Grant Jaffarian

Grant Jaffarian is the Chief Investment Officer at Efficient Capital Management,
LLC, and a member of the Executive Management Committee. He supervises
allocation decisions and is actively involved in the research, manager search
and due diligence processes. Prior to joining Efficient in April 2004, Mr.
Jaffarian was the Founder and Managing Partner of Petra Intraday Trading
Systems, an emerging high frequency commodity trading adviser. His career in the
alternative investments field began in 2001 as a trader and researcher at
Analytic Investment Management NV of Mechelen, Belgium. Mr. Jaffarian holds a
Series 3 license and has more than seven years of industry experience.