Frost & Company

Mark B. Frost

Contact: Bob Sweeney, PhD, MS
CEO
Challenger Corporation
5100 Poplar Avenue
Suite 310
Memphis, TN 38137
Tel: (901) 762-8449
E-mail: bobs@chall.com

Nashville Investment Banker Appointed to Challenger Board of Directors

February 15, 2009

Memphis, TN   02/15/07 — Memphis-based education and training firm, Challenger Corporation, announced today that Mark B. Frost, a prominent Nashville-based investment banker, has been appointed to its Board of Directors. Frost will serve as a primary advisor on banking, investment, and strategic financial issues.

Frost is the Managing Partner of Frost and Co., Inc., based in Nashville. He is a Registered Representative of Brown Associates, Inc., member NASD and SIPC, and holds NASD Series 7, 4, 24, 27, 63 and MSRB 53 Licenses. He has been involved in completing many investment banking and corporate finance transactions for emerging growth and middle market companies over the past 25 years.

In 2001, Frost co-founded and served as Managing Director of Heritage Capital Advisors, LLC., a boutique investment banking and asset management firm based in Atlanta, Georgia. From 1995 until 2001, he was a Managing Director with Legacy Investment Group, Inc., where he was responsible for the firm's institutional private capital effort. He served as a member of Legacy’s Board of Directors from 1998 to 2001. From 1992-1994, he was Vice President of Private Placements for the Investment Banking Group of J.J.B. Hilliard, W.L. Lyons, Inc., where he was responsible for securing, processing, and closing private capital finance transactions. From 1983 to 1990, he was a co-founder and Managing Director of First Nashville Corporation, the in-house investment banking subsidiary of the Massey Burch Investment Group, Inc., one of the oldest venture capital firms in the Southeast.

Frost earned a BA from Vanderbilt University in 1983. He is a member of the Association for Investment Management and Research, the Nashville Society of Financial Analysts, and was a member and director of the Nashville Securities Dealers Association.

According to Bob Sweeney, Challenger Chief Executive Officer and fellow Board member, "Mark Frost is recognized as one of the most experienced and successful private capital investment bankers to growth businesses in the Southeast and Midwest. While Challenger has successfully funded its First Equity Round from internal capabilities, the time has come to expand our investment pool, and to formalize our institutional financial relationships for the growth cycle ahead. Mark has two decades of direct experience in these regards here in our immediate environment."

Challenger owns the world’s largest collection of approved electronic CME media, comprising over 3,800 approved hours of credit. Thousands of physicians and other clinicians rely upon Challenger materials to prepare for specialty board exams, recertification, maintenance of certification, and lifelong learning. Challenger serves the educational and training needs of over 400,000 practicing American primary care and hospital-based physicians and nearly 70,000 physician assistants. Challenger products are approved for physician CME credit through joint sponsorships with eight medical schools and specialty societies. They are also used for institutional training in over fifty major residency and physician assistant training programs across the United States.

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Mark B. Frost is a Registered Representative and affiliate of Brown Associates, Inc., member FINRA & SIPC.

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