BOARD OF ADVISORS • Alfred R. Berkeley, III • Pip Coburn • Darlene DeRemer • Adam Klein • Dr. Arthur B. Laffer • Alfred R. Berkeley, III is currently Chairman of Pipeline Trading Systems, LLC, an Alternative Trading System for equity block trades. Previously, he was President and then Vice Chairman of the NASDAQ Stock Market, Inc. from May, 1996 to July 2003. Prior to NASDAQ, he was Managing Director and Senior Banker in the Corporate Finance Department of Alex, Brown & Sons, Inc., financing computer software and electronic commerce companies. Berkeley joined Alex, Brown & Sons in 1972 as a research analyst and became a general partner in 1983. From 1985 to 1987, he served as Head of Information Services for the firm. In that capacity, he was responsible for all corporate information services, including both the firm’s back and front office technology. Berkeley then moved to Alex, Brown’s Merger and Acquisition department where, from 1987 to 1989, he developed the firm’s technology practice. He is a Trustee of Johns Hopkins University, Kintera, Inc., and Webex, Inc. He is a member of the National Infrastructure Assurance Council and serves on several other non-profit and for-profit boards. • Pip Coburn has just started Coburn Ventures ( www.coburnventures.com ), an organization that puts its knowledge about "change" to work in the realm of technology, telecom, and media investing. On August 19, 2005 Coburn Ventures group will release the first beta of its upcoming bi-weekly thought piece "Waypoints," the successor to "The Weekly Global Tech Journey" that Pip’s group generates at UBS. Pip expects to provide advisory services and initiate a fund on February 1, 2006. Pip Coburn was until recently, a managing director and global technology strategist in the technology group of UBS Investment Research. At UBS, he was responsible for integrating the research efforts of 120 technology and telecom analysts worldwide. He has been featured in Fast Company, Barron’s, and Fortune. Prior to joining UBS in 1999, Pip acted as a portfolio manager and technology analyst at Lynch & Mayer Inc., an institutional money manager located in New York. Pip studies change for a living. In addition to writing over 300 weekly reports about technology investing, he recently released two long-term think-pieces, The Nutcracker Suite and Sour and The Hitchhiker's Guide to the Changing Galaxy. These reports focus on the user-oriented "Change Function" — a mental model Pip has developed that describes why change takes place and why various technologies are either adopted or not. Along with change-guru Jerry Michalski, Pip co-hosts the weekly open-by-invitation Yi Tan conference call that is dedicated to identifying and understanding change and technology. Pip is also an advisor to Taking IT Global, a global on-line community for youths; a member of TTI Vanguard’s think-tank; and he writes a weekly blog for Tony Perkins's AlwaysOn Network. Pip holds an M.B.A. from the Wharton School at the University of Pennsylvania and an A.B. from Brown University. He is the father of triplets and the husband of Kelly. • Darlene DeRemer •Adam Klein • Arthur B. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm that provides global investment-research services to institutional asset managers, pension funds, financial institutions, and corporations. Since its inception in 1979, the firm’s research has focused on the interconnecting macroeconomic, political and demographic changes affecting global financial markets. Dr. Laffer’s economic acumen and influence in triggering a world-wide tax-cutting movement in the 1980s have earned him the distinction in many publications as “The Father of Supply-Side Economics.” One of his earliest successes in shaping public policy was his involvement in Proposition 13, the groundbreaking California initiative that drastically cut property taxes in the state in 1978. Years of experience and success in advising on a governmental level have distinguished Dr. Laffer in the business community as well. He currently sits on the board of directors of several public companies, which include: Veolia Environment (VE), Petco Animal Supplies Inc. (PETC), Nicholas-Applegate Growth Equity Fund (NAPGX), MPS Group Inc. (MPS), Oxigene Inc. (OXGNO and Provide Commerce (PRVD). He also sits on the board of directors or board of advisors of a number of private companies. Dr. Laffer is a founding member of the Congressional Policy Advisory Board, a select group of advisors who assist in shaping legislative policies for the 105th, 106th, and 107th United Stated Congress. Dr. Laffer was a member of President Reagan’s Economic Policy Advisory Board for both of his two terms (1981-1989). He was a member of the Executive Committee of the Regan/Bush Finance Committee in 1984 and was a founding member of the Reagan Executive Advisory Committee for the presidential race of 1980. He was formerly the Distinguished University Professor at Pepperdine University and a member of the Pepperdine Board of Directors. He also held the status as the Charles B. Thornton Professor of Business Economics at the University of Southern California from 1976-1984. He WAS AN Associate Professor of Business Economics at the University of Chicago from 1970 to 1976 and a member of the Chicago faculty from 1967 through 1976. During the years 1972 to 1977, Dr Laffer was a consultant to Secretary of the Treasury William Simon, Secretary of Defense Don Rumsfeld and Secretary of the Treasury George Shultz. He was the first to hold the title of chief Economist at the Office of Management and budget (OMB) under Mr. Shultz from October 1970 to July 1972. Dr. Laffer has been widely acknowledged for his economic achievements. Recently he was noted in Time Magazine’s March 29, 1999, cover story “The Century’s Greatest Minds” for inventing the Laffer Curve, which it deemed one of “a few of the advances that powered this extraordinary century.” He was listed in “A Dozen Who Shaped the ‘80’,” in the Los Angeles Times on Jan. 1, 1990, and in “A Gallery of the Greatest People Who Influenced Our Daily Business,” in the Wall Street Journal on June 23, 1989. His creation of the Laffer Curve was deemed a “memorable event” in financial history by the Institutional Investor in its July 1992 Silver Anniversary issue, “The Heroes, Villains, Triumphs, Failures and Other Memorable Events.” The awards that Dr. Laffer has received for his economic work include: tow Graham and Dodd Awards from the Financial Analyst Federation for outstanding feature articles published in the Financial Analysts Journal; the Distinguished Service Award by the National Association of Investment Clubs; the Adam Smith Award for his insights and contributions to the Wealth of Nations; and the Daniel Webster Award for public speaking by the international Platform Association. Dr. Laffer also earned the Father of the Year award from the West Coast Father’s Day Committee in 1983. Dr Laffer received a B.A. in economics from Yale University in 1963. He received a MBA and PH.D. in economics from Stanford University in 1965 and 1972 respectively.