William E. Fender, CPA, J.D., MBA, AIFA®

William (Bill) Fender 4643 South Ulster Street, Suite 1040 Denver, CO 80237 303-694-1900, ext. 303 bill-fender@expert-fiduciary.com         Expert Witness Services Expert Witness Focus Fiduciary duties and responsibilities associated with the management of investment portfolios in trusts and estates, retirement plans, individual investor portfolios and foundations Experience includes expert reports, damage calculations and testimony with respect to trustees of private trusts (including bank trust departments), beneficiaries of private trusts, retirement plan fiduciaries, retirement plan participants, investment advisers and investment adviser clients (see “Expert Witness Experience – Summarized By Retaining Party” below) Current Employment Principal and Senior Investment Consultant in an SEC registered investment adviser firm that provides investment consulting services on a fee-only basis to over $5 billion of individual, retirement plan and foundation investment portfolios pursuant to the Investment Advisers Act of 1940 (1996 to present) (see “Comprehensive CV” below) Professional Certifications and Credentials Certified Public Accountant (CPA) Attorney (inactive) / Juris Doctor Master of Business Administration (MBA) Chief Compliance Officer for SEC Registered Investment Adviser Accredited Investment Fiduciary Analyst™ (2004) / Center for Fiduciary Studies Registered Fiduciary™ (2010) / Dalbar, Inc. Investment Experience Over 28 years of diverse financial services experience Ongoing investment consulting relationships with clients that include retirement plans, foundations and high net worth individuals (including trusts and estates); a fiduciary with respect to all client relationships Working knowledge of financial institutions, financial services providers, investment strategies (including modern portfolio theory), investment products, financial markets and investment market history Working knowledge of prudent investment practices that meet fiduciary standards and financial services industry standards of care including Uniform Prudent Investor Act (UPIA), Employee Retirement Income Security Act of 1974 (ERISA), Uniform Prudent Management of Institutional Funds Act (UPMIFA), Investment Advisers Act of 1940, and Office of the Comptroller of the Currency Regulations Expert Witness Experience – Summary 39 engagements including 24 lawsuits, 7 arbitrations and 8 consultations 15 testimonies including 11 depositions, 2 trials and 2 arbitrations 23 expert reports Expert Witness Experience – Summarized By Retaining Party ERISA plan participants (5 cases) ERISA plan fiduciaries (7 cases) Trust beneficiaries (9 cases) Trustees of private trusts (3 cases) Bank trust departments (3 cases) Individual investors (8 cases) City pension plans (2 cases) Foundation trustees (1 case) University (1 case) Professional Affiliations American Institute of Certified Public Accountants Colorado Society of Certified Public Accountants Personal Financial Planning Committee Litigation Support Committee Education Juris Doctor, George Washington University Law School, With Honors, 1976 Master of Business Administration, University of Dayton, 1974 B.A. in Accounting, Ohio University, Cum Laude, Honors College, 1970 Comprehensive CV Please contact me for a CV that includes detailed information about my investment consulting experience, professional certifications, fiduciary designations, education, employment history, published articles, presentations, expert witness testimony and expert witness reports. Last updated 11/2/2011 Areas of Expertise Expert witness services, Expert testimony, Expert reports, Litigation support, Arbitration, Damage analysis, Damage calculations, Uniform Prudent Investor Act (1994), Restatement (Third) of Trusts: Prudent Investor Rule, Restatement (Third) of Trusts, Restatement (Second) of Trusts, Standard of prudence, Prudent man, Prudent investor, Prudent investing, Uniform Trust Code, Uniform Principal and Income Act, Investment Advisers Act of 1940, Investment adviser, Chief Compliance Officer, Registered investment adviser, Investment adviser representative, Suitability, Conflicts of interest, Employee Retirement Income Security Act of 1974 (ERISA), ERISA fiduciary, ERISA co-fiduciary, ERISA §3(21)(A), ERISA §§402, 403, 404, 405, Prudent expert, Defined benefit, Pension plans, Defined contribution, 401(k) plans, Profit sharing plans, Directed trustee, Plan documents, Employer stock, Public Employee retirement plans, Uniform Prudent Management of Institutional Funds Act, Foundations, Endowments, Office of the Comptroller of the Currency, Bank trust departments, Foundation for Fiduciary Studies, Fiduciary duties and responsibilities, Fiduciary standards, Standards of care, Duty of loyalty, Duty of impartiality, Duty of care, skill and caution, Duty of prudence, Prudent process, Delegation, Supervision, Duty to monitor, Duties at inception, Special skill or expertise, Reviewing compliance, Breach of fiduciary duty, Liability, Co-fiduciaries, Co-fiduciary liability, Conflicts of interest, Prohibited transactions, Discretionary authority, Exercise of discretion, Abuse of discretion, Exculpation, Trusts and estates, Trustees, Trust beneficiary / beneficiaries, Trust administration, Trust accounting, Trust conversions, Total return trusts, Income-only trusts, Trust terms – mandatory, precatory, permissive, Modern Portfolio Theory, Investments, Diversification, Asset allocation, Concentrated portfolios, Portfolio strategy, Portfolio management, Risk and return objectives, Money management, Investment management, Mutual funds, Passive investing, Index funds, Risk management, Investment costs, Investment expenses, Due diligence, Investment policy statements, Financial services, Investment consultants, Broker dealer, Suitability, Sophisticated investor, Behavioral finance, Risk tolerance Last updated 11/2/2011