F&D Reports was launched in 1992 at the suggestion of credit professionals, who were in search of an industry-specific credit consulting service. F&D Reports monitors publicly & privately held retailers in all facets of the industry, including: food, drug, mass merchandiser, department store, consumer electronic, home center, sporting good, toy and specialty retailers. Our goal is to deliver the critical information today's busy credit executive needs to make a highly informed credit decision without sifting through pages of non-essential data. A privately held corporation, F&D Reports is headquartered at 310 East Shore Road in Great Neck, NY and is affiliated with Information Clearinghouse, Inc. (ICI) through common principals and officers. The three key executives of F&D Reports collectively have close to 100 years of credit and insolvency management experience and, as such, the Company is uniquely positioned to provide a perspective superior to other financial reporting services.

THE F&D REPORTS TEAM

LAWRENCE SARF, Chief Executive Officer & President
larrys@fdreports.com
800-789-0123 Ext. 102

Lawrence Sarf has over 40 years of hands-on, practical experience in numerous retail industries. Larry's experience and industry knowledge has made him a recognized and respected expert in financial, operational, marketing and insolvency matters. He has served as a consultant and/or advisor to creditors' committees in both bankruptcy-law and out-of-court settings and has participated in well over 1,000 insolvency proceedings. He has been formally appointed as operating receiver and Bankruptcy Advisor in a number of proceedings, including several high-profile cases in the New York area. Larry's intimate knowledge of the ins and outs of insolvency cases gives him a unique ability to spot the signs of a troubled company heading for a reorganization and impart that knowledge to subscribers. In many instances, Larry's insights have afforded subscribers the ability to avoid "costly" involvement in Chapter 11 case filings.

STEVEN DOVE, Executive Vice President
steved@fdreports.com
800-789-0123 Ext. 121

During Steve Dove's 25-year career with Borden, Inc. (a multi-national conglomerate), he gained extensive knowledge of virtually all facets of treasury, from finances and credit/receivable management to distribution and marketing. In addition, Steve participated in bank facility negotiations, M&A activity, and rating agency presentations, and was active on the board of directors of several national trade credit groups, including the National Food Manufacturers Credit Group where he served as vice chairman of the Trade Relations Committee and vice chairman of the Claims Committee, and the National Chemical Credit Association.

KEVIN SLACK, Executive Vice President / President - Creditntell
kevins@fdreports.com
800-789-0123 Ext. 103

Kevin Slack's areas of expertise are in the retail and wholesale food and drug industries, where he spent 25 years in senior credit management positions with Sterling Drug Co. and Ward Foods. While in these positions, he gained extensive experience in all facets of the order cycle, including Credit Risk, DSO, Deductions/Dilution and Bad Debt Best Practice receivable process improvements, as well as A/R Systems implementation and integration. Kevin was an industry peer group leader in food, health and beauty care and pharmaceuticals. Kevin served as chairman of the National Health & Beauty Care Credit Group, as a member on the Trade Relations Committee of the NHBCG and the National Food Manufacturers Credit Group, and was a co-founder of the National Candy and Tobacco Manufacturers Credit Corp.

ALBERT FURST, MBA, Sr. Vice President - Retail & Wholesale Food
albertf@fdreports.com
800-789-0123 Ext. 147

Albert has been a Senior Financial Analyst with F&D Reports/Creditntell.com since 1998. As Senior Vice President, Albert oversees the daily operations of the analyst department, including updating monitored companies, developing products and managing the website as well as client relations. He has been the Food Sector lead analyst since 2001 and is responsible for coverage of high-risk accounts. He also conducts presentations on various retailers and credit-related topics both on and off-site or via web conference for F&D clients. Albert was previously with The Chase Manhattan Bank, where he headed up the multi-billion dollar cash management operations of its Franklin Templeton Mutual Fund relationship. Albert received a BS in Accounting from Binghamton University and an MBA in Corporate Finance from Hofstra University's Frank G. Zarb School of Business.

DENNIS CANTALUPO, MBA, Chief Operating Officer - Creditntell
dennisc@creditntell.com
800-789-0123 Ext. 110

Before joining Information Clearinghouse, Dennis began his career with the Chase Manhattan Bank as an Interest Rate Swap Analyst. Eventually moving to a senior position where he further analyzed the intricacies of hedging fixed income debt with Exotic Interest Rate Swaps. After his tenure on the derivative side Dennis moved to the fixed income end as a Syndicate Associate with Chase Securities’ Corporate Bond Underwriting group. In this position, Dennis helped high profile corporations raise needed capital through the issuance of debt securities. Since joining the Creditntell.com analyst team in May of 2000, Dennis has conducted in depth analyses of high-risk companies and has been especially instrumental in the continued development of Creditntell.com’s products & services. Dennis received a BS in Finance from the University of South Florida and his MBA in Accounting from Colorado Technical University

MICHAEL BLACKBURN, MBA, CCM, Vice President - Food & Drug Retail
mikeb@fdreports.com
800-789-0123 Ext. 131

Michael Blackburn has been with F&D Reports for over ten years and is responsible for monitoring the food and drug retail segments as well as coordinating many of our educational programs. Before joining F&D Reports, Michael had over 10 years of corporate treasury and risk management experience in the manufacturing and retail industries. In his previous corporate finance positions, Michael's responsibilities included: financial modeling, budgeting and forecasting, capital markets, cash management, pension management and interest rate, commodity and foreign exchange risk management. Michael received his MBA from the University of Colorado at Boulder and a BS in Finance from the State University at Albany.

TALI LAGOW, Senior Vice President, Sales
talia@fdreports.com
800-789-0123 Ext. 143

After completing her educational program in business administration at Hofstra University in 1997, Tali joined F&D Reports and progressed through several assignments of increasing responsibility into her current position heading up F&D's sales efforts. As VP of sales, she introduced many new products developed by F&D to the credit management community, in addition to being responsible for both developing the initial relationships and maintaining ongoing customer relations so that every need and concern is immediately addressed. Tali is at the forefront of the credit managers' needs and has the experience and enthusiasm to help accomplish their goals.

ANTHONY LOBOSCO, Senior Vice President, Marketing
anthony@fdreports.com
800-789-0123 Ext. 113

Tony spent 25 years with the Bell System in various positions in sales, marketing, product management and personnel. As director of sales and marketing, he was responsible for managing several Fortune 500 companies' telecommunications needs and overseeing a revenue stream of over $25 million. He began at F&D Reports in 1996 in customer service, for which he visited customers nationwide and gathered critical intelligence. Tony has since spearheaded many of the Company’s new product introductions, such as its Credit Executive Study Program, Customer & Market Insights and Hot Market reports. He is responsible for servicing a portion of F&D's national account portfolio.

AMY O'CONNOR, Controller
amy@fdreports.com
800-789-0123 Ext. 111

Amy has been with ICI since the Company was launched in 1992. Her degrees in accounting and business administration enabled her to become an integral part in the development of the accounting department, and she implemented and monitored numerous internal accounting policies and procedures. Amy is responsible for all finance, personnel and IT accounting activities within the organization.

JESSICA SHUSTERMAN, Vice President - Research
jessical@fdreports.com
800-789-0123 Ext. 109

A graduate of Columbia University, Jessica joined F&D Reports in June 2000. With almost a decade of experience, she has acquired extensive financial research, writing and editorial skills, primarily within the food and drug sectors. Jessica's editorial pieces can be found in the Company's weekly newsletter, Scrambled Eggs, and she is a primary contributor to Hot Market Reports, Foodservice Sector Reports and Private Retail Drug RxTRA Reports.

JOSEPH COSTELLO, Chief Information Officer
josephc@fdreports.com
800-789-0123 Ext. 112

Joseph Costello serves as Chief Information Officer of Information Clearinghouse Inc., providing overall technology leadership for the corporation and its businesses and working with business management to expand the application of effective technology solutions across the enterprise. Joseph brings to our organization over 18 years of global information technology experience with Fortune 500 companies like Citigroup and McGraw-Hill, and across several industries including financial, education, publishing and information services.

HAROLD CITRON, MBA, Senior Analyst - Dept. Stores, Apparel, Office Supply
haroldc@fdreports.com
800-789-0123 Ext. 132

Harold joined F&D Reports as a senior financial analyst in August of 2002. Previously, Harold spent seven years as an equity analyst on Wall St., starting at Value Line Inc. and then working for several firms covering the retail and apparel industries for institutional and individual investors. Prior to that, he was employed at Itochu International Inc., a Japanese general trading company, where he was involved in importing and exporting textile products. He received an MBA from the Olin School of Business at Washington University in St. Louis, and a BBA in international trade from the George Washington University.

DAVID SILVERMAN MBA, JD, CPA, Senior Analyst - Electronics, Drug Wholesale
daves@fdreports.com
800-789-0123 Ext. 119

David joined F&D Reports as a financial analyst in September 1995. Previously, David was a financial analyst for Data Broadcasting Corporation, a provider of business financial information. At Data Broadcasting, David was responsible for budgeting, cash flow, variance and merger and acquisition analysis, including evaluation of debt financing alternatives. At F&D Reports, David monitors the electronics and home center industries. David helped develop the Company's Credit Executive Training Program and has conducted several of the seminars. David has also prepared Debt & Covenant Analyses on monitored companies. David received a BS in Management and an MBA in Accounting from the University of Florida.

ROBERT MARZO, Director of Credit
robertm@fdreports.com
800-789-0123 Ext. 173

Robert Marzo joined F&D Reports as a financial analyst in June 2004. Prior to joining F&D Reports, Robert gained experience as a business analyst at a Fortune 500 Company where he provided business support in various areas, including the preparation and submission of monthly and year-end P&L reports. Robert is now the Director of Credit, overseeing the daily operations of the credit department, including managing the website, developing products as well as client relations. Robert is also the head analyst of the foodservice segment. Robert graduated from Stony Brook University with a degree in Economics and Business.

JAMES RICE, Senior Analyst - Mass Merchandisers
jimr@creditntell.com
800-789-0123 Ext. 127

Jim joined F&D Reports as a senior analyst in February 2007, bringing with him 30 years of credit industry experience. Previously, Jim was an equities analyst for Susquehanna Financial Group and spent 14 years as an EVP of Bernard Sands. Jim also worked in various credit capacities in the factoring industry. At Creditntell.com, Jim monitors Mass Merchandisers and Department Stores. Jim received his BA from Hunter College and did his post-graduate studies at St. John's University.

JEFF CORPIEL, Senior Analyst - Home Centers
jeffc@creditntell.com
800-789-0123 Ext. 129

Trained at a major money market center bank, Jeff has 30 years experience as a credit professional, performing complex credit analyses in areas that support the lending function. During his last ten years in banking, he joined Loan Review, where he worked with bank management to analyze different types of loans. Most recently, he served as a senior analyst for the home center industry, a role he continued upon joining F&D Reports in May 2007. Jeff received a BA from City College of New York.

FRANK DiDONATO, Senior Analyst - Specialty Stores & Auto Industry
frankd@creditntell.com
800-789-0123 Ext. 180

Frank joined Information Clearinghouse in May 2003 bringing more than 30 years of credit experience with major mercantile reporting agencies. During his career, Frank has been responsible for analyzing financial data and report writing on a wide spectrum of businesses ranging from small- to medium-sized to the Fortune 500 companies. He received a BS in Marketing from St. John's University.


MICHAEL INFRANCO, Senior Analyst - Food Retail and Wholesale, Convenience Stores
mikei@fdreports.com
800-789-0123 Ext. 126

Prior to joining F&D Reports, Michael served in various analytical capacities during a 20 year career at Standard & Poor's where he was responsible for designing and managing financial models, providing investment recommendations, and performing financial valuations and research necessary to rank portfolios of stocks. In addition, Michael played a key role in developing and implementing new products and content for their equity research group. Michael received his MBA from Regis University in Denver and a BBA in Finance & Investments from Baruch College, City University of New York.

RAMONA DRACEA, Analyst - Foodservice
ramonad@fdreports.com
800-789-0123 Ext. 124

Ramona Dracea joined F&D Reports as a financial analyst in February 2008. Since joining our team, she has gained extensive industry expertise and proved a valuable addition to our analyst department. At F&D, Ramona is monitoring the foodservice, convenience stores and cruise line segments. Ramona received a BA in Finance & Investments from Baruch College, City University of New York.

MARYELLEN COLLOM, Operations Manager
maryellenc@fdreports.com
800-789-0123 Ext. 125

Mary Ellen joined F&D Reports as an analyst in October 2000, after working in banking, credit and accounting roles across various organizations. She has taken a lead role in developing operational efficiencies, integrating financial software and creating new products such as the Executive Review. In 2006, she was promoted to Operations Manager, where she now oversees daily operational issues, SEC filing reviews, new project initiatives, training and website quality control issues. Mary Ellen graduated with high honors with a BS in International Business from Johnson & Wales University.

CASSANDRA KASPARIAN, Director of Research
cassiek@fdreports.com
800-789-0123 Ext. 136

A graduate of the University of Pennsylvania, Cassandra Kasparian has over ten years' experience as a writer, editor and web developer within a variety of organizations, including a literacy research center at a major university, a management consulting firm and an insurance company. Since joining F&D, Cassandra has been a key member of the research team and has taken a lead role in the production of newsletters and reports as well as contributed to the Company's web development initiatives.

MARY BETH MULLARKEY, Research Analyst
marybethm@fdreports.com
800-789-0123 Ext. 188

After developing her writing and editing skills as an undergraduate at York College of Pennsylvania, Mary Beth joined the Research Team at F&D Reports in June 2008. Since then, she has been responsible for the content of weekly newsletters and reports, including the Foodservice Sector Newsletter and Foodservice Sector Reports. She is currently the primary contributor to monthly Strategic Growth Insights and Customer & Market Insights reports.

JULIE HAN, Executive Assistant
julieh@fdreports.com
800-789-0123 Ext. 130

Julie joined F&D Reports as Executive Assistant in March 2007. Julie's exceptional customer service and organizational skills are fully utilized in her role as Assistant to the Vice President. She also is responsible for performing website usage analysis, managing database records, updating case files, and providing vital support for the sales team. Julie earned her bachelor's degree from New York University.

LORI ZIEGLER, Director of Client Relations
loriz@fdreports.com
800-789-0123 Ext. 148

Before joining the F&D sales team in 2009, Lori Ziegler made a name for herself in the real estate community where she headed up a sales team for a National Title Insurance Company. Since completing her educational programs, Lori has become an integral part of F&D's website development, customer service initiatives and sales efforts. In 2010, Lori was promoted to oversee the customer service and sales teams in her new role as Manager of the Customer Relations Department. With her constant enthusiasm and a willingness to teach as well as learn, Lori is a proven effective leader who continues to drive her team to success.