Arno Rayner

ARNO RAYNER is President of Rayner Associates, Inc., an investment
counseling firm which he founded in 1977. Mr. Rayner has had over 50
years of experience in the field of investments. Most of his career was
with Industrial Indemnity Company, where he attained the position of
Senior Vice President in charge of investments. After the merger of
Industrial Indemnity into Crum & Foster, Mr. Rayner joined Bechtel
Corporation as Manager of Investment Funds. He has served as a member of
the Bechtel Trust & Thrift Committee and the Bechtel Foundation
Investment Committee. A Chartered Financial Analyst, Mr. Rayner is a
member of the San Francisco Society of Security Analysts, the San
Francisco Bond Club, and the American Finance Association. He is also a
Fellow of the Financial Analysts Association. Mr. Rayner holds both a
Bachelor of Science degree in Economics and an M.B.A. in Finance from
the University of California at Berkeley.