PAUL FOSBRE CPA MBA AUDIT AND ACCOUNTING POLICY MANAGER

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Summary: Financial and Accounting Policy Executive, with over 10 years of experience. Expertise includes Internal Controls, US

GAAP SEC Reporting, Accounting Projects, Sarbanes-Oxley internal audit. and Real Estate Accounting Issues including

Fair Market Value Accounting FIN 46 R ASC 810 Consolidation issues and ASC 974 Real Estate Investment Trusts

Significant experience in Financial Reporting and SEC Reporting. SFAS 133 Accounting for Derivatives and Hedging

Instruments. Goodwill Impairment testing. Significant Experience in working with complex financial and regulatory

reporting issues for Banks, Broker Dealers and Insurance Companies.

Education: MBA, Accounting & Finance, Pace University, (with distinction) 1985 – GPA: 3.85

BBA, Public Accounting, Pace University, (cum laude) 1984 – GPA: 3.64

Certification: Certified Public Accountant, New York State

Experience:

1995-Present Paul B. Fosbre, CPA, Madison, New Jersey

Principal Accounting Policy Advisor

Engagements:

June 2014 – September 2014Part Time Technical Review and Accounting Manager for DDK & Company New York City Part Time

technical review and subject matter expert for financial reporting US GAAP ACCOUNTING POLICY IFRS ACCOUNTING POLICY and

audit assurance clients. Manager of firms continuing professional education programs and peer review compliance with Public Accounting

Oversight Board regulations and New York State Society of CPAs peer review program. Serve as technical accounting advisor to Audit

Assurance Accounting & Tax Group.

January 2012-Present Adjunct Professor of Corporate Finance and Accounting Kean University Courses include Preparation and

Analysis of Financial Statements, Introduction to Corporate Finance, Introduction to Derivatives Accounting Introduction to International

Accounting and International Financial Accounting Standards (IFRS)

October 2011 January 2012-Senior Accounting Policy Advisor to SANOFI AVENTIS Senior International Financial Reporting

Standards (IFRS) and US GAAP SEC Reporting Advisor for Sanofi Aventis USA Pharmaceuticals Inc. Bridgewater NJ. Advised Senior

Business Development Executives on the Accounting and Structuring of new business deals with Canadian pharmaceutical companies under

(IFRS).Advised on the curtailment of the US Pension Plan and overall restructuring of Sanofi Aventis USA and integration of merger with

Genzyme Pharmaceuticals Inc. USA. Assisted with quarterly testing of general ledger for Sarbanes Oxley Review. Assisted with disposal of

excess Real Estate and early termination of building leases. Assisted with write down and disposal of fixed assets to fair market values.

Teaching Experience Georgian Court University June 2008-January 2014

Part Time Adjunct evening program professor of Accounting Graduate School of Business and Undergraduate School of Business courses

include Advanced Accounting, International Accounting, and Federal Corporate and Individual Taxation, Investments and Money and

Banking. Principles of Accounting I Principles of Accounting II Principals of Accounting II, Intermediate Accounting I Intermediate

Accounting II, Advanced Accounting, Introduction to International Accounting, Introduction to Individual Taxation and Introduction to

Corporate Taxation

ABN AMRO Bank North America Special Project November 2007-January 2008

Senior Accounting Policy Consultant to ABN AMRO Amsterdam NV and the Chicago Office for the sale of LaSalle National Bank NA to

Bank of America. Responsibilities include pension accounting advisory work (SFAS 87 SFAS 88, SFAS 132R and SFAS158) EITF

Opinions and Fair Market Value Accounting (SFAS 157) and review of IFRS accounting policies for ABN AMRO North America and

divestiture of high yield investment note conduit transactions between ABN AMRO NA and Deutsche Bank. NA Sale of consumer loans

under SOP 03-3. Assisted with SFAS 167 fair market value accounting issues with Real Estate Investment Trusts. Assisted with Accounting

Issues for Fin 46 R and ASC 810 consolidation accounting issues with Variable Interest Entities. SFAS 133 Accounting for Derivatives and

Hedging Instruments

Reports to Senior Vice President, Management Reporting

Geller & Company CPAs Senior Accounting Policy Advisor August 2006-August 2007

On Call Accounting Policy Advisor for both public and private companies for Accounting Policy projects. Responsibilities include

accounting policy inquiries, SEC comment letters, and quarterly SEC review of client financial statements and implementation of new SFAS

standards including fair market value accounting, SFAS 140, SFAS 123R and FIN 46R. Review of client lease agreements and SEC Special

Purpose Acquisition Corporations (successful acquisition of $2 billion in new container ships) Assisted with evaluation of building leases

from CBRE Richard Ellis for clients. Assisted with fair market value accounting issues and implementation of SFAS 167. Assisted with

Accounting for Real Estate Investment Trusts. Provided On Call Accounting Advisory Services to Bloomberg LLP and Mayor Michael A.

Bloomberg.

Reported to Managing Director

Sterling National Bancorp Senior Accounting Policy Officer July 2006-August 2007

Responsibilities include implementation of SFAS 123R Accounting for Employee Stock Options, EITF 96-18 “Accounting for Instruments

That are issued to Other Than Employees for Acquiring, or in conjunction with Selling, Goods or Services” remediation of internal control

deficiencies, due diligence for acquisition of 2 new companies, review of annual report and 10K and 10Q filings. Review of asset

securitization issued under SFAS 140 “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” SFAS

155 “Accounting for Certain Investments in Debt and Equity Securities.” Responsible for 10K SEC Annual Report Checklist and

remediation of financial reporting issues. Responsible for Income Tax Savings of $1.5 Million relating to Nexus Issue with Accounting for

Real Estate Investment Trusts. Provided fair market value SFAS 167 accounting advice for Real Estate Investment Trusts held by Sterling

National Bank NA. Assisted with FIN 46R Accounting for Tax Uncertainties and related income tax reserve and disclosure issues. SFAS 133

Accounting for Derivative Instruments and Hedging Activities.

Reported to Senior Vice President & Controller & Chief Financial Officer

Geller & Company Senior Internal Audit and Sarbanes Oxley Review Manager March 2006-April 2006

Assisted in the Sarbanes Oxley review of internal controls of a small Bio Technology Company called Bio-Envision which went public on

the NASDAQ and subsequently merged. Assisted in the Sarbanes Oxley review and forensic examination of Steve Madden Shoe Company

Long Island City New York.

Accume Partners Financial Services Internal Audit Firm June 2005 to February 2006

Senior Internal Audit Advisor to Valley National Bank Wayne New Jersey NA, Long Island National Bank Glen Cove Long Island

Investment Management Division Assisted in the Annual Sarbanes Oxley Review of internal controls in the respective investment advisory

divisions of each bank or broker dealer. Also assisted in the Federal Reserve Bank remediation of internal controls TC Zarat Bank New York

Branch.

KPMG Financial Services LLP (Bearing Point) Senior Manager Accounting Policy Manager April 2003-April 2004

Implement SFAS 133 “Accounting for Derivative Instruments and Financial Hedging Activities” and its subsequent revisions to SFAS 137

and SFAS 138 to convert Credit Swiss First Boston from Swiss GAAP to US GAAP for SEC 20-F annual report and financial footnote

disclosure.

Coordinated Accounting Policy merger of Donaldson Lufkin & Jenrette with Credit Suisse First Boston Zurich Switzerland from a Project

management perspective.

Prepared and presented Power Point Slide presentations on SFAS 133 to accounting and reporting staffs, Analyzed internal controls

surrounding the determination of hedge effectiveness to the underlying foreign currency or interest rate being hedged, risk management

issues and provided technical accounting memos to implement new US GAAP. Also assisted in the preparation of footnote disclosures for

SFAS 133 for the annual report and SEC 20-F Filing.

The New York Federal Reserve Bank SENIORACCOUNTING POLICY ADVISOR April 2002 –April 2003

Served as Senior Accounting Policy Advisor for NAIC insurance issues for The Travelers Insurance Company subsidiary of Citicorp and US

GAAP Accounting Standards, Regulatory Reporting Standards and Applications for cross border bank mergers including the merger of

Bankers Trust New York Corporation with Deutsche Bank NA.

Served as Senior Accounting Policy Advisor for Regulatory Call Reports changes and industry impact of new

Accounting developments. Trained and reported to Federal Reserve Bank Examiners new accounting issues and standards for examination

and review of member banks.

Also served as minutes and reporting secretary for teleconference calls with senior Federal Reserve Bank

Management Board of Governors and outside Federal Reserve Bank members. Also provided assistance with the review of cross border

merger applications and resulting financial reporting impact.

Developed a resource library of international accounting standards and practices as required by US Congress. Assisted in the

implementation of the Basel II Risk Based Capital Accords.

Responded to Federal Reserve Bank Examiners questions on changes to the FFIEC reports and changes to US GAAP Accounting Standards.

Barclays Bank New York Branch November 1999-April 2001

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Served as Senior ACCOUNTING POLICY ADVISOR for implementation of SFAS 133 and 125. Completed existing accounting policies

and developed new ones for the New York branch. Responded to accounting policy questions and inquiries from external financial reporting

staff. Assisted in preparation of consolidated financial statements. Made presentations to executive management on new SEC releases and

financial reporting issues.

Also responsible for providing technical research and response memos to senior financial management regarding numerous accounting policy

issues.

Authored numerous documents on Federal Reserve Bank regulatory reporting, GAAP reporting, assets securitizations and corporate finance

deals. In addition, authored interest rate swaps accounting policy and hedge accounting treatment policy. Implemented SEC and FRB

reporting requirements for quarterly and annual 20F SEC filings.

Other engagements included: Sarbanes Oxley, Internal Audit, and Special Transactions for the following industries: Banking, Brokerage,

Retail, Insurance, and Biotech.

1990-1995 JP Morgan Chase, New York, NY

Second Vice President & Senior Financial Analyst – Global Payments and Treasury Services (1993 to 1995)

Senior Accounting Policies and Procedures Advisor (1990 to 1993)

• Developed accounting entries for electronic check processing, now ECHO, for The New York Clearing House

• Implemented new overdraft reporting system which reduced process time 750 hours annually and saved corporation

over $25 million in suspense balances.

• Served as Controller Management Accounting Service Center for domestic correspondent bank market and asset

securitization market, Latin American corporate and institutional markets, New York Foreign Agency Bank market

and Canadian Bank Market.

• Reviewed expense budgets, prepared strategic business plans, implemented new fixed income products, sweep

products, and client billing on an annual basis. Advised senior management on new accounting policies, products,

and regulatory reporting issues.

• Developed corporate accounting policies and procedures for Global Payments and Treasury Services, North

American Trade Operations and the Lease Finance Division as well as Commodity Finance Division.

• Implemented corporate asset sales programs, and divestiture of $3 Billion US Leasing Operations.

• Analyzed and implemented new FASB’s and regulatory accounting policy bank wide.

• Avoided $1.25 million in FDIC premium charges for major insurance company.

• Provided Training on New SFAS reporting and implementation.

• Provided Review of Management Discussion and Analyses for Annual Report and 10-K and S-1 filings.

• Provided Statutory Accounting policy updates for insurance operations and for MET LIFE Branch 1

• Assisted Loan Loss Accounting Reserves for Foreclosed Real Estate Properties

• Assisted with Asset Valuation issues for Real Estate Loan Securitizations

• Assisted with Accounting Issues for Real Estate Investment Trusts.

1985-1987 Ernst & Young

Audit Senior

• Performed Audits of large US brokerage houses and the US Postal Service, MTA and NYS finance agencies

Handled due diligence audits for equity and bond offerings and bankruptcy audits.

Professional: Maintains CPA certification including through continuing education courses. Seminars and training includes IFRS

Training Malcolm Baldrige TQM Excellence in Business Education Evaluator, SEC Reporting, FASB 133

Implementation and other management and financial courses.

Awards: JP Morgan Chase Info Serv Achievement Award 1995, 1994 Chase Total Quality Management Award.

Memberships: AICPA, Advisory Committee to Port Authority of NY & NJ for the Path Transit System New York

Clearing House ECP Committee, Bond Market Association Accounting Policy Committee Other: Adjunct Accounting &

Finance Professor at Georgian Court University Advanced Accounting 1995 -2012. Contributing Author to: International

Business and Financial Reporting Journal 2009 “The Globalization of Accounting Standards IFRS vs. US GAAP. Knight

of Malta (2000)

Certified Public Accountant, New York State Active License 61209: acok6d@r.postjobfree.com

Certification:

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