Prior to becoming a valuation analyst, John R. Leyon was manager of financial planning and analysis for AT&T Communications. Mr. Leyon received a B.S. in Industrial Engineering from Lehigh University and his M.B.A. from the Harvard Graduate School of Business Administration. Mr. Leyon has also been a guest lecturer at the Boston College Graduate School of Business.

Robert M. Ireland was previously a Vice President and General Partner of Kelso & Company, Inc. Prior to his association with Kelso & Company, Mr. Ireland was a consultant to Transamerica Corporation and Memorex Corporation. From 1970 to 1974, Mr. Ireland was a Security Analyst at BA Investment Management Corporation, a subsidiary of Bank of America NT&SA. Mr. Ireland graduated from Stanford University with an A.B. in Economics in 1965. He received his M.B.A. in Finance from the University of California at Los Angeles in 1967. Mr. Ireland is a senior member of the American Society of Appraisers.

Donald J. Tubb has varied and extensive experience in general and financial management as well as in corporate finance and business valuation. Mr. Tubb is a retired Air Force officer with 22 years service as a pilot and operations/logistics manager. He was a Vice President in the Wells Fargo Bank Corporate Finance Department from 1977 through 1981 where he performed stock valuations and assisted in corporate planning, mergers/acquisitions and private placements for bank customers. He has also served as CFO of a manufacturing company. Mr. Tubb is a senior member of the American Society of Appraisers. Mr. Tubb received an M. B. A degree in Finance in 1973 from the University of California at Berkeley and a B.A. in 1955 from Oklahoma State University.

Everett A. Mathews graduated from the University of California, Berkeley, with a B.S. degree in Finance. Prior to 1971 he was employed as a commercial loan officer by Security Pacific National Bank in their San Francisco Main Office with responsibility for lending to businesses. Since 1971 he has specialized in financial analysis and the valuation of closely-held businesses.

Scott D. Miller has an extensive background in financial management and analysis that includes his experience with Arthur Andersen & Company, and as a principal and officer in several closely held companies. As the Vice President of Finance in a large, closely held ESOP company he gained in-depth knowledge on all aspects of ESOPs. He founded the Wisconsin Chapter of the ESOP Association. Mr Miller has completed valuation studies for a broad range of assignments including mergers and acquisitions, gift taxes, estate taxes, and ESOPs. Mr. Miller received his M.B.A. degree in Finance from Cornell University, his B.A. degree from Kenyon College, and he is a Certified Public Accountant (CPA) in Wisconsin. His professional affiliations include membership in the American Institute of Certified Accountants (AICPA), the Wisconsin Institute of Certified Public Accountants (WICPA) and the National Association of Certified Valuation Analysts (NACVA).

Eric Bramstedt has nearly 25 years experience in the field of financial analysis, equity evaluations, securities analysis and investment banking. He has prepared well over 100 business valuations on closely held companies for merger and acquisition, gift and estate taxes, Employee Stock Ownership Plans (ESOPs), incentive stock option plans and others. These valuations covered a broad industry scope of closely held and public companies including several Fortune 1000 listings. Mr. Bramstedt possesses in-depth knowledge of ESOP functions and valuations through seven years of extensive experience with two leading ESOP design and valuation firms--Kelso & Co. and Houlihan, Lokey, Howard & Zukin. Mr. Bramstedt holds a bachelors degree in Economics from Stanford University and is a Chartered Financial Analyst (CFA). His professional affiliations include membership in the Security Analysts of San Francisco, the Financial Analysts Federation, and the Valuation Roundtable of San Francisco.

John L. (Jack) Scripps graduated from Stanford University with an A.B. degree in Economics in 1966, and received his M.B.A. degree in Finance from Stanford in 1968. Mr. Scripps previously served as the chief financial officer for three privately held corporations and as a systems analyst for the U.S. Department of Defense.

David L. Klemm has had extensive financial management and corporate finance experience with large and small companies. He has served as Vice President-Finance and Administration of Reserve Oil & Minerals Corp., an $80 million OTC company, as well as Vice President/Finance of Array Technology, Inc. and Integrated CMOS Systems, Inc., Silicon Valley startup companies. Earlier in his career he held corporate finance positions with LTV, Inc. of Dallas, Utah International, Inc. of San Francisco and Triad Systems of Sunnyvale, California. Along with handling the various corporate finance tasks at these companies, he was involved in merger, acquisition and divestiture activities, including the valuation of acquisition candidates. Over the past three years, Mr. Klemm has completed business valuation assignments for over 100 companies for ESOP purposes. Mr. Klemm received M.B.A and J. D. degrees from the University of California at Berkeley in 1967.

M. O. "Tony" Weinress has been active in the financing and merger and acquisition of middle market companies for over ten years. He has been an officer of a major New York Stock Exchange member firm, operated an investment subsidiary for a predecessor of Union Bank, and helped found and operate a Small Business Investment Company in Southern California. Mr. Weinress received his B.A. degree from Princeton University and an M. B. A in Finance from Columbia University.