EXECUTIVE OFFICERS AND DIRECTORS
Chester (Chet) L.F. Paulson
Jacqueline M. Paulson
Dr. Shannon Pratt
Paul F. Shoen
Stephen Kleemann
Denis Burger
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Chester L.F. Paulson, Founder, Chairman, President
Chester L. F. Paulson founded Paulson Capital Corp. in 1970 and has served as its Chairman, President and CEO since that time. Mr. Paulson is also the Co-Founder and Chairman of Paulson Capital Corp.’s wholly owned subsidiary, Paulson Investment Company, Inc. (originally Paulson Trading Company). Mr. Paulson has been actively involved in the investment banking, financial consulting and project funding for over 40 years. In 1959, Mr. Paulson started his career as a securities trader for June S. Jones Company in Portland, Oregon. Mr. Paulson served in the United States Army as a member of the Army Security Agency and graduated from the University of Oregon with a B.S. in Economics. He furthered his education at the University of Portland where he obtained his Master’s Degree in Business Administration. He currently serves as a board member for the National Investment Bankers Association and is a member of the Securities Traders Association and Southern California Investment Association.

Jacqueline M. Paulson, Founder, Director, Corporate Secretary & Treasurer
Jacqueline M. Paulson is the wife of Chester L. F. Paulson. Mrs. Paulson co-founded Paulson Investment Company, Inc. along with her husband, Chester Paulson, in 1970. Since then, Mrs. Paulson has served as a Director for both Paulson Capital Corp. and Paulson Investment Company, Inc. Mrs. Paulson became Secretary and Treasurer of both Paulson Capital Corp. and Paulson Investment Company, Inc. in 1976. Mrs. Paulson earned a B.A. in Education from Linfield College and completed graduate coursework at the University of Washington.

Dr. Shannon P. Pratt, CFA, Director
Shannon P. Pratt has been the Chairman and CEO of Shannon Pratt Valuations, LLC, a business valuation and financial advisory services firm, since January 2004. From 1995 to October 2005, Dr. Pratt was Managing Owner of Business Valuation Resources. Dr. Pratt is a Lifetime Member Emeritus of the Business Valuation Committee of the American Society of Appraisers. He is also a Lifetime Member Emeritus of the Valuation Advisory Committee of The ESOP Association. Dr. Pratt has received the prestigious Magna Cum Laude award of the National Association of Certified Valuation Analysts for service to the business valuation profession, and he is also the first life member of the Institute of Business Appraisers. Dr. Pratt is a member and a past President of the Portland Society of Financial Analysts, the recipient of the 2002 Distinguished Achievement Award, a member of the Association for Corporate Growth and a past trustee of The Appraisal Foundation. Dr. Pratt holds a Doctor of Business Administration (DBA) from Indiana University with a major in Finance and is also a Chartered Financial Analyst (CFA). Broadly published, he has either authored or co-authored ten books on the subject of business valuation, as well as many other articles, newsletters and papers.

Paul F. Shoen, Director
Paul F. Shoen is a private investor and also founded and has served as the Chairman of Pantechnicon Aviation, Ltd., a company that buys and sells aircraft, since 1995. Although he is no longer associated with them, over a 15 year period, Mr. Shoen served as a member of various Boards of Directors at the parent and subsidiary levels of Amerco, Inc., including the operational, real estate and insurance companies. He also served in various executive capacities within Amerco, including as President and Vice-President of U-Haul International. Mr. Shoen attended College of the Holy Cross where he earned a B.A. in Psychology. He has also taken graduate-level business courses at the University of Chicago. Mr. Shoen is also the Director of the Paul F. Shoen Foundation, a charitable organization.

Stephen Kleemann, Director
Steve H. Kleemann has been a private investor and entrepreneur focusing on the areas of finance and investments since 1966. Mr. Kleemann has a B.S. degree in Finance from the University of Southern California.

Denis Burger, Director
Dr. Burger began serving as an Director for Paulson Capital Corp. in September of 2007. After serving as Chairman and CEO of AVI BioPharma Inc. (Nasdaq:AVII) for more than 11 years, Dr. Burger retired in March 2007. AVI BioPharma, Inc. is a noted pioneer in the emerging field of gene-therapy, referred to as ‘antisense’, and currently has drugs in late stage development for applications in both cancer and cardiovascular disease. In addition, Dr. Burger serves on the Board of Directors of Trinity Biotech plc, based in Dublin, Ireland; and has been involved as a Board member or as co-founder of seven other biotech companies. Previously, he served as a faculty member at Oregon Health Sciences University for 15 years, beginning in 1969, and was Professor of Microbiology and Immunology from 1983 through 1986. He was a Career Scientist at the Veterans Administration Medical Center in Portland from 1979 until 1986, and has published over 100 manuscripts in both medical and scientific journals. Currently, Dr. Burger is the founder and President of Yamhill Valley Vineyards, a 15,000 case winery based in Oregon that is dedicated to producing distinctive Pinot Noir from estate-grown grapes. He is also a past President of the American Vintners Association. Dr. Burger is a graduate of the University of California, Berkeley where he received his A.B. degree in Bacteriology and Immunology and his Ph.D. in Microbiology and Immunology.