AXIOM VALUATION - Key Persons

Job Titles:

• Chairman
• Chief
• Co - Founder
• Certified Patent Valuation Analyst Faculty Member

Stan is the chief valuation officer for the company, and has overall responsibility for the company's signed valuation reports and for the company's valuation analysis systems. He directly manages the company's valuations for financial reporting and fair value projects. He is an expert in the valuation of complex financial securities, including thinly traded equity and fixed income instruments, and public and privately held businesses. Stan is the chief valuation officer for the company, and has overall responsibility for the company's signed valuation reports and for the company's valuation analysis systems. He directly manages the company's valuations for financial reporting and fair value projects. Stan has consulting and academic experience in the valuation of privately held and publicly traded firms, along with extensive real world experience. He is an expert in the valuation of complex financial securities, including thinly traded equity and fixed income instruments, and public and privately held businesses. He helped to draft FAS 157, the fair value standard, as a member of the Financial Accounting Standards Board's (FASB) Valuation Resources Group, an external advisory committee on valuation issues. Stan's experience and academic credentials in the valuation of businesses and securities meet the standards for expert testimony. He is a Daubert-qualified expert and has provided expert testimony on numerous and complicated valuation issues while at Axiom Valuation, and previously as President of SJF Associates, LLC. Stan has extensive background in valuing complex capital structures of early and late stage VC and private equity financed firms, and has conducted numerous assignments to meet the requirements of FAS 123R and IRS 409A. He has led valuation teams working with Axiom clients going through the IPO process and has successfully interacted with the SEC and Big Four audit firms on valuation issues related to client S-1 filings. Stan is a Certified Patent Valuation Analyst Faculty member and leading expert in valuation issues, including Purchase Price Accounting (FAS 141R/ASC 805) and Goodwill Impairment (FAS 142/ASC 350 )particularly, as they impact the valuation of intangible assets. Stan is the author of a professional book, Principles of Private Firm Valuation, published by John Wiley Publishers in 2005. He is also the principal author of What Every Business Owner Should Know about Valuing Their Business published by McGraw-Hill Professional Books in November 2002. He contributed the chapter "The Valuation of Private Firms," for Fabozzi's Handbook of Finance (2008)and is currently contributing to a chapter in Fabozzi's updated Handbook of Finance. For over 20 years, Stan was an Associate Professor of Finance at Bentley University, a well-respected, business-centered university in the Boston area. He taught courses in corporate finance, business and financial policy, and investments at both the graduate and undergraduate levels. From 1980 to 1989, Stan built and managed the industry forecasting services at DRI/Standard & Poor's, the leading U.S. economic analysis and industry forecasting firm. He led the development of several, path-breaking expert system applications that enabled non-expert users to perform complex industry financial analyses. While at DRI, Dr. Feldman rose to Senior Vice President of Industry Services and he served on DRI's Executive Committee. He was for many years a member of the Board of Directors of the New England Economics Project, a regional forecasting consortium. Prior to joining Data Resources, Professor Feldman was a senior economist with Prudential Insurance Company. In this capacity, he analyzed financial markets, forecasted interest rates and helped develop asset allocation strategies for those retirement assets that were actively managed by Prudential. Before joining Prudential, Professor Feldman was an economist with the Federal Reserve Bank of New York. Stan received a B.A. in Economics from the City University of New York, Hunter College, a M.A. in Economics from the New School for Social Research, and a Ph.D. in Economics from New York University. Stan is the chief valuation officer for the company, and has overall responsibility for the company's signed valuation reports and for the company's valuation analysis systems. He directly manages the company's valuations for financial reporting and fair value projects. Stan has consulting and academic experience in the valuation of privately held and publicly traded firms, along with extensive real world experience. He is an expert in the valuation of complex financial securities, including thinly traded equity and fixed income instruments, and public and privately held businesses. He helped to draft FAS 157 (now Topic 820), the fair value standard, as a member of the Financial Accounting Standards Board's (FASB) Valuation Resources Group, an external advisory committee on valuation issues. Stan received a B.A. in Economics from the City University of New York, Hunter College, a M.A. in Economics from the New School for Social Research, and a Ph.D. in Economics from New York University. More About Stan sfeldman@axiomvaluation.com

Job Titles:

• Certified Public Accountant
• Managing Director

John M. Byrne is a Managing Director at Axiom Valuation Solutions, Arizona. A Certified Public Accountant with over 30 years experience, he has practiced with local and regional CPA firms where he provided business valuation services required for M&A transactions, financial reporting, income tax compliance, litigation, bankruptcy, and shareholder disputes. John has also participated in numerous due diligence and transaction advisory services providing expertise in strategic value and quality of earnings. John M. Byrne is a Certified Public Accountant with over 30 years experience. He has practiced with local and regional CPA firms where he provided business valuation services required for M&A transactions, financial reporting, income tax compliance, litigation, bankruptcy, and shareholder disputes. John has also participated in numerous due diligence and transaction advisory services providing expertise in strategic value and quality of earnings. Prior to joining Axiom, John was with a national healthcare company serving as the subject matter expert on fair value related to business combinations and related intangible asset valuations. John's experience includes assignments involving intangible asset valuation and purchase price allocation, goodwill impairment analysis, convertible debt and other complex financial instruments. In addition to his valuation background, John has planned, supervised, and performed audits for both SEC and privately owned companies operating in various industries including software and technology, manufacturing and distribution, construction, lodging and hospitality, multi-family housing, and professional service firms. John's unique blend of accounting and financial reporting, combined with his understanding of valuation theory and application, provides an integrated approach to delivering value to clients. John received a bachelor's degree from Ohio University, and a master's degree in accounting and Financial Information Systems from Cleveland State University. John has served as a seminar leader for various state and local bar associations' continuing legal education programs, lecturing on various business appraisal topics and exit planning strategies. He is a member of the American Institute of Certified Public Accountants, the Arizona Society of Certified Public Accountants, and the American Society of Appraisers. John received the Accredited in Business Valuation designation (ABV) awarded by the AICPA in 1998. In his spare time, he enjoys outdoor activities including biking and tennis. More About John jbyrne@axiomvaluation.com

Job Titles:

• Co - Founder
• Managing Director
• President

Vusani is the company's valuation and financial modelling expert in South Africa. He specialises in the valuation of small to large private companies operating in various industries. His previous advisory experience includes strategy development, corporate finance, mergers & acquisitions, valuations, financial modelling, due diligence reviews as well as financial and treasury management. Roger is a business valuation expert with over 15 years of experience working with small and mid-size companies across all industries. Roger helps clients understand not only how much a business is worth, but also why and how they can improve the value. He is the company's principal analyst in most certified business valuations and for the Value Estimate Service. Roger has directed over 2,500 valuation assignments over the last several years, covering a wide array of industries and geographical markets. Roger has overall responsibility for Axiom Valuation operations. He is the company's principal valuation analyst for the Value Estimate Service, and is the principal analyst in most certified business valuations. He is a Certified Machinery and Equipment Appraiser through the National Equipment and Business Builders Institute, www.nebbi.org, and is a member of the Society of Business Analysts. He also manages the company's finances, marketing, human resources, and technology infrastructure. Roger has directed over 750 valuation assignments over the last several years, covering a wide array of industries and geographical markets. The companies valued have ranged from firms with under $1 million in sales, to firms with over $1 billion in sales. Roger has over twenty-five years of management experience in small and mid-sized company settings. From 1985 to 1994, he served as Group Vice President for U.S. Sales, Marketing, and Consulting of DRI/Standard & Poor's, the leading U.S. economic analysis and industry forecasting firm. He also served on DRI's Executive Committee during this time. From 1994 to 1998, he was Chief Operating Officer and Executive Vice President for Chadwick Martin Bailey, a Boston-based custom market research firm. While at Chadwick Martin Bailey and later at Abt Associates, Roger developed a thorough knowledge of the preferences, needs, and attitudes of private business owners from his management of several market research studies on this segment for financial services clients. Roger received a B.A. in Economics, summa cum laude, from Claremont McKenna College. He successfully completed the first year of Harvard Law School, before deciding to focus on economic and financial analysis. He attended the McGraw-Hill Management School program taught by Harvard Business School professors. He also attended Global Marketing Executive Education program of the Kellogg School (Northwestern University).

Job Titles:

• Chartered Certified Accountant
• Fellow
• Managing Director, South Africa

Vusani is a Chartered Certified Accountant, a Chartered Management Accountant and an ICAEW-Chartered Accountant. He holds an ACCA Public Practicing Certificate and has over 18 years of experience in financial management and financial reporting. Vusani is a fellow member of both the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants. He is a also a member of the Institute of Chartered Accountants in England and Wales. In addition, he also holds a Doctor of Philosophy (PhD) degree in Financial Management Sciences from the University of Pretoria, a Master of Business Administration (MBA) in Finance degree from the University of Manchester as well as a Master of Science (MSc) in Finance degree from the University of Leicester. More About Vusani vusani.moyo@axiomvaluation.co.za