Leif H. Olsen is Chairman of Leif H. Olsen Investments, Inc., the economic consulting and investment management firm he founded in 1986, after a distinguished 23-year career with Citibank. Initially engaged in economic consulting, the firm began actively managing investments in 1990.

Following graduation from the University of Oklahoma in 1951, Mr. Olsen held positions with The Wall Street Journal and The New York Times as an economic and financial writer. In 1956, he moved to official positions, first with the Federal Reserve Bank of New York. In 1958, he joined the Wall Street firm M.A. Schapiro & Co., Inc.

Mr. Olsen joined Citibank in July 1962, as an Assistant Vice President. He was promoted to Vice President later that year and Senior Vice President and Chief Economist in December 1965. In 1977, he was named Chairman of the Economic Policy Committee. In 1981, he also assumed responsibility for the Information Services Division of Citibank's investment bank. Mr. Olsen was a member of Citibank's Senior Policy Committee and its Asset and Liability Committee for 18 years.

Mr. Olsen is a director of Absolute Return Advisors, Ltd. of Manchester, Vermont, a firm with which his company is actively engaged in a number of joint activities. He has been a Director of the Interpublic Group of Companies, Inc. since 1972, and a Trustee of the Atlantic Mutual Insurance Company and a Director of its affiliates, the Centennial Insurance Company and the Atlantic Reinsurance Company, since 1973. In 1992, Mr. Olsen became a Director of the Bank of New York Hamilton Funds, and a Director of the DeKalb Fund sponsored by Dime Savings and managed by Eastbridge Asset Management.

Mr. Olsen was a member of the Tax Advisory Group of the Tax Foundation and was Chairman of its Shadow Committee on the Federal Budget. For many years, along with Alan Greenspan, he was a member of the panel of Economic Advisers to the Congressional Budget Office, a member of the Board of the Institute for Contemporary Studies and a visiting scholar at the American Enterprise Institute in Washington, D.C. He was also a member of the Technical Consultants to the Business Council.

In 1986 and 1987, Mr. Olsen served as a member of the Panel on the Impact of National Securities Controls on International Technology Transfer, sponsored by the National Academies of Science and Engineering in Washington, D.C. In 1987, he was asked by the Reagan Administration to be a nominee for the Board of Governors of the Federal Reserve System. However, he was unable to fulfill the residency requirements and the nomination did not move forward.

Mr. Olsen is the author of numerous essays on economics published in the popular press and in professional publications. He is a frequent speaker before audiences of domestic and international business and financial managers. He has testified frequently before Congressional Committees on monetary and fiscal policies, and financial market issues.

Erik L. Olsen is Senior Managing Director and Chief Executive Officer of LHO Investment Advisors. He is responsible for devising and implementing investment strategies for the firm's fixed income and equity portfolio management activities. Mr. Olsen conducts research and analysis functions for the economic consulting activities of LHO and prepares proprietary modeling and investment strategies. Mr. Olsen also worked for Leif H. Olsen Associates on a variety of venture capital activities and provided financial management consulting for several small companies. Prior to joining LHO, Mr. Olsen served in the corporate banking group of First Interstate, Ltd., concentrating in corporate lending and finance. He participated in leveraged buyout activities for Fortune 500 companies and was co-manager of a team that managed an $800 million loan portfolio. Mr. Olsen holds a BA (1978) from Principia College and a Master's Degree in Business Administration (1984) in finance from the University of California, Los Angeles Graduate School of Management. Mr. Olsen holds a Series 2 and Series 3 license from the National Association of Securities Dealers. He is a member of the National Association of Business Economists.

Dalip Gambir is a Senior Managing Director of LHO. He has over 30 years experience in the financial services industry. He began his career at the World Bank where he was involved in identifying and evaluating investment opportunities in Emerging Markets. Following graduate work, he joined McKinsey and Co. where he served as a consultant to several major corporations such as American Express, GE and Xerox on strategic and organizational planning issues. He then held several positions with American Express Bank, both in the U.S. and overseas, culminating as Head of Corporate and Investment Banking for Saudi Arabia and the Gulf Countries. In 1985, he joined Citigroup where he was responsible for Mergers and Acquisitions in Emerging Markets. In this capacity, he advised several U.S. and foreign corporations such as GTE, SBC Communications, Houston Industries and France Telecom to make direct equity investments in Emerging Markets totaling over $4 billion. He also advised several Emerging Market companies in the public and private sectors to divest their equity interest. Before joining LHO Group, he was with Dresdner Kleinwort Benson as Head of Telecommunications/Media and Corporate Finance, where he focused on mergers and acquisitions in this sector in North and South America. He has an M.B.A. in Corporate Finance from the Wharton School. He holds NASD Certification for Series 7 and 63.

Peter L. McCrea is our Director of Communications and Client Relations and specialist in 1031 exchange real estate transactions. He attended Principia College in Illinois and Moorpark College in California majoring in media, film and communications. He has served as a feature film editor, documentary film editor, and documentary cinematographer for American Film Consortium in San Francisco and as a writer and photographer for Raleigh Studios in Los Angeles. From 1988 through 1995, he was a partner in Americana Land Company, which specialized in the planning and design of mixed-use, commercial and residential developments in Orange and Ventura Counties in California. He was also the Project Director of a 200-unit, mixed-use development project on the 300-acre McCrea Ranch in Thousand Oaks, California. Prior to joining LHO, he was Director of Operations and Communications for the financial planning firm Diddel & Diddel in Stamford, CT, and Director of Business Development for Osprey Communications in Greenwich, CT. He is a founding advisory board member of the American Cinema Awards Foundation.