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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the sale of Circle K’s 48 Oklahoma City Circle K Stores Inc. A petroleum marketer and convenience store retailer DER Corporate Carve Out Oklahoma City, OK Jun-21 area stores to Casey’s General Stores, Inc.

One of the largest independent propane retailers in the U.S., Advised on the sale of the company to Superior Freeman Gas and Electric Co., Inc. serving nearly 70,000 customers in Georgia, North Carolina, Plus Energy Services, Inc., a subsidiary of Superior DER Company Sale Spartanburg, SC Jun-21 South Carolina, Tennessee, and Virginia Plus Corp. (TSX:SPB)

Advised on the sale of the company to an Toms Sierra Company, Inc. A petroleum marketer and convenience store retailer DER Company Sale Roseville, CA May-21 undisclosed buyer

Advised on the sale of the company to Energy Van Unen/Miersma Propane, Inc. A large propane retailer in California DER Company Sale Ripon, CA May-21 Distribution Partners, LLC

A behavioral health provider specializing in Transcranial Provided valuation advisory services to Achieve Achieve TMS Magnetic Stimulation (TMS) that operates centers in Southern Healthcare Corporate Advisory San Diego, CA Mar-21 TMS California, Oregon and Alaska

Advised on the sale of the companies to Trump Card Holdings, LLC, a subsidiary of Magnate ASAP Expediting & Logistics, LLC A leading provider of expedited freight solutions CIPS Company Sale Columbia, SC Feb-21 Worldwide, LLC and a portfolio company of CIVC Partners, L.P.

Advised on the sale of the company’s U.S. wholesale petroleum distribution assets to R.M. Parks, Inc. A leading wholesale petroleum distributor DER Company Sale Porterville, CA Jan-21 PacWest Energy, LLC, a joint venture between Jackson Energy and Shell Oil Products US

Advised on the sale of the company in a joint A leading petroleum marketer and convenience retailer d/b/a venture entity between Fortress Investment Pester Marketing Company DER Company Sale Denver, CO Jan-21 Alta Convenience Group LLC and a subsidiary of Phillips 66 Company (NYSE: PSX)

Advised on the acquisition of Stardust Penn Tank Lines, Inc. A bulk petroleum and flatbed transportation company DER Buy-Side Advisory Chester Springs, PA Dec-20 Transportation, LLC

A leading propane, heating oil, and other refined fuels Advised on the acquisition of the refined fuels Tri Gas & Oil Co, Inc. DER Buy-Side Advisory Federalsburg, MD Dec-20 distributor and HVAC services provider and HVAC services assets of an undisclosed seller

A lubricants distributor, commercial fuel, and environmental Advised on the sale of the company to RelaDyne New West Oil Company, L.L.C. DER Company Sale Glendale, AZ Dec-20 services company LLC, a portfolio company of Audax Private Equity

A premier convenience retailer and petroleum marketer with Advised on the sale of the company to Kwik Trip, Stop-N-Go of Madison, Inc. DER Company Sale Madison, WI Dec-20 36 stores throughout southern Wisconsin and northern Illinois Inc.

A not-for-profit pediatric psychiatric provider in Montana with Montana Children’s Home and Hospital d/b/a Advised on the successful issuance of its Series a robust continuum of care and dedicated inpatient psychiatric Healthcare Municipal Advisory Helena, MT Oct-20 Shodair Children’s Hospital 2020A/B Bonds beds

A large independent supplier of retail propane, heating oil, Advised on the sale of the company to Quarles Dixie Gas & Oil Corporation DER Company Sale Verona, VA Oct-20 commercial fuels, and lubricant products Petroleum, Inc.

Advised on the sale of the company to Industrial A globally recognized manufacture of highly engineered Walker Magnetics Group, Inc. Magnetics, Inc., a portfolio company of DNS CIPS Corporate Carve Out Windsor, CT Sep-20 industrial magnetic products Capital, LLC

EUP is one of the largest propane retailers in its region, serving EnergyUnited Electric Membership approximately 29,000 residential and commercial customers Advised EMC on the sale of EUP to ThompsonGas, Corporation (“EMC”) and EnergyUnited DER Corporate Carve Out Statesville, NC Sep-20 throughout 104 counties in North Carolina, South Carolina, and LLC Propane, LLC (“EUP”) Virginia

Advised on the sale of its convenience retail and A petroleum marketer and fuels distributor serving the Dallas Martin Eagle Oil Company wholesale motor fuels businesses to an DER Company Sale Denton, TX Sep-20 Fort Worth metroplex and North Central Texas undisclosed buyer

Medical Gas Supply, LLC d/b/a Bestway A leading distributor of industrial and specialty gases Advised on the sale to American Welding & Gas, CIPS Company Sale Houston, TX Aug-20 Welding Supply throughout Texas Inc.

A niche convenience retailer and petroleum marketer in Advised on the sale of the Company to Circle K Wadsworth Oil Company of Clanton, Inc. DER Company Sale Clanton, AL Aug-20 central Alabama Stores Inc.

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the sale of its propane distribution Midwestern Propane Gas Co. A propane retailer throughout Illinois and Missouri DER Company Sale Belleville, IL Aug-20 business to ThompsonGas, LLC

Advised on the sale of Circle K’s petroleum Alimentation Couche-Tard, Inc. dba Circle K A leading petroleum marketer and convenience store operator marketing and convenience store assets located DER Corporate Carve Out Quebec, Canada Jul-20 in the Tidewater, VA market to 7-Eleven, Inc.

Advised on the sale of Murphy USA’s petroleum Murphy Oil USA, Inc. A leading petroleum marketer and convenience retailer marketing and convenience store assets located DER Corporate Carve Out El Dorado, AR Jun-20 in Minnesota to Monfort Companies, LLC

Advised on the sale of its convenience retailing, A leading convenience retailer, petroleum marketer, and QSR Double Quick, Inc. petroleum marketing, and QSR assets to Refuel DER Company Sale Indianola, MS Apr-20 operator Operating Company, LLC, d/b/a Refuel Markets

Advised on the sale of its municipal and Martin Eagle Oil Company & Southwest A petroleum marketer and fuels distributor serving the Dallas- commercial fuels businesses and transportation DER Corporate Carve Out Denton, TX Apr-20 Transport Co. Fort Worth metroplex and North Central Texas affiliate, Southwest Transport Co., to U.S. Venture, Inc. d/b/a U.S. Oil

Assisted in raising capital for the purpose of a A leading multi-channel retailer of lighting and other home Shades of Light, LLC partial membership interest redemption of a CIPS Corporate Advisory Midlothian, VA Mar-20 décor products significant owner

A provider of residential propane, heating oil, commercial Advised on the sale of its propane rail terminal to Quarles Petroleum, Inc. DER Corporate Carve Out Fredericksburg, VA Jan-20 delivered fuels and unattended fleet fueling locations an undisclosed buyer

A premier retail propane distributor, d/b/a Boulden Brothers Advised on the sale of the propane business to Boulden, Inc. Propane, serving customers in Delaware, Maryland, and Sharp Energy, Inc., a subsidiary of Chesapeake DER Company Sale Newark, DE Dec-19 Pennsylvania Utilities Corporation (NYSE:CPK)

A wholesale distributor of diesel, gasoline, and other Advised on the sale to TACenergy, a division IPC (USA), Inc. petroleum products and a subsidiary of ITOCHU DER Company Sale Santa Ana, CA Nov-19 of The Arnold Companies Corporation (TYO:8001)

A leading convenience retailer and petroleum marketer in Advised on the sale of its convenience The Hartley Company eastern Ohio retailing and petroleum marketing assets to DER Company Sale Cambridge, OH Oct-19 Campbell Oil Company

Premier designer and manufacturer of customized Advised on the sale to Patrick Industries, Inc. G.G. Schmitt & Sons, Inc. hardware and structural components to major OEMs in CIPS Company Sale Lancaster, PA Sep-19 (NASDAQ: PATK) the marine industry

A petroleum marketer, convenience store operator, and Alligator Shell, LLC and PT Land Co., LLC Advised on the sale to 7-Eleven, Inc. DER Company Sale Richmond, VA Sep-19 tunnel car wash operator in Virginia

Advised on the sale of 28 convenience A leading convenience retailer and petroleum marketer in Schmuckal Oil Company retailing and petroleum marketing assets to DER Company Sale Traverse City, MI Aug-19 northern Michigan True North Energy LLC

A full-line, stocking electrical wholesale distributor that serves commercial contractors, government and military Richmond Electric Supply Co., LLC Advised on the sale to Locke Supply Co. CIPS Company Sale Richmond, VA Jul-19 agencies, residential contractors, and industrial and OEM markets on a regional and national scale

Advised on the sale of its 54 convenience retailing and petroleum marketing assets, its wholesale A premier convenience retailer and petroleum marketer across Fastrac Markets, L.L.C. fuels and transportation business in New York to DER Company Sale East Syracuse, NY Jul-19 Upstate NY EG America LLC, a subsidiary of Blackburn, U.K.- based EG Group Limited.

A Northeast petroleum marketer & retail fuels distributor with Advised on the sale of Apache’s branded retail Apache Oil Company, Inc. approximately 100 branded supply accounts fuels distribution portfolio to an undisclosed DER Company Sale New London, CT Jun-19 buyer

A premier heating oil, propane, and other refined fuels Advised on the sale to Star Group, L.P. (NYSE: Southern Maryland Oil, Inc. DER Corporate Carve Out La Plata, MD May-19 distributor and related services provider based in Maryland SGU)

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

A leading independent automotive service chain on the West Advised on the sale of the Company’s 40 retail Certified Tire & Service Centers, Inc. Coast stores and one distribution center to Monro, Inc. CIPS Company Sale Riverside, CA May-19 (NASDAQ: MNRO)

A leading petroleum marketer and convenience retailer in the Advised on the sale of the Company’s petroleum West Oil Inc. Southeast with Markette (25) and Lotto Land (1) convenience marketing, convenience store and car wash assets DER Company Sale Hartsville, SC May-19 stores in South Carolina to FR Refuel, LLC

Provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market; Advised on the sale to Hoffman Southwest Corp., Tri-State Utilities Company maintains long-term sewer and stormwater contracts with an CIPS Company Sale Chesapeake, VA Feb-19 a portfolio company of ORIX Capital Partners LLC enviable list of blue-chip customers making it a market leader in the Mid-Atlantic and Southeast.

Advised on the sale of the convenience retailing A leading petroleum marketer and convenience retailer in the Schmitt Sales, Inc. and wholesale fuel assets to Sunoco, LLC and DER Company Sale Buffalo, NY Dec-18 Northeast Sunoco Retail LLC

A third-generation propane gas distributor and owner and Advised on the sale of the propane distribution Revere Gas, Inc. (First Virginia Propane, Inc.) operator of a propane rail terminal serving itself as well as DER Company Sale Hartfield, VA Dec-18 and rail terminal businesses to Quarles Petroleum other commercial customers and throughput parties

One of the nation’s largest multi-format food, fuel, and Advised on the acquisition of Ricker Oil Company, Giant Eagle, Inc. DER Buy-Side Advisory Pittsburgh, PA Dec-18 pharmacy retailers with $8.9 billion in annual sales Inc.

Advised on the sale of 78 convenience retailing A leading petroleum marketer and convenience retailer, d/b/a and petroleum marketing assets to Speedway Petr-All Petroleum Consulting Corporation DER Company Sale Syracuse, NY Nov-18 Express Mart, in the Northeast LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC)

A designer and manufacturer of custom marine towers, frames Advised on the sale to Patrick Industries, Inc. Engineered Metals and Composites, Inc. CIPS Company Sale West Columbia, SC Sep-18 and other fabricated component products (NASDAQ: PATK)

Advised on the sale of the wholesale fuel assets A leading petroleum marketer with operations primarily in the Croix Oil Company to D & M Oil, LLC, a wholly owned subsidiary of DER Company Sale Stillwater, MN Sep-18 Minneapolis and St. Paul metropolitan area Molo Petroleum, LLC

Advised on the sale of the convenience retailing A leading petroleum marketer with operations primarily in the Croix Oil Company assets to Northern Tier Retail, LLC (d/b/a Super DER Company Sale Stillwater, MN Sep-18 Minneapolis and St. Paul metropolitan area America and Tesoro), a subsidiary of Andeavor

Advised on the sale of the convenience retailing A leading petroleum marketer and convenience retailer in the and wholesale motor fuel assets to SMO, Tevis Oil, Inc. DER Corporate Carve Out Westminster, MD Sep-18 Mid-Atlantic Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc.

Advised on the sale of 7 S-Mart branded A petroleum marketer and convenience store operator in convenience stores and the wholesale fuels Columbia, South Carolina and eastern South Carolina with 8 S- Carolina Convenience Corporation distribution business to an affiliate of Dublin, DER Corporate Carve Out Lexington, SC Aug-18 Mart branded convenience stores and a dealer fuel supply Ireland based Applegreen plc and Petrogas Global business Ltd.

A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten Advised on the sale of the home heating oil, Cheshire Oil Company, LLC T-Bird Mini Mart convenience stores that also sold gasoline burner service and commercial fuels businesses DER Company Sale Keene, NH Jul-18 and diesel, a home heating oil and burner service business, a to Dead River Company commercials fuels business and a fuels transportation business

A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten Advised on the sale of the Company's ten Cheshire Oil Company, LLC T-Bird Mini Mart convenience stores that also sold gasoline convenience stores to Global Partners LP (NYSE: DER Company Sale Keene, NH Jul-18 and diesel, a home heating oil and burner service business, a GLP) commercials fuels business and a fuels transportation business

Champlain Oil Company, Inc. and Coco Mart, A leading petroleum marketer and convenience retailer, fuels Advised on the sale to Global Partners LP (NYSE: DER Company Sale Burlington, VT Jul-18 Inc. distributor and fuels transporter throughout the Northeast GLP)

A leading lubricants distributor to customers throughout New Advised on the sale to a subsidiary of a publicly- NEMO Oil Company CIPS Company Sale Lawrence, MA Jun-18 England traded company

A petroleum marketer and convenience store operator in southern South Carolina with 34 E-Z Shop convenience stores, Advised on the sale to Enmark Stations, Inc. & Brabham Oil Company, Inc. DER Company Sale Bamberg, SC Apr-18 a motor fuels distribution business, and a motor fuels Colonial Fuel and Lubricant Services, Inc. transportation fleet

Owner/operator of two petroleum refineries and more than Advised on the sale of 33 Cenex Zip Trip 2,500 miles of pipeline that manufactures, markets, and convenience stores in eastern Washington and CHS Inc. DER Corporate Carve Out Inver Grove Heights, MN Mar-18 distributes Cenex® branded refined fuels through a network of northwestern Idaho to a subsidiary of Par Pacific more than 1,500 retail outlets across 19 states Holdings, Inc. (NYSE: PARR)

Advised on the sale of the propane, heating oil A leading retail, commercial and wholesale fuels and Polsinello Fuels, Inc. and other refined fuel products business to DER Corporate Carve Out Rensselaer, NY Mar-18 lubricants distributor in the Northeast Mirabito Holdings, Inc.

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the sale of four convenience stores Crenco Food Stores, Inc. and Crenshaw Oil A fuels distributor and convenience retailer located in South and one truck stop location to affiliates of GPM DER Company Sale Lancaster, SC Mar-18 Company, Inc. Carolina Investments, LLC

A leading automotive aftermarket parts distributor throughout Connecticut Warehouse Distributors, Inc. Advised on the sale to Factory Motor Parts CIPS Company Sale Branford, CT Feb-18 New England

A 270,000-barrel motor fuels terminal owner/operator and Advised on the sale to Alimentation Couche-Tard, Jet-Pep, Inc. and Bama Terminaling and fuel distributor to 120 petroleum marketing retail assets Inc. (TSX: ATD.A, ATD.B) and CrossAmerica DER Company Sale Holly Pond, AL Dec-17 Trading, Inc. throughout Alabama and CrossAmerica Partners LP (NYSE: Partners LP (NYSE: CAPL) CAPL)

A convenience store operator with 33 Honey Farms branded Advised on the sale of the company to Global Honey Farms, Inc. DER Company Sale Worcester, MA Oct-17 stores in Massachusetts and New Hampshire Partners LP (NYSE: GLP)

A leading provider of quality assurance and outsourced Virginia Beach, VA & Quality Assurance Services, Inc. solutions to manufacturers of parts and components in the Provided corporate advisory services CIPS Corporate Advisory Oct-17 Grand Rapids, MI automotive industry

A third-generation, family owned propane gas supplier serving Advised on the acquisition of Dixie Fuel Company over 26,000 residential and commercial customers throughout Revere Gas, Inc. and Natural Gas Company of Virginia, Inc., d/b/a DER Buy-Side Advisory Hartfield, VA Aug-17 Eastern and Central Virginia, the Middle Peninsula, and the Mr. Able Propane Northern Neck.

Regional petroleum marketer serving northern Alabama, Advised on the sale of the consignment and northwestern Georgia, and southern Tennessee that Superior Transport, Inc. wholesale assets to Empire Petroleum Partners, DER Company Sale Rome, GA Jun-17 distributes over 75 million gallons of motor fuels annually LLC through over 120 consignment and dealer supply accounts

Advised on the sale of the retail assets and A leading retail, commercial and wholesale fuels distributor in Leonard E. Belcher Inc. wholesale businesses to Petroleum Marketing DER Corporate Carve Out Springfield, MA Apr-17 the Northeast Group, Inc.

Bradley Petroleum, Inc. and Sav-O-Mat A leading petroleum marketer and convenience retailer Advised on the sale to Stinker Stores, Inc. DER Company Sale Centennial, CO Apr-17

Advised on the sale of the distillate terminal A leading retail, commercial and wholesale fuels distributor in Leonard E. Belcher Inc. assets, commercial fuels and wholesale distillate DER Corporate Carve Out Springfield, MA Feb-17 the Northeast businesses to Sprague Operating Resources LLC

Confidential Western petroleum distributor Advised on corporate valuation services DER Corporate Advisory West Coast Jan-17

A leading petroleum marketing and convenience retailer under Advised on the sale of the heating oil and Campbell Oil Company the BellStores® brand, as well as a distributor of heating oil and commercial fuels business to Lykins Energy DER Corporate Carve Out Masillon, OH Dec-16 other commercial fuels Solutions

Operates, franchises and/or licenses more than 60,000 Advised on the sale of two truck stops and one 7-Eleven, Inc. convenience stores in 17 countries, including 10,700 in North convenience store located in Wyoming to DER Corporate Carve Out Irving, TX Dec-16 America Parkland Fuel Corporation

Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick Advised on the sale of the convenience store and F.L. Roberts and Company, Inc. lube facilities in the greater Springfield, MA, Hartford, CT & car wash businesses to affiliated companies of DER Company Sale Springfield, MA Oct-16 northern and western MA. Also operates a wholesale motor Nouria Energy Corporation fuels distribution business & a fuels transportation business.

Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick Advised on the sale of the Jiffy Lube business to F.L. Roberts and Company, Inc. lube facilities in the greater Springfield, MA, Hartford, CT & DER Company Sale Springfield, MA Oct-16 Atlantic Coast Enterprises, LLC northern and western MA. Also operates a wholesale motor fuels distribution business & a fuels transportation business.

A value-added distributor of doors, door hardware, and Advised on the sale of Dealers Building Supply, Dealers Building Supply, Inc. fireplaces to homeowners, professional contractors and Inc. to an Investor Group including The Firefly CIPS Company Sale Indianapolis, IN Oct-16 developers in the residential and commercial end-markets Group and Kocolene Development Corporation

Confidential Northeast heating oil distributor Advised on corporate valuation services DER Corporate Advisory Northeast Oct-16

Confidential Mid-Atlantic convenience store retailer Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Oct-16

Confidential Northeast petroleum marketer Advised on corporate valuation services DER Corporate Advisory Northeast Oct-16

Advised on the sale of the retail assets and State Oil Company A fuels distributor in the greater Chicago metropolitan area wholesale fuels distribution business to DER Company Sale Libertyville, IL Sep-16 CrossAmerica Partners LP (NYSE:CAPL)

A full service sign and crane company that fabricates, installs Advised on the sale of Budget Signs, LLC to a Budget Signs, LLC and services signs in Western VA, Southern WV and Northern licensee of FASTSIGNS, a portfolio company of CIPS Company Sale Roanoke, VA Sep-16 NC Levine Leichtman Capital Partners

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Southeast petroleum distributor and convenience store Confidential Advised on corporate valuation services DER Corporate Advisory Southeast Sep-16 operator

Confidential Mid-Atlantic convenience store operator Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Sep-16

Confidential Northeast convenience store operator Advised on corporate valuation services DER Corporate Advisory Northeast Jul-16

Confidential Northeast convenience retailer operator Advised on corporate valuation services DER Corporate Advisory Northeast Jun-16

Confidential Mid-Atlantic fuels distributor Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Jun-16

A wholesale distributor of unbranded refined fuels to high Mutual Oil Co., Inc. volume retailers, resellers, commercial entities, governments Advised on the sale to Truman Arnold Companies DER Corporate Carve Out Brockton, MA May-16 and municipalities, and marinas

A leading petroleum marketer and convenience retailer (d/b/a District Petroleum Products, Inc. Hy-Miler Convenience), fuels distributor and fuel transporter Advised on the sale to Dunne Manning, Inc. DER Company Sale Huron, OH May-16 throughout Ohio

Advised on the recapitalization by Management BLR A leading provider of compliance and training solutions CIPS Majority Recapitalization Brentwood, TN May-16 and Tenth Street Capital & Northcreek Mezzanine

Advised on the sale of the contract dealer assets Owners and operators of convenience stores and supplier of Harbor Petroleum of New England, Inc. to 7-Eleven, Inc., and its wholly owned subsidiary DER Corporate Carve Out Naugatuck, CT May-16 fuels throughout Connecticut SEI Fuels

Confidential Northeast retail, commercial and wholesale fuels distributor Advised on corporate valuation services DER Corporate Advisory Northeast Apr-16

Confidential Mid-Atlantic heating oil and fuels distributor Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Apr-16

Confidential Mid-Atlantic convenience store operator Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Mar-16

Confidential Southeast convenience store retailer Advised on corporate valuation services DER Corporate Advisory Southeast Feb-16

Confidential Southeast wholesale fuel distributor Advised on corporate valuation services DER Corporate Advisory Southeast Jan-16

Confidential Mid-Atlantic retailer and wholesale petroleum distributor Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Jan-16

A leading petroleum marketer and fuels distributor, supplying Advised on the sale of Alta East, Inc. and certain approximately 57 million gallons of Mobil, Sunoco, Valero, and related entities’ fuels distribution and Alta East, Inc. unbranded motor fuels annually, with operations from the DER Company Sale Middletown, NY Dec-15 transportation business to a wholly owned greater New York City metropolitan area to just north of Lake subsidiary of Sunoco LP (NYSE: SUN) George, New York

A regional distributor of concrete and masonry products and Advised on the sale to Carter-Waters, LLC, a CMA Supply Co., Inc. accessories to professional contractors in the residential, portfolio company of Merit Capital Partners and CIPS Company Sale Indianapolis, IN Dec-15 commercial, and industrial end-markets Aiglon Capital Management, LLC

Advised on the sale of 102 high-volume company Owners and operators of convenience stores and fuels Biscayne Petroleum, LLC & Everglades operated, commission marketer, lessee dealer distributors throughout Miami, Dade, Palm Beach and Broward DER Company Sale Miami, FL Nov-15 Petroleum, LLC and supply only stores to 7-Eleven, Inc. and its Florida wholly owned subsidiary, SEI Fuel Services, Inc.

Advised on the sale of the residential heating oil A wholesale distributor of petroleum products, including fuels CrossAmerica Partners LP (formerly operated and tank wagon commercial fuels businesses of transportation, residential heating oil and tank wagon by wholly owned subsidiary, Petroleum Petroleum Marketers, Inc. to Quarles Petroleum, DER Corporate Carve Out Roanoke, VA Nov-15 commercial fuels businesses throughout the Commonwealth of Marketers, Inc.) Inc., Davenport Energy, Inc. and Woodfin Heating, Virginia Inc.

A wholesale distributor of petroleum products, including fuels Advised on the sale of the fuels transportation CrossAmerica Partners LP (formerly operated transportation, residential heating oil and tank wagon business of Petroleum Marketers, Inc. to Reliable by wholly owned subsidiary, Petroleum DER Corporate Carve Out Roanoke, VA Nov-15 commercial fuels businesses throughout the Commonwealth of Tank Line, LLC, a division of Quality Oil Company, Marketers, Inc.) Virginia LLC

Advised on the sale of one hundred percent of A leading petroleum marketer and convenience retailer, the equity securities of Pester Marketing blender of motor fuels and components through its terminals, Pester Marketing Company and Subsidiaries Company and its wholly owned subsidiaries, Alta DER Company Sale Denver, CO Oct-15 and distributor of motor fuels and lubricants to wholesale, Fuels, LLC and Alta Transportation, LLC to World commercial and agricultural customers Fuel Services, Inc. (NYSE:INT)

An operator of eight, Holiday franchised stores in Western Advised on the sale to TravelCenters of America Stop-a-Sec, Inc. and Seck Enterprises Wisconsin, offering high quality fuel and a full range of DER Company Sale Luck, WI Oct-15 LLC (NYSE: TA) convenience store items

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the sale of 13 convenience stores with A petroleum marketer and operator of conveniences stores gasoline offerings to Mac’s Convenience Stores, Kocolene Marketing, LLC DER Corporate Carve Out Seymour, IN Sep-15 and discount tobacco outlets in Indiana and Kentucky LLC (a wholly owned subsidiary of Alimentation Couche-Tard, Inc.) (TSX: ATD.A, ATD.B)

A leading petroleum marketer and convenience store chain, Savings Oil Company Advised on the sale to various individual buyers DER Corporate Carve Out Tupelo, MS Sep-15 d/b/a Dodge's, in the Southeast

A petroleum marketing and convenience store companies with Advised on the sale to TravelCenters of America, Thoroughbred Energy, LLC and Related Entities 34 stores and 11 supply accounts in the greater Lexington, DER Company Sale Lexington, KY Aug-15 LLC (NYSE:TA) Kentucky market

A leading convenience retailing and foodservice company, Tedeschi Food Shops, Inc. and Related Real which directly operates 104 corporate stores and is a Advised on the sale to 7-Eleven, Inc. DER Company Sale Rockland, MA Aug-15 Estate Entities franchisor of 77 stores located in the New England area

GOGAS Corporation (a wholly owned A 20 store chain of high volume motor fuels and tobacco Advised on the sale to Quality Oil Company, LLC DER Company Sale Wilmington, NC Aug-15 subsidiary of K. E. Austin Corporation) outlets in southeastern NC

A leading provider of technical textile solutions, including Narcote, LLC Advised on the recapitalization by LNC Partners CIPS Majority Recapitalization Piney Flats, TN Jul-15 coated and laminated composite fabrics

Confidential Northeast convenience store operator Advised on corporate valuation services DER Corporate Advisory Northeast Jul-15

Confidential Northeast convenience store operator Advised on corporate valuation services DER Corporate Advisory Northeast May-15

A premier full-line equipment rental company, serving the Advised on the sale to Blue Line Rental, a Area Equipment Sales & Rentals CIPS Company Sale Chesapeake, VA Apr-15 Eastern Virginia and Northeastern North Carolina markets portfolio company of Platinum Equity

An operator of 19 Little Store brand convenience stores and a Advised on the sale of the wholesale fuel supply Best Oil Company fuels distributor in Northeastern Minnesota and Superior, business and transportation division to NuWay DER Company Sale Cloquet, MN Apr-15 Wisconsin Cooperative

An operator of 19 Little Store brand convenience stores and a Advised on the sale of the retail assets to Best Oil Company fuels distributor in Northeastern Minnesota and Superior, DER Company Sale Cloquet, MN Apr-15 TravelCenters of America LLC (NYSE: TA) Wisconsin

Confidential Mid-Atlantic convenience store operator Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Mar-15

Confidential Northeast petroleum marketer and distributor Advised on corporate valuation services DER Corporate Advisory Northeast Feb-15

A leading petroleum marketing and convenience store Advised on the sale of the equity to CrossAmerica Erickson Oil Products, Inc. company, d/b/a Freedom Valu Centers, in Michigan, DER Company Sale Hudson, WI Feb-15 Partners LP (NYSE: CAPL) Minnesota, South Dakota and Wisconsin

A leading motor fuels distributor in the Northeast with Advised on the sale of the branded contract branded contract dealer and transportation businesses Mutual Oil Co., Inc. dealer assets to 7-Eleven, Inc., and its wholly DER Corporate Carve Out Brockton, MA Feb-15 consisting of 156 contract dealer accounts, structured finance owned subsidiary SEI Fuels agreements and 22 transports

A leading motor fuels distributor in the Northeast with branded contract dealer and transportation businesses Advised on the sale of the transportation assets Mutual Oil Co., Inc. DER Corporate Carve Out Brockton, MA Feb-15 consisting of 156 contract dealer accounts, structured finance to Kenan Advantage Group, Inc. agreements and 22 transports

A petroleum marketer and convenience store operator, d/b/a Advised on the sale of select retail assets to GPM Arey Oil Company, Inc. DER Company Sale Shelby, NC Feb-15 One Stop Food Stores, in North Carolina and South Carolina Investments, LLC d/b/a Fas Mart, Shore Stop

A petroleum marketer and convenience store operator, d/b/a Advised on the sale of the retail and wholesale Mid-Atlantic Petroleum Properties, LLC DER Company Sale Germantown, MD Jan-15 W-Express/Washingtonian, in the Mid-Atlantic region assets to Petroleum Marketing Group

A leading motor fuels distributor and operator of 147 Advised on the sale to a subsidiary of Global Warren Equities, Inc. DER Company Sale Providence, RI Jan-15 convenience stores in the Northeast and Mid-Atlantic Partners LP (NYSE: GLP)

A leading manufacturer and distributor of wet and dry Advised on the sale to Micronics, a portfolio Southern Filter Media LLC environmental filtration products and a portfolio company of CIPS Company Sale Hixson, TN Dec-14 company of Vance Street Capital LLC GenCap America

Southeast convenience store retailer and tobacco outlets Confidential Advised on corporate valuation services DER Corporate Advisory Southeast Oct-14 retailer

A leading supplier of high-quality precision parts, flight-critical Stevens Manufacturing Co., Inc. components and complete sub-assemblies to the aerospace Advised on the transition to J.H. Whitney & Co. CIPS Company Sale Milford, CT Aug-14 industry

A leading fabricator of structural steel components used in Advised on the recapitalization by Atlas Holdings Banker Steel Company commercial and infrastructure projects, with a production CIPS Majority Recapitalization Lynchburg, VA Aug-14 and Turnspire Capital Partners capacity of 50,000 tons of steel per year

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Mid-Atlantic petroleum marketer and convenience store Confidential Advised on corporate valuation services DER Corporate Advisory Mid-Atlantic Jul-14 operator

A provider of energy procurement solutions and logistics Advised on the sale of the propane division to Guttman Energy, Inc. management services, for petroleum, natural gas and DER Corporate Carve Out Belle Vernon, PA Jun-14 Energy Distribution Partners electricity based in Columbus, OH

Advised on the sale of the 106 BP branded A petroleum marketer and convenience store operator of BP Atlas Oil Company Chicago assets to Lehigh Gas and Parent DER Corporate Carve Out Taylor, MI May-14 branded assets in the Midwest Petroleum, Inc.

Confidential Mid-Atlantic based petroleum distributor Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Apr-14

A petroleum marketer and convenience store operator in the Northeast and Florida with 27 company operated convenience Advised on the sale of Mid-Atlantic retail assets to Cumberland Farms, Inc. DER Corporate Carve Out Framingham, MA Apr-14 stores located in New Jersey, Pennsylvania, and Delaware, Petroleum Marketing Group including 17 that also offer motor fuels

Confidential Southeastern based petroleum distributor Provided corporate valuation advisory services DER Corporate Valuation Southeast Apr-14

Confidential New England based chain of convenience stores Provided corporate valuation advisory services DER Corporate Valuation New England Apr-14

Advised on the sale of to Herdrich Petroleum A leading motor fuels distributor and operator of 152 Swifty Oil Corporation, Kocolene Marketing, LLC, National DER Company Sale Seymour, IN Mar-14 convenience stores in the Midwest Oil & Gas, Inc., Ricker's and various other buyers

Confidential Mid-Atlantic based convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Mar-14

A private equity investment company founded and managed Advised on the sale of the controlling interest in Ports Investments LLC/Horizontal Wireline by Mike Ports, primary shareholder and President of Ports Horizontal Wireline Services to Allied Wireline, a DER Company Sale Wooster, OH Feb-14 Services Petroleum Company, Inc. portfolio company of Turnbridge Capital

Advised on the sale of the assets of The Coxe One of the premier producers of Southern Yellow Pine Lumber Ashton Lewis Lumber Co. Companies, including Ashton Lewis Lumber Co., CIPS Company Sale Gatesville, NC Feb-14 in the Southeastern United States to a privately held company

Confidential A real estate investment trust Provided corporate valuation advisory services CIPS Corporate Valuation Northeast Feb-14

Mid-Atlantic based petroleum distributor and convenience Confidential Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Feb-14 store operator

Confidential Mid-Atlantic fuels distributor Provided corporate valuation advisory services DER Corporate Advisory Mid-Atlantic Feb-14

A leading manufacturer of institutional furniture for the education and human services markets, and one of the largest Advised on the sale to Sauder Manufacturing Co., Butler Woodcrafters, Inc. CIPS Company Sale Richmond, VA Jan-14 manufacturers of seating products for the worship, healthcare a subsidiary of Sauder Woodworking Company and education markets

Advised on the sale of the wholesale motor fuels A wholesale motor fuels distributor and company-operated Manchester Marketing Incorporated distribution assets to Lehigh Gas Partners LP DER Company Sale Richmond, VA Dec-13 convenience stores in Central and Northern Virginia (NYSE:LGP)

A leading plastics manufacturer serving diverse markets, including industrial matting, landscaping, marine products, Dimex LLC Advised on the sale to Grey Mountain Partners CIPS Company Sale Marietta, OH Dec-13 masonry construction, and office chair mats, and a portfolio company of The Brookside Group

A retail and wholesale petroleum distribution gas station Advised on the sale of SMO's Tidewater Virginia SMO, Inc. network and supplies a large network of motor fuels retailers DER Corporate Carve Out LaPlata, MD Sep-13 assets to PAPCO, Inc. operating throughout Maryland, Delaware, and Virginia.

A convenience store operator and fuels distributor, d/b/a Advised on the sale of select assets to Lehigh Gas Rogers Petroleum, Inc. DER Corporate Carve Out Morristown, TN Sep-13 Zoomerz, in eastern Tennessee and southwestern Virginia Partners, LP (NYSE:LGP) Advised on the sale to Lion Petroleum, Inc., A motor fuels distributor with 48 dealer locations throughout Jump Oil Company, Inc. Casey's General Stores, Inc. and various other DER Corporate Recovery Jefferson City, MO Sep-13 Missouri buyers

Confidential Midwestern based convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Midwest Sep-13

Confidential Hedge Fund Provided corporate advisory services CIPS Corporate Advisory Northeast Sep-13

Advised on the sale of select assets pursuant to its A convenience store operator of 10 large format, BP branded RWJ Management Co., Inc. & Related Entities Chapter 11 Section 363 Bankruptcy Sale to DER Corporate Recovery Oak Brook, IL Aug-13 stores that also offered motor fuels in the greater Chicago area Graham Enterprise, Inc. A petroleum marketing and convenience store company, d/b/a Advised on the sale of the retail assets to GPM Hurst Harvey Oil, Inc. Get & Zip located on the Northern Neck and Upper Peninsula DER Company Sale Kilmarnock, VA Aug-13 Investments, LLC communities in Virginia

Advised on the sale of select assets to Pep-Up, Bagwell Gas & Oil Company A distributor of propane, heating oil, and commercial fuels DER Company Sale Onancock, VA Aug-13 Inc.

Mid-Atlantic based petroleum distributor with operations from Confidential Provided buy-side advisory services DER Buy-Side Advisory Mid-Atlantic Jul-13 New Hampshire to Florida

Confidential East Coast based distributor of motor fuels Provided buy-side advisory services DER Buy-Side Advisory East Coast May-13

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Confidential Mid-Atlantic based fuels distributor Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic May-13

Confidential Midwestern petroleum distributor Provided corporate valuation advisory services DER Corporate Valuation Midwest Apr-13

Confidential Southwestern based chain of convenience stores Provided corporate valuation advisory services DER Corporate Valuation Southwest Apr-13

An owner and operator of 29 convenience stores and 29 Advised on the sale to Mac's Convenience Stores, Dickerson Petroleum, Inc. wholesale dealer assets headquartered in the greater St. Louis, DER Company Sale Belleville, IL Feb-13 LLC Missouri area

Confidential New England based fuels distributor Provided corporate valuation advisory services DER Corporate Valuation New England Jan-13

Confidential Publicly traded convenience store chain Provided corporate valuation advisory services DER Corporate Valuation Southeast Jan-13

One of the largest companies in Northern New England that specializes in the sale of parts and accessories, tires, and Advised on the sale of the retail auto parts stores VIP Parts, Tires & Service CIPS Company Sale Lewiston, ME Dec-12 services through a network of 56 locations in Maine, New to O'Reilly Auto Parts Hampshire and Massachusetts

Operates as a full-line, stocking electrical wholesale distributor that serves commercial contractors, the government & Advised on the management buy-in led by CEO Richmond Electric Supply Co., Inc. CIPS Buy-Side Advisory Richmond, VA Dec-12 military, residential contractors and industrial & OEM markets Mike Bourn and a Private Investment Group on both a regional and national scale

An owner and operator of 16 convenience stores with gas, Advised on the sale pursuant to the Chapter 11 Red Eagle Oil, Inc. several bulk plants, and transportation equipment located in DER Corporate Recovery Cody, WY Dec-12 Plan of Liquidation to Brad Hall & Associates Montana & Wyoming Advised on the valuation of the common equity Ontario Hardwood Co., Inc. A hardwood lumber manufacturer CIPS Corporate Valuation Keysville, VA Dec-12 of Ontario Hardwood Co., Inc.

Advised on the sale of select retail assets to Mutual Oil Co., Inc. A leading wholesale petroleum distributor DER Corporate Carve Out Brockton, MA Dec-12 Global Partners LP and various other buyers

Advised on the repositioning of the portfolio of A REIT focused on the ownership and leasing of retail properties, which included 443 properties on a Getty Realty Corp. DER Corporate Carve Out Jericho, NY Dec-12 petroleum, convenience store, and terminal properties long-term triple net basis with eight different tenants An owner and operator of 45 convenience stores and gas Express Lane, Inc. Advised on the sale to Lehigh Gas Partners, LP DER Company Sale Panama City Beach, FL Dec-12 stations in Florida

Advised on the valuation of VIP Parts, Tires & VIP Parts, Tires & Service A leading retailer of automotive parts, tires and service CIPS Corporate Valuation Lewiston, ME Dec-12 Service

The largest manufacturer and marketer of branded brittle and Old Dominion Peanut Company peanut candy in the U.S. and a wholly owned subsidiary of The Advised on the sale to Hammond's Candies CIPS Company Sale Norfolk, VA Dec-12 Virginia Food Group, Inc.

ANS A leading distributor of petroleum handling equipment Advised on the sale to KLH Capital CIPS Company Sale Phoenix, AZ Nov-12

Confidential Midwestern fuels distributor and convenience store operator Provided buy-side advisory services DER Buy-Side Advisory Midwest Nov-12

Confidential Southeastern convenience store operator Provided buy-side advisory services DER Buy-Side Advisory Southeast Nov-12

Confidential Mid-Atlantic based convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Sep-12

Confidential Mid-Atlantic based convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Sep-12

One of the oldest and most respected retailers in the western Advised on the sale to BootBarn, a portfolio RCC Western Stores apparel and footwear industry, with 30 stores in 12 states CIPS Company Sale Rapid City, SD Aug-12 company of Freeman Spogli & Co. throughout the South and Midwest

An owner and operator of 29 convenience stores located in the Advised on the sale of select assets to Circle K Florida Oil Holdings, LLC. DER Company Sale Atlanta, GA Aug-12 greater Orlando, FL area Stores, Inc.

Midwestern based petroleum distributor and convenience Confidential Provided corporate valuation advisory services DER Corporate Valuation Midwest Aug-12 store operator

Midwestern based petroleum distributor and convenience Confidential Provided corporate valuation advisory services DER Corporate Valuation Midwest Aug-12 store operator

A leading manufacturer and exporter of hardwood lumber in The Wagner Group the Northeast region and one of the largest sawmill operations Advised on the sale to Baillie Lumber CIPS Company Sale Owega, NY Jul-12 in the nation

A petroleum marketer and convenience store operator, d/b/a Advised on the sale of select retail assets to E. J. Pope & Son, Inc. DER Corporate Carve Out Mt. Olive, NC Jul-12 Handy Mart, in the Southeast various buyers

A petroleum marketer and convenience store operator in the Advised on the sale of select retail assets to Alliance Energy LLC DER Corporate Carve Out Waltham, MA Jul-12 Northeast various buyers

A Shell, Mobil, Chevron and Citgo branded petroleum Advised on the sale of select retail assets to 7- Strasburger Enterprises, Inc. distributor and convenience store operator, d/b/a Quix, in DER Corporate Carve Out Temple, TX Jun-12 Eleven Texas

A leading retailer of pools, pool supplies and recreational Advised on the senior secured lending facility NAMCO, LLC CIPS Capital Raise of Debt & Equity Manchester, CT Jun-12 equipment with Salus Capital Partners

Confidential Southeastern based distributor of motor fuels Provided corporate recovery services DER Corporate Recovery Southeast May-12

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

A Midwest petroleum marketer and operator of 49 retail convenience stores, d/b/a Alta. Through its wholly-owned Advised on the refinancing, structuring and Pester Marketing Company subsidiaries, Alta Fuels, LLC and Alta Transportation, LLC, the expanding senior credit facilities and treasury DER Capital Raise of Debt & Equity Denver, CO Apr-12 Company distributes and transports motor fuels and lubricants management services to wholesale, commercial and agricultural customers

Confidential Midwestern based convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Midwest Apr-12

A petroleum marketer and convenience store operator of 46 Advised on the sale of select retail assets to High’s of Baltimore, Inc. company operated retail units trading as High’s Dairy Stores in DER Company Sale Hanover, MD Mar-12 Carroll Independent Fuel Co. the Mid-Atlantic

A leading distributor of premium petroleum products in the Advised on the sale of the heating oil and HVAC Carroll Independent Fuel Company DER Corporate Carve Out Baltimore, MD Mar-12 Mid-Atlantic assets to Star Gas Partners, L.P.

Advised on the sale of MACS’s fuels A petroleum marketing, convenience store company and fuels transportation division to Samuel Coraluzzo Co., Mid-Atlantic Convenience Stores, LLC transporter including a fleet consisting of over 35 tractors and Inc. The division hauled ~ 500 million gallons to DER Corporate Carve Out Richmond, VA Feb-12 trailers hauling approximately 500 million gallons of fuels primarily retail customers throughout Virginia and Maryland. A leading retail and wholesale distributor of propane, Energy US Propane, a North American Propane Advised on the sale to NGL Energy Partners LP distillates and industrial gases throughout the Northeast and CIPS Company Sale Taunton, MA Feb-12 Company (NYSE: NGL) Mid-Atlantic

Provided financial advisory services and a fairness A large regional distributor of gasoline, diesel and lubricant United Fuel & Energy Corporation opinion on its merger with Southern Counties Oil DER Fairness Opinion Orange, CA Jan-12 products primarily in certain markets of TX, CA, NM, AZ and OK Co.

A regional petroleum marketer and convenience store chain in Advised on the sale of select retail assets to LAP Supreme Oil DER Corporate Carve Out Suffolk, VA Dec-11 the Mid-Atlantic Groups and various other buyers

Confidential Mid-Atlantic based distributor of petroleum products Provided buy-side advisory services DER Buy-Side Advisory Mid-Atlantic Dec-11

Confidential Private Equity Fund Provided buy-side advisory services CIPS Buy-Side Advisory Northeast Dec-11

Regional producer of high grade, green sawn and kiln dried Advised on the acquisition of Coastal Lumber Coastal Lumber/American Industrial Partners CIPS Buy-Side Advisory Charlottesville, VA Oct-11 hardwood lumber Company

Confidential Mid-Atlantic based distributor of petroleum products Provided buy-side advisory services DER Buy-Side Advisory Mid-Atlantic Sep-11

A leading, global manufacturer and marketer of fabric-covered, steel frame shelters and canopies for diverse consumer and Advised on the sale to management, RFE ShelterLogic, LLC commercial applications, including sheds, garages and CIPS Company Sale Watertown, CT Aug-11 Investment Partners and Charter Oak Equity recreational pop-up canopies, and a portfolio company of Albion Investors

A leading regional brick manufacturer that serves both Advised on the sale of the assets to Redland Brick, Lawrenceville Brick, Inc. residential and commercial customers offering a wide range of CIPS Company Sale Lawrenceville, VA Jul-11 Inc., a subsidiary of Belden Brick Company brick styles, colors and textures

A petroleum marketer and convenience store operator in the Advised on the sale of select retail assets to Sam's Cumberland Farms, Inc. DER Corporate Carve Out Framingham, MA Jun-11 Northeast and Florida Food Stores and various other buyers

Confidential A petroleum marketer and fuels distributor Provided corporate valuation advisory services DER Corporate Valuation Northeast May-11

A petroleum marketer and convenience store operator in the Advised on the sale of select retail assets to 7- High’s of Baltimore, Inc. DER Corporate Carve Out Hanover, MD Apr-11 Mid-Atlantic Eleven and various other buyers

Confidential Real Estate investment trust Provided buy-side advisory services CIPS Buy-Side Advisory Northeast Apr-11

Confidential Real Estate investment trust Provided corporate valuation advisory services CIPS Corporate Valuation Northeast Apr-11

A 70 gallon wholesale distributor of branded and unbranded Advised on the sale of the wholesale distribution Triton Marketing, Inc. DER Company Sale Atlanta, GA Jan-11 motor fuels in Atlanta assets to Cary Oil

A petroleum marketer and convenience store operator in the Advised on the sale of select retail assets to Lehigh Gas Corporation DER Corporate Carve Out Allentown, PA Dec-10 Northeast Sunoco and various other buyers

Confidential Mid-Atlantic based distributor of petroleum products Provided buy-side advisory services DER Buy-Side Advisory Mid-Atlantic Dec-10

A global leader in whole body vibration technology for exercise Advised on the valuation of common equity and Power Plate CIPS Corporate Valuation Irvine, CA Dec-10 equipment partnership interests

Confidential Midwestern based convenience store operator Provided corporate advisory services DER Corporate Advisory Midwest Dec-10

Confidential Southwestern based chain of convenience stores Provided corporate valuation advisory services DER Corporate Valuation Southwest Dec-10

Confidential Southeastern based motor fuels distributor Provided corporate valuation advisory services DER Corporate Valuation Southeast Sep-10

A leading global designer, manufacturer and integrator of physical security systems with extensive experience securing Advised on the minority investment from Advantor Systems Corporation CIPS Majority Recapitalization Orlando, FL Aug-10 high profile government, Department of Defense and McCarthy Capital commercial organizations

Mid-Atlantic fuel oil distributor, propane supplier, motor fuels Advised on the sale of select retail assets to 7- Quarles Petroleum, Inc. DER Corporate Carve Out Fredericksburg, VA Jun-10 supplier, fleet fuel site provider, and convenience store chain Eleven and various other buyers

Confidential Northwestern based petroleum distributor Provided corporate valuation advisory services DER Corporate Valuation Northwest May-10

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

A leading manufacturer of custom designed cold formed and precision machined components and sub-assemblies, serving a Advised on the growth and recapitalization Stalcop LP variety of end markets, including the power semiconductor, CIPS Majority Recapitalization Thorntown, IN Apr-10 investment by Alpha Capital Partners automotive, power transmission & distribution, heavy duty truck, specialty battery, ordinance and ammunition markets

A leading provider of customized, high-performance polymer Advised on the sale to Hornschuch, Konrad O’Sullivan Films, Inc. and finishing film technologies serving the building products, CIPS Company Sale Winchester, VA Mar-10 Hornschuch AGA, a portfolio company of Barclays consumer, healthcare and automotive markets

Confidential Private Equity Fund Provided corporate advisory services CIPS Corporate Advisory Northeast Mar-10

Confidential Privately held real estate holding company Provided buy-side advisory services CIPS Buy-Side Advisory Canada Mar-10

Confidential New England based chain of convenience stores Provided buy-side advisory services DER Buy-Side Advisory New England Jan-10

Mid-Atlantic based petroleum marketer and wholesaler with Advised on the sale of the retail and wholesale Uni-Marts, LLC DER Corporate Recovery State College, PA Dec-09 over 200 assets across PA, NY and OH assets to Lehigh Gas and various other buyers

A leading provider of petroleum equipment and services to the Advised on the recapitalization by management Jones & Frank Corp. retail and commercial segments of the petroleum industry CIPS Majority Recapitalization Norfolk, VA Dec-09 and BB&T Capital Partners along the East Coast

Confidential Southeastern based motor fuels distributor Provided buy-side advisory services DER Buy-Side Advisory Southeast Dec-09

Advised Connecticut's DOT on its agreement with Connecticut DOT's fuel and food service plaza facilities on state Connecticut Department of Transportation Project Service, LLC to redevelop and manage the CIPS Corporate Advisory Newington, CT Oct-09 highways State's 23 highway travel plaza facilities

Advised on the sale of select assets to the official A large motor fuels distributor and convenience store operator Crescent Oil Company, Inc. committee of unsecured creditors pursuant to its DER Corporate Recovery Kansas City, MO Aug-09 in Kansas, Oklahoma, and Missouri. A Chapter 11 bankruptcy case

Advised on the distribution agreement with Tru-Kay A leading manufacturer and designer of gold and silver jewelry Richline Group, Inc., a subsidiary of Berkshire CIPS Company Sale Lincoln, RI Jul-09 Hathaway, Inc.

Confidential A petroleum marketing and convenience store chain Provided corporate valuation advisory services DER Corporate Valuation Northeast Jul-09

Confidential A mid-atlantic convenience store operator Provided buy-side advisory services DER Buy-Side Advisory Mid-Atlantic Jul-09

A petroleum marketing and convenience store chain in the Advised on the sale of the retail assets to The Herndon Oil Corporation DER Company Sale Abbeville, AL Jun-09 Gulf Coast region Pantry

Delek US Holdings (NYSE:DK), branded chain of convenience Advised on the sale of the Virginia retail assets to Delek U.S. Holdings, Inc./East Coast Oil stores and petroleum marketing outlets located, d/b/a East DER Corporate Carve Out Brentwood, TN May-09 Wilco and various other buyers Coast, in central and eastern Virginia

A full service, API certified, precision machining and fabrication business that specializes in the manufacture, repair, and Advised on the recapitalization by Hudson Ferry ASAP Industries, LLC CIPS Majority Recapitalization Houma, LA Dec-08 refurbishment of equipment used in the drilling and Capital and the ASAP Management Team production of oil and natural gas

An owner and operator of retail petroleum marketing outlets Advised on the sale of the retail and fuels Peterborough Oil and convenience stores, d/b/a Mr. Mike’s, in Massachusetts, DER Company Sale Leominster, MA Jul-08 distribution assets to Alliance Energy, LLC New Hampshire and Maine

A leading designer and specialty manufacturer of steel egress Advised on the sale to Worthington Integrated Sharon Stairs stair systems for commercial applications and a portfolio CIPS Company Sale Akron, OH Jun-08 Business Systems company of Alliance Holdings, Inc.

Advised on the sale of select assets to US Dry A national dry cleaning chain A national dry cleaning chain ZOOTS Dry Cleaning Cleaning, SORT LLC, C&C Clean Team Enterprises DER Corporate Recovery Sturbridge, MA Feb-08 based in Massachusetts d/b/a Zoots and Widmer’s LLC and various other buyers

An owner and operator of a chain of convenience stores and Advised on the sale of select retail assets to Shlok Southern Oil Company, Inc. petroleum marketing outlets, d/b/a Southern Food Stores, DER Company Sale Suffolk, VA Feb-08 Enterprises located in Virginia

An established leader in the engineering, installation and maintenance of mechanical systems in Central and Western Advised on the sale to Comfort Systems USA Riddleberger Brothers, Inc. CIPS Company Sale Mount Crawford, VA Feb-08 Virginia and serves a diverse group of commercial and (NYSE:FIX) institutional clients

Confidential Mid-Atlantic convenience store operator Provided corporate valuation advisory services DER Corporate Valuation Mid-Atlantic Feb-08

An Eastern Virginia based convenience store chain, d/b/a Little Advised on the sale of the retail assets to 7- Neighborhood Convenience, Inc. /Little Sue DER Company Sale Richmond, VA Jan-08 Sue Eleven, Inc.

An owner and supplier of motor fuels to a chain of Advised on the sale of the assets to Petroleum C.R. Quesenberry, Inc. convenience stores and petroleum marketing outlets in DER Company Sale Abingdon, VA Jan-08 Marketing Group, Inc. Southwest VA and Eastern TN

A Virginia-based operator of convenience stores and a motor Advised on the sale of the retail and wholesale Rennie Petroleum Corporation DER Corporate Recovery Richmond, VA Jan-08 fuels distributor assets to Zota Petroleums

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

A Burlington, North Carolina based motor fuels distributor and Advised on the sale of the retail assets to Quality Huffman Oil Company, Inc. convenience store chain trading as Huff’s Neighborhood DER Company Sale Burlington, NC Jan-08 Oil Company, LLC and various other buyers Stores.

A leading provider of hand tools and accessories for the communications wiring industry, including computers, Advised on the sale to Greenlee, a subsidiary of Paladin Tools CIPS Company Sale Oilville, VA Dec-07 networks, telephones, home entertainment and other Textron, Inc. applications

Rossi American Hardwoods/Hardwood Lumber Leading producers and exporters of US hardwoods Advised on the sale to HIG Capital CIPS Company Sale Cromwell, CT Oct-07 Manufacturing, Inc.

A petroleum marketing and convenience store company Advised on the sale of select retail assets to Tom General Energy DER Corporate Carve Out Davie, FL Sep-07 operating in several Southeastern states Thumb Food Stores, Inc. and various other buyers

A Goldsboro, North Carolina based owner and operator of Advised on the sale of the retail assets to Wilco Wooten Oil retail petroleum marketing outlets and convenience stores, DER Company Sale Goldsboro, NC Aug-07 Hess and Sampson-Bladen Oil Company, Inc. d/b/a Kwik Mart

Affiliated Mortgage Protection A leader in the mortgage protection marketplace Advised on the recapitalization by Wachovia CIPS Majority Recapitalization Clark, NJ Jul-07

A leading value-added provider of promotional products and Club Colors logo apparel to the corporate and collegiate market, and a Advised on the sale to CID Capital CIPS Majority Recapitalization Schaumburg, IL Jun-07 portfolio company of RAF Industries, Inc.

A market leader in the air and gas handling systems market, Spencer Turbine Company offering high-end blower, vacuum, and gas booster solutions to Advised on the sale to Alliance Holdings, Inc. CIPS Company Sale Windsor, CT May-07 industrial, commercial, municipal, and institutional customers

The world's largest manufacturer of card imprinters used by the credit card and healthcare industries and a division of Advised on the management buyout by NewBold Addressograph CIPS Management Buyout Rocky Mount, VA May-07 DataCard Corporation, a manufacturer of photo ID, embossing Corporation, a company formed by Management and encoding systems

A leading manufacturer of vacuum tanks, refined fuel tanks, Advised on the sale to Walker Industries, a Garsite and aviation refueler trucks and a portfolio company of 13i CIPS Company Sale Kansas City, KS Apr-07 portfolio company of Insight Equity Capital Corporation

Advised on the sale of three hospitality properties Briggs Hospitality Owner of hotel properties in the Richmond, VA DER Company Sale Richmond, VA Apr-07 to various buyers

Advised on the acquisition of select retail and Uni-Marts, LLC A retailer and distributor of premium petroleum products wholesale fuel assets of BP Products North DER Buy-Side Advisory State College, PA Jan-07 America, Inc. in Youngstown, OH

A Cambridge, Ohio based owner and operator of retail Advised on the sale of 24 retail assets to Premium Hartley Company petroleum marketing outlets and convenience stores Petroleum and individual buyers as dealer-owner DER Corporate Carve Out Cambridge, OH Jan-07 throughout Ohio and operated properties

A leading fabricator of ductile iron pipe products used in the Advised on the sale to Mueller Water Products, Fast Fabricators water and wastewater treatment industries and the CIPS Company Sale Bloomfield, CT Jan-07 Inc. recognized leader for short lead-time, small quantity orders

A leading manufacturer of expanded polystyrene foam with Advised on the sale to Harbert Private Equity Tri State Foam Products, Inc. products ranging from protective packaging to building CIPS Majority Recapitalization Martinsville, VA Dec-06 Fund II, LLC products applications

An owner and operator of a chain of convenience stores and Advised on the sale of the retail assets to various Southern Convenience Stores, Inc. petroleum marketing outlets located in North Carolina and DER Company Sale Mooresboro, NC Dec-06 buyers South Carolina

A leading manufacturer of highly engineered microwave heating and drying equipment and radio frequency welding Thermex Thermatron, Inc. Advised on the sale to Dyad Partners CIPS Company Sale Louisville, KY Oct-06 and sealing machines that are used in a wide range of industrial applications

The leading North American designer and manufacturer of Advised on the sale to Dywidag-Systems American Commercial, Inc. underground steel supports used primarily in the underground International, a leading mining and construction CIPS Company Sale Bristol, VA Oct-06 construction and mining industries manufacturer

A leading industrial gas and welding supply distributor and a Aeriform Advised on the sale to Airgas CIPS Company Sale Houston, TX Sep-06 portfolio company of American Capital

A leading petroleum marketing, distribution and convenience Ports Petroleum Co., Inc. Advised on recapitalization alternatives DER Capital Raise of Debt & Equity Wooster, OH Aug-06 store company in the Midwest

A Chevron branded motor fuels jobber and convenience and Advised on the sale of the retail assets to Bagwell Oil Company, Inc. petroleum marketer, d/b/a Corner Mart, operating on the DER Corporate Carve Out Onancock, VA Jul-06 Petroleum Marketing Group, Inc. Eastern Shore of Virginia

An operator of 100 convenience stores and gas retail outlets in Advised on the sale pursuant to its Chapter 11 FFP Marketing Company, Inc. DER Corporate Recovery Fort Worth, TX Jul-06 11 states throughout the South and Midwest plan of liquidation to various buyers

Advised on the management buyout by A leading provider of customized, high-performance polymer management, Matrix and PolyOne, of the O’Sullivan Films, Inc. – PolyOne and finishing film technologies serving the building products, CIPS Management Buyout Winchester, VA Jan-06 Engineered Films Business Unit from PolyOne consumer, healthcare and automotive markets Corp (NYSE:POL)

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the on the acquisition of select retail A leading distributor of premium petroleum products in the Carroll Branded Fuels and wholesale fuel assets of BP Products North DER Buy-Side Advisory Baltimore, MD Jan-06 Mid-Atlantic America, Inc.

A leading designer and distributor of branded products for the Advised on the sale to RoseArt Industries, Inc. a Board Dudes, Inc. school, home and office supply markets sold through mass CIPS Company Sale Corona, CA Jan-06 wholly owned subsidiary of Mega Bloks, Inc. retail channels nationwide

A leader in the design and manufacture of custom made machine tools, develops specialized manufacturing solutions Advised on the sale to a private investment Ann Arbor Machine Co. used to produce medium to high-volume machined parts, CIPS Company Sale Chelsea, MI Dec-05 company including auto parts such as intake manifolds, brake calipers and steering knuckles

A petroleum marketer and convenience store chain, d/b/a Advised on the sale of the retail assets to The Angus I. Hines, Inc. Sentry Food Marts, located primarily in the western and DER Company Sale Suffolk, VA Dec-05 Pantry Tidewater regions of Virginia

One of New England's leading providers of freight-forwarding Aces Limited and logistics services coordinating the shipment of thousands Advised on the sale to Kuehne + Nagel CIPS Company Sale Scituate, MA Dec-05 of containers both domestically and internationally

Walsh Fuel & Oil Co. A regional distributor of retail fuel oil Advised on the sale to Tevis Oil and Propane DER Company Sale Hampstead, MD Dec-05

A leading manufacturer of composite decking and roofing Advised on the sale to Liberty Diversified Kadant Composites products under the GeoDeck brands and a subsidiary of Kadant CIPS Company Sale Green Bay, WI Nov-05 Industries Inc. (NYSE: KAI) Advised on the recapitalization by Woodside One of the country’s largest providers of flowers and floral Flowers Sent Today Funding Partners and Mercantile-Safe Deposit & CIPS Majority Recapitalization Haymarket, VA Nov-05 arrangements to consumers nationwide Trust Co. A regional chain of petroleum marketing outlets and Confidential Provided corporate recovery services DER Corporate Recovery Northeast Nov-05 convenience stores

Standard Commercial Corporation The world's third largest dealer of leaf tobacco Advised on the merger with Dimon CIPS Company Sale Wilson, NC May-05

A Midwest distributor of BP Petroleum Products and Advised on the sale of the retail assets to various RPF Oil Company – Fleck’s Mart DER Corporate Carve Out Grand Blanc, MI May-05 owner/operator of the Fleck's Mart convenience store chain buyers

A leading independent broadline foodservice distributor Donsons Distributing, Inc. serving eating establishments, healthcare facilities, schools and Advised on the sale to Vistar CIPS Company Sale Henderson, CO May-05 institutions located along the Rocky Mountain Front Range

A leading petroleum marketing, distribution and convenience Advised on the sale of select retail assets to Ports Petroleum Co., Inc. d/b/a/ Fuel Mart DER Corporate Carve Out Wooster, OH May-05 store company headquartered in Wooster, OH various buyers

The largest contractor of underground pools, patios and spas in Advised on the sale to select members of Paddock Pools CIPS Company Sale Scottsdale, AZ Apr-05 Arizona and Nevada management and Lincolnshire Management, Inc.

Fleet Laboratories – Clean Chemical Sweden A leading international manufacturer and marketer of branded Advised on the acquisition of the stock of Clean CIPS Management Buyout Lynchburg, VA Jan-05 AB personal care and hygiene products Chemical Sweden AB

A regional chain of convenience stores, d/b/a DB Mart, in Advised on the sale of select assets to Amerada DB Companies, Inc. Connecticut, Massachusetts, Rhode Island and the Hudson Hess Corp., Getty Properties Corp., & various DER Corporate Recovery Providence, RI Dec-04 Valley of New York other buyers

A leading international manufacturer and marketer of branded Advised on a multi-currency credit facility in the Fleet Laboratories – SunTrust Bank NA CIPS Capital Raise of Debt & Equity Lynchburg, VA Dec-04 personal care and hygiene products amount of $50MM with Sun Trust Bank NA

One of the largest builders of high-end modular homes in the Advised on the recapitalization by Huron Capital Excel Homes CIPS Majority Recapitalization Harrisburg, PA Dec-04 country with three plants in Pennsylvania and West Virginia Partners

A plastics extrusion business with a sophisticated raw material Advised on the recapitalization by Brookside Dimex Corporation supply capability that involves reprocessing off-spec and scrap CIPS Majority Recapitalization Marietta, OH Dec-04 International, Inc. plastic material

An outsourced provider of underground utility line locating Advised on the merger with Consolidated Utility ProMark Utility Locators CIPS Company Sale Chatham, VA Nov-04 services and subsurface utility engineering services Services, Inc.

Standard Commercial Corporation The world's third largest dealer of leaf tobacco Advised on a fairness opinion CIPS Fairness Opinion Wilson, NC Nov-04

A worldwide distributor of high temperature nickel, cobalt, and Advised on the sale to O'Neal The Metals Aerodyne Alloys, Inc. titanium alloys, and a wholly-owned subsidiary of Ulbrich CIPS Corporate Carve Out South Windsor, CT Oct-04 Company Stainless Steel & Specialty Metals, Inc.

A chain of convenience stores and petroleum marketing Swifty Serve, Inc. Provided bankruptcy advisory services DER Corporate Recovery Quitman, GA Oct-04 outlets in the Southeast

Advised on the sale of select assets to Waring Oil Restructure Partners A Southeast convenience store chain DER Corporate Recovery Tampa, FL Sep-04 Company and Gulf Coast Properties

A producer of prefinished, engineered hardwood flooring with Advised on the management buyout of Anderson a special focus on the management of quality hardwood Tully Engineered Wood and Capella Hardwood ATCO CIPS Management Buyout Jackson, MS Jul-04 timber stands and the production of hardwood lumber for Floors to an investment group affiliated with domestic and foreign use management

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TRANSACTIONS - All Types DER = Downstream Energy / CIPS = Consumer & Industrial Products

CLIENT CLIENT DESCRIPTION TRANSACTION DESCRIPTION INDUSTRY TYPE CLIENT LOCATION DATE

Advised on the acquisition of select retail and A petroleum marketer and distributor of motor fuels in RPF Oil Company – BP wholesale fuel assets of BP Products North DER Buy-Side Advisory Grand Blanc, MI Jun-04 Detroit America, Inc.

The largest U.S. distributor of value-added, stainless steel Advised on the recapitalization and acquisition of Western Branch Metals, Inc. marine propeller shafts distributed under the name Aqualoy CIPS Buy-Side Advisory Portsmouth, VA Jun-04 the assets of Southmet, Inc. d/b/a Gulf Global for the small and mid-sized U.S. boat market

New England’s leading distributor of kitchen and bathroom building products, including Dupont branded solid surface Advised on the recapitalization by Citizens New England Surfaces CIPS Capital Raise of Debt & Equity Lewiston, ME Jun-04 (Corian) and engineered stone (Zodiaq) countertops and Capital, Inc. and Banknorth NA Merillat branded cabinetry and vinyl & laminate flooring

Advised on the sale to Marshfield Door Systems, a Bolection Door A producer of medium density fiberboard doors CIPS Company Sale Greensboro, NC Jun-04 portfolio company of Wind Point Partners

A leading petroleum marketing and convenience store chain, Advised on the sale of the equity to Delek US Williamson Oil Company, Inc. DER Company Sale Fort Payne, AL May-04 d/b/a Discount Food Mart Holdings, Inc.

Advised on the sale of select assets pursuant to its A regional chain of petroleum marketing outlets and RAN Oil Company liquidation under Chapter 7 of the U.S. DER Corporate Recovery Erie, PA May-04 convenience stores in PA Bankruptcy Code

A web design and internet consulting company and a Advised on the sale to Gores Technology Group, Proxicom/Dimension Data CIPS Corporate Carve Out Reston, VA May-04 subsidiary of Dimenson Data Plc (LSE: DDT.L) LLC

A leading, regional, fresh milk supplier, serving grocery chains, Fike’s Dairy convenience stores and food distributors throughout the Mid- Advised on the sale to United Dairy DER Company Sale Uniontown, PA Feb-04 Atlantic markets

A leading marketer of petroleum products and convenience Advised on the sale to The Pantry, Inc. and R.R. Morrison & Sons DER Company Sale Vicksburg, MS Jan-02 store chain, d/b/a Fast Lane, in the Southeast Motiva Enterprises, LLC

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