Morgan Joseph

Advisory

Date	Client	Type	$mm	Industry	Transaction Summary
2/06	ImageSat International	International		Satellites	Fairness opinion delivered to the Board of Directors

7/04	Benihana Inc.	Private Placement	$20	Restaurants	Financial advisor and fairness opinion in connection with private placement of Convertible Preferred Stock

3/03	Sotheby's Holdings, Inc.		n.d.	Business Services	Confidential advisory assignment

3/03	REFAC		n.d.	Business Services	Fairness opinion to the Special Committee in connection with an equity investment by Palisade Concentrated Equity Partnership, L.P.

3/03	Del Global Technology Corp		n.d.	Technology	Confidential advisory assignment

7/02	Kurt Salmon Associates	Confidential	n.d.	Consulting	Confidential advisory assignment

6/02	Grey Global Group Inc.	Confidential	n.d.	Media & Advertising	Confidential advisory assignment

6/02	Benihana Inc.		n.d.	Restaurants	Financial advisor in connection with the initiation of a stock dividend on lesser-voting shares

4/02	Carmine's	Valuation	n.d.	Restaurants	Valuation in connection with an inside shareholder sale

3/02	Del Global Technologies Corp.		n.d.	Technology	Financial advisor in connection with the valuation of warrants that were issued to settle a shareholder lawsuit