Subsidiaries

Introduction

On September 1, 2008 the structure of Crowe companies was changed. Under the new structure, the accounting and consulting practice of Crowe Horwath LLP became the owner of the former subsidiaries of Crowe Group LLP. The following are subsidiaries of Crowe Horwath LLP:

Crowe Capital Markets LLC ("Crowe Capital") is a boutique investment bank serving as financial advisers to businesses or business divisions in the $10 to $500 million transaction range. With expertise in a broad range of industries and a group of talented, dedicated professionals, Crowe Capital is uniquely qualified to initiate, market, negotiate, and facilitate a successful transaction.

Crowe Capital professionals are experts in assisting middle market businesses and divisions in realizing their full value. Crowe Capital provides shareholders with liquidity and diversification through sales and divestiture transactions, raises capital from the private equity and debt markets to fund growth initiatives, and assists in financing leveraged buyouts through capital sourcing transactions. After a thorough evaluation of strategic options, Crowe Capital bankers work to effect the transaction structure that maximizes shareholder value, providing guidance through every step of the process. http://www.crowecapital.com

Crowe Capital is a Wholly Owned/Majority Owned Entity.

Crowe Wealth Management is a fee-only advisory firm providing independent and comprehensive financial planning and investment advisory services to owners of closely-held businesses and high net worth individuals. http://www.crowewealth.com

This is a Wholly Owned/Majority Owned Entity.

Horwath Castillo Miranda y Cia, S.C.

Crowe Horwath LLP has an interest in Castillo Miranda, an accounting and consulting firm in Mexico. This strategic investment follows Crowe Horwath's plans for the creation of a North American provider to offer a seamless integration of consulting and accounting services across the region's economies.

Castillo Miranda, established in 1943, is a firm of approximately 200 professionals with offices in Mexico City, Monterrey, and Guadalajara. Castillo Miranda and Crowe Horwath are both members of Crowe Horwath International, the eighth largest network of accounting and consulting firms in the world.

Castillo Miranda's core business is recognized among Mexican economic institutions to be of international stature and have the highest competence in accounting and auditing services. Castillo Miranda is an important provider of professional services to the Mexican midsize corporate market.

The combined firms act as a liaison between the client's U.S. parent and its subsidiary companies operating in Mexico. Bi-cultural professionals support business management and regulatory requirements. http://castillomiranda.com.mx/

Castillo Miranda is a Minority Owned Entity.