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Robert C. Merton Ph.D. age 61 has been a professor at the Harvard Business School since 1988 and is currently the John and Natty McArthur University Professor. Prior to his positions at Harvard he served on the finance faculty of Massachusetts Institute of Technology's Sloan School of Management from 1970 until 1988. Dr. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. Dr. Merton is past President of the American Finance Association and a member of the National Academy of Sciences. He is a director of the funds managed by Dimensional Fund Advisors one of our stockholders. Dr. Merton is also a director and the Chief Science Officer of Integrated Finance Limited a specialized investment bank he co-founded in 2002 and a director of MF Risk Inc. a financial risk corporation Community First Financial Group and Peninsula Banking Group. He serves on advisory boards of several companies and institutions. Some of Dr. Merton's other financial and accounting experience includes serving as a Senior Advisor to and Managing Director of JP Morgan Chase & Co. from 1999 to 2001 and a co-founder and principal of Long-Term Capital Management L.P. He has received numerous academic awards and has lectured widely. Dr. Merton holds a bachelor's degree from Columbia University an M.S. degree in applied mathematics from the California Institute of Technology and a Ph.D. degree in economics from the Massachusetts Institute of Technology. In addition Dr. Merton holds numerous honorary degrees. | 