Carl S. Saba, MBA, CVA

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1 Executive Summary Carl Saba is a Parter i the Foresic ad Fiacial Cosultig Service Group at Hemmig Morse, LLP. He is a recogized leader withi the busiess valuatio commuity, with over eightee years of experiece advisig compaies o complex valuatio issues for litigatio, mergers ad acquisitios, tax, ad fiacial reportig matters. His valuatio expertise spas busiess valuatio, valuatio of itellectual property ad other itagible assets, ad valuatio of optios ad other derivatives. Carl has led i excess of 500 valuatio egagemets over the last te years across a broad rage of idustries with iche expertise i the areas of Techology, Life Scieces, ad Medical Device. He has assisted cliets as a valuatio expert i high exposure situatios i iitial public offerigs, acquisitios, corporate restructure trasactios, ad bakruptcy reorgaizatios with trasactio values exceedig $1 billio. He has also assisted cliets with resolvig valuatio disputes with the Iteral Reveue Service (IRS), ad addressig valuatio iquiries ad reviews by the Public Compaies Oversight Board (PCAOB), ad Securities ad Exchage Commissio (SEC). O litigatio matters, Carl has served as a expert ad testified o a wide rage of complex busiess disputes ivolvig ecoomic damages. These have icluded shareholder dissolutio actios, busiess iterruptio, ufair competitio, patet ifrigemet, alter ego, lost wages, ad fraud claims. I most cases, he has bee successful i cotributig to a favorable award for cliets ad out of court settlemet of the dispute. Carl also has sigificat fiacial advisory experiece i mergers ad acquisitios due diligece ad turaroud maagemet. He has lead due diligece efforts that have assisted his cliets i egotiatig key deal terms, egotiated with creditors to recapitalize compaies, ad helped maagemet teams defie strategic directio. Cotributig to thought leadership withi the valuatio commuity is somethig Carl is passioate about. He cofouded ad curretly Chairs the Executive Committee of the Fair Value Forum, a busiess valuatio expert group dedicated to defiig best practices withi the professio. He also served a term as Presidet of the Valuatio Roudtable of Sa Fracisco, ad cotiues several years as a board member. Carl has authored several articles o cuttig edge valuatio topics, ad teaches ad lectures o the topic frequetly. Carl has a MBA from the Marshall School of Busiess at the Uiversity of Souther Califoria where he graduated with Hoors. He eared his Bachelor s degree at U.C. Berkeley s Haas School of Busiess. He is a Certified Valuatio Aalyst with the Natioal Associatio of Certified Valuators ad Aalysts. page 1 of 6 Sa Mateo Office Sa Mateo, CA 94402

reportig matters. His valuatio expertise spas busiess valuatio, valuatio of itellectual property ad other itagible assets, ad valuatio of optios ad other derivatives.

2 Employmet & Educatio 2013 Preset Hemmig Morse, LLP Certified Public Accoutats, Foresic Ad Fiacial Cosultats Parter Burr Pilger Mayer, Ic. Certified Public Accoutats ad Cosultats Shareholder, Cosultig Practice Group Leader Comerica Bak, Palo Alto Vice Presidet / Team Leader 2003 Uiversity of Souther Califoria MBA, Fiace Emphasis Graduated i top tier of class with hoors Extesive graduate level coursework i fiace theory, valuatio, optios ad decisio aalysis, statistics, ad busiess strategy 2002 Decisio Educatio Foudatio, Melo Park Strategy Cosultat, Strategic Decisios Group (Summer Itership) Comerica Bak, Palo Alto Vice Presidet / Corporate Bakig Officer Maufacturers Bak, Sa Jose Assistat Vice Presidet / Corporate Bakig Officer 1995 Uiversity of Califoria, Berkeley Bachelors degree i Busiess Admiistratio ad Fiace page 2 of 6 Sa Mateo Office Sa Mateo, CA 94402

Emphasis Graduated i top tier of class with hoors Extesive graduate level coursework i fiace theory, valuatio, optios ad decisio aalysis, statistics, ad busiess strategy 2002 Decisio Educatio

3 Professioal Credetials Certified Valuatio Aalyst (CVA), Natioal Associatio of Certified Valuators ad Aalysts Graduate of Emergig Leaders Academy Class of Graduate of Leadership Sa Fracisco Class of 2008 Professioal Affiliatios Fair Value Forum Natioal Associatio of Certified Valuatio Aalysts Co-Fouder Chair, Executive Committee, 2012-Preset Executive Committee, 2006-Preset Valuatio Roudtable of Sa Fracisco America Society of Appraisers America Istitute of Certified Public Accoutats Beta Gamma Sigma Natioal Busiess Hoor Society Presidet, Board Member, 2009-Preset Publicatios Co-author of the valuatio sectio of The 409A Admiistratio Hadbook, Thomso Reuters, 2013 Editio Stock Optios for Life Sciece Compaies, Uderstadig the Risks, Realizig the Rewards, CFO.com, 2009 Due Dilligece Ca Attract, Support a Acquisitio, North Bay Busiess Joural, April 2013 Future Equity Fiacig i Early Stage Compay Valuatios, Fair Value Forum Whitepaper, 2009 page 3 of 6 Sa Mateo Office Sa Mateo, CA Purchase Price Allocatios Uder ASC 805, A Guide to Allocatig Purchase Price for Busiess Combiatios, BPM Isights, July 2012 A Fresh Start for Your Fiacials After Chapter 11, Fair Value Measuremets i Reorgaizatio, BPM Isights, March 2012 Valuatio Challeges for Early Stage Compaies, BV Wire Issue 97-4, October 2010 Fidig Value i Valuatios The Importace of Valuatios for Biotech Compaies, Smart Busiess, Accoutig Practices for Medical Techology, MX Magazie, July/August Hot Issues i Biotech ad Life Scieces, Califoria CPA, March/April 2006.

Fracisco Class of 2008 Professioal Affiliatios Fair Value Forum Natioal Associatio of Certified Valuatio Aalysts Co-Fouder Chair, Executive Committee, 2012-Preset Executive Committee, 2006-Preset

4 Istructio ad Semiars page 4 of 6 Sa Mateo Office Sa Mateo, CA Developmets i the Valuatio of Early Stage Compaies, AICPA Foresic ad Valuatio Services Coferece, November 2015 Stock Trasactios as a Idicatio of Fair Value i Commo Stock Valuatios, America Society of Appraisers 2014 Fair Value Summit, November 2014 Valuatio of Wiery Brad ad Operatios, Buildig Value i the Wie Busiess, The Semiar Group, November 2014 Valuatio i Dissetig Shareholder Actios, Estate ad Gift Tax Matters, ad Trasactios, McCormick Barstow LLP, September 2014 Damages ad Valuatio for New or Uestablished Busiesses, Wisto & Straw, May 2014 The Cotiued Appraisal Attack, 2013 Califoria Tax Policy Coferece of the Califoria Tax Bar, November 2013 Equity Compesatio Valuatio Issues - Addressig Situatioal Requiremets Whe the Guidace is Isufficiet, America Society of Appraisers 2013 Fair Value Summit, November 2013 Mergers & Acquisitios: Better Decisio Makig Through Fiacial Modelig, AICPA Cotrollers Coferece, November 2013 Auditig Fair Value Measuremets uder IRC 409, ASC 718, ad ASC 805, OUM & Co. LLP, September 2013 Valuatio Issues i Chapter 11 Reorgaizatios, Is of the Court, Sa Jose Federal Courthouse, July 2013 Paelist o Valuatio Issues i Bakruptcy ad Fiacial Reportig, Associatio of Isolvecy ad Restructurig Advisors Natioal Coferece, Jue 2011 Alterative Ivestmets, Fair Value Issues, Sa Fracisco Noprofit Roudtable, 2009 The Guidelie Public Compay Valuatio Method ad Miority versus Cotrol Value Coclusio, Valuatio Roudtable of Sa Fracisco, 2009 Modelig Techiques for Future Rouds of Equity Fiacig i Early Stage Techology ad Biotech Compaies, Fair Value Forum, 2009 Acquired Itagible Assets ad Impairmet Testig Uder FAS 141, 142, 144, Sa Fracisco State Uiversity, 2008 FAS 157 ad Mark-to-Market or Mark-to-Make Believe Accoutig?, Golde Gate Uiversity, 2008 Aalyzig Fiacial Statemets, ad Iterpretig Fiacial Ratios, Buildig Owers ad Maagers Associatio (BOMA), Valuatios of Early Stage Compaies, Frost, ad Sulliva Medical Devices Coferece, 2007 Complex Capital Structures DCF with Future Capital Requiremets ad the Impact of Existig Shareholders, Valuatio Roudtable of Sa Fracisco Aual Semiar, 2007 Audits of Ivestmets i Private Equity Securities, Are you Ready?, Sa Fracisco Noprofit Roudtable, 2007 Valuatio ad Accoutig uder FAS 123R, Cal Society East Bay Busiess & Idustry Group, 2006 Paelist o Implemetatio ad Valuatio Cosideratios Uder FAS 123R, Cal Society Life Scieces Idustry Group, 2006

as a Idicatio of Fair Value i Commo Stock Valuatios, America Society of Appraisers 2014 Fair Value Summit, November 2014 Valuatio of Wiery Brad ad Operatios, Buildig Value i the Wie Busiess, The

5 Testimoy Trial ad Arbitratio Gerald Laurece Trebesch v. Fall Lie Capital LLC America Arbitratio Associatio (AAA) Arbitratio No Sa Fracisco Couty, Califoria Elle Pao v. Kleier Perkis Caufield & Byers Case Number CGC Sa Fracisco Couty, Califoria Roxae E. Doherty v. Michael Doherty Case Number 11CV37584 Calaveras Couty, Califoria Lehma Brothers Holdigs Ic., as Assigee of Lehma Brothers Ic. v. Christopher J. Clifford (2014) Fiacial Idustry Regulatory Authority (FINRA) Arbitratio No Sa Fracisco Couty, Califoria Eva MacMilla v. Groupo, Ic. (2014) America Arbitratio Associatio Case Number Sa Fracisco Couty, Califoria Scomas Restaurat, Ic. (2009) Sa Fracisco Couty, Califoria page 5 of 6 Sa Mateo Office Sa Mateo, CA Depositio Dello Che v. Stadard Fiber LLC Case Number CIV Sa Mateo Couty, Califoria Lloyds TSB Bak, PLC v. Michael J. Kilroy Case Number INC Riverside Couty, Califoria Elle Pao v. Kleier Perkis Caufield & Byers Case Number CGC Sa Fracisco Couty, Califoria Biotechology Value Fud, L.P. v. Celera Corporatio, Credit Suisse Securities LLC (2014) Uited States District Court Case Number CV DMR Norther District of Califoria Sa Fracisco Divisio Saul R. Flores v. Group Oe Costructio Ic. (2014) Case Number 112CV Sata Clara Couty, Califoria Joh K. Palladio v. Joh Palladio Jr. (2014) Case Number CIV Sa Mateo Couty, Califoria

, as Assigee of Lehma Brothers Ic. v. Christopher J. Clifford (2014) Fiacial Idustry Regulatory Authority (FINRA) Arbitratio No. 10-04109 Sa Fracisco Couty, Califoria Eva MacMilla v. Groupo, Ic.

6 Testimoy cotiued Depositio cotiued Roxae E. Doherty v. Michael Doherty (2014) Case Number 11CV37584 Calaveras Couty, Califoria Eva MacMilla v. Groupo, Ic. (2013) America Arbitratio Associatio Case Number Sa Fracisco Couty, Califoria Margery Raffati v. Estate of Robert Raffati (2010) Sata Clara Couty, Califoria Scomas Restaurat, Ic. (2009) Sa Fracisco Couty, Califoria page 6 of 6 Sa Mateo Office Sa Mateo, CA 94402

(2013) America Arbitratio Associatio Case Number 74 460 00054 13 Sa Fracisco Couty, Califoria Margery Raffati v.

Founder and Managing Director of Arcstone, Mr. Brustkern oversees business valuation, private equity research, and advisory services.

Founder and Managing Director of Arcstone, Mr. Brustkern oversees business valuation, private equity research, and advisory services. Fouder ad Maagig Director of Arcstoe, Mr. Brustker oversees busiess valuatio, private equity research, ad advisory services. He has performed coutless valuatios of private compaies for ivestmet (buy-side