Smith v.

Smith Lifestyle Report and Calculation of Current Maintenance and Child Support Needs of Jane and Josephine Smith

PLAINTIFFS EXPERTS REPORT

Paul C. Pershes CPA, ABV, CVA

Stephen A. Linker, CPA, DABFA February 27, 2007

Attorney Work Product Privileged and Confidential

February 27, 2007 Mr. Smart T. Pants, Esq. Duwee, Cheatem & Howe 123 Lawyer Lane New York, New York 10017

Re: Dear Counselor:

Smith v. Smith

We have prepared the attached analysis relating to the marital lifestyle of Mr. and Mrs. Smith in accordance with your request. You have provided us with documents listed in Appendix A in order to analyze the marital lifestyle of John and Jane Smith and their children. In addition, we have used other information as described in this lifestyle analysis. This report is subject to the assumptions and limiting conditions set forth in Appendix B, and is intended for use in conjunction with the captioned matter and is not to be used for any other purpose. Our analysis indicates that, during the relevant period, the parties recurring monthly lifestyle expenses averaged $63,400. Also, the current maintenance needs of Jane Smith and certain child support needs for her daughter, Josephine, have been calculated to be $36,700 per month. Respectfully submitted,

Paul C. Pershes, CPA, ABV, CVA

Stephen A. Linker, CPA, DABFA

Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY

TABLE OF CONTENTS BACKGROUND..................................................................................................... 1 History of the Marriage...................................................................................... 1 History of the Evergreen Terrace Residence ....................................................... 1 WORK PERFORMED TO COMPUTE THE JOINT AVERAGE MONTHLY LIFESTYLE AMOUNTS FOR THE THREE-YEAR PERIOD 2003-2005........................................ 2 THE CURRENT MAINTENANCE AND CHILD SUPPORT NEEDS OF JANE AND JOSEPHINE SMITH .............................................................................................. 7 How the Current Maintenance and Child Support Needs for Jane and Josephine Smith Were Computed ...................................................................................... 8 Notes and Considerations for Determining the Current Maintenance and Child Support Needs for Jane and Josephine Smith.................................................. 10 Housing....................................................................................................... 10 Insurance .................................................................................................... 10 Household Maintenance............................................................................... 11 Automotive .................................................................................................. 11 PRIOR LIFESTYLE EXPENSES AND CURRENT MAINTENANCE AND CHILD SUPPORT NEEDS: CONCLUSION ....................................................................... 11

Table of Exhibits and Appendices Lifestyle Analysis Summary ................................................................. Exhibit 1

DOCUMENTS PROVIDED .................................................................Appendix A ASSUMPTIONS AND LIMITING CONDITIONS ................................... Appendix B Paul C. Pershes Curriculum Vitae............................................ ..Appendix C Stephen A. Linker Curriculum Vitae ........................................ ..Appendix D

Note: Exhibits totals may appear to include small inaccuracies because the amounts presented on the exhibits are rounded.

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BACKGROUND
History of the Marriage
Mr. and Mrs. Smith were married in September 1988 and have two children, Judy born May 1990 and Josephine born April 1994. In May of 2003, Mr. Smith joined Jones Guaranty, Ltd., (Jones) a company specializing in credit derivatives, as General Counsel of Jones Corporate Services, Inc. At present, Mr. Smith continues in that role. Mrs. Smith worked in publishing prior to the marriage and ceased working at her job shortly thereafter. She has not worked outside the home since. The parties have separated and Mr. Smith moved out of the New York City marital residence at Evergreen Terrace in October 2005. Mrs. Smith continues to reside at the Evergreen Terrace residence with Josephine. Judy is attending boarding school. The date of commencement of the Smiths divorce action is July 1, 2005.

History of the Evergreen Terrace Residence

In addition to the New York City rental property occupied by Mr. Smith, the Smiths have maintained two residences from May 2004 until very recently. The first residence was a property in White Plains, New York that was purchased in 1999 and sold on February 1, 2007. The second residence at 742 Evergreen Terrace in New York City was purchased in May of 2004 and used as their primary marital home. We understand that the Evergreen Terrace property was sold to the Smiths with stipulations that it not be re-sold for five years and that one of the principal parties to the purchase (either John or Jane Smith) remain resident in the home until the restrictions lapse. These stipulations provide for the prior owners, who are elderly and live in the basement apartment of 742 Evergreen Terrace, to be life tenants. There is also a rent-controlled tenant on the top floor of the Evergreen Terrace residence who pays monthly rent of $115 per month. The Smith family occupied the first, second and third floors of the property.

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Smith v. Smith 3/5/2009 Page 2 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY The property is owned jointly by the parties and had a principal mortgage balance at November 1, 2006 of $ 716,913. The monthly payments for principal, interest and taxes amount to approximately $6,700. The Evergreen Terrace residence can potentially be significant to the Smiths marital estate. Due to the sale restrictions, this property cannot currently be liquidated for distribution between the parties. Therefore, it is essential that the property is maintained in good working order and any and all repairs be made in order to preserve the full value of this investment for later division by the parties.

WORK PERFORMED TO COMPUTE THE JOINT AVERAGE MONTHLY LIFESTYLE AMOUNTS FOR THE THREE-YEAR PERIOD 2003-2005
The attached Exhibit 1 (Lifestyle Analysis Summary), column 3, contains our analysis of the average monthly lifestyle expenses for the Smith family over the three-year period January 2003 through December 2005. Exhibit I contains the following categories of expenses: Housing, Utilities, Food, Clothing, Laundry, Insurance, Medical, Household Maintenance, Household Help, Automotive, Educational, Recreational, Income Taxes, Miscellaneous and Other. The utilization of this three-year period provides the reader with the recent available and relevant family lifestyle expenditures for the parties and their two children as Mr. Smith was a resident of the marital home until October 2005. We detailed the expenditures for the periods presented based upon the information and descriptions on the documents we reviewed (see Appendix A), as well as discussions with Jane Smith (JS). JS assisted us in classifying certain actual payments to third parties, as well as various credit card expenditures.

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Smith v. Smith 3/5/2009 Page 3 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY We independently inspected documentation supporting the expenditures made by the Smiths during the periods presented including check registers, bank and brokerage account statements and tax returns for the parties as outlined in Appendix A. We also performed other analyses as we deemed necessary to support the conclusions contained herein. In calculating the monthly average, we first reduced the sum of the expenses for the three-year period 2003-2005 by the amount ($432,447) of expenditures that were expected to be non-recurring in the future which included: Expenses in connection with the White Plains and Evergreen Terrace residences (repairs, improvements, furnishings, appliances and gardening [White Plains only]); certain school trip expenses; the following expenses attributable solely to Mr. Smith: dental expenses business and personal trips; Birthday party; professional dues; commutation expenses; attorney fees; moving expenses; divorce attorney fees; apartment rental agency fee. In calculating the monthly average we eliminated any identifiable transfers of cash between brokerage and checking accounts; The average amount was calculated using 36 months except for those categories that were missing information for one or more years. In those

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Smith v. Smith 3/5/2009 Page 4 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY cases, the formula was adjusted to create an average using either 12 or 24 months based upon available information. The monthly average expenses for income taxes are based upon the actual tax liabilities incurred by the Smiths as per their joint Federal income tax returns for 2003-2005, their joint New York State income tax returns for 2004 and 2005 and the state withholding from Mr. Smiths pay for 2003. (We were not provided with a copy of the 2003 New York State tax return.) Professional fees for investment management and tax return preparation (at gross before the Federal 2% adjusted gross income limitation) were obtained from the Smiths Federal income tax returns for 2003-2005 . Various expenditures from the Bank A account were made to vendors that did not correspond directly to a category in our analysis. These payments were shown in our category OTHER and further classified as Other expenses; Mr. Smith gave JS a cash allowance via transfers of funds to her Bank B checking account from various brokerage and bank accounts. No details were provided by the parties as to how the cash was spent, however, we have allocated the cash expenditures to other lifestyle categories (dry cleaning, automobile oil, gas and car wash) based on information provided by JS. The remaining balance, $4,533 per month, which could not be allocated to a particular category, has been shown in our category OTHER, and further classified as Cash Withdrawals Net of Payments to Household Employees. Any cash allowances for the children were considered paid from this balance. Certain expenditures made from the Bank A account, exclusive of nonrecurring items discussed above, were not identifiable by JS or us. These

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Smith v. Smith 3/5/2009 Page 5 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY amounts have been shown in our category OTHER and further classified as Unidentified Withdrawals from Bank A Account; The average monthly expense calculation for all years does not reflect expenditures made out of the Bank A account for 2002 and various Bank C accounts for all years, as information we requested on disbursements from these accounts was not provided by Mr. Smith. We cannot estimate the impact of this missing information. We are missing details for the following accounts and periods: Bank A Account: A/C 099-999999 (John Smith): Check register with explanations for expenditures from this account for the full year 2003. Bank C Accounts: A/C 000-99999 (John Smith Master CMA account): 2003: All months missing except October; 2004: Missing January through September. A/C 999-9999 (Jane Smith CMA sub-account): 2003: All months; 2004-N/A; Appears account closed; 2004-N/A: Appears account closed. A/C 111-111111 (Jane Smith CMA account): 2003: N/A: Appears account not yet opened; 2004: All months; 2005: All months.

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Smith v. Smith 3/5/2009 Page 6 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY A/C 099-00099 (John CMA/Smith account): 2003: N/A: Appears account not yet opened; 2004: All months; 2005: All months A/C 111-9999 (John Smith Consults account): 2003: All months; 2004: All months; 2005: All months A/C 001-00001 (John Smith CMA/Avery account): 2003: January through September and November; 2005: February, October, November, December. A/C 001-99111 (John Smith CMA/Jake Doe account): 2003: January through September; 2005: October, November, and December. A/C 999-00001 (Josephine Smith UGMA account): 2003: January through September; 2005: October, November, December A/C 999-09009 (Judy Smith UGMA account): 2003: January through September; 2005: October, November, and December. The medical expenses shown in Exhibit 1 have not been reduced for any medical reimbursements that may have been received as we were not provided with this information; Due to formulas utilized in the attached Exhibit and the formatting inherent in the spreadsheet program (i.e. Excel) that we utilized, certain rounding

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Smith v. Smith 3/5/2009 Page 7 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY differences may occur within columns or rows. Such rounding differences are de minimis.

THE CURRENT MAINTENANCE AND CHILD SUPPORT NEEDS OF JANE AND JOSEPHINE SMITH
The attached Exhibit 1 (Lifestyle Analysis Summary), column 4, contains the current maintenance and certain child support needs of Jane Smith and her daughter, Josephine. The following categories of expenses are included in Exhibit 1: Housing, Utilities, Food, Clothing, Laundry, Insurance, Medical, Household Maintenance, Household Help, Automotive, Educational, Recreational, Income Taxes, Miscellaneous and Other. The sources for the amounts shown are noted in column 5 and in the footnotes of Exhibit 1, with documents referenced listed in Appendix A.

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How the Current Maintenance and Child Support Needs for Jane and Josephine Smith Were Computed
The majority of the Exhibit 1, column 4 current need amounts was calculated as follows: Sub-category of Current expense(s) as shown on Exhibit 1: Furniture/Housewares, Gardening, Smith Removal and Exterminator for Evergreen Terrace property, Tutor/Cleaning Person, Liquor, Laundry at Home, Auto Expenses of gas, oil and tolls, School Supplies, Books and Health Club. Medical Insurance Premium, Medical Insurance Expense, Repairs Evergreen Terrace property Dry Cleaning, Auto Monthly Parking, Cellular Telephone Homeowners Insurance, Automobile Insurance on Mrs. Smiths car, Umbrella Insurance, Private School and Summer Camp for Josephine Support for/Source of Exhibit 1 Expense Amount: Estimate as provided by discussion with Mrs. Smith. Amount of Expense Included as a Current Need: 100%

Estimates obtained by Mrs. Smith from vendors. Recent receipts as provided by Mrs. Smith. Costs as submitted by Mr. Smith per letter from Bea OProblem, Esq. to Smart T. Pants, Esq. dated 12/14/06. The three-year historical average monthly lifestyle expenses for the period 2003-2005 for the Smith family (Column 3 of Exhibit 1).

100%

100%

100%

Groceries, Dining Out, Clothing, Appliances, Books, Magazines, Gifts, Other Medical Expenses, Vacations, Recreation, Museum Memberships, Professional Fees (Accounting and Investment only), Miscellaneous Purchases, Cash Needs

60%

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Smith v. Smith 3/5/2009 Page 9 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY Income Taxes The projected 2007 Federal and State income tax liabilities of Mrs. Smith including employer portion of household employee FICA taxes. Assumes Head of Household rate used and no major capital gains incurred. Assumes Josephine Smith maintains Jane Smith as his beneficiary under the John Smith Life Insurance Trust. Presumed included in Evergreen Terrace Homeowners Policy Presumed Mrs. Smith will not purchase. As Projected

Life Insurance

None

Fire/Theft/Liability

None

Disability Insurance

None

The basis for the 60% allocation of expenses to Mrs. Smith and Josephine above is reflective of the fact that a 50-50 split of previously established spending levels would not be sufficient to cover the costs expected to be incurred in the future. The cost of certain expenses such as food, dining out, vacations and professional fees are not reduced in direct proportion to the number of people involved. The application of a 60% rate to these expenses is meant to acknowledge that fact.

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Notes and Considerations for Determining the Current Maintenance and Child Support Needs for Jane and Josephine Smith
Housing
The Evergreen Terrace residence can potentially amount to a significant portion of the Smiths marital estate. We understand, due to the sale restriction discussed above, this property cannot currently be sold for distribution between the parties. It is Mrs. Smiths intent to continue living in the residence until such time as the property may legally be sold, or thereafter, as determined by the parties. It is essential that the property be maintained in good working order and any and all repairs be made in order to preserve the full value of this investment for later division by the parties. Mrs. Smiths monthly living needs as calculated herein do not include any capital or major improvements for the Evergreen Terrace property. Our analysis currently provides for repairs to the Evergreen Terrace property at $4,500 annually.

Insurance
Health Insurance Mrs. Smith has included an amount of $1,125 in her current needs as the estimated monthly premium for a similar health insurance plan to the one she and Josephine are now covered under (Mr. Smiths). It should be confirmed whether or not Mr. Smith will maintain Mrs. Smith and Josephine on his current policy. Life Insurance Mr. Smith established the John Smith Life Insurance Trust with Mrs. Smith as Trustee. We were not given a copy of the trust instrument, but the interrogatory document indicates that the face value of the policy is $1.2 Million. A recent bill from Insurance Co. indicates the annual premium amount for the policy is $4,142 ($345 monthly). Mrs. Smith has excluded the cost of life insurance from the needs analysis on the assumption that she is, and will remain, the beneficiary of this policy.

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Smith v. Smith 3/5/2009 Page 11 of 11 Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY The beneficiary of the policy should be confirmed. Fire/Theft/Liability Insurance for Evergreen Terrace Property A zero dollar amount was included in the current needs analysis for fire, theft and liability insurance for the Evergreen Terrace property as Mrs. Smith assumed that this coverage is provided under the current homeowners policy for which Mr. Smith supplied the monthly cost amount for this analysis. The coverage and policy amounts for these events should be confirmed. Auto The amount shown for auto insurance was provided by Mr. Smith and per JS does not include collision insurance due to the age of Mrs. Smiths 1994 Ford Explorer. The coverage and policy amount for this policy should be confirmed. Disability Insurance

Household Maintenance
The current needs estimate for Mrs. Smith includes $2,253 per month for a tutor for Josephine as well as $1,127 per month for cleaning assistance for 742 Evergreen Terrace.

Automotive
Mrs. Smith is driving a 1994 Ford Explorer that was purchased by Mr. Smith in 1994 for $25,500. This vehicle incurs a monthly parking charge of $450.

PRIOR LIFESTYLE EXPENSES AND CURRENT MAINTENANCE AND CHILD SUPPORT NEEDS: CONCLUSION
Based on the information, observations, analysis and calculations described in this report and our education, expertise, skill, training, experience and knowledge, the parties total average monthly lifestyle expenses for the period presented in this report amounted to $63,400. Additionally, the current maintenance needs of Jane Smith and certain child support needs for her daughter, Josephine, have been estimated to be $36,700 per month.

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Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY Appendix A

DOCUMENTS PROVIDED
Bank D Mortgage Statement for Loan #11111111 for Evergreen Terrace Property November 16, 2006; NYC Department of Finance Quarterly Statement of Account for Property Taxes, Evergreen Terrace Property September Through November 2006; NYC Department of Environmental Protection Account #11111-00001-999 Statements for Evergreen Terrace Property in the Name of IB Wells, 742 Evergreen Terrace, NYC April 16, 2005, January 18, 2006; Internet Co. Invoice #99999999 for Evergreen Terrace Property datedOctober 31, 2006; Cable Com. Statement for Account #0000999900009999 for Evergreen Terrace Property February 3, 2007; Electric Co. Statements for Evergreen Terrace Property for John Smith for Full Year 2/06-2/07 Dated February 1, 2007; o o o Account #11-0001-9999-9191-1 Account #01-1111-0000-1111-9 Account #00-9999-9999-9999-9

Telephone Co. Statement for Account #9999999999999 for John Smith for Evergreen Terrace Property February 1, 2007; Receipts from Dry Cleaners January 1, 2007; Premium Invoice Insurance Co. for Policy Number ABC 99999999 for John Smith with Due Date of February 16, 2007; Letter from Bea OProblem, Esq. to Smart T. Pants Listing Various Expenses December 1, 2006; Marjorie Bouvier Monthly Billing February 2007; Repair Estimates for 742 Evergreen Terrace Property From ABC Construction; ABC Management Corporation Invoice for Auto Storage Fee for Car #00, 1313 Mockingbird Lane Garage November 1, 2006; Cell Phone Co. Statement for Account #0000000-999-11 for Mrs. Smith and Josephine Smith January 1 - February 1, 2007;

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Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY Bank A Transaction Registers for Account #099-999999 for Mr. Smith: 2004, 2005; Bank A Investment Statements for Account #099-999999: 2003, 2004, 2005 (All Months); ABC Credit Card Monthly Statements for Account #000000000001 for Mrs. Smith October, November & December 2005; ABC Credit Card Plus: Summary of Charges and Monthly Statements for Joint Account #999999999999: 2003, 2004, 2005; (Missing Monthly Statements for May 2003, Partial November 2005, December 2006); Bank B Check Registers for Mrs. Smith Account #001-0000001-99: 20032005; Bank E Check Register 2005 Mr. Smith; Bank B Check Registers 2003, 2004 Mr. Smith; Individual Federal Income Tax Return: 2003, 2004, 2005; New York Resident Income Tax Return: 2004, 2005; Bank C Monthly Statements; o Account #000-99999 For John Smith 2003 October Statement Only 2004 October, November, December Statements Only 2005 All Monthly Statements o Account #001-00001 For John Smith 2003 October, December Statements Only 2004 All Monthly Statements 2005 January, March September Statements Only o Account #001-99111 For John Smith 2003 October, November, December Statements Only 2004 All Monthly Statements 2005 January Through September Statements Only o Account #999-00001 For John Smith UGMA 2003 October, November, December Statements Only 2004 All Statements 2005 January Through September Statements Only

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Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY o Account #999-09009 For Judy Smith UGMA 2003 October, November, December Statements Only 2004 All Statements 2005 January Through August Statements Only o Account #111-9999 For John Smith No Statements or Summaries Received for Any Period During 2003, 2004, and 2005 o Account #099-00099 For John Smith No Statements or Summaries Received for Any Period During 2003, 2004, and 2005 o Account #111-111111 For Jane Smith No Statements or Summaries Received for Any Period During 2003, 2004, and 2005 o Account #999-9999 For Jane Smith No Statements or Summaries Received for Any Period During 2003, 2004, and 2005 Bank C Portfolio Summary Reviews (Combining All Accounts); o o o 2003 October Only 2004 October, November, December Only 2005 All Months Account #011-99111 For John Smith for 2003, 2004 Account #000-99999 For John Smith for 2004, 2005 Account #001-00001 For John Smith for 2004 Account #999-00001 For Josephine Smith UGMA for 2004 Account #999-09009 For Judy Smith UGMA for 2004

Bank C Tax Reporting Statements; o o o o o

Defendants (John Smith) Objections and Responses to Plaintiffs First Set of Interrogatories, Supreme Court of the State of New York, County of New York Dated September 1, 2006 with attachments;

Statement of Net Worth of Jane Smith as of October 1, 2005, Supreme Court, County of New York, Index No. 999999/05; Statement of Net Worth of John Smith as of June 1, 2006, Supreme Court of the State of New York, County of New York, Index No. 999999/05;

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Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY Contract of Sale for White Plains House September 2, 2006; Closing Statement for Sale of White Plains House February 1, 2007;

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Attorney Work Product Privileged and Confidential DRAFT FOR DISCUSSION PURPOSES ONLY APPENDIX B ASSUMPTIONS AND LIMITING CONDITIONS This report is subject to the following assumptions and limiting conditions: 1. The information, estimates, and opinions contained in this report are obtained from sources considered to be reliable. However, we assume no liability for such sources. The information supplied has been accepted as correct without further verification, and we express no opinion on that information. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication of all or part of it, nor may it be used for any purpose by anyone without previous written consent of RosenfarbWinters, LLC and, in any event, only with proper attribution. 3. This report was prepared under the direction of Paul C. Pershes, CPA, ABV, CVA, and Stephen A. Linker, CPA, DABFA. No one who worked on this engagement (nor the partners of RosenfarbWinters, LLC) has any personal interest with respect to the parties involved, or any other interest that might prevent the performance of an unbiased valuation. Our compensation is not contingent on an action or event resulting from the analysis, opinions, or conclusions in, or the use of this report. 4. The procedures used to prepare this report are not sufficient to constitute an examination made in accordance with generally accepted auditing standards. Any information that we were not made aware of could materially affect our analysis, and we therefore reserve the right to amend our report should any other information be provided to us, which, in our opinion, requires such an amendment.

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APPENDIX C
Paul C. Pershes, CPA, CVA, ABV Paul Pershes is the Managing Director of the New York Office of RosenfarbWinters, LLC. Paul is a demonstrated leader in several areas of forensic accounting, including commercial litigation, business valuation, shareholder divorce, matrimonial accounting, accounting malpractice, insolvency and reorganization, and has testified as an expert. Paul has over 35 years of public and private experience in accounting and auditing, and managing for-profit and not-for-profit companies. He has provided expertise in management, accounting, auditing, tax and consulting to a wide range of entities in the technology, manufacturing, distribution, healthcare, real estate, hospitality and service industries. He has extensive knowledge in P&L management, sales and marketing, productivity, strategic goal setting and mergers & acquisitions for public and family-owned businesses. Paul rose through the ranks at Laventhol & Horwath to become Managing Partner - New York, Board Member and International Liaison Partner. Paul then became President of Temco Service Industries, Inc., a large New York facilities maintenance and security company. From there, Paul returned to public accounting, specializing in auditing small public and private companies, consulting and tax planning at the firm of Weinberg, Pershes & Company, CPAs. He then went on to become President of a publicly traded healthcare company. Before joining RosenfarbWinters, Paul was a Managing Director of Glenwood Capital, LLC, a boutique investment banking firm, specializing in structured financings, including equity, mezzanine and senior debt financing. Paul obtained a Bachelor of Business Administration in Public Accounting from the City University of the State of New York-Bernard M. Baruch College. He continued his professional education by earning his CPA certificate and is licensed to practice in New York and Florida. Paul has received his Accreditation in Business Valuation and is a Certified Valuation Analyst. Professional Affiliations for Paul C. Pershes American Institute of Certified Public Accountants New York State Society of Certified Public Accountants Florida Institute of Certified Public Accountants National Association of Certified Valuation Analysts Recent Presentations by Paul C. Pershes Business Valuations Professional Firms, May 2005 New Orleans, Louisiana, The International Accounting Group (TIAG) Matrimonial Litigation Show Me The Money, Business Valuation, Lifestyle Analysis, Finding the Hidden Assets& Income (May 2005 Saratoga Springs, New York), New York State Council on Divorce Mediation

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APPENDIX D
Stephen A. Linker, CPA, DABFA Stephen A. Linker is a Director in the New York office of RosenfarbWinters, LLC, and leads the Matrimonial Litigation Group. Mr. Linkers expertise also includes Commercial Economic Damages Calculations, Fraud Detection and Fraud Prevention. Steve has an extensive background in Forensic Accounting, has testified as an expert witness, and has been appointed a neutral Forensic Accounting expert in matrimonial matters. Steve has more than 30 years experience in Forensic Accounting and Business Consulting. He began his career at Arthur Andersen & Co. Steve then moved on to a small, local accounting firm where he developed his consulting skills. He started his own accounting practice, S.A. Linker, in 1973, which specialized in Business Appraisal, Forensic Accounting, Damages Calculations, Mergers and Acquisitions, Business Plans, Patent Litigation, Expert Witness Testimony and Taxation and Accounting Services. Before joining the RosenfarbWinters team, Steve was engaged by one of the largest Long Island school districts to review Internal Controls and detect possible misappropriation of school district assets. Steve is a graduate of SUNY Buffalo where he earned his Bachelor of Science Degree in Business Administration. He is a licensed CPA and is a Diplomate of the American Board of Forensic Accountants. Professional Affiliations for Stephen A. Linker American Institute of Certified Public Accountants New York State Society of Certified Public Accountants NYSSCPA Committee on Relations with the Legal Community American Society of Appraisers Candidate Member Institute of Business Appraisers Association of Certified Fraud Examiners Associate Member Long Island Chapter of the Association of Certified Fraud Examiners American College of Forensic Examiners Litigation Support Committee, Nassau County Chapter, NYSSCPA Litigation Support Committee, Suffolk County Chapter, NYSSCPA New York Association of School Business Officials Professional Presentations by Stephen A. Linker Interview of a Propertied Spouse: Forensic Accounting Issues Association of Certified Fraud Examiners, Long Island Chapter Tax Aspects of Divorce NYSSCPA, Nassau County Chapter, Litigation Support Committee Business Valuation What Every Lawyer Needs to Know Business Valuation What Every Financial Planner Needs to Know Embezzlement What? Who? Why? How? Detection!! Prevention!! (3-Part Series) Damages Discovery and Recovery Holistic Business Planning for Greater Profit and Wealth Tax Planning for the High Income Executive RosenfarbWinters, LLC all Rights Reserved