| Deal Overview | | Buyer: Sandy Spring Bancorp, Inc. | | Actual Acquirer: Sandy Spring Bancorp, Inc. | | Target: Neff & Associates | | Deal Type: Insurance Broker Company | | Agreement Date | 1/19/2006 | | Announcement Date | 1/19/2006 | | Announced Deal Value ($M) | 1.90
 | | Status | Completed | | Completion Date | 1/31/2006 |
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| | | Consideration Breakout | | Cash ($M) | 1.9 |
| | | Deal Pricing Ratios | | | Announcement | Completion | | Price / Revenue (x) | 1.58 | 1.58 | | Price / Earnings (x) | NA | NA | | Price / Assets (%) | NA | NA | | Price / Book (%) | NA | NA |
| | | Deal Terms | | Description of Consideration | | Sandy Spring Bancorp paid $1.9 million in cash for Neff & Associates and will pay an undisclosed contingency payment in 2008 based on Neff & Associates financial results in 2008. | | Percent Acquired (%) | 100.00 | | Accounting Method | Purchase | | Merger of Equals? | No | | Geographic Expansion? | NA | | Estimated Cost Savings (%) | NA | | Est. Restructuring Charges ($000) | NA |
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