,712,000 $1,070,306,000 TRIMBLE NAVIGATION LTD . Big 4 $5,028,270 $3,931,440 $3,416,940 $2,395,546,000 $2,288,124,000 $2,040,113,000 TRINET GROUP INC. Big 4 $1,456,000 $1,271,000 - $2,193,531,000 $1,644,275,000 - TTM TECHNOLOGIES INC. Big 4 $2,173,000 $2,431,600 $2,346,900 $1,325,717,000 $1,368,215,000 $1,348,668,000 TUTOR PERINI CORP. Big 4 $3,611,570 $3,697,870 $3,470,000 $4,492,309,000 $4,175,672,000 $4,111,471,000 TWITTER, INC. Big 4 $4,212,000 $3,495,000 $778,000 $1,403,002,000 $664,890,000 $316,933,000 UTI WORLDWIDE INC. Big 4 $6,857,290 $7,574,000 $7,106,000 $4,435,580,000 $4,607,521,000 $4,914,221,000 VARIAN MEDICAL SYSTEMS INC. Big 4 $4,114,950 $3,843,360 $3,446,260 $3,049,800,000 $2,942,897,000 $2,807,015,000 VCA INC. Big 4 $1,657,000 $1,645,160 $1,722,780 $1,918,483,000 $1,803,369,000 $1,699,642,000 VERIFONE SYSTEMS, INC. Big 4 $5,446,000 $5,587,000 $6,132,000 $1,868,874,000 $1,702,221,000 $1,865,971,000 VIASAT INC. Big 4 $1,979,020 $1,971,490 $1,627,450 $1,351,462,000 $1,119,690,000 $863,627,000 VIRGIN AMERICA INC. Big 4 $733,886 $913,785 - $1,489,967,000 $1,424,678,000 - VISA INC. Big 4 $6,139,000 $5,904,000 $5,846,000 $12,702,000,000 $11,778,000,000 $10,421,000,000 VMWARE, INC. Big 4 $5,139,950 $6,095,920 $5,863,500 $6,035,000,000 $5,207,000,000 $4,605,000,000 WALT DISNEY CO Big 4 $18,600,000 $19,600,000 $19,300,000 $48,813,000,000 $45,041,000,000 $42,278,000,000 WELLS FARGO & COMPANY Big 4 $37,904,000 $36,114,000 $33,539,000 $88,372,000,000 $88,069,000,000 $91,247,000,000 WESCO AIRCRAFT HOLDINGS, INC. Big 4 $2,495,000 $1,530,000 $2,712,980 $1,355,877,000 $901,608,000 $776,206,000 WESTERN DIGITAL CORP. Big 4 $4,463,700 $4,551,500 $3,099,000 $15,130,000,000 $15,351,000,000 $12,478,000,000 WILLIAMS SONOMA INC. Big 4 $1,608,000 $1,562,000 $1,420,000 $4,387,889,000 $4,042,870,000 $3,720,895,000 XILINX INC. Big 4 $2,870,800 $2,610,000 $2,655,000 $2,382,531,000 $2,168,652,000 $2,240,736,000 YAHOO INC. Big 4 $5,100,000 $7,400,000 $7,500,000 $4,618,133,000 $4,680,380,000 $4,986,566,000

31 FINAL THOUGHTS

Whether you use this report to compare your audit fees to the average or directly with your peers, we hope you have found valuable insight to help guide you when faced with an auditor switch. As a regional firm, Armanino has been handling the accounts of publicly traded companies for more than 15 years, matching the Big 4 and national firms’ capabilities and resources, including meeting international requirements.

If you’re considering a move to a new audit firm or just looking for a more cost-effective solution to handle tax accounting, disclosure or internal control issues, Armanino is in the right position, equipped with the resources and expertise to deliver a complete solution at a reasonable fee. Our team of professionals, which includes Big 4 veterans, has the experience and knowledge to solve the issues facing today’s public companies.

STRATEGIC INSIGHTS PRACTICAL ACTION

Armanino provides an integrated When you work with us, we give you set of accounting services—audit, options that are fully aligned with your tax, consulting and technology business strategy. If you need to do solutions—to a wide range of more with less, we will implement organizations operating both in the technology to automate your the US and globally. business processes. If it’s financial, we can show you proven benchmarks You can count on Armanino to and best practices that can add think strategically, to provide the value companywide. If the issue is For further information regarding SEC best practices, contact: sound insights that lead to positive operational, we’ll consult with your action. We address not just your people about workflow efficiencies. If Matthew Perreault, CPA compliance issues, but your it’s compliance, we’ll ensure you meet Partner-in-Charge, SEC Practice [email protected] underlying business challenges, the requirements and proactively plan 925 790 2755 as well—assessing opportunities, to take full advantage of the changes weighing risks, and exploring the at hand. At every stage in your practical implications of both your company’s lifecycle, we’ll help you find short- and long-term decisions. the right balance of people, processes and technology. armaninoLLP.com