By: Danny  Dipnarine, James Kocienski, Apollo Marmarinos,

Alphonse Fletcher, Jr.

· Mr. Alphonse Fletcher, Jr., Chairman and Chief Executive Officer, founded Fletcher Asset Management, Inc. (FAM) in March of 1991 http://www.fletcher.com/historyf.html.

· He is a graduate of Harvard College, where he studied applied mathematics and serves as First Marshal of his class. He also holds a Master’s degree in Environmental Management from the Yale School of Forestry and Environmental Studies.

· Mr. Fletcher researches and implements investment strategies aimed at capitalizing on market inefficiencies to yield attractive, risk-adjusted returns from public companies managed with a view toward environmental and social sustainability. Mr. Fletcher has spoken on this topic, and more generally on the topic of quantitative finance, at Harvard’s Division of Engineering and Applied Science, at the business schools of Harvard, Columbia and Wharton, at Columbia Law School, and at the Yale School of Forestry and Environmental Studies.

· Prior to founding FAM, Mr. Fletcher served as Senior Vice-President for Kidder, Peabody & Co. where he founded and managed a team that invested the firm’s own capital. Prior to that, he was a Vice-President in a similar group at Bear, Stearns & Co. Inc. Mr. Fletcher was also a lieutenant in the U.S. Air Force Inactive Reserve for ten years after graduating from the ROTC program at Harvard and the Massachusetts Institute of Technology.

· Mr. Fletcher harbors a long-standing interest in community service and philanthropy, especially in the areas of environment and education.

· In December 1994 Mr. Fletcher made a charitable contribution of his shares of Fletcher Capital Markets, Inc. (an affiliate of FAM) to Harvard University.

· Mr. Fletcher’s contributions to business and society have been celebrated by the 1999 Ernst & Young New York City Entrepreneur of the Year award, the Sponsors for Educational Opportunity’s 2002 Leadership Award, and the 2004 United Negro College Fund’s Extraordinary Black Man Award.

· In May 2004, Mr. Fletcher announced his most recent philanthropic endeavor: a $50 million initiative in honor of the 50th Anniversary of the Brown v. Board of Education Supreme Court ruling, in support of individuals and institutions working to further the broad goals of that landmark decision. This is one of the largest individual gifts ever made by an African American.

· Fletcher Asset Management, Inc., an investment advisor registered with the U.S. Securities and Exchange Commission, manages Fletcher International and its shareholders (private investment funds established by the Firm) and works closely with the Fletcher Foundation.