Eli S. Lustgarten

ELI S. LUSTGARTEN joined J.B. Hanauer & Co. (JBH) in September 2003 as
Senior Vice President and Director of Equity Research. He is responsible
for developing an Institutional Equity Research division for JBH, a 72-
year old investment firm specializing in fixed income products. Prior to
this, he was a Managing Director and Director of Research at H.C.
Wainwright & Co. Inc. As the Director of Research, he guided H.C.
Wainwright to develop centers of research excellence in sectors with
differentiated competitive advantage, focusing on small and mid-cap
companies. He was also responsible for the analysis of the industrial
manufacturing and technology sector of the economy. Mr. Lustgarten
joined H.C. Wainwright upon the sale of Schroder & Co. in April 2000,
and assumed the responsibility as Research Director in January 2002.
From 1995 to 2000, Mr. Lustgarten had been a Managing Director of
Schroder & Co. Inc. and head of the Industrial Manufacturing Group, a
five-member team that provided broad analytical coverage of industrial
companies. He had also been responsible for the largest industrial
manufacturing conference held by a Wall Street firm. The conference in
March 2000 included presentations by 80 domestic and 20 foreign
companies. Mr. Lustgarten received a BSEE in 1966 from the Polytechnic
Institute of Brooklyn and an MSEE from the University of Pennsylvania in
1968 under a Ford Foundation Grant. He joined Raytheon
Corporation’Missile Systems Division as a design engineer and later
became program manager for a portion of the PATRIOT (SAM-D) Defense
System. In 1971, Mr. Lustgarten entered Harvard Business School,
receiving his MBA with High Honors in 1972. He was named George F. Baker
Scholar because of his academic performance. Upon graduation, he joined
Mitchell Hutchins as an analyst for both the electrical equipment and
machinery industries. He has devoted his analytic efforts to the capital
goods sector since the 1977 merger of Mitchell Hutchins into
PaineWebber, until joining Schroder Wertheim in June 1995. Mr.
Lustgarten has been widely recognized by his peers, having been elected
to the Institutional Investor All-America Research Team for over 20
years before his coverage shifted. He has also been recognized six times
by The Wall Street Journal All-Star Analyst poll. In addition, Mr.
Lustgarten has been a frequently invited guest speaker to forecasting
conferences sponsored by various industry trade associations including
the Truck Rental and Leasing Association, National Fluid Power
Association, Metal (Steel) Service Center Institute, Association for
(Construction) Equipment Distributors, National Truck Equipment
Association, and the Association for Manufacturing and Technology.. He
has also appeared as an expert witness on the machine tool industry
before the House Subcommittee on Economic Stabilization (The Committee
on House Banking and Urban Affairs) and the Senate Foreign Relations
Committee. Mr. Lustgarten is a member of the New York Society of
Security Analysts (NYSSA), past President of the Machinery Analyst Group
of New York, and a charter member of Robotics International of the
Society of Manufacturing Engineers. He was also Chairman of the NYSSA
Subcommittee on Machinery and the Machinery Subcommittee on corporate
reporting for the Association for Investment Management and Research.