ELM TREE GROUP - Key Persons

Job Titles:

• Managing Partner
• Member of the National Organization

Richard D. Schenkman is Managing Partner of Elm Tree Group LLC, a private investment firm. Prior to establishing Elm Tree, Mr. Schenkman held senior positions in the securities industry. He was a partner in, and CEO of BRUT, LLC, an electronic institutional equity broker. As a member of Brut's Board of Directors, Mr. Schenkman worked in conjunction with other investors, comprised of Wall Street's most prestigious firms, including: Bear Stearns; Goldman Sachs; Knight Trading; Merrill Lynch; Morgan Stanley; Salomon Smith Barney; and SunGard Data. Under Mr. Schenkman's leadership, Brut's core business grew significantly and he led the expansion of Brut into new market segments, both in the US and Europe. Mr. Schenkman increased Brut's valuation in his years there, and he successfully negotiated Brut's sale. Prior to joining Brut, in May of 2000, Mr. Schenkman served as Chief Operating Officer and Executive Vice President of Instinet Corporation. Mr. Schenkman joined Instinet in 1984, and, during his 15 years with the firm, was instrumental in building the firm into the largest agency brokerage woldwide. He served in a successive series of management positions. Beginning as manager of NASADAQ trading, he assumed key managerial roles in trading and sales as well as leading the design and implementation of Instinet's client-facing technology. In general management, he orchestrated Instinet's policy initiatives in market structure and regulatory issues, working in conjunction with industry colleagues and regulators worldwide. Mr. Schenkman is a member of the National Organization of Investment Professionals (NOIP) and, as a recognized industry expert, is a frequent speaker at industry conferences and conventions. He has served on the NASDAQ Quality of Markets Committee, the Securities Industry Association's (SIA) Trading Committee and the Trading Committee of the Securities Traders Association (STA).