Hans P. Schroeder, ASA

Hans has been active in valuation of closely held businesses nationwide since 1987. Hans both performs
valuations for business owners, and provides data and computer support to other valuation professionals.
Services to valuation professionals include retrieval and analysis of public company, industry, and stock
market information; and computer processing to assist in the preparation of valuation reports. Hans maintains
a large library of valuation related databases and references and has participated directly or indirectly in
several thousand valuation assignments in more than 400 industries.

In addition to valuations of common equity, Hans has participated in valuations of stock options, preferred
stock, corporate notes, limited partnership interests, and fairness opinions for SEC reporting purposes.
Hans has a special interest in the valuation of technology and intellectual property, and has prepared
hundreds of valuations of early-stage high-technology ventures. In addition, he has performed several
hundred valuations for SBA lenders in connection with sales and purchases of businesses nationwide.

Perhaps half of his valuations have been for estate or gift purposes, approximately 10% are for ESOPs, and
the balance are primarily related to the purchase or sale of fractional interests or an entire business.

He has considerable experience in valuing technology and intellectual property, and the operations of
high-tech businesses, and has been involved in many valuations of Silicon Valley companies for mergers,
acquisitions, estates and gifts, ESOPs, restructuring and bankruptcies. Particular high-tech industries
include computer software, technical staffing, electronics distribution, and manufacturing of
semiconductors, semiconductor equipment, modems, disk drives, terminals, input devices, circuit boards,
and so on.

Issues in which he has consulted include: choices of appropriate valuation methods, determination of
normal officer's compensation, selection of capitalization and discount rates, preparation of financial
projections, selection of guideline public companies, selection of minority and marketability discounts, and
many others. He is qualified as an expert witness in Superior Court in California.

He has recently completed the twenty-first in a series of studies of discounts applied to Family Limited
Partnership interests, which indicated that discounts may run as low as 20% to as high as 70-80% in some
cases. A paper describing the first study and the results was published in Trusts and Estates in February,
1996.
He has taught courses in business valuation, financial analysis, and computer spreadsheet applications for
the U.C. Berkeley Extension and the California Society of CPAs and has led valuation seminars for
numerous organizations, including the Internal Revenue Service. He has spoken on numerous
occasions to sections of the American Society of Appraisers, local and state CPA groups, and local and
national Business Brokerage groups.

Formerly, Hans was the founder and Chief Technical Officer of Financial Proformas, Inc. With FPI, he
developed software for commercial credit analysis which was sold to banks worldwide, twice putting FPI into
Inc Magazine's list of 100 fastest growing US companies. Hans was responsible for software development,
installation, training and support. FPI was eventually acquired by Moodys Data Services, a division of Dun
& Bradstreet.

He has an SB from MIT and an SM in Quantitative Methods from the Sloan School of Industrial
Management at MIT, and is an Accredited Senior Appraiser with the American Society of Appraisers.

Chinese Language

BEAR has many years of experience working with hundreds of businesses owned or operated by Chinese-speaking investors and management.   These companies have usually been located in the U.S, but often have close ties to affiliates in Taiwan, Hong Kong, Shanghai, Beijing and other mainland locations.   Some of these have been part of an organizational structure that includes companies located in the Cayman Islands, Trinidad-Tobago, and other offshore domiciles.

For more information, please contact our San Carlos office at 650-592-6001 x345.