INVESTMENT TEAM

ALEC GRAHAM

Mr. Graham has more than 29 years of investment experience, including 12 years at Alex.Brown Inc.  Four of these years were with Brown Asset Management as a portfolio manager and manager of a mutual fund.  Assets under his management were over $200 million.  Over six years were spent in the Alex.Brown Institutional Sales Department where his clients included several of the largest institutional investors in Western Europe.  His experience also included time spent introducing Alex.Brown to the Latin American marketplace.  Mr. Graham graduated from Babson College with a BS in Management and from Loyola College with an MBA in Finance.  He is also a Certified Financial Planner.

GORDON L. SMITH

Prior to 1991, Mr. Smith was a General Partner of Alex.Brown, Inc. and Managing Director of listed trading.  Mr. Smith is a past President of the Baltimore Traders Association, and former member of the New York Stock Exchange Allocation Committee.  In 1993, Mr. Smith and two former partners of Alex.Brown, Inc. formed Armata Partners, LP, an investment bank providing a full range of investment banking, asset management, and securities brokerage services.  Mr. Smith received a BS in economics from the University of Maryland.