Robert J. McElwain

ROBERT J. MCELWAIN founded North American Capital Management 12 years
ago. Mr. McElwain has over 30 years experience in the securities
industry. He has a B.S. degree from the University of Illinois. He began
his investment career in 1963 with Dempsey Tegeler and Company, a large
national brokerage and investment banking firm. Since then, his career
has included stints with Rauscher Pierce and Company, Blyth Eastman
Dillon and PaineWebber Incorporated. In later years, a good deal of his
time was involved with managing accounts, both foreign and domestic, on
a discretionary basis. For thirteen years, Mr. McElwain was also a part-
time instructor in investment finance at a local college. He also acts
as a trustee for various trusts and endowments. When not watching the
stock market and the economy, he plays tennis, gardens and studies
historical theology.