Dunbar N. Chambers III

Mr. Chambers received two undergraduate degrees from the University of Utah in 1981. The degrees are a Bachelor of Science in Finance and a Bachelor of Science in Management. Mr. Chambers is a CFA charterholder, an Accredited Senior Appraiser of the American Society of Appraisers (ASA). He also is a member of The CFA Institute (CFA), the CFA Society Houston (CFASH) and the Houston Estate and Financial Forum (HEFF). He has participated in several hundred formal appraisals since joining E. Ted Davis & Associates, Inc. (now called Davis/Chambers & Company, Ltd.) in 1995. He has passed the Uniform Standards of Professional Appraisal Practice exam. Mr. Chambers has testified in court and has defended his appraisals in front of the Internal Revenue Service. He is a member of the ESOP Association and he has been a licensed Texas Real Estate Broker. Currently his real estate license is on inactive status.

Mr. Chambers first performed external appraisal in association with Chadwick, Chambers & Associates, Inc., a regional Merchant Banking firm. In addition to working on projects for the firm, he was involved in the direct financial assistance of a company in which associates of Chadwick, Chambers & Associates, Inc. held substantial interest.

Prior to working with Chadwick, Chambers & Associates, Inc. he was President of Chambco, Inc. (a closely held aggregates and real estate company), where he analyzed and appraised companies and real estate properties for investment, acquisition or divestiture purposes.

He has spoken on business appraisal before the Houston Chapter of the National Association of CPAs for their continuing education program. He has also spoken in front of the Southwest Chapter of the ESOP Association.