Managing Principal

rbullet.gif (177 bytes)      Kelvin J. Pennington

Kelvin J. Pennington is the Managing Principal of Pennington Partners & Co. and has been a general partner of PENMAN Asset Management, L.P., the general partner for the PENMAN Fund since 1991.  From 1982 to 1990, Mr. Pennington worked for Prudential Capital Corporation ("PCC"), from which he resigned as a Vice President of Corporate Finance in 1990.  While at PCC, his responsibilities included all aspects of originating, structuring, negotiating, managing and ultimately selling investments in middle market leveraged buyouts, as well as making private placements of corporate debt.  From 1985 to 1989, Mr. Pennington invested more than $577 million in a variety of transactions, including nine leveraged buyouts totaling $157 million of equity and mezzanine capital.

Mr. Pennington received a B.S. degree from Purdue University and a M.B.A. degree from the University of Chicago Graduate School of Business.

PENMAN Fund Advisory Board

rbullet.gif (177 bytes)     Russell L. Carson

Russell L. Carson is a General Partner of Welsh, Carson, Anderson & Stowe ("WCAS"), a firm that he co-founded in 1979. WCAS is one of the largest investment firms in the United States providing private equity capital. Since 1979, WCAS has raised approximately $7.5 billion in 14 limited partnerships. From 1968 to 1978, Mr. Carson held various positions at Citicorp Venture Capital, Ltd. until promoted to President and Chief Executive Officer in 1974 and Chairman and Chief Executive Officer in 1978.

Mr. Carson received a B.A. degree from Dartmouth College and a M.B.A. degree from the Columbia University Graduate School of Business.

rbullet.gif (177 bytes)     William S. Field

William S. Field retired in 1994 as the Chairman of Prudential Equity Investors, Inc. ("PEI" currently known as Cornerstone Equity Investors, LLC) where he served in this capacity since formation of the firm in 1984. Between 1984 and 1994, PEI raised $676 million in three private equity partnerships. During that period, PEI invested in the equity securities of private companies, primarily in the consumer products, specialty retail, health care, business and financial services, and technology industries. Prior to co-founding PEI, Mr. Field was Senior Vice President in charge of Prudential's Capital Markets Group that managed $80 billion of private equity and debt investments. Before that, Mr. Field served in various capacities during his career of more than 40 years with Prudential.

Mr. Field received an A.B. degree from Cornell University and a M.B.A. degree from the Cornell University Graduate School of Business.

rbullet.gif (177 bytes)     Peter B. Fox

Peter B. Fox served as a Senior Managing Director of Bear, Stearns & Co., Inc., a New York-based securities brokerage, investment banking and money management firm until 1997. Since then, Mr. Fox has been involved in personal investing activities. Mr. Fox joined Bear Stearns in 1983 and held a variety of positions within the firm before becoming a Senior Managing Director. While at Bear Stearns, Mr. Fox was involved in the firm's public finance and asset management activities. He still has an affiliation with Bear Stearns but devotes the majority of his time to his real estate development, small business loan and consulting businesses. Before joining Bear Stearns in 1983, Mr. Fox served as the Director of the Illinois Department of Commerce and Community Affairs and as Chairman of the Illinois Lottery Control Board. He currently serves as Chairman of the Executive Committee of the Board of Directors of Anchor Bank in Grayslake, Illinois, as a member of the State of Illinois' Public Investor Task Force and as a member of Cardinal Capital, L.L.C. Additionally, Mr. Fox is a member of the Boards of Directors of Progress Investment Management Company and the Bear Stearns Mutual Funds.

Mr. Fox received a B.S. degree from Stanford University.

rbullet.gif (177 bytes)     Nathan Gantcher

Nathan Gantcher retired as Vice Chairman of CIBC Oppenheimer Corp. ("CIBC") in 1999.  CIBC acquired Oppenheimer and Co., Inc., ("Oppenheimer") in 1998 of which Mr. Gantcher was President since 1983. CIBC Oppenheimer is the US investment banking arm of CIBC, the second largest bank in Canada and one of the ten largest in North America. Mr. Gantcher joined Oppenheimer as a stockbroker in 1968. He has held a variety of sales and management positions with the firm.

Mr. Gantcher received a B.A. degree from Tufts University and a M.B.A. degree from the Columbia University Graduate School of Business.

rbullet.gif (177 bytes)     Ronald P. Spogli

Ronald P. Spogli is one of the founding partners of Freeman Spogli & Co. ("FS&Co.", formerly known as Riordan Freeman & Spogli). FS&Co. is a private leveraged buyout firm. Since 1984, FS&Co. has raised more than $1.8 billion through five limited partnerships. Before founding FS&Co., Mr. Spogli was a Managing Director in the Investment Banking Division of Dean Witter Reynolds Inc. where he was responsible for the firm's merger and acquisition business in the western U.S. From 1978 to 1982, Mr. Spogli served as Vice President in the firm's Los Angeles Corporate Finance Department.

Mr. Spogli received an A.B. degree from Stanford University and a M.B.A. degree from the Harvard University Graduate School of Business.