WELCOME TO
INVESTOR PRESENTATION October 2017 DISCLAIMER
No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to Royalty Flow will not be accepted. No offer to buy securities in a Regulation A+ offering of Royalty Flow can be accepted and no part of the purchase price can be received until Royalty Flow’s offering statement is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indication of interest in Royalty Flow’s offering involves no obligation or commitment of any kind.
The securities to be offered will be highly speculative. Investing in shares of Royalty Flow will involve significant risks. Investment will be suitable only for persons who can afford to lose their entire investment. Furthermore, investors must understand that such investment could be illiquid for an indefinite period of time. No public market currently exists for the securities, and if a public market develops following the anticipated offering, it may not continue.
This contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing events or developments that Royalty Flow expects or anticipates will occur in the future, including but not limited to, the success of its crowdfunding campaign, listing on a securities exchange and development of a market for its securities, and its business strategy, including acquiring future royalties. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties, including without limitation: Royalty Flow’s ability to execute its equity crowdfunding and future growth strategies, the state of the music industry and payment under royalty interests, and the future popularity of Eminem. Should one or more of these risks or uncertainties materialize, or should any of the Royalty Flow’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Royalty Flow’s forward-looking statements. Except as required by law, Royalty Flow disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained here. OVERVIEW TABLE OF INVESTING IN ROYALTIES CONTENTS MUSIC INDUSTRY RECOVERY ROYALTY FLOW: BUSINESS MODEL
ROYALTY FLOW: FIRST ASSET
R OYALTY FLOW: IMPORTANT INFORMATION
APPENDIX ROYALTY EXCHANGE 4
Mission: Making quality media royalty streams investable. Founded: 2011 Full-Time Employees: 19 Registered Users: 22,500+ Focus Since Inception: Media-Based Intellectual Property Royalties Location: Denver, CO
IP assets sold/acquired via 200+ auctions in the last two years at Royalty Exchange include royalties spanning: Music Television/Movies Photography Video Publishing (books)
*As of October 2017 ROYALTY EXCHANGE 5 GROSS MARKETPLACE VOLUME
GROSS Royalty Exchange GMV, by Quarter $3,000,000 40% MARKETPLACE $2,750,000 VOLUME: $2,500,000 30% $2,250,000 $2,000,000 20% The sum of the gross $1,750,000 $1,500,000 10% dollar value of closed $1,250,000 deals that generated $1,000,000 0% $750,000 revenues or $500,000 -10% commissions for $250,000 $0 -20% Royalty Exchange. 16 -Q1* 16 -Q2** 16 -Q3 16 -Q4 17 -Q1 17 -Q2 17 -Q3 Closed GMV Linear (% Growth Q over Q)
Royalty Exchange GMV by Quarter 16 -Q1 * 16 -Q2 ** 16 -Q3 16 -Q4 17 -Q1 17 -Q2 17 –Q3 Closed GMV $220,550 $970,000 $1,018,300 $1,080,500 $1,774,900 $2,432,400 $2,799,500 % Growth N/A N/A 4.98% 6.11% 64.27% 37.04% 15.09% (Q over Q)
*Partial data **Excludes 1 abnormal auction POST- 2008: 6 CORRELATIONS STILL INCREASING
INTERNATIONAL MONETARY FUND (IMF): Global asset prices have a higher tendency to move together now than at any other time since the 2008 Financial Crisis.
• IMF World Financial Stability Report, October 2015
• IMF World Financial Stability Report, April 2016
http://www.fa-mag.com/news/global-investment-outlook-27345.html CASE FOR ALTERNATIVE ASSETS 7
• “Broadly speaking, alternatives are investments in assets other than stocks, bonds and cash or investments”
• “Because alternatives tend to behave differently than typical stock and bond investments, adding them to a portfolio may provide broader diversification, reduce risk, and enhance returns.” https://www.thestreet.com/story/13383547/1/4-reasons-why- investors-should-consider-alternative-investments.html - BlackRock, Inc.
https://www.blackrock.com/investing/resources/education/alternative- investments-education-center/what-are-alternative-investments MUSIC ROYALTIES: ALTERNATIVE ASSETS 8 LOW CORRELATION
Music consumption has not historically changed with interest rate movement OR stock market volatility
“The secular influence of new sound- carrier format introductions such as cassettes in 1973, compact discs in 1983, and digital downloading and streaming services (e.g. Napster) has been far more important than the business cycle in affecting demand.” - HOWARD VOGEL • Former Merrill Lynch Senior Entertainment Industry Analyst (17 years) • Ranked Top Entertainment Industry Analyst for 10 years by Institutional Investor magazine THE ASSET CLASS: MUSIC ROYALTIES 9
9
Consistent Income / Cash Flow
Relative Price Capital (NAV) Stability Appreciation Potential
Long-Term Assets (paid for the life of the artist +70 years) ROYALTIES 101 10
“THE BEST BUSINESS IS A ROYALTY ON THE GROWTH OF OTHERS, REQUIRING VERY LITTLE CAPITAL ITSELF” - WARREN BUFFETT
Warren Buffett quoted in The Money Masters by John Train ROYALTIES 101 11
• The owner may license the asset to be used by another party, and will be paid a percentage of the net revenues of the A “royalty” is a monetary asset based on its usage. compensation paid to the owner of an asset. • Music royalties are a “cut off the top” of revenue earned from music. The owner of a royalty gets paid before stockholders, company executives, and others at specified intervals like annually, quarterly or monthly. MUSIC ROYALTY INCOME 12
Music royalty owners are paid via:
DIRECT CONSUMPTION: OTHER USAGE:
Downloads Movies
Streams Television Advertisements Physical album sales Bars Restaurants Concerts- Stadiums Radio MUSIC INDUSTRY: TURNING THE CORNER 13
“IT’S FINALLY TURNING THE CORNER. AFTER 15 YEARS OF DESTRUCTION, THE NEXT 15 YEARS ARE ALL ABOUT VALUE CREATION” - LISA YANG • Goldman Sachs Executive Director of Media and Internet
http://www.goldmansachs.com/our-thinking/pages/music-in-the-air.html MUSIC INDUSTRY CRISIS: 1999-2014 14 Global recording industry revenue: Decreased Nearly 40%
Global Recorded Music Industry Revenues 1999-2014 (US $ Billions) $25.0
$22.5
Piracy $20.0
• Napster, Limewire $17.5 Disaggregation $15.0 $12.5 • Albums to singles $10.0 Lack of $7.5
Transparency $5.0
$2.5
$0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IFPI – MIDiA Research - April 2017 MUSIC INDUSTRY RECOVERY: 2015+ 15
The Rise of Digital Global Recorded Music Industry Revenues 1999-2016 (US $ Billions) Streaming $25.0
$22.5 • Streaming is now $20.0 outpacing the effect of declining $17.5 physical sales (CDs). $15.0 $12.5
• Technological $10.0 advances (smartphones, $7.5 mobile networks, $5.0 etc.) are creating $2.5
opportunities for $0.0 continued growth. 1999 2000 2001 20022003 200420052006200720082009 2010 2011 2012 2013 2014 2015 2016
IFPI – MIDiA Research - April 2017 GOLDMAN SACHS PROJECTION 16 Digital Streaming Paid Revenues: Revised Upward
GS 2030 Projection (8/2017) Goldman Sachs recently DOUBLED its 2030 projection for music industry revenue from paid digital streaming.
GS 2030 Projection (12/2016) $28.0 B WHY?
2016 Digital Streaming: $14.1 B Global Paid Revenues
REVISED PROJECTION $3.0 B Goldman Sachs Equity Research, GS Music in the Air Series. - August 28, 2017 MUSIC INDUSTRY RECOVERY CHAIN 17 Major Beneficiary: Royalty Asset Owners
IMPROVED CONSUMER IMPROVED TECHNOLOGICAL DIGITAL STREAMING DATA AND ROYALTY ADVANCES SUBSCRIPTIONS TRANSPARENCY ASSETS
SMART PHONES APPLE MUSIC PLAYS PREDICTABILITY BETTER MOBILE NETWORKS SPOTIFY DOWNLOADS VALUE PANDORA LIKES/SKIPS QUALITY GLOBAL DIGITAL MUSIC REVENUE 18 2005-2016
Global Digital Music Revenue from 2005 – 2016 (US $ Billions) INCLUDES: $9 $8 $7.8 • Streaming $7 $6.6 • Downloads $6.0 $6 $5.7 $5.4 $4.9 • Ringtones $5 $4.1 $4.3 • Non-interactive $4 $3.7 $2.9 $3 streaming $2.1 $2 (Pandora, Sirius $1.1 $1 XM, YouTube) $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
IFPI – “Global Music Report 2017”, Page 11 - April 2017 DIGITAL STREAMING: 19 CHALLENGING TERRESTRIAL RADIO
U.S. TERRESTRIAL RADIO AIRPLAY à RECORDING ARTISTS DO NOT GET PAID DIGITAL STREAMING PLAYS à RECORDING ARTISTS GET PAID
Number of Paying Online Music Americans ages 12+ who have listened to Service Subscribers, Worldwide online radio in the past month (%) 2010 - 2016 (In Millions) 125 60% 112 50% 100 40% 75 68 30%
50 41 20% 28 25 20 10% 13 8 0% 0 2010 2011 2012 2013 2014 2015 2016
IFPI – “Global Music Report 2017”, page 16 – April 2017 Edison Research “State of the News Media 2016” – February 2017 MUSIC INDUSTRY: 20 PROJECTED REVENUE GROWTH
Music Industry Revenue in the U.S. 2012 – 2021* (US $ Billions)
$25.0 $22.6 $22.5 $21.8 $20.7 $20.0 $19.6 $18.3 $17.2 $17.5 $16.2 $15.6 $15.7 $15.9 $15.0
$12.5
$10.0
$7.5
$5.0
$2.5
$0.0 2012 2013 2014 2015 2016* 2017* 2018* 2019* 2020* 2021*
PWC; VentureBeat – June 2017 21
Royalty Flow is a specialty financing company acquiring passive interests in quality media royalty streams. ROYALTY FLOW 22 EXCLUSIVE ROYALTY ACCESS
Royalty Flow grants investors exclusive access to media royalty streams via a daily liquid, exchange- traded stock.
Acquisition & Growth Strategy:
Initially focus on music assets. Royalty Flow offers the most direct exposure to media Actively analyze and royalties available potentially include other forms on a public exchange. of media-based Intellectual Property, including but not limited to:
Movies Television Trademarks COMPARABLE CASE STUDY: ROYAL GOLD 23 Royal Gold is engaged in the acquisition and management of precious metals royalties and streams
Approximate Price/Book Total Company Symbol IPO Date Market Cap* Employee Ratio* Return* Count*
Royal Gold RGLD 6/19/1981 2.5 3231% $5.6 billion 23
In acquiring assets, Royal Gold Seeks:
DIRECT ACCESS TO FANTASTIC ASSETS/DEPOSITS PROVEN OPERATING PARTNERS EFFICIENT CAPITAL STRUCTURE
*Morningstar.com as of October 2017 ROYALTY FLOW 24 ASSET EVALUATION CRITERIA We use a series of quantitative, qualitative, financial, and legal criteria by which we evaluate the potential acquisition of royalty interests. The factors considered include:
Experience and skill of the active management team
Longevity and staying Track record of royalty power of the underlying earnings Target IRR: 8-16% intellectual property
Type of intellectual Potential for revenue property royalties growth ROYALTY FLOW 25 TOTAL RETURN STRATEGY
ROYALTY FLOW WILL TARGET
Dividend Growth
Capital Appreciation
Cost Efficiency
Mobile Apps Passive Interests Only Established Operating Partners Dividend Growth DIVIDEND GROWTH CREATES VALUE 26 Capital Appreciation ROYALTY FLOW WILL PURSUE DIVIDEND GROWTH Cost Efficiency
“DIVIDENDS HAVE BEEN A MAJOR COMPONENT OF THE STOCK MARKET’S OVERALL TOTAL RETURNS THROUGHOUT HISTORY. DIVIDENDS HAVE CONTRIBUTED ANYWHERE FROM 25% TO 75% OF THE MARKET’S OVERALL TOTAL RETURN OVER THE PAST SEVEN DECADES” - BRIAN BOLLINGER* THESTREET.COM
Ned Davis Research, Morningstar
*https://www.simplysafedividends.com/dividends-vs-total-returns/ Dividend Growth ROYALTY FLOW 27 Capital Appreciation CAPITAL APPRECIATION POTENTIAL Cost Efficiency
Goldman Sachs 2030 Projection The current trends in the music industry provide an opportunity to dwarf the bull market of the early 90s (introduction of CDs)
Increased cash flows Expanded multiples $28.0 B
2016 Digital Streaming: Passive Interests Only Mobile Global Paid RevenuesApps
$3.0 B Television Goldman Sachs Equity Research, GS Music in the Air Series. - August 28, 2017 Dividend Growth CAPITAL APPRECIATION POTENTIAL 28 Capital Appreciation We at Royalty Exchange agree with Goldman Cost Efficiency Sachs that the music industry is in the early days of a bull market. For example, in 2016:
Chinese music Sweden population: 9,960,487 3% market exceeded 112 million Sweden for the first paid streaming subscribers = time, posting 20% only 3% growth year-over- of the global year, driven by a smartphone 97% 31% growth in population
China population: 1,379,302,771 streaming.
Goldman Sachs Equity Research, GS Music in the Air Series. - August 28, 2017 Dividend Growth 29
Capital Appreciation
Cost Efficiency
COST EFFICIENCY
PASSIVE INTERESTS ONLY ESTABLISHED OPERATING PARTNERS
• No expenses of a • History of effective label or publisher stewardship, i.e.: defending the asset • Copyright owners maintain economic • Vigilant focus on interest to exploit monetization catalog 30
FIRST EXCLUSIVE ASSET EMINEM EMINEM’S FULL CATALOG 1999-2013 31
EXTRAORDINARY SOUND RECORDING CATALOG INCLUDES
ALL OF EMINEM’S ALBUMS EMINEM’S SIDE FROM 1999’S SLIM SHADY PROJECTS LP UP TO AND INCLUDING INCLUDINGWORKS WITH 2013’S MARSHALL MATHERS JAY- Z, AKON, TUPAC, LP 2. 50 CENT AND MORE
ALL OF EMINEM’S REVENUE HISTORY MUSIC VIDEOS 20+ YEARS
*Asset being acquired is a 15% or 25% royalty interest from FBT Productions, the individuals who discovered and developed EMINEM EMINEM CATALOG 32 TOP 20 SONGS BY REVENUE 2013- 2016
Song Title The Monster Berzerk Lose Yourself Rap God Love The Way You Lie - Album V 'Till I Collapse Without Me The Real Slim Shady Survival Not Afraid Marshall Mathers Stan Mockingbird Headlights When I’m Gone Includes songs from Shake That • Albums Superman My Name Is • Side Projects Sing For The Moment • Compilations 8 Mile • Soundtracks ROYALTY FLOW 33 THE FIRST ASSET
o Globally, has sold more than 172 million albums. o So far in 2017, Eminem is the 12th most streamed artist in the world. And he hasn't released an album in 4 years. o Long-term relevance: This catalog has four albums currently charting on the Billboard 200. Three of which are among the top 20 longest-charting of all time, and one: "Curtain Call" was named the longest-charting hip-hop album in history. o Best-selling hip-hop artist of all-time. o Named “Billboard’s Artist of the Decade” for 2000-2010. o 43 Grammy Award nominations, 15 Grammy wins - including six for Best Rap Album. o Ranked by Rolling Stone and VH-1 as one of the 100 Greatest Artists of all time. o Won an Oscar for Best Original Song with “Lose Yourself.” o One of the best-selling artists of all time, with 10 No. 1 albums and five No. 1 singles. o Second best-selling male artist of the Nielsen SoundScan era. o Sixth best-selling artist in the United States. EMINEM 34 POPULARITY
Most Grammy Award-Nominated Individuals Of All Time, As Of 2017
Quincy Jones Georg Solti Kanye West Jay-Z John Williams Beyoncé* Chick Corea U2 Dolly Parton David Foster Bruce Springsteen Emmylou Harris Barbra Streisand Eminem Willy Nelson Vince Gill Alison Krauss 0 10 20 30 40 50 60 70 80 90
Statista - 2017 EMINEM 35 POPULARITY
Musicians With The Most Facebook Fans As Of May 2017 (In Millions)
Shakira
Eminem
Rihanna
Justin Bieber
Michael Jackson
Taylor Swift
Bob Marley
Katy Perry
Adele
Beyoncé
0. 20. 40. 60. 80. 100. 120.
Fanpagelist.com - 2017 EMINEM CATALOG 36 FINANCIAL HIGHLIGHTS CONTINUED RELEVANCE
Catalog Total Earnings (US $ Millions) $5.5 $5.0 Solo$4.5 Side Projects Total Growth $4.0 Rate The catalog’s royalties grew by 43% from 2015 to $3.5 $3.0 2016, even though Eminem hasn’t released a $2.5 $5.07 $2.0 new album since 2013. $1.5 $3.55 2015 1,180,203$1.0 142,641 1,322,844 $0.5 2016 2,007,522$0.0 324,468 2,331,990 76% 2015 2016
THE STREAMING EFFECT Streaming Earnings (US $ Millions) $2.5 The streaming royalties grew by 76% in $2.0 calendar year 2016 over calendar year 2015. $1.5
$1.0 $2.01 Streaming represents 46% of the asset’s total $1.26 $0.5 $1.11 2016 royalties. $0.0 *As of September 2017 1H - 2016 2H - 2016 1H - 2017 EMINEM CATALOG: TOTAL EARNINGS 37
Catalog Total Earnings (US $ Millions) $16
$14
$12
$10
$8 $15.12 $6 $10.43 $4 $7.44 $5.07 $2 $3.93 $3.59 $3.55 $0 2010 2011 2012 2013 2014 2015 2016
Notable Album Releases
• May 2009 – Relapse • June 2010 – Recovery • December 2009 – Relapse: Refill • November 2013 – Marshall Mathers LP FBT PRODUCTIONS VS. AFTERMATH RECORDS 38 EFFECTIVE ASSET OPERATOR CASE STUDY
SEPTEMBER 3, 2010: • FBT won the landmark case of FBT Productions v. Aftermath Records.* • The Ninth Circuit overruled a District Court decision (which FBT Productions had appealed) determining digital downloads from third party sites are generally licensed, not purchased, by the retailer from the copyright owner.
THE RESULT:
• The artist (FBT, in this case) is owed the licensing rate for digital downloads and streams of 50%, rather than the sale rate of 12-20%. • FBT is now receiving significantly enhanced royalties from digital uses and other licensing. • This case has already had a major influence on the income of many renowned artists.
* FBT Productions, LLC v. Aftermath Records, 621 F.3d 958, 961 (9th Cir. 2010), cert. denied, 131 S. Ct. 167 ROYALTY FLOW 39 VALUE PROPOSITION
DIRECT ACCESS PROVEN EFFICIENT TO OPERATING CAPITAL FANTASTIC ASSETS PARTNERS STRUCTURE
Royalty Flow will seek to acquire Passive, partial interests alongside Keeping costs low assets generating uncorrelated established operating partners income of 8-16% IRR Finding, valuing, acquiring and History of effective stewardship administering media-based IP Back catalogs with an extensive history of royalty assets has been our Vigilant focus on monetization ability to pay consistent cash flow specialty since inception
Intangible assets: no factories or storage facilities necessary
Acquisitions and growth should create “economies of scale” IMPORTANT INFORMATION 40
YOU CAN WRITE HERE IPO IN Q4 2017 WRITE HERE BrokerYOUR-Dealer(s): NICE TITLEFolio Investing Fundraise Goal: $11-$50 million
Reg A+ABOUT Investment Portal: YOUR SERVICESFolio Investing Minimum Investment: $2,250
A company is an association or collection of individuals, whether natural persons, legal (300 shares @ $7.50 per share) Stock persons,Exchange: or a mixture of both. Company members share a commonTBD purpose (NASDAQ and unite in or OTC) order to focus their various Goal: List on NASDAQ Capital Market Transfer Agent: ComputerShares Goal:(may List require on NASDAQ IPO on CAPITAL OTC Markets) MARKET (may require IPO on OTC Markets)
Legal Counsel: Hogan Lovells US LLP NASDAQ Ticker Symbol: RLTY
Third Party Due Diligence: Hogan Lovells US LLP 01 02 03 Investment period opens: November 2017 BOARD OF DIRECTORS 41
41 Matthew Smith Mr. Smith has served as Chief Executive Officer of Royalty Exchange since January 2016. Mr. Smith is an experienced entrepreneur, investor and advisor who has founded and led multiple successful businesses. He Executive currently serves as CEO of Royalty Exchange, the leading online platform for buying and selling royalties. He previously founded several companies including a jobs portal in the late 1990’s, an ad agency, a marketing Chairman analytics business, a real estate listings portal and several niche publishing companies. Along the way, he acquired several ventures as well, including a domain registrar, an Irish pub and, most recently Royalty Exchange. Before acquiring Royalty Exchange, Matt served as CEO of Stansberry Research, a financial research firm with $200 million in annual revenue. In addition to his role at Royalty Exchange, Matt coaches and mentors entrepreneurs both individually and as an instructor at an entrepreneurial boot camp held overseas every year. He’s also a co-founder of The Atlas 400, an exclusive international social club.
Gary Young Mr. Young has served as Royalty Flow Secretary since its founding in May 2017. Mr. Young also serves on our board of directors. Mr. Young has served as Chief of Staff of Royalty Exchange since February 2016. Mr. Young Secretar previously worked at a $150 million financial publisher from September 2015 to February 2016, where he drove revenue on the marketing team. Prior to that, Mr. Young was the founder and owner of a marketing analytics y firm, Prime Analytics. Mr. Young began his career at Early to Rise Publishing as a copywriter in August 2012. BOARD OF DIRECTORS 42
42 John Simson has been in the music industry since his signing in 1971 as a recording artist and songwriter. Mr. John Simson Simson’s career has included stints as a manager, handling the career of 5-time Grammy winner, Mary-Chapin Carpenter, special advisor to Harry Belafonte for music and television projects, and a 30-year career as an Independent entertainment lawyer advising clients on copyright and business issues in film, television, music and the visual arts. He co-founded and served as the Executive Director of SoundExchange from 2001-2010. SoundExchange Director collects royalties from internet and satellite radio services on behalf of recording artists and record labels. Mr. Simson was at the forefront of the battle for artist’s rights and their ability to be paid for their work online. Mr. Simson is currently Of Counsel at Fox Rothschild and teaches the Business of Entertainment at the Kogod School of Business at American University.
Mr. Hanson is Managing Partner of Hillgreen, a private investment platform, and is Managing Partner of David R. Hanson Stearman Fund (Stearman), a private family office. In his roles at Hillgreen and Stearman, Mr. Hanson sources, evaluates, funds, and manages private- and public-investments. Prior to joining Stearman, Mr. Hanson was a Independent Founder, Managing Partner, and Portfolio Manager of Hanson Wells Partners (“HWP”), a contrarian-oriented long-short value investing partnership, where he invested in companies in the consumer, energy, financial Director services, industrial, media, technology, and telecommunications industries, among others. Prior to launching HWP, Mr. Hanson was a Vice President in Investment Banking at Deutsche Bank Securities in New York. During his career at Deutsche Bank, Mr. Hanson advised public and private companies on over $5 billion of securities issuance and merger and acquisition transactions. Prior to his time at Deutsche Bank, Mr. Hanson was an investment banker at PNC Capital Markets, where he provided investment banking advisory services to consumer and commercial finance companies, among others. Mr. Hanson began his career on the mezzanine private equity team at Salem Capital Partners. He is a graduate of Wake Forest University. Mr. Maxwell is a certified public accountant. From 2002 to 2004 and 2005 to 2017, Mr. Maxwell worked at Christopher D. Deloitte & Touche LLP, where he was a partner from 2007 until his retirement in 2017. From 2004 to 2005 he Maxwell was the corporate controller of a publicly traded real estate investment trust. From 1993 to 2002 he worked at Arthur Andersen & Co. He is a graduate of Colorado State University with a Bachelor’s of Science degree in Independent business administration, with an emphasis in accounting. Mr. Maxwell currently teaches various accounting courses at Colorado State University and the University of Denver. Director WELCOME TO
Investor inquiries:
PJ Miklus VP, Investor Relations [email protected]