Robert E. Walstad

ROBERT E. WALSTAD has been the President and Chief Executive Officer of
ND Holdings, Inc. since he founded it in 1987. He entered the securities
business in 1972 as a stockbroker for Paine Webber in Denver. Two years
later Mr. Walstad opened the first Paine Webber office in the State of
North Dakota. In 1977, he opened the first Dean Witter Reynolds office
in North Dakota and became Branch Manager and Vice President,
Investments. Mr. Walstad retired as Branch Manger of Dean Witter in
October 1987, to establish his current position. Mr. Walstad
continuously extends ND Holdings, Inc.’s scope, and has recently
included concentration on mergers. Each merger is a part of ND Holdings,
Inc.’s strategic growth plan and each has added a valuable new
innovation to the Company’s structure. Mr. Walstad is a graduate of
Minot State University, with a degree in Business Administration. He
completed his graduate studies in Economics and Accounting at the
University of North Dakota. Before entering the securities business in
1972 he gained corporate marketing experience with Burroughs Corporation
(UNISYS), and was a Financial Analyst with IBM. Mr. Walstad was also a
candidate for the North Dakota State Legislature in 1980 and 1982. He
has also chaired mutual fund industry panels, taught investment classes,
and was a presenter in New York at the IBC Annual Symposium on Mergers
and Acquisitions.