J. William Middelton
Chairman
billm@midlimco.com

Bill Middelton, the chairman and co-founder of Middelton, Limburg & Company (MLC), specializes in initiating, negotiating and structuring mergers, acquisitions and divestitures. He also provides clients with financial advisory services in the areas of capital planning, private placements and owner exit strategies for privately-owned businesses. Bill has successfully completed engagements in a variety of industries including construction, manufacturing, banking, leasing, food, distribution, and service.

Prior to co-founding MLC, Bill served as:

• Senior vice president for CoreStates Investment Banking/PCA, a subsidiary of a Philadelphia-based multi-state bank holding company where he arranged the sale or purchase of numerous companies.
• Senior vice president for Legg Mason Wood Walker, Inc. where he represented the firm in various corporate finance activities focusing primarily on banks and thrift institutions.
• President and director of Equitable Bank, N.A., Maryland's second largest bank before being acquired by Maryland National Bank. Prior to being elected president, he served as executive vice president in charge of the bank's commercial and operations divisions.

Bill is a member of the board of directors of Professionals Advocate Insurance Company (PRO AD), Hunt Valley, Maryland. He also serves as chairman of the Finance and Audit Committee of PRO AD and is a member of the Executive Committee. In addition, Bill serves as a member of the Baltimore Metro Region Advisory Board of Branch Bank and Trust (BB&T); he also serves the BB&T as chairman of the Advisory Board's Business Development Committee.

Bill formerly served as a director of Medical Mutual Liability Insurance Society of Maryland Medical Mutual Group Holdings, Inc. and Mid-Lantic Management Services, Inc. Bill also served as a director of Mason Dixon Bancshares, Inc. and Bank of Maryland until both institutions were acquired by BB&T.

Bill remains active in community affairs, serving as a director of both the Presbyterian Eye, Ear, and Throat Charity Hospital (now affiliated with Greater Baltimore Medical Center) and the Garrett-Jacobs Mansion Endowment Fund. Bill formerly served as chairman of the Board of Trustees of McDonogh School, chairman and president of Presbyterian Senior Services, Inc. -- owner and operator of Glen Meadows, a Baltimore-based retirement community with some 300 residents, chairman of the Central Maryland Chapter of the March of Dimes, and chairman of the Better Business Bureau of Baltimore. He also served on the faculty of the Evening Division of The Johns Hopkins University from 1957 to 1970 -- where he taught courses in industrial management and money and banking.

He received his Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania and a Master of Business Administration degree with distinction from the Graduate School of Business at Harvard University.

Donald C. Limburg
President and Chief Executive Officer
dlimburg@midlimco.com

Don Limburg, the president, CEO and co-founder of MLC, specializes in mergers and acquisitions, business valuations, financings and restructurings. He has completed successful engagements in a variety of industries including financial services, market research, manufacturing, wholesale and distribution, construction, and medical products and technology.

Prior to co-founding MLC, Don served as:

• Vice president and chief financial officer of a venture capital-backed software company where he was responsible for all aspects of financial management. He developed and implemented the company's financial and strategic plan and successfully directed a recapitalization.
• Manager of merger and acquisition services for "big six" accounting and consulting firm Coopers & Lybrand, where he was responsible for the marketing and delivery of merger and acquisition services, including target identification, business review, corporate valuation, structuring and financing. In addition, he managed business reorganization engagements and worked with troubled companies, including two major failed savings and loan companies and the largest industrial bankruptcy in the history of the Maryland Bankruptcy Court.
• Assistant vice president and manager of the business advisory services division for a large Midwest bank where he negotiated the sale of companies in several industries, including food, transportation, manufacturing, distribution, banking and franchises. He also conducted business valuation assignments in many industries.

Don received his Bachelor of Arts degree in Economics from Northwestern University and his Master of Business Administration degree with concentrations in corporate finance and economics from the Graduate School of Business at the University of Michigan.

Greg Huff
Senior Vice President
ghuff@midlimco.com

Greg Huff, senior vice president of MLC, has spent more than 20 years providing financial advisory services to a diverse array of middle market and publicly-traded companies. His areas of expertise include acquisitions and divestitures, valuations, and financing. He has assisted the owners of numerous closely-held businesses in identifying and evaluating strategic alternatives to maximize value including growth through acquisition, divestiture, succession planning and accessing capital markets through private placements of equity and debt.

Prior to joining MLC Greg served as:

• Director of mergers and acquisitions at CoreStates Securities Corp., the investment banking arm of CoreStates Bank, NA. where he served as the investment banking liaison for customers in Pennsylvania, New Jersey and Maryland. Greg assisted over 300 customers with mergers, divestitures, employee stock ownership plans (ESOP), and private placements of investment grade debt and mezzanine capital.
• Vice president of the corporate finance department at Mercantile Safe Deposit & Trust Company, where he specialized in business valuations, mergers and acquisitions and raising capital. Greg headed the trust department's closely-held companies unit, which had investment responsibility for a portfolio of more than $500 million. In this capacity, Greg served on the board of directors of several operating businesses and investment holding companies. He oversaw the transfer of the corporate finance group to the commercial banking division where it provided corporate finance services on a fee basis to the bank's customers.

Greg received his undergraduate degree from Harvard University and a law degree from the University of Maryland School of Law. He is a member of the Maryland Bar. Greg has spoken about business valuations, ESOPs and mergers and acquisitions to numerous professional groups and business owners.

J. Richard O'Connell
Principal
jroc@midlimco.com

Dick O'Connell specializes in the legal aspects of MLC's sale and purchase transactions. During the course of his career, Dick has advised many commercial, banking and real estate institutions.

Prior to joining MLC, Dick served as:

• President and chief operating officer of Constellation Real Estate, Inc., a commercial real estate and development company that owned and operated $400 million worth of office, retail and residential properties and land developments. The 50-employee company achieved dramatic success in a depressed real estate market.
• Executive vice president and general counsel of Constellation Real Estate, Inc. and its predecessor, the KMS Group, Inc. where he handled legal issues related to the acquisition and sale of properties and leasing and administrative matters relating to various governmental approvals of projects. He also managed the day-to-day operations of the company.
• Partner in the Baltimore-based law firm of Miles and Stockbridge where he represented a number of banking institutions and other businesses on general corporate and commercial matters. He specialized in real estate-related transactions.

As a practicing attorney since 1963, Dick has had broad general practice experience and is licensed to practice law in Maryland and Florida. He also is admitted to practice before the U.S. Supreme Court and the U.S. District Court for Maryland.

Dick has served on the board of directors of various companies, including Constellation Real Estate, Inc. and its subsidiaries, Eastview Savings and Loan Association, the Mudge Paper Company and numerous civic and educational groups.

Dick received his Bachelor of Arts degree from Washington and Lee University and his law degree from the University of Maryland School of Law.