BEN J. SOPRANZETTI, Ph.D.

BEN J. SOPRANZETTI, Ph.D. Department of Finance and Economics Rutgers, The State University of New Jersey Rutgers Business School 94 Rockafeller Rd. Piscataway, NJ 08854-8054 732-445-4188 sopranze@rci.rutgers.edu SUMMARY OF QUALIFICATIONS Professor Ben J. Sopranzetti is an internationally renowned expert in the area of Business Valuation, Financial Strategy, and Investment Banking. His most recent research interests lie primarily in the areas of Investment Banking, Emerging Financial Markets (especially China), and Supply-Chain Finance. He has also written several papers in the area of Commercial Banking and Real Estate. Professor Sopranzetti has deep ties to industry and places over thirty students a year on Wall Street. He serves on several corporate boards and is a highly-regarded consultant to several bulge-bracket Wall Street investment banks. He has published in the Journal of Business, Journal of Finance, and the Journal of Financial and Quantitative Analysis among others. Professor Sopranzetti is widely recognized as a master teacher, and is the recipient of a dozen awards for excellence in teaching. He was recently honored by Business Week as one of twenty-one Favorite Professors for 2007-2008. Professor Sopranzetti is the founding partner of Innovative Financial Solutions, a boutique, valuation and investment banking advisory practice located in Beijing, China. Most recently, Professor Sopranzetti was a founding managing director of the Rutgers Business, Engineering, Science and Technology Institute (BEST), a university-wide multi-disciplinary organization that does due diligence around and builds start-up business with early stage technologies. EXPERIENCE Associate Professor of Finance, Rutgers University, New Brunswick, NJ, 2003-present Assistant Professor of Finance, Rutgers University, New Brunswick, NJ, 1997-2003 Assistant Professor of Finance, Seattle University, Seattle, WA, 1995-1997 Head Teaching Assistant, University of Illinois, 1993 HONORS * Business Week Favorite Professor, 2007-2008 * Rutgers University Faculty of Management Thomas H. Mott, Jr. Award for Excellence in Teaching, 2002 * Rutgers University International Executive MBA Program Most Valuable Professor, 2001 * Rutgers University Faculty of Management Paul Nadler Teaching Excellence Award, 2001 * Rutgers University Faculty of Management Paul Nadler Teaching Excellence Award, 1999

* Rutgers University Faculty of Management Thomas H. Mott, Jr. Award for Excellence in Teaching, 1999 * Rutgers University Faculty of Management Thomas H. Mott, Jr. Award for Excellence in Teaching, 1998 * Rutgers University Faculty of Management Beta Gamma Sigma Award for Excellence in Teaching, 1998 * Seattle University - Albers School of Business Graduate Professor of the Year, 1996-97 * Seattle University - Albers School of Business Undergraduate Professor of the Year, 1995-96 * University of Illinois at Urbana-Champaign Award for Excellence in Teaching of Undergraduates by a Teaching Assistant, 1994 * University of Illinois, Leonard J. and Sharon Crowley Santow Award for Excellence in Undergraduate Teaching, 1994 EDUCATION University of Illinois Finance 1991-1995 Ph.D. GPA 5.0/5.0 Drexel University Engineering Mgmt. 1987-1990 M.S. GPA 4.0/4.0 Rutgers University Elect. Engineering 1981-1985 B.S.E.E. LEADERSHIP Managing Director of the Business, Engineering, Science, and Technology Institute (BEST). BEST's mission is to commercialize innovations produced by Rutgers University faculty and students, taking ideas from the lab to the marketplace. BEST integrates students and faculty into its operations and provide entrepreneurship-oriented education and training. GRANTS National Collegiate Inventors and Innovators Alliance (NCIIA), Enhancing Entrepreneurship Education and Training via the Rutgers Entrepreneurship Lab (with D. Silver and B. Sopranzetti), $10,000 for the period 9/1/09 to 8/31/10. Rutgers University Academic Excellence Fund grant, The Rutgers Entrepreneurship Lab at the BEST Institute (with D. Silver and B. Sopranzetti), $40,000 for AY 2009-2010. $10,000 from the Equipment Leasing Association (with Michael Long), Summer 2001. PUBLICATIONS REFEREED JOURNALS

Price Stabilization, Underpricing, and the Market for New Issues, with Xiaoli Wang and Emilio Venezian, The Review of Quantitative Finance and Accounting, March 2006. Price Perception and Clustering: Evidence from Posted and Negotiated Prices, co-authored with Oded Palmon and Bart Smith, Journal of Real Estate Research, 2005. The Economics of Securitizing Accounts Receivable, with Darius Palia, Review of Quantitative Finance and Accounting, January 2004. Bank Consolidation and the Dynamics of Consumer Loan Interest Rates, with Charles Kahn and George Pennacchi, Journal of Business, 2003. The Valuation of Default-Triggered Credit Derivatives, with Ren Raw Chen, Journal of Financial and Quantitative Analysis, 2003. Price Clustering in Foreign Exchange Spot Markets: Evidence and Implications for Efficiency, with Vinay Datar, Journal of Financial Markets, Jan 2003. Leasing and the Small Firm, with Michael Long, Journal of Equipment Lease Financing, Dec 2002. Bank Deposit Rate Clustering: Theory and Empirical Evidence, with Charles Kahn and George Pennacchi, Journal of Finance, December 1999. Selling Accounts Receivable and the Underinvestment Problem, Quarterly Review of Economics and Finance, March 1999. The Economics of Factoring Accounts Receivable, Journal of Economics and Business, 1998, 50:339-359. PUBLICATIONS NON-REFEREED JOURNALS Equities: A Primer for the Elderly, The Encyclopedia of Financial Gerontology, Greenwood Publishing Group, 1996. Equities: A Primer for the Elderly, Encyclopedia of Retirement and Finance: Revised and Enlarged Edition, 2007. Hedonic Pricing Models: A primer, Handbook of Quantitative Finance, 2008. Co-authored Book Chapter, "Hedge Funds in China", John Longo, 2009. Working Papers Papers Under Review

Multi-Factor Non-Gaussian Copulas, with XueZhi Qin, under first-round review at Applied Mathematical Finance CDO Pricing Model with Interest Rate-Linked Spread, with XueZhi Qin, under first-round review at Journal of Derivatives Inversion Method of Multi-Factor Model Coinciding with the Change of Correlation Matrix, with XueZhi Qin, under first-round review at The Journal of Computational Finance Banking Relationships, Managerial Ownership Concentration and Firm Performance: Evidence from Taiwan, with Hai-Chin Yu and C.F. Lee, under first-round review at the Journal of Corporate Finance Working Papers in Process Brokers, Information, and Transaction Outcomes: Evidence from the Real Estate Market Holding onto Losers, with Sharon Gifford. Foreign Bank Debt and Signaling in Emerging Markets, with Hai-Chin Yu and C.F. Lee. Implied Default Probability and Capital Requirements in a Financial Crisis: The Case of Lehman Brothers, with Ren-Raw Chen, N. K. Chidambaran, and Michael B. Imerman Discounted Cost Optimization in Make-to-Stock Production-Inventory Systems with Continuous Replenishment Under the Base-Stock/Backorders/Lost-Sales Policy, with Ben Melamed Pricing the Penalty Function for Inventory Overage and Underage via Martingale Methods, with Ben Melamed PATENTS US Patent 4981572 - Electrode Unit and Package for a Blood Analyzer, Issued January 1, 1991. PRESENTATIONS

The Valuation And Risk Characteristics Of Mortgage Backed Securities With Rational Prepayment: An Efficient Monte Carlo Approach, presented at the 1993 Finance Mini-Conference at the University of Waterloo, Waterloo, Canada. Panelist, The Supply and Demand for Doctorates of Finance: Past, Present, and Future, The 1994 Southern Big Ten Finance Symposium, at Indiana University, Bloomington, Indiana. The Economics Of Factoring Accounts Receivable, presented at the University of Illinois at Urbana-Champaign, October 1994. The Economics Of Factoring Accounts Receivable, presented at Bryant College, December 1994. The Economics Of Factoring Accounts Receivable, presented at Oklahoma State University, January 1995. The Economics Of Factoring Accounts Receivable, presented at Seattle University, February 1995. Discussant at the Midwest Finance Association Meeting, March 1995 Chairman at the Midwest Finance Association Meeting, March 1995 The Economics Of Factoring Accounts Receivable, presented at the Financial Management Association Meetings, October 1995. Bank Deposit Rate Clustering: Theory and Empirical Evidence, presented at Seattle University, December 1995. Bank Deposit Rate Clustering: Theory and Empirical Evidence, presented at the January 1996 meeting of the Econometric Society. (ASSA) Bank Deposit Rate Clustering: Theory and Empirical Evidence, presented at Rutgers University, February 1997. Bank Deposit Rate Clustering: Theory and Empirical Evidence, presented at the Western Economic Association Meetings, July 1997. Black s Discount Rule, Conference on Accounting and Finance, SUNY Buffalo, November, 1997, discussant. Creating Corporate Value: An Economic Perspective, seminar at the roundtable at Johnson & Johnson, February 1998.

Odd and Even Price Clustering in List and Transaction Prices, presented at Rutgers University, March 1998. Price Clustering in Foreign Exchange Spot Markets: Evidence and Implications for Efficiency, presented at the Eastern Finance Association Meetings, April 1998. Focus, Performance, and Shareholder Value: Evidence from Bank Mergers, presented at the Financial Management Association Meetings, October 1998. Odd and Even Price Clustering in List and Transaction Prices, presented at the University of Waterloo, November 1998. Price Stabilization, Underpricing, and the Market for New Issues, presented at Rutgers University, 1999. Bank Consolidation and Consumer Loan Interest Rates, presented at the 10th Annual Conference for Finance and Accounting, Austin TX, 1999. Bank Consolidation and Consumer Loan Interest Rates, presented at the Federal Reserve Bank of Chicago Conference on Bank Structure, 2000. The Valuation of Default-Triggered Credit Derivatives, with Ren Raw Chen, presented at Rutgers University, 2000. The Valuation of Default-Triggered Credit Derivatives, with Ren Raw Chen, presented at the Financial Management Association Meeting, Seattle, 2000. Bank Consolidation and Consumer Loan Interest Rates, presented at the Federal Reserve Bank of Philadelphia s Conference on Consumer Credit, 2001. Bank Consolidation and Consumer Loan Interest Rates, Melbourne Business School Conference on the Dollars and Sense of Bank Consolidation, 2002. How Leasing Can Increase Sales: Strategic Issues, Amersham Biosciences 2004. Valuation of Pan-Asian Securities, Bangkok, 2004. Holding onto Losers, presented at Bank of China Conference on Investing, Beijing, 2004. Holding onto Losers, presented at British Chamber of Commerce, Ritz-Carlton, Shanghai, 2004 Consumer perception, investor psychology, and pricing bubbles: Theory and potential impact on Chinese real estate markets, Beijing 2005

Consumer perception, investor psychology, and pricing bubbles: Theory and potential impact on Chinese real estate markets, Shanghai Summer 2005 Beijing English Language Radio interview on real estate price bubbles, Beijing 2005 Valuing Intangible Assets in China, Beijing 2005 International Financial Strategy, South Africa 2006 Financial Modeling, Stanford 2007, Wharton 2007 New Venture Financing, Beijing 2007 Holding onto Losers, presented to the Canadian CFA Society, Calgary, CA. 2007 The Financial Meltdown: The Impact of the Financial Crisis on You, New Brunswick 2008. The Financial Meltdown: The Impact of the Financial Crisis on You, Singapore 2009 The Financial Meltdown: The Impact of the Financial Crisis on You, Shanghai, 2009 The Financial Meltdown: The Impact of the Financial Crisis on You, Beijing, 2009. UNIVERSITY SERVICE 1993-94 College of Commerce Educational Policy Committee (U of Illinois) 1994-95 Department of Finance Graduate Standards Committee (U of Illinois) 1995-96 Undergraduate Curriculum Committee (Seattle U) 1995-96 College of Business Teaching Committee (Seattle U) 1995-96 College of Business Technology Committee (Seattle U) 1995-96 University Task Force For Teaching and Learning (Seattle U) 1995-96 Advisor for the Finance Club (Seattle U) 1997-99 Advisor for the Rutgers Finance Association (Rutgers U) 1997-99 Student/Faculty Liaison (Rutgers U) 1997-98 Director of the Mentorship Program (Rutgers U) 1997-00 Founder and advisor of the Financial Management Association 1997- Academic Standing Committee, School of Business: New Brunswick 1998 Program Committee Member for the 1998 Faculty Retreat

1999-01 Dean s Leadership Council 1999 Advisor for Beta Gamma Sigma 1999-00 Academic Standing Committee, Livingston College 1999-01 Co-Organizer for the monthly Workshop in Financial Intermediation 1999 Coordinator Global Futures Symposium, Livingston College 1999-08 RBS Teaching Excellence Committee 2003-05 Departmental Executive Committee 2004-07 Departmental Teaching Review 2005- Departmental FASIP Committee 2005-08 MBA Policy Committee 2006- Advisor for the Little Investment Bankers of Rutgers 2006- Founder and Advisor of the Wall Street Council 2006- Advisor for the Financial Management Association of Rutgers 2006-07 MBA Task Force 2007- Executive Board Member of the Rutgers Investment Club: Beijing 2007-08 Advisor for the Rutgers Orphan Sporks 2007- Managing Director, The BEST Institute TEACHING RELATED 1996 and 1997 Seattle University Institute for Teaching and Learning. Helped plan and design the curriculum for a four day orientation specifically intended for new faculty-hires (of which there were sixteen) and more senior professors that were having difficulty with teaching. The Institute focuses on improving the quality of both teaching and learning at Seattle University. Fostering an Optimal Learning Environment, with Carol Weaver, a day-long workshop presented at The Institute for Teaching and Learning, Seattle University, September 1996 and 1997. Rutgers University MBA orientation, Summer 1998. Taught an orientation course on Microeconomics. Rutgers University MBA orientation, Summer 1999. Taught two orientation courses: one on the time value of money and the other on risk and return. Rutgers University Ph.D. Program, Spring 2003, Fostering an Optimal Learning Environment Rutgers University Ph.D. Program, Spring 2005, Fostering an Optimal Learning Environment Rutgers University Ph.D. Program, Spring 2006, Fostering an Optimal Learning Environment

Rutgers University Ph.D. program, Spring 2006, A Different Take on Diversity: Learning Styles Rutgers University Beijing, Summer 2007, Financial Modeling in Excel Teaching Evaluations Fall 97 Intro To Finance 4.93 Fall 97 Fin Mrkts & Instrum. 4.86 Spr 98 Adv. Corp. Finance. 4.95 Fall 98 Intro To Finance 4.9 Fall 98 Fin Mrkts & Instrum. 4.92 Spr 99 Intro To Finance 4.8 Spr 99 Adv. Corp. Finance 4.95 Fall 99 Adv. Corp. Finance. 4.83 Fall 99 Fin Mrkts & Instrum. 4.95 Spr 00 Fin Mrkts & Instrum. 4.94 Spr 00 Adv. Corp. Finance 4.95 Fall 00 Fin Mrkts & Instrum. 4.92 Fall 00 Adv. Corp. Finance 5.00 Spr 01 Fin Mrkts & Instrum. 4.91 Spr 01 Adv. Corp. Finance 4.93 Fall 01 Fin Mrkts & Instrum. 4.69 Fall 01 Adv. Corp. Finance 4.56 Spr 02 Fin Mrkts & Instrum. 5.00 Spr 02 Intro to Finance 4.82 Fall 02 Fin Mrkts & Instrum. 4.91 Fall 02 Adv. Corp. Finance 4.97 Spr 03 Investment Analysis 4.94 Spr 03 Investment Analysis 4.95 Fall 03 Fin Mrkts & Instrum. 4.95 Fall 03 Adv. Corp. Finance 4.97 Spr 04 Investment Analysis 4.88 Spr 04 Investment Analysis 4.73 Fall 04 International Finance 4.45 Fall 04 Adv. Corp Finance 4.86 Spr 05 Sabbatical Fall 05 International Finance 4.91 Fall 05 Adv. Corp Finance 4.89 Spr 06 Investment Analysis 4.88 Spr 06 Adv. Corp Finance 4.85 Fall 07 International Finance 4.93 Fall 07 Adv. Corp Finance 4.95 Spr 07 Investment Analysis 5.00 Spr 07 Adv. Corp Finance 4.93 Spr 07 Business Valuation 4.94 Spr 07 EMBA - Fin Strategy 4.97 Median 4.93

DISSERTATION (Formal Thesis Defense: March 21, 1995) The Economics Of Factoring And Securitizing Accounts Receivable Committee: George G. Pennacchi (Chairman), Charles Calomiris, James Gentry, Charles Kahn. REFERENCES George Pennacchi Tim Loughran Phelim Boyle Univ. of Illinois Univ. of Notre Dame Univ. of Waterloo Dept. of Finance Dept. of Finance Dept. of Accountancy 217-244-0952 219-631-8432 519-885-1211