Don McArthur

DON MCARTHUR joined Stifel Nicolaus in November 2001 to focus on the
computer services and software industry, specifically the payment and
payroll processing niches. Previously, Mr. McArthur spent over three
years working in the equity research departments at Hoak Breedlove
Wesneski & Co. and Prudential Securities. Prior to that, he spent four
years as a Commercial Lending Officer at UMB Bank in Kansas City. Mr.
McArthur received an MBA in Finance from the University of Missouri,
Kansas City, and degrees in Accounting and Business Administration from
the University of Kansas. He also is a holder of the Chartered Financial
Analyst designation.