Franklin J. Michnoff

From 1997 to 2002, Mr. Michnoff served as an analyst/portfolio manager and research director at PAW Partners, a hedge fund with approximately $1.8 Billion under management as of June 30, 2002. In that role, Mr. Michnoff specialized in analyzing and investing in software, hardware and computer services companies. Prior to PAW Partners, Mr. Michnoff spent 6 years as a sell-side senior research analyst following the software industry, most recently serving as Vice President at DLJ, and previously serving as Vice President at Prudential Securities and Vice President at Needham and Company. Prior to that, Mr. Michnoff was, for three years, a Vice President and research analyst at META Group, a market research and consulting firm specializing in providing technology research and consulting services to senior IT executives in global 200 companies.