PHIL WAUGH

Phil began his professional career with Wachovia Bank in 1982. In 1993 Phil left banking to
become the Executive Vice President of World Wide Development for Krispy Kreme Doughnut
Corporation. Phil was responsible for the rapid franchise growth of Krispy Kreme in markets
located in both the United States and overseas. Phil was actively involved in the successful
initial public offering of Krispy Kreme Doughnut Corporation as well as owning and operating
successful franchises in Kansas and Missouri.

In 2003, Phil made the decision to leave Krispy Kreme, sold his stores back to Krispy Kreme
and formed Second Half, LLC. Second Half focused on and made private equity investments
in emerging companies. In addition to running Second Half, Phil has been active in consulting
with companies that are interested in franchise development. Phil is married with two children
and is very active in various non-profit organizations in and around Winston- Salem, NC. Phil
is a graduate of East Carolina University.