James R. Bond, Jr.
Timothy S. Pecaro
John S. Sanders
Jeffrey P. Anderson
Peter R. Geyer
Julie A. Kroskin
Andrew R. Gefen

JAMES R. BOND, JR.

James R. Bond, Jr. is a principal in the consulting firm of Bond & Pecaro, Inc, a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry. In this capacity, he is routinely retained to examine and study economic issues which affect media businesses.

Before the formation of Bond & Pecaro, Inc., Mr. Bond was a Vice President with Frazier, Gross & Kadlec, Inc. Mr. Bond joined that firm in 1978, was appointed Manager of Asset Appraisal Services in 1979, and in 1982 was named Vice President. During this experience he engaged in the development and preparation of asset appraisal reports and economic analyses for owners of broadcast and cable television properties.

Mr. Bond has been retained to appraise, for a fee, the assets of over 2,500 radio, television, radio common carrier, and cable television properties. He is a member of the Society of Broadcast Engineers (SBE), the Cable Television Tax Professionals Institute (CTTPI), and the Society of Cable Television Engineers (SCTE). He is a member and past director of the Broadcast Cable Financial Management Association (BCFM), and has served on that organization's Taxation Advisory and Industry Education Committees. He also serves on the National Association of Broadcasters (NAB) Tax Advisory Panel and Depreciation Task Force. Mr. Bond is a Certified Senior Radio Broadcast Engineer (SBE), a Certified Senior Television Broadcast Engineer (SBE), and holds an FCC First Class Radiotelephone Operator License.

He has testified as an expert witness in connection with numerous telecommunications valuation matters before federal, state, and local courts.

Mr. Bond received a Bachelor of Arts degree in Radio, Television and Motion Pictures from the University of North Carolina at Chapel Hill in 1976. Mr. Bond also holds a Masters Degree in Business Administration from the University of Virginia in Charlottesville , Virginia.

TIMOTHY S. PECARO

Timothy S. Pecaro is a principal and founder of the firm of Bond & Pecaro, Inc., a Washington based consulting firm specializing in valuations, strategic planning, acquisition analysis, asset appraisals, and related financial services for the communications and media industries. Before the formation of Bond & Pecaro, Inc., Mr. Pecaro was a Vice President with Frazier, Gross & Kadlec, Inc. Mr. Pecaro joined that firm in 1980 and was named Manager of the firm's Appraisal Services Division in 1982. He became Director of Appraisal Services in 1983 and Vice President of the firm in 1984.

Mr. Pecaro has actively participated in the development, research, and preparation of appraisal reports for owners of radio, television, cable, newspaper, radio common carrier, telecommunications, new media, and Internet properties. He has also developed several research studies and has participated in special research reports for the Federal Communications Commission (FCC) and the National Association of Broadcasters (NAB).

Mr. Pecaro has appraised more than 3,000 communications and media businesses. He has also been retained to provide special market studies and individual research projects for the management of media and technology properties and related industries. He is the Vice Chairman of the Broadcast Cable Financial Management Association, Co-chairman of the association's 2004 and 2005 annual conferences, Chairman of the Technology and New Media Committee, and a member of the Cable Television and Tax Committees. Mr. Pecaro is also a member of The National Association of Broadcasters (NAB) Tax Advisory Panel. Mr. Pecaro has testified as an expert witness in connection with media and telecommunications valuation matters before federal, state, and local courts; the FCC; and the Joint Committee on Taxation. He has also spoken on media financial issues at the annual conferences of the National Association of Broadcasters, the Broadcast Cable Financial Management Association, the National Cable Television Association, the Broadband Tax Institute, the International Business Forum, and Telocator. Additionally, Mr. Pecaro has been a guest lecturer at the University of Missouri School of Journalism.

Prior to his association with Frazier, Gross & Kadlec, Mr. Pecaro was employed at WMAQ and WKQX(FM) in Chicago , at the time two of the NBC owned and operated radio stations. Mr. Pecaro received a Bachelor of Arts degree in Radio/Television Communication Arts from Monmouth College in 1976. He graduated Cum Laude with highest honors in his major field of study.

JOHN S. SANDERS

John S. Sanders is a principal in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry. Prior to his association with Bond & Pecaro, Inc., Mr. Sanders was Manager, Appraisal Group, with Frazier, Gross & Kadlec, Inc. He worked for that firm in various analytical and managerial positions between 1982 and 1986.

Mr. Sanders has been actively involved in both fair market valuations and asset appraisals of over 2,000 television, radio, hardline and wireless cable, radio common carrier, newspaper and related communications businesses. He has also assumed primary responsibility for a number of expert testimony and similar special projects, including economic analyses of specific communications industry issues.

Mr. Sanders has spoken on financial issues for the Cellular Telecommunications Association (CTIA), the Personal Communications Industry Association (“PCIA”), the National Association of Broadcasters (NAB), the Broadcast Cable Financial Management Association, the Telecom Publishing Group, and other organizations. His commentaries have also been published in the trade press, including Cellular Business , PCIA Journal , Open Channels , Broadcasting, and Communications magazines and the Broadcast Financial Journal . He has been interviewed by publications including The Washington Post , The Orlando Sentinel , Communications , PCS News , Wireless Week , and Telephony.

Mr. Sanders received a B.A. Cum Laude in Economics and International Studies (Honors) from Dickinson College . He also holds a Masters Degree in Business Administration from the University of Virginia in Charlottesville , Virginia.

JEFFREY P. ANDERSON

Jeffrey P. Anderson is a principal in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry. Prior to joining the firm, Mr. Anderson worked as a Financial Analyst with Frazier, Gross, & Kadlec, Inc. As Financial Analyst, he actively coordinated and prepared asset appraisals for various radio, television, CATV, and new media clients.

Mr. Anderson has been actively involved in both fair market valuation and asset appraisals of over 1,200 television, radio, cable, newspaper, Internet, and related media and communications businesses. He has assumed primary responsibility for special market studies and research projects in the management of communications properties and related industries.

Mr. Anderson is co-author and editor of Bond & Pecaro, Inc.'s CyberValuation publications. He has recently participated and spoken on financial and valuation issues related to the technology industry for the Broadcast Cable Financial Management Association, Netpreneur.org, and the Strategic Research Institute. His commentaries on Internet valuation issues have appeared in the trade press including the Washington Post , Mergers & Acquisitions , Washington Techway , CFO Magazine , American Venture , and the Washington Business Journal.

Mr. Anderson received the Master of Business Administration degree at the Colgate Darden School of Business Administration at the University of Virginia and received a B.A. in Economics from the College of William and Mary.

PETER R. GEYER

Peter R. Geyer is a principal in the consulting firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

Mr. Geyer has been with the firm since 1994 and has chaired the engineering department since 1995. Since joining Bond & Pecaro, he has been responsible for appraising the tangible assets of over 1,000 radio and television stations, cable systems, cellular telephone systems, telecommunications facilities, and publishing properties. He is a member of International Newspaper Financial Executives (INFE), the Society of Cable Telecommunications Engineers (SCTE) and the Society of Motion Picture and Television Engineers (SMPTE).

Prior to his association with Bond & Pecaro, Mr. Geyer worked as a sound and lighting technician in Eastern Europe , and as an audio-visual technician at the Colorado College.

Mr. Geyer received a Bachelor of Arts degree Cum Laude in Political Science, with distinction in his major field, from the Colorado College at Colorado Springs. Mr. Geyer also holds a Masters Degree in Business Administration from the George Washington University in Washington, DC.

JULIE A. KROSKIN

Julie A. Kroskin is the Director of Asset Appraisals in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

Ms. Kroskin has actively participated in numerous fair market valuations and asset appraisals of television, radio, cable television, outdoor, and newspaper properties. She has also been involved in several cable television valuation matters before state and local courts.

Prior to her association with Bond & Pecaro, Inc., Ms. Kroskin worked as a customer and technical support representative at American Cablecom in Beltsville , Maryland.

Ms. Kroskin received a Bachelor of Arts degree in Radio, Television and Film from the University of Maryland at College Park.

ANDREW R. GEFEN

Andrew R. Gefen is an associate in the firm of Bond & Pecaro, Inc., a Washington-based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

Prior to joining Bond & Pecaro, Mr. Gefen was Vice President of the Financial Consulting division of The Strategis Group (formerly Malarkey-Taylor Associates-EMCI), a Washington , D.C. based telecommunications consulting firm. Mr. Gefen was at the Strategis Group from 1988 to 1998, and managed consulting projects including the valuation of cable television and telephony systems, cellular telephone systems, radio and television stations, cable television programming networks, sports contracts, and paging systems. During his tenure with The Strategis Group, Mr. Gefen led due diligence efforts on several multibillion dollar industry transactions, determined the financial basis used to establish a statewide cellular system, developed the financial plan used to construct a cable television system serving a Middle Eastern country, and assisted a major cable television operator in its ongoing restructuring through valuation of its limited partnership interests. Mr. Gefen has also provided expert testimony on valuing telecommunications properties numerous times in Federal and State courts. He also wrote articles about the cable television and cellular telephone industries for the company's newsletter.

Prior to his association with The Strategis Group, Mr. Gefen was Manager of the Asset Appraisal Group at Frazier, Gross & Kadlec. At Frazier, Gross & Kadlec, Mr. Gefen was responsible for the valuation of well over 100 broadcasting acquisitions with an aggregate value exceeding $2 billion. He managed a group of 15 professionals in the production of appraisal reports. Mr. Gefen was also a business analyst and project manager with American Management Systems, where he produced and analyzed the budget for the company's largest division and managed a financial modeling system used in making loan and price commitments in the energy industry.

Mr. Gefen received a Bachelor of Arts degree in Economics from Brown University in 1979, and a Masters of Science in Industrial Administration (MBA) from Carnegie-Mellon University in 1982.