Stern Stewart & Co.

Joel M. Stern, Chairman and Chief Executive Officer, of Stern Stewart & Co. has been Managing Partner of Stern Stewart since the founding of the firm in 1982. Prior to that he served as President of Chase Financial Policy, the financial advisory arm of the Chase Manhattan Bank, which he joined after completing his graduate studies in finance and economics at The University of Chicago. Mr. Stern is a recognized authority on financial economics, corporate performance measurement, corporate valuation, and incentive compensation. He has been a pioneer and leading advocate of the concept of shareholder value. He maintains close ties to the academic community and has served on the faculties of graduate business schools both in the United States and abroad. He is on the Executive Advisory Committee of the William E. Simon Graduate School of Business at the University of Rochester and is a member of The University of Chicago's Council on the Graduate School of Business, and is on the Business Board of Advisors at Carnegie Mellon University's Graduate School of Industrial Education. He is also an adjunct professor at six Graduate Schools of Business: Columbia University in New York, Carnegie Mellon University in Pittsburgh, The University of Chicago, Old Dominion University in Norfolk, Virginia, and The Interdisciplinary Center, Herzliya Israel. Also, he is a visiting professor at the University of Cape Town in South Africa. He was an adjunct professor at the University of Rochester Simon School, The McColl School at Queens University in Charlotte, North Carolina, Indian School of Business in Hyderabad, India, The College of Management in Rishon Lezion, Israel, University of Michigan Business School in Ann Arbor (2 years), the London Business School in London, England (2 years), the University of the Witwatersrand in Johannesburg, South Africa (12 years), and the Australian Graduate School of Management (2 years). Mr. Stern also is a member of the Mont Pelerin Society and formerly on the Board of Trustees of the Reason Foundation. Mr. Stern has been a member of the three-person Annual Business Forecast luncheon at The University of Chicago Graduate School of Business for 26 years, from 1980-2006. He has been widely published and has appeared on national business news programs, including CNN's "Moneyline" and "Wall Street Week with Louis Rukeyser," where he was a rotating panelist for 17 years. He was a financial policy columnist for The Financial Times of London for four years and The Sunday Times of London (2 years), and has written for The Wall Street Journal editorial page, The New York Times Sunday Forum, Fortune, Directors and Boards, Financial Executive, and Corporate Finance. He also is executive editor of Stern Stewart's quarterly publication, The Journal of Applied Corporate Finance and is a member of the Editorial Board of the academic publication, the Journal of Financial Management and Analysis. The author of two books on financial economics (Analytical Methods in Financial Planning and Measuring Corporate Performance), Mr. Stern is the co-author of six others including "The EVA Challenge" published in 2001 by John Wiley & Sons, Inc. His co-authors are John Shiely, Chairman, President & CEO of Briggs & Stratton and Irwin Ross. In addition to being a keynote speaker at Stern Stewart's management education forums, Mr. Stern speaks frequently to executive audiences at conferences and seminars, including the Financial Executives Institute and the Planning Forum. Most recently he completed a book of memoirs published by John Wiley & Son called, Against the Grain which describes his journey from his early days in the academy through his business career at the Chase Manhattan Bank and the creation of Stern Stewart and, especially, the development of the ideas for which he is most well-known, Free Cash Flow and Economic Value Added.

Justin Bown has been Managing Director of Stern Stewart's Australian and New Zealand practice since 2002 and an employee of the firm since 1997. During his time with Stern Stewart, Justin has been responsible for advising at the Board level at more than a quarter of the companies in the ASX Top 30. He has extensive experience in the fields of valuation and value-based management, has lectured at Australia's leading business schools and is a frequent commentator in the region's financial journals. He holds a Bachelor of Economics from Monash University and is a Chartered Accountant. Mark Cadle, Managing Director South East Asia. Mark is a Senior Vice President with Stern Stewart and the head of the Stern Stewart's operations in South East Asia. Prior to moving to the region Mark was the Managing Director of Stern Stewart's Corporate Financial Advisory Practice in South Africa. Mark joined Stern Stewart in 1996 and has worked with numerous clients throughout world to build shareholder value through the adoption of EVA management techniques, investment analysis, and performance measurement programs.During his career with Stern Stewart, Mark has led projects in wide range of industries for clients in Government, Private and Publics sectors - including the telecommunications and infrastructure. In addition, he is a regular speaker at conferences and business schools on the EVA framework, Capital Budgeting Techniques, Scenario planning, Risk Management, Investor Relations and Corporate Governance. He is the author of articles published in business magazines and the financial press covering EVA financial management, corporate finance, valuation methodologies and incentive compensation.Mark holds a MBA from the University of Cape Town's Graduate School of Business as well as a BSc (Hon.) in Mathematical Statistics and Operational Research from the University of Exeter (UK). Prior to joining Stern Stewart Mark worked in London for Edwin Douglas as a Futures trader before moving to South Africa in 1990 where he commenced a career in Management Consulting.

Rich Alfano, Managing Director, North America, joined Stern Stewart in 1997. Rich leads Stern Stewart's consulting operations in North America including EVA implementations and corporate finance advisory engagements. Prior to joining Stern Stewart, Rich spent more than nine years in the electric utility industry, and before that he did a 6 year tour of duty in the U.S. navy's nuclear power program. Rich graduated from New York University's Leonard N. Stern School of Business with an MBA in Finance and Information Systems (Beta Gamma Sigma) in May 1996. Erik Stern, President Stern Stewart International, Europe, Africa, Middle East, Asia, has designed and implemented EVA programmes for companies throughout the US and Europe. Erik co-authored the EVAluation report on cascading EVA to shop-floor employees, The Capitalist Manifesto, and has written for many publications, including the Financial Times, Sunday Times, Sunday Business and Global Investor in the UK, Borsen and Berlingske Tidende in Denmark, The Marker in Israel, and El Mundo in Spain. A global value ranking based on his pioneering metric, the Wealth Added IndexTM, was highlighted in The Economist (December 1, 2001). Erik has appeared on TV, including Sky Business News and Bloomberg. His book, The Value Mindset, was published in March 2004. He has an MBA from the University of Chicago and a BA Hons from Brown University.

Mr. Sanjay Kulkarni is the Managing Director and one of the founding members of the Stern Stewart India operations. He has extensive advisory experience in shareholder value management, valuations, performance-measurement and compensation issues. He has lead several large consulting assignments in diverse industries like IT services, Cement, FMCG, Chemicals, Metals, Pulp & paper, Real estate, Agro-products, Apparels etc. He has led research assignments on shareholder value management, capital planning, valuation of intangibles, corporate finance and authored/co-authored publications in leading business magazines and international journals. He has developed several refined offerings & implementation approaches in value-based management that have resulted in significant growth of Stern Stewart India operations. Prior to joining Stern Stewart, he has experience in the chemicals and pharmaceutical sector. It includes development of novel process, pilot plant testing and commercial production ramp up. He has worked as a Research Scientist and has published his work in various international journals.