Executive biographies -- Etolian Capital Group, LP

	George Handjinicolaou, Ph.D. Managing Member and Co-Chief Investment Officer Phone: (212) 659 2442
	Prior to forming the Etolian Capital Partners, LLC, Etolian Capital Group, LP and Etolian Capital Management, LLC, Mr. Handjinicolaou was Managing Director at Merrill Lynch with responsibility for Global Fixed Income Emerging Markets (2000-2002). From 1998 to 2000, he was Executive Vice President and Head of Fixed Income for the Americas at Dresdner Kleinwort Benson. From 1986 to 1998, George was involved with the fixed income derivatives trading in a variety of functions, including Head of Global Swaps Group at Security Pacific/Bank of America, and Head of Fixed Income Derivatives for the Americas at UBS.
In the early eighties (1983 to 1986) and for a brief period in the nineties (1994-1995), he was with the World Bank Group, including serving as the Treasurer of the IFC. Over the years, Mr. Handjinicolaou has been an active member of the financial community, has served on the Board of Directors of ISDA and Brokertek, and is on the Advisory Boards of Polytechnic University, and the International Association of Financial Engineers (IAFE). He has taught at N.Y.U. and Baruch College and has published several articles. George has a Ph.D (1983) and an MBA (1978) in Finance from N.Y.U., and a BA in Economics from the University of Athens (1975).

Larry Hirshik
Managing Member and Co-Chief Investment Officer
Phone:(212) 659 2438

Mr. Hirshik has more than 18 years of capital markets experience concentrating in the structuring, trading, and risk management of fixed income derivatives. From 1999 to 2002, Larry was CEO of Derivatives Exchange Network, an Internet start-up. From 1993 to 1999, he was Managing Director and Head of Derivatives Trading with First Union,

where he headed a team of 8 traders with responsibility for pricing, trading, hedging and managing the risk of fixed income swaps, options, and municipals derivatives portfolios.
From 1984 to 1993, he was with Security Pacific/Bank of America and Manufacturers Hanover in a variety of fixed income derivatives trading functions.

Throughout his career, Larry has proven to be a profitable and consistent trader. Larry has an MBA in Finance from UCLA (1983) and a BA in Mathematics and Computer Science from the University of New Hampshire (1980).

Silvio J Borelli.
Trading and Quantitative Analytics
Phone: (212) 659 2435

Before joining ETOLIAN CAPITAL, Mr. Borelli was a Vice President with the Structured Solutions Group at the Fixed Income division at Merrill Lynch & Co. (1997-2003). Prior to that, from 1995 to 1997, he was with the Corporate Risk Management Group at the Chase Manhattan Bank. Mr. Borelli holds a bachelor�s degree in Electrical Engineering with a major on Digital Systems from the University of S�o Paulo (1998) and a Master�s in Financial Engineering at Columbia University (2004).

	Larry Hirshik Managing Member and Co-Chief Investment Officer Phone:(212) 659 2438
	Mr. Hirshik has more than 18 years of capital markets experience concentrating in the structuring, trading, and risk management of fixed income derivatives. From 1999 to 2002, Larry was CEO of Derivatives Exchange Network, an Internet start-up. From 1993 to 1999, he was Managing Director and Head of Derivatives Trading with First Union,
where he headed a team of 8 traders with responsibility for pricing, trading, hedging and managing the risk of fixed income swaps, options, and municipals derivatives portfolios. From 1984 to 1993, he was with Security Pacific/Bank of America and Manufacturers Hanover in a variety of fixed income derivatives trading functions. Throughout his career, Larry has proven to be a profitable and consistent trader. Larry has an MBA in Finance from UCLA (1983) and a BA in Mathematics and Computer Science from the University of New Hampshire (1980).