Robert Craig joined the research team at Stifel, Nicolaus & Co., Inc., in connection with Stifel’s acquisition of Legg Mason’s Capital Markets Group in 2005. He joined Legg Mason in January 2001. Mr. Craig and Jerry Herman cover education/e-learning companies. He has more than 25 years experience in the investment industry. His years with Legg Mason were preceded by 15 years with First Union Securities and its predecessor companies, and two years each with Kidder, Peabody & Co. and Kemper Securities Inc. Before then, he was an Analyst and Director of equity research marketing for Prescott, Ball & Turben Inc. Mr. Craig has a bachelor’s degree in business administration from Cleveland State University and has served as a Member of the Career Colleges Association Financial Advisory Council.Jerry Herman joined the research team at Stifel, Nicolaus & Co., Inc., in connection with Stifel’s acquisition of Legg Mason’s Capital Markets Group after joining Legg Mason in 2001. He and Robert Craig cover education/e-learning companies. He has more than 25 years experience as a sell-side Equity Analyst, covering a variety of industries including consumer durables, specialty chemicals, and business and marketing services. Previously, he was at First Union/Wachovia Securities and its predecessor companies for 10 years after starting his financial career at Roulston & Company Inc., an institutional equity research boutique. Before that, he was with Gulf Oil Corporation. Mr. Herman has a B.A. in management from Bowling Green State University, from which he graduated magna cum laude, and an MBA from Cleveland State University.