WILLIAM H. SIPES, JR.

BUSINESS AND PROFESSIONAL PRACTICE APPRAISERS — A DIVISION OF SIPES AND SEATON, INC., CPAs

CURRICULUM VITAE OF WILLIAM H. SIPES, JR.

CPA/ABV/CFF, ASA, CBA, BVAL, ABAR

Certified Public Accountant
Accredited in Business Valuation, American Institute of Certified Public Accountants
Certified in financial Forensics, American Institute of Certified Public Accountants
Accredited Senior Appraiser, American Society of Appraisers
Certified Business Appraiser, Institute of Business Appraisers
Business Valuator Accredited for Litigation, Institute of Business Appraisers
Accredited in Business Appraisal Review, Institute of Business Appraiser

EXPERIENCE AND QUALIFICATIONS

1978 to Present: CEO, Sipes and Seaton, Inc.

Mr. Sipes is a business appraiser, expert witness, and consultant for business owners and managers, attorneys, and insurance companies. He provides services in three principal disciplines:

• Business Valuation
• Economic Litigation Support such as the calculation of damages
• Economic, Business and Tax Analysis

Mr. Sipes is a widely recognized expert, author and editor who practices in the areas of family and closely-held business, limited partnerships and professional practices. He has appraised controlling and minority interests in many types of businesses including medical and optometry practices, retail, wholesale, distribution, manufacturing, and technology. In addition to being an accredited Business Appraiser, Mr. Sipes offers his clients an in-depth understanding of the financial and tax aspects of a transaction.

Assignments in Litigation Support include the development of economic loss, lost business revenues, lost profits, lost wages, untimely death, employment discrimination and other damages in many civil matters. Mr. Sipes provides expert trial testimony on numerous matters and has been qualified as an expert witness in the courts. In addition, Mr. Sipes prepares economic damage reports for settlement discussions.

Mr. Sipes holds the credential of Accredited in Business Valuation (ABV), a professional designation awarded by the American Institute of Certified Public Accountants. Only about 2,500 of these designations have been awarded by the AICPA, which requires the successful completion of an eight-hour proctored examination as well as extensive experience in valuation. Mr. Sipes has conducted seminars for attorneys and accountants in Tennessee, Mississippi and Florida and telephonically to such far flung places as New Zealand and South Africa.

The Certified Business Appraiser (CBA) credential, which Mr. Sipes holds, is awarded by the Institute of Business Appraisers. Requirements include a four year college degree ninety hours of which must be upper level work or 10,000 hours active experience as a business appraiser. In addition to this the applicant must complete a 16 hour course in report writing and a 6 hour proctored written exam. The applicant must submit 2 demonstration reports to be evaluated by the Qualification Review Committee.

Mr. Sipes also holds the credential of Accredited Senior Appraiser (ASA), from the American Society of Appraisers. Only about 20 people in Tennessee hold this certificate for business valuation. This credential required four separate 2 ½ day courses each followed by successfully passing a 4 hour proctored exam, in addition to providing proof of 5 years of full time equivalent experience with business valuation.

Mr. Sipes is a Business Valuator Accredited for Litigation (BVAL) a professional designation conferred by the Institute of Business Appraisers. To obtain this credential, an individual must be invited to participate by the IBA. The course work includes seven 10-hour days of course work involving the presentation of direct examination as well as providing cross examination testimony. The designation also includes a 4-hour proctored examination, the submission of a commercial damages report and strong references from two attorneys who have recently worked with the candidate. There are only approximately 50 individuals who currently hold the BVAL certification, and only about 20 who hold both the BVAL credential and the CPA license.

Mr. Sipes is also the holder of the ABAR (Accredited in Business Appraisal review) certificate. The purpose of the credential is to certify Mr. Sipes as competent to review the reports of other appraisals and to give an opinion on the reliability of the report, the determination of whether the reviewed report follows generally accepted standards of an appraisal and whether the opinion of value is valid.