Steven D. Kam is a Managing Director in the San Francisco office of Cogent Valuation. Mr. Kam has been performing valuations, structuring securities, and recapitalizing privately owned companies for corporate finance, ESOP, estate planning and tax purposes since 1980. Over the last 20 years he has originated and processed a wide variety of corporate transactions and financial advisory assignments for Fortune 500, middle-market, and small companies. The financings have included leveraged buy-outs, mergers, acquisitions and divestitures, public offerings, exchange offers, and private placements. The advisory engagements have been provided to ascertain fairness, solvency, recapitalizations, equity allocation, pricing, economic feasibility, credit analysis and enhancement.

Mr. Kam was an instructor for the California society of CPAs continuing education course on the Valuation of Businesses, teaching the class throughout California and in Oregon and Washington from 1986-1989. He has spoken at the American Society of Appraisers International Conference, the San Francisco, Portland, East King County (Washington), and Tacoma Estate Planning Councils; The Tax Section of the California, Oregon and San Francisco Bar Associations; The Southern California Tax and Estate Planning Forum; The San Francisco Financial Analysts Society; and
the California Probate Referees Association, regarding valuation, partnerships, freezes, 2036c, Chapter 14 and the use of securities in accomplishing estate planning goals. His testimony experience includes: Tax Court, San Francisco Superior Court, arbitrations, and mediations.

Mr. Kam co-authored a paper, The Market Pricing of Syndicated LPs And The Valuation of FLPs, published in the February 1996 issue of Trusts and Estates that presents the results of two studies of pricing in the secondary market for syndicated limited partnerships and the implications for the valuation of private and family limited partnerships. Additionally, he co-authored an eighteen-month study and the related article, The Pricing of Successful Venture Capital-Backed High-Tech and Life-Sciences Companies, published in the September 1998 issue of the Journal of Business Venturing and the Spring issue of the Journal of Private Equity.

Previously, he was with Houlihan Lokey Howard & Zukin, where he originated and processed the full complement of the firm's advisory and transactional services to public and private companies. His early career includes merchant banking activities at Banque Paribas, corporate finance projects and transactions at Sutro & Co. and financial opinions at Underwood Neuhaus & Co. in Houston. Mr. Kam is an Accredited Senior Appraiser with the American Society of Appraisers in Business Valuation. He is also a Member of the Board of Directors of the San Francisco Estate Planning Council, a Resource Member of the Keiretsu Forum, and an Advisor to Inner City Advisors. He has an M.B.A. from the University of Houston and a B.B.A. from Florida Atlantic University.