BOARD OF DIRECTORS

Mike McShane
President and CEO
Mr. McShane received a Bachelor of Arts Degree from St. John's University in Collegeville, MN; completed a Mini MBA program at St. Thomas University and attended the Lease Management Institute at University of Notre Dame. He is a United States Army veteran who served as an officer in the Republic of South Vietnam, where he earned six decorations, including two Bronze Stars. Mr. McShane founded Carlton Financial Corporation in 1983 and has 33 years of experience behind him. Prior to this endeavor, he spent ten years in First Bank System (U.S. Bancorp).

Peter G. Friedenfeld
Executive Vice President
Mr. Friedenfeld received a marketing degree from the University of Wisconsin-Eau Claire. He joined Carlton as a partner in September of 2000. Prior to joining Carlton Mr. Friedenfeld spent eight years with Winthrop Resources and nine years with Dataserv, a computer leasing firm. Peter is responsible for managing sales within the company as well as being an active member of the board.

Lee A. Bergstrom
Executive Vice President - Located in our Prescott, AZ office
Mr. Bergstrom joined Carlton Financial in 1994 as a marketing representative and in September of 2000 he became a partner. Before joining the Carlton staff, Lee was previously with Baxter International and IVAC as a regional sales manager for the Midwest. Lee's specialties include medical equipment financing, tax exempt transactions and municipal facility leases.

Greg P. Christianson
CFO
Mr. Christianson received his Bachelor of Science in Accounting from Winona State University. He joined Carlton Financial Corporation in February of 2000. He is responsible for overseeing all financial and accounting aspects of the company. Greg has fifteen years of experience with Dataserv, Inc. where he was a Staff Accountant; Computer Options, Inc., and Bookmen, Inc. where he served as the controller. In September of 2000 Greg became a Principal in the company and elected to the Board of Directors.

Debt Placement

Becky A. Larson
Director of Debt Placement
Ms. Larson has 23 years of experience in the leasing industry. She joined Carlton Financial Corporation in June, 2001. Her main focus is on the underwriting of lease transactions. Before joining Carlton Financial Corporation, Becky was with TCF Leasing and First Commercial Capital Corporation for 3 years. Prior to that she was with the leasing division of Dataserv for 11 years handling and directing the underwriting, documentation and financing activities of the company most recently as Treasurer reporting directly to the parent company, BellSouth Corporation. Becky received a Bachelor of Science in Business from Minnesota State University, Mankato.

Sales Staff

Lou DeMars
Vice President
Mr. DeMars joined Carlton Financial Corporation in 1997 and is currently serving as an independent contractor responsible for marketing the various lease programs offered by Carlton. Prior to joining the company he was a Senior VP in underwriting for the investment firm, Miller & Schroeder, for eighteen years specializing in structured finance of municipal and conventional offerings.

Matt Gosche
Vice President
Mr. Gosche joined Carlton in July 2005 and focuses on the origination of middle market financing and leasing transactions, as well as the development of vendor programs. Prior to joining Carlton, Matt spent 7 years with two local investment banking firms where he specialized in the sale of private placement loan transactions to community banks. Matt's previous experience also includes 5 years of equipment lease origination with a specialty finance company. Matt earned both his B.S. degree in Business and MBA degree from the Carlson School of Management at the University of Minnesota.

Chad McShane
Vice President
Mr. McShane joined Carlton Financial Corporation in June of 2005 and brings 7 years of leasing experience. He entered the leasing industry working for Brentwood Credit Corporation and most recently was Vice President of US Bank Oliver-Allen Technology Leasing. Chad will be focusing on lease origination in the Middle Market. He is a 1996 graduate of Miami University in Oxford Ohio.

Andy Disch
Vice President
Mr. Disch joined Carlton Financial Corporation in October of 2006 and focuses on the origination of middle market financing and leasing transactions, as well as the development of vendor programs. After graduating from the University of St. Thomas in 2001 where his focus was finance, Andy played 3 years of minor league hockey before helping start a publication. The 3 years prior to joining Carlton Andy specialized in advertising sales and business growth for Strictly High School.

John Deegan
Vice President
Mr. Deegan joined Carlton in November, 2007 and was in the leasing business for several years with TCF Equipment Financial and most recently with Mainstreet Bank out of Houston.

Steve Snater
Vice President
Mr. Snater joined Carlton in November, 2007 and has been in the Equipment Leasing/Finance business in California; most recently with US Bancorp Oliver Allen Technology Leasing in Sacramento, CA.


Administration

Cheryl Van Brunt
Vice President of Operations
Ms. Van Brunt joined Carlton Financial Corporation in March of 1996 with 18 years of experience in the leasing industry. Before joining Carlton she was with First Bank System for eighteen years. As well as serving as the Corporate Secretary, Ms. Van Brunt supervises the documentation and transaction flow for most of Carlton's customers.

Nancy Cramer
Marketing Coordinator
Ms. Cramer joined Carlton Financial Corporation in August of 2001 as a marketing coordinator. Nancy brings eight years of leasing background with Firstar Bank and Cargill Leasing. She is responsible for documentation and working closely with lessees, vendors and various banks to process final closing documents.

Lisa Deegan
Staff Accountant
Mrs. Deegan joined Carlton in November 2005, bringing with her 8 years of experience in the leasing industry, including 5 years at TCF Equipment Finance, Inc. Lisa is responsible for many of the day to day accounting duties including accounts payable, accounts receivable, month end reporting and sales and property tax reporting.

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ARIZONA SALES OFFICE
3029 Dollar Mark Way, Suite C
Prescott, AZ 86305
(928) 777-7003 * Fax (928) 777-9083
CORPORATE OFFICE
1907 E. Wayzata Blvd., Suite 180
Wayzata, MN 55391
(952) 831-4490 * Fax (952) 831-4201

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