REFERENCES

“As a trustee and independent fiduciary for employer stock in ESOPs and other retirement plans, I have hired Andy Kubersky to act as financial adviser and valuation agent in a number of engagements over the last four years. Andy Kubersky is truly a knowledgeable, experienced and competent professional in this field. I greatly value his responsiveness and expertise to help bring these capital transactions to
a proper close.”
— Daniel M. Reser, J.D., CCTS
President
Fiduciary Services, Inc.

“One of the advantages of working with Andrew Kubersky is that he understands our business and its ancillary components as well as he understands his profession and the guidelines that govern it. It is very easy to work with Andrew as he makes himself continually and readily available.”
— Charles Osborne
President
Osborne Partners, Investment Managers

“Our meetings with Andy have been a big help. By answering his questions—answering them out loud—we were forced to unify our priorities, and at the same time, he made us realize how important it is to get the answers right.”
— Tom Vignau
Business Manager
CSA Engineering, Inc.

”Having worked for more than 21 years with this gentleman in his professional capacity as an expert in the valuation of corporate stock as it relates specifically to ESOPs, I can say that we have been extremely well served. Mr. Kubersky is a consultant of the utmost integrity, and his work has been thorough. He has produced a number of fairness opinions in connection with stock transactions as well as our annual ESOP share price since 1989. We would recommend him with absolutely no reservation.”
— C. Stewart Ritchie III, M.D.
Founder and Chief Executive Officer
Guckenheimer Enterprises, Inc.

“Andy Kubersky has been doing the valuation work for Connor for 20 years, since we started our ESOP in 1986. We have new attorneys, new actuaries, and the same valuation person – this says it all.”
— Bob Sloss
Chairman and CEO
Connor Manufacturing Services

“For over 20 years Andrew Kubersky has served as a consultant and adviser to Pahlmeyer Winery. His carefully considered input has guided us through every level of business management, from vineyard acquisitions to personnel decisions. Andrew currently sits on Pahlmeyer's Advisory Board where his input has proved invaluable. His recent advice regarding personnel benefits has saved us millions.”
— Jayson Pahlmeyer
Founder and CEO
Pahlmeyer Wine Company

”My first contact with Andy Kubersky was at an ESOP seminar about a year before the formation of our ESOP in 2002. I was so impressed with his credentials and presentation that I invited him to interview along with others as a candidate for our valuation needs. Andy was the overwhelming choice. He is very highly regarded by the ESOP community as well as his clients. Therefore, we believe we are provided the most credible valuation available. Andy's thorough annual examination of our business along with his proven methodology ensures the fair pricing of the company for the shareholders.”
— Joseph Welsh
Senior Vice President
Ryan Associates

“Having worked with Andrew since 1975, I know him to possess high ethical and professional standards. He practices his profession with a deep concern for the employees whose interests he represents. His opinions and conclusions are well reasoned, and he communicates them clearly to the client and to ESOP legal counsel.”
— Ronald L. Ludwig,
ESOP Attorney

“Island Nursing Home, the first nursing home in the country owned by an ESOP and one of the first ESOPs in Hawaii, has utilized the valuation services of Andrew Kubersky since 1976. We trust his process and expertise and the way he explains the valuation logic and conclusions. We have full confidence in the efficacy of his ESOP valuations and wholeheartedly recommend him.”
— Leland M. Yagi
President
Island Nursing Home, Inc.