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Brian V. Murray, CFA

Mr. Murray began working at Bear Stearns in 1978 and during his career obtained extensive experience in mergers and aquisitions, valuations, and debt and equity offerings (public and private). Mr. Murray has completed transactions in numerous countries including the United States, Russia, Hungary, Poland, Czech Republic, Sweden, France, United Kingdom, Philippines, South Korea, Hong Kong, Italy and Estonia. Prior to the formation of B.V. MURRAY & CO. in 1996, Mr. Murray was a Senior Managing Director at Bear Stearns responsible for the firm's activities in Emerging Markets (Russia, Central and Eastern Europe and Pakistan).

Mr. Murray first became involved in Eastern Europe in 1989 when he created the First Hungary Fund, an $80 million development capital fund in October of that year. This transaction represented the first time equity capital had been raised in the West for a former Communist Country, and was awarded the International Deal of the Year by Institutional Investor. Mr. Murray holds a B.S. degree in Economics from Villanova University, an M.B.A.with honors (majoring in finance and international business) from the University of Chicago and is a Chartered Financial Analyst ("CFA").