MAIN MANAGEMENT LLC.  
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BIOs

James W. Concidine is a founding partner of Main Management, LLC. He currently serves as a Managing Director and is a member of the Investment Committee. Jim began his career in the financial services industry in 1970 as a salesperson for Dain Kalman Quail in Rochester and Minneapolis, Minnesota. He worked with retail clients from 1970-1978. From 1978 to 1982, Jim worked in the Institutional Sales group and covered institutional accounts in the UK. He joined Montgomery Securities in 1983 as Head of the International Institutional Sales team, 1983-1992. He retired from Montgomery Securities in 1992. Since 1995, he has served as CIO for a large San Francisco family office.

Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main1s CEO and is a member of the Investment Committee. Kim joined Montgomery Securities in 1987 as an Institutional Salesperson. In 1999 he became the transitional head of International Sales for Banc of America Securities in San Francisco, California. >From 2000-2001 Kim was the head of the Sales and Trading Department. From January 2002 through August 2002 he was the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Bank of America Securities from 2000-2002.

R. Stephen Doyle is a founding partner of Main Management, LLC and currently serves as a Managing Director. He began his career in 1974 at E.F. Hutton where he later became a vice president. Mr. Doyle joined Montgomery Securities in 1983. He was founder and Chairman of Montgomery Asset Management a global investment management firm established in 1990 as an independent affiliate of Montgomery Securities. Under Mr. Doyle1s leadership, Montgomery grew to over $13 billion. He also served as The Chairman of the Board of Trustees of the Montgomery Funds, a $5 billion mutual fund complex. In 1997, Mr. Doyle successfully negotiated the sale of a majority stake in Montgomery to Commerzbank, Germany1s 3rd largest bank. He served as Chairman of the Board of Montgomery Asset Management from January 2000 to May 2001 and Chairman Emeritus from May 2001 to December 2001. Mr. Doyle is currently on the boards of StorCard Inc., Capton Inc. and The Basic Fund, a charitable organization based in San Francisco.

J. Richard Fredericks Ambassador J. Richard Fredericks, of San Francisco, California, is a founding partner of Main Management, LLC. He currently serves as a Managing Director and is a member of the Investment Committee. He began his career with Dean Witter in 1970 as a securities analyst and joined Shuman, Agnew and Company five years later as a partner in the same capacity. In 1977, he joined Montgomery Securities (now Banc of America Securities) as a partner and later Senior Managing Director in Investment Research, covering the banking and financial service area. For 17 consecutive years, Mr. Fredericks was chosen by Institutional Investor Magazine as an ''All-American'' Research Analyst, covering the commercial banking industry. In 1995, Mr. Fredericks formally changed roles to oversee the firm1s investment banking effort for the financial industry. Ambassador Fredericks served as United States Ambassador to both Switzerland and to Liechtenstein from 1999 to 2001. Mr. Fredericks currently is on the Board of Directors of the Janus Capital Group; the Board of Regents of Georgetown University and Georgetown1s Robert Emmett McDonough School of Business; the Library of Congress Trust Fund Board; the Board of Regents of St. Ignatius College Preparatory School; the Advisory Board of Financial Technology Ventures; the Board of the Swiss/ American Chamber in San Francisco and serves as Chairman of the San Francisco-Zurich Initiative. He recently served on the Board of Directors of the Chiron Corporation (acquired) and the International Advisory Board of Komatsu.

Blaine Docker joined Main Management in April 2005 and serves as the Chief Operating Officer. He was born in Fresno, California and received a Bachelor of Arts in Political Science from the University of Colorado. While in school he worked as an Assistant Trade Specialist for the U.S. Export Assistance Center in Denver, CO. Prior to joining Main he worked as a Consultant for Capton Inc., a leading developer of RFID-based business control solutions for hospitality. At Capton, Blaine advised on International market viability and country specific export regulations.

Hafeez Esmail serves as Vice President at Main Management. Prior to joining Main, he was a Financial Advisor at Merrill Lynch Global Wealth Management. At Merrill he increased tax efficiencies and managed risk for clients by utilizing ETFs for core client portfolios, utilizing as many as 50 ETF positions for sophisticated clientele. In addition he positioned clients across multiple asset classes including offshore hedge funds, private equity vehicles, structured notes and real estate. Prior to joining Merrill, Hafeez was an advisor at Morgan Stanley Global Wealth Management, working with wealthy individual clients as well as non-profit and corporate entities. Prior to Morgan Stanley, in the legal arena, he worked for the Department of Justice's Antitrust Division, aiding in the criminal prosecution of corporate executives engaged in price fixing in the rubber chemicals industry. He holds a BA from Bowdoin College and a JD from Seton Hall Law School.