Smith & Wollensky Completes Sale

August 2007

“We retained TM Capital as financial advisor because of their deep experience in contested public transactions and in our industry. TM's expertise was critical as they helped Smith & Wollensky pursue alternatives to a hostile offer, resulting in the sale of the company to an attractive party at a premium value.

The TM Capital team was focused and committed to Smith & Wollensky throughout this unusually complex process, with senior attention devoted to negotiating the best possible outcome. I would highly recommend the firm to others facing similar challenges.”

- Richard Mandell, Chairman, Special Committee of the Board of Directors, Smith & Wollensky Restaurant Group, Inc.

	The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) develops and operates high-end, high-volume restaurants in major cities across the United States
	The Special Committee of the Board of Directors of Smith & Wollensky retained TM Capital Corp. as financial advisor to evaluate an unsolicited takeover proposal and consider alternatives
	TM Capital negotiated the sale of SWRG to Project Grill, LLC, a consortium formed by Bunker Hill Capital, L.P. and certain principals of Patina Restaurant Group for a cash merger price of $11.00/share
	The acquisition price of $11.00 in cash per share, $98 million in aggregate, provides a premium of approximately 118% over Smith & Wollensky’s stock price before the unsolicited proposal
	TM Capital acted as financial advisor and issued related fairness opinions to the Special Committee of the Board of Directors of Smith & Wollensky

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