Stephen Bethel

PRESENT POSITION

Mr. Bethel is the national director of Frazier Capital Valuation, specializing in the valuation of private/public equity businesses and financial instruments, commercial real estate investments, and the counseling of business owners and commercial real property owners.

Active in the business and valuation profession for over 25 years, he has valued domestic and international businesses, commercial real estate investments, and industrial machinery and equipment, and was the CFO of a multi-national medical manufacturing company.

PROFESSIONAL QUALIFICATIONS

Mr. Bethel is a member of the Institute of Business Appraisers (IBA), is an MAI with the Appraisal Institute, as well as being a State appointed Probate Referee with the State of California, as well as a receiver.

TRANSACTION EXPERIENCE

Mr. Bethel has sold commercial real estate and businesses throughout the United Statesl

BUSINESS VALUATION EXPERIENCE

Valuation of private and public enterprise equity for: estate tax purposes, gifting, establishing employee stock ownership plans (ESOPs), a basis for sale and/or buy-sell agreements, liquidations, both for and against the IRS. Valuations include C and S Corps, estates, trusts, limited and general partnerships, family limited partnerships (FLPs), real estate limited partnerships (RELPs), holding companies, limited liability corporations (LLCs), discount studies, and intangible assets for SEC and IRS filing purposes.

Mr. Bethel has conducted valuations and consulting assignments throughout the United States and internationally. Financial instrument valuations include domestic and foreign debt, options, warrants, convertibles, preferred stock, swaps, mortgage pools and hybrid securities.

Partial representation of industries of businesses valued include: advertising and market research, agriculture, adhesives and sealants, apparel, automotive service & dealerships, automotive tools and accessories, banking and savings, beer and soft drink distribution, biotechnology, broadcasting, building and forest products, concrete manufacturing, construction and contracting, chemicals, computer software and equipment, computer technology, drug manufacturers, equipment leasing, sporting equipment, healthcare, insurance, liquidation, machine tooling, media and film technology, medical equipment and supplies, metal plating, mining, packaging, paper and pulp, pet foods, industrial oils and lubricants, paints and allied products, pharmaceuticals, plastics, professional practices, publishing and communications, real estate management and development, research and development, retail/wholesale, steel, solid waste, telecommunications, tires, trucking and freight, and venture capital (ranging from high to low tech.).

INTANGIBLE ASSET VALUATION EXPERIENCE

Intangible asset valuations have included contracts, trademarks, trade names, utility and design patents, non-compete agreements, chemical formulas, goodwill, medical patient records and files, know how, and opinions as to domestic and international fair licensing rates for IRS, SEC and transfer pricing purposes, as well as for purchase price allocation purposes.

REAL ESTATE VALUATION EXPERIENCE

States where properties have been valued include:

New York, Texas, Arizona, Delaware, Nevada, Colorado, Oregon, Washington, New Jersey, Pennsylvania, Mississippi, California, Wisconsin, South Carolina, Massachusetts, Virginia Maryland, Illinois, Idaho, Ohio, Indiana, North Carolina, Kentucky, Michigan, Oklahoma, Missouri, Louisiana, Alabama, West Virginia, Maine, Hawaii, Alaska, Tennessee, Wyoming, Montana, Iowa, North Dakota, South Dakota, Florida, Georgia, New Mexico

Commercial consulting/valuations of existing and to be developed malls, community, and neighborhood shopping centers; fast food restaurants, high/mid/garden style office buildings, medical office buildings; distribution, manufacturing, research and development, business parks; high/low rise apartment complexes both with and without bond assistance, senior housing; condominium conversions; hospitals, acute and outpatient facilities, skilled nursing and retirement communities; motels, hotels, and resorts; clubs; entertainment centers; marinas; golf courses, agricultural uses ranging from dry crop land to orchards and vineyards; self storage facilities; subdivisions and planned communities; easements, leaseholds, fractional and partial interests; mortuaries; mines and rock quarries; mountains; auto and trucking dealership facilities; movie theatres (mega and multi-plexes); historic properties; schools; churches; ice skating rinks; wineries and grape crush facilities; tax appeal and testimony, throughout the United States. Mr. Bethel has also valued numerous tenancies in common (fractional) and leasehold interests throughout the United States.

Certified General in California (Lic. # AG013533)

Certified General in Nevada (Cert. # A.0205911-CG)

Certified General in New York (Id # 46000049863)

California Real Estate Broker (Lic. #01242276).

Software proficiency includes Argus, DynaLease & Pro-ject.

MACHINERY AND EQUIPMENT VALUATION

Valuations for orderly/forced liquidation and value in use purposes. Industries and equipment include tire and automotive, mining, manufacturing, metal plating, wood and pulp, retail, clothing inventory, office equipment and machinery, cars, trucks, trucking and hauling equipment, construction equipment, grocery store and bakery equipment, car wash and gas station equipment, medical, bottling equipment, banking and finance, as well as a wide range of different inventories.

PREVIOUS POSITIONS

Prior to Frazier Capital, Mr. Bethel was a Manager of Financial & Business Valuation Consulting at Marshall & Stevens, Vice President at Landauer Associates and at Interstate Corporation, and an associate at Hanford/Healy.

Previously, Mr. Bethel was the Chief Financial Officer of J. Hewitt Inc., a global medical manufacturing company, having operations in Japan, Australia, and the United States. Additional responsibilities included coordinating operations with foreign subsidiaries, interacting with the FDA and national/state toxic regulatory agencies. Mr. Bethel also has experience in the electronics and semi-conductor industries, as well as in the patent and trademark field.

EDUCATION

Masters in International Finance

University of Glasgow, Great Britain

Thesis: Financial Engineering for Hedging Foreign Exchange Risk

Masters in Management, Economics and Politics (MEP)

University of St. Andrews, Great Britain

Thesis: Pound/Dollar Exchange Rate Forecasting

Advanced Bachelors in Economics

Occidental College, Los Angeles, California

Substantial course work in mathematics/chemistry

Thesis: Transfer Pricing for the Trucking and Railway Industry

CONTACT INFORMATION

Mr. Bethel can be reached at

US Bank Tower

633 West 5th Street, Suite 5870

Los Angeles, CA 90071

(213) 439-9956 x 102

www.fraziercapital.com