Kyle Coltman has worked extensively in the design and installation of ESOPs since joining Menke & Associates in 1979. Mr. Coltman's responsibilities encompass all phases of plan implementation, including plan design, deal structure, financing and coordination of ongoing services. Mr. Coltman graduated with honors from the University of California, San Diego, receiving a B.A. degree in Economics. He completed his M.B.A. degree in finance at the University of California, Berkeley.

Richard B. Rose has an extensive background in investment banking and in the design and installation of ESOPs. Mr. Rose was vice president and manager of the Corporate Finance Department of Birr, Wilson & Company, a New York Stock Exchange firm, from 1971 to 1978, and served on the Board of Directors of three public corporations. From 1978 to 1982, Mr. Rose founded and operated three private businesses. Mr. Rose received his B.A. degree from the University of Pennsylvania. He received his M.B.A. degree in finance from Columbia University in 1970.

Laurence G. Lyon is a specialist in estate planning and the design of insurance programs for corporate owners. Prior to joining Menke & Associates, Inc., he worked as a financial planner with the Northwestern Mutual Life Insurance Company (1981-83). During his years as a UCLA professor and Small Business Consultant (1974-81), he co-chaired the Advisory Board of KCET, the Los Angeles public broadcasting station. Mr. Lyon is a Fulbright Scholar, a Woodrow Wilson Fellow, Phi Beta Kappa, and a recipient of the U.S. Jaycees Outstanding Young Men of America Award (1980). Laurence G. Lyon received his B.A. degree summa cum laude from Rutgers University, his M.B.A. from UCLA and his Ph.D. from Harvard University.

Mr. Massengill has a strong background in investment banking. Prior to joining Menke & Associates, Inc. he spent 10 years on Wall Street specializing in mergers and acquisitions. Mr. Massengill worked directly with the owners of private companies, assisting them in the sale of their businesses. In addition, he has advised numerous public corporations, both in the United States and abroad, on a variety of acquisitions and divestitures. Mr. Massengill works from the firm's East Coast office. Mr. Massengill earned a B.S. in Business Administration from Miami University (Ohio) and an M.B.A. in Finance from New York University.

Bruce Armstrong has a strong background in financial consulting for middle market companies. Prior to joining Menke & Associates, Inc., Mr. Armstrong worked for six years with Crocker National Bank (San Francisco and Los Angeles) as a commercial lender and work-out loan specialist, product development manager, and loan profitability analyst. A significant amount of his lending experience involved ESOP transactions. Mr. Armstrong graduated from Stanford University with a B.A. in Economics in 1975. He received an M.B.A. in Finance and Accounting from the University of California, Los Angeles in 1979.

Before joining Menke & Associates, Inc. in 1985, Sherman O. Coultas was occupied for eight years arranging acquisitions and mergers for private corporations in association with the Commonwealth Group of San Francisco. Previously, he had successful careers in the military, government and business. Mr. Coultas was President of a regional ice cream manufacturer and retail chain; Chief of Staff to the Undersecretary, HEW, during the Ford Administration; House Counsel for an international cosmetic company- and General Manager of a computer software firm. He served with the USAF OSI in Europe and Washington, D.C. Mr. Coultas holds a B.S. degree (psychology and philosophy), a B.S. degree (French), and an LL.B. degree from San Jose State University, Georgetown University, and Lincoln University, respectively.

Prior to joining the Menke Group, Mr. Higgins was First Vice President of the Merchant Banking Group of Imperial Bank in New York City. At Imperial Bank, Mr. Higgins was responsible for originating and executing growth capital and leveraged buyout debt transactions ranging from $3 to $15 million in size. Prior to that, Mr. Higgins was a Senior Financial Analyst in the Mergers and Acquisitions Department of Merck & Co., Inc. and an Assistant Vice President at Bank of Boston. Mr. Higgins received his B.S. degree, cum laude, in Finance from Boston College, and his Master of Science degree from the M.I.T. Sloan School of Management.

Victor N. Alam is a business attorney with experience in the area of employee benefits. Mr. Alam is responsible for all legal aspects of plan design, drafting and submission to the Internal Revenue Service. In addition, his duties include advising ESOP clients of Menke & Associates, Inc. concerning ESOP financing and corporate transactions as well as legal aspects of plan administration, Mr. Alam joined Menke & Associates, Inc. after serving as corporate counsel to a Northern California defense contractor where he was responsible for the installment of that company's ESOP. Mr. Alam also worked as an intern with the United States Securities and Exchange Commission where he served in the Trial Unit of the Enforcement Division. Mr. Alam received his B.A. degree in Political Science from the University of California Los Angeles and his juris Doctor degree at Hastings College of the Law (University of California).

Donna C. Blair has over 15 years experience in Benefits Administration and the implementation of Employee Benefits Programs. Since joining Menke & Associates in 1981, Ms. Blair has specialized in the administration of leveraged Employee Stock Ownership Plans, with an emphasis on trust accounting and IRS reporting requirements. Ms. Blair received her B.A. in Pre-Legal Studies from Golden Gate University in San Francisco.

Chuck Bachman is a business attorney specializing in taxation and employee benefits law. In addition to being a licensed attorney, Mr. Bachman is a Certified Public Accountant. Prior to joining Menke & Associates, Inc., Mr. Bachman worked as a tax consultant for Arthur Andersen & Company and Coopers & Lybrand, as well as a local Bay Area law firm. Mr. Bachman received a B.A. degree in History and a Teaching Credential from UCLA where he graduated magna cum laude. He received his Juris Doctor from Santa Clara University School of Law and was Associate Editor for the Santa Clara Law Review.