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COMPLEXITY REQUIRES EXPERIENCE Structured finance transactions have become increasingly complex. In today’s financial climate, understanding due-diligence and forecasting requirements have expanded. In order to successfully navigate the transaction process, a valuation expert with a full-range of asset experience is imperative. Marshall & Stevens has the experience to provide intelligent, detailed, and supportable valuation opinions. Our thorough understanding of capital assets ranges from the intricacies of specific machinery and equipment to the subtleties of fully integrated manufacturing operations. We provide a reliable basis for financing purchases and/or sale of assets, lease transactions, insurable values, property records, property tax and rate settings. We have extensive experience valuing transactions in the United States, Japan, Australia, Canada, Mexico, and Europe.

MARSHALL & STEVENS APPROACH Our Leasing and Structured Finance Group provides timely valuation analysis to the entire spectrum of participants in the asset financing market – from the small lessor to large financial institutions. We develop the valuation opinions required to support significant tax oriented sale/leasebacks, off-balance sheet, partnership transactions, and structures preferred in cross-border and municipal transactions. We pride ourselves on our ability to demonstrate a complete understanding of your needs and financial considerations, and provide the necessary input and solutions to the challenges you face.

TRANSACTIONS SUPPORTED: • • • • • • • • • • •



Leveraged Lease Financing Synthetic Leases Sale/Leasebacks Service Contracts Litigation Cross-Border Leases Project Financing Portfolio Review Lease End Negotiations Corporate Planning and Consulting Partnership Valuation





OUR EXPERIENCE Marshall & Stevens understands the IRS Revenue Procedures that determine the standards with which true or guideline leases must comply. We coordinate with advisors, equity investors, lessors and tax counsel to support the tax opinions necessary to consummate a successful transaction. We utilize the US GAAP and IAS financial reporting standards to determine the characterization of leasing transactions for off-balance sheet purposes. Reflecting 100+ years of cumulative transaction experience, our Structured Finance Group brings a great deal of sensitivity and intelligence to each new transaction. The following opinions are used to support the tax, accounting and investment documentation required for real estate and machinery & equipment sale/leasebacks: • • • • • • • • • •

Economic useful life estimates Land lease options Limited use analyses MACRs classifications Market value determinations Purchase options Residual value opinions EITF 00-13 or FAS 98 analysis Tax opinions for structuring transactions End of lease opinions

Our leasing group specializes in valuing major capital assets, including: • Agriculture • Automobile, truck, and bus manufacturing and assembly operations • Automotive parts suppliers • Broadcast media • Food service • High Technology • Hospitality facilities • Manufacturing plants including steel mills, paper mills, chemical plants, etc. • Medical and healthcare facilities • Petrochemical plants • Power generating, transmission and distribution facilities • Renewable Energy projects including solar installations (utility scale and roof top), wind farms, biofuel, fuelcell, waste to energy, etc. • Semiconductor equipment, computers and technology

COMPANY OVERVIEW Established in 1932, Marshall & Stevens is a recognized leader in valuation, serving business owners, managers, boards and trusted advisors throughout the world. We assist our clients with planning, due diligence, negotiation and reporting issues related to their mergers, acquisitions, divestitures, financings, insurance placement and tax related transactions. Our in-house specialists provide a full complement of valuation-related services, from transaction advisory and opinion letters to the valuation of businesses and business assets, both tangible and intangible.

Quality Valuation Quality Decision Making Independence & Integrity