Barry L. Raeburn

BARRY L. RAEBURN is a technology research analyst at Emerging Growth
Equities, Ltd., focusing on a broad range of computer hardware,
intellectual property and semi-conductor related companies. Mr. Raeburn
comes to EGE from Pilgrim Baxter and Associates, the PBHG fund group,
where he held various analytical positions. He has over six years of
buyside experience following numerous sub sectors within the technology
space. Over that time, his focus was in covering hardware and
semiconductor-related companies across the entire market capitalization
spectrum with a focus on young growing companies. His investment
background also includes experience in quantitative research
applications and software programming. Prior to joining Pilgrim Baxter,
he was a Research Associate with Regional Financial Associates. His
experience included forecasting and analysis of major US macroeconomic
variables. He was educated at Temple University, earning a BBA in the
dual major program of Finance and Risk Management. He is a Level 2
candidate in the Chartered Financial Analyst program and a member of the
Financial Analysts of Philadelphia. Mr. Raeburn holds NASD licenses
(Series 7, 63, 86, 87.)

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March 21, 2005