May 2003 Conference

BIO- Isaac J. Collazo is vice president, performance strategy for Six Continents Hotels, Inc., the hotel business of Six Continents PLC, a leading global hospitality group.

As vice president, performance strategy, Mr. Collazo is responsible for centralizing the brand reporting and business analysis for each brand. Previously, Mr. Collazo served as vice president, operations strategy & planning where he was instrumental in establishing divisional and company objectives, developing long-range and strategic plans and creating industry-based performance benchmarks for the company.

Prior to joining Six Continents Hotels in April 2002, Mr. Collazo served as vice president of strategic brand knowledge with Marriott International where he led their guest satisfaction program and competitive analysis group for four years. Before joining Marriott International in 1998 Mr. Collazo worked with Promus Hotel Corporation. Mr. Collazo has also held several senior management positions with La Quinta Inns.

Mr. Collazo earned a bachelor's degree in business administration and radio, TV & film from Trinity University and a master's of business administration from the University of Texas at Austin.

Six Continents Hotels owns, manages, leases or franchises more than 3,300 hotels and 515,000 guest rooms in nearly 100 countries and territories around the world. Its properties bear some of the most recognized hotel brands in the world: InterContinental¨ Hotels & Resorts, Crowne Plaza¨ Hotels and Resorts, Holiday Inn¨, Holiday Inn Select¨, Holiday Inn Garden Court SM, Holiday Inn SunSpree¨ Resort, Holiday Inn Express¨ and Staybridge Suites¨ by Holiday Inn¨. Each year, Six Continents Hotels hosts more than 150 million guests.

 BIO- Ed serves as the Deputy Managing Partner for Deloitte & Touche's Atlanta and Birmingham offices. With 20 years of experience with the firm, Ed has also served as the business unit leader of the Firm's High Tech and Services Group in Atlanta. He has extensive experience in consulting with significant clients and their board of directors regarding merger and acquisitions and other matters.

In 2002, Ed received the Public Service Award from the Georgia Society of Certified Public Accountants as well as the American Institute of Certified Public Accountants.

Ed is a 1983 graduate of the University of Georgia and is active in the Atlanta community including serving as the Chairman of the Boys & Girls Clubs of Metro Atlanta and Chairing the Alexis de Tocqueville Society of the United Way of Metro Atlanta. Ed also serves on the boards of the Boy Scouts, Georgia Chamber of Commerce, Atlanta Ballet and Central Atlanta Progress. Ed is a graduate of Leadership Atlanta and is currently participating in Leadership Georgia.

BIO- A career marketer, strategist and business development professional, Apatov has held key positions in the consumer-packaged goods, media/entertainment and financial services industries. As Senior Vice President/Sales and Marketing for the GMAC Bank, Craig Apatov is charged with positioning the year-old $2.5 billion federally chartered direct banking and personal financial services organization to the massive GM consumer and business-to-business markets.

The business-to-business market for commercial banking services includes dozens of distinct GM and GMAC business units nationwide with combined sales in excess of $200 billion/year. Since joining the relatively new GMAC Bank, Craig has helped build its deposit base to over $200 million, helped launch two new consumer loan products and secured innovative non-banking product alliances with Ameritrade online brokerage and Sharebuilder -- a fractional share investments company.

Before joining the General Motors, Craig served as Chief Operating Officer for ePicNetz - a start-up Application Service Provider owned by Hypercom -- the leading manufacturer of point-of-sale debit/credit card processing terminals. ePicNetz was focused on Internet delivery of information and commerce services to retail merchants worldwide via new screen-based electronic credit/debit card payment terminals.

Previously, Apatov worked as Vice President/Global Marketing for Citigroup in New York. Also at Citigroup, he led Click Citi - a major $100 million company-wide e-commerce and Internet marketing initiative designed to encourage Citibank's 60-million plus customers shop online through a platform of safety, convenience and special value-added rewards. At Time Warner/Turner Broadcasting, Craig was Senior Vice President-Corporate Marketing/Retail. At The Walt Disney Company, Craig served as Director/Marketing and Promotion for Buena Vista Television network and syndicated television divisions.

Prior to Disney, Craig grew the Hot Wheels toy car business for Mattel from $90 - $125 million as Director of Marketing.

Craig was classically trained in the consumer packaged goods industry holding various product/brand management positions for Beatrice Foods.

Apatov received his Bachelor of Science in Advertising from the University of Florida and did limited graduate work in marketing management at the University of Southern California.

BIO- Max Darnell is the Chief Investment Officer and Director of Research. Mr. Darnell joined First Quadrant in 1991, after having earned a Masters of Science degree in Economics from the University of California, Los Angeles. At First Quadrant, he oversaw derivatives research until 2000 when he assumed the role of Director of Research, overseeing both equities and derivative products, a role he continues to hold today. The active strategies involved include Domestic and Global Tactical Asset Allocation, Tactical Currency Allocation, US Equity Style Management, and Pan European Market Neutral. In January 2003, he was promoted to Chief Investment Officer.

First Quadrant is an investment manager that specializes in managing portfolios for large corporate and public institutional investors, and manages over $13 billion in actively and passively managed assets and overlays invested using its own proprietary investment strategies. These strategies are quantitative, relying upon objective analysis of market conditions and asset value rather than subjective inferences about future trends to form the basis for its investment.