DOUGLAS GOWLAND is a Senior Oil and Gas Analyst at First Marathon
Research where he has covered oil and gas companies for the past 17
years. Previously, he was associated with BBN James Capel and other
Toronto-based investment dealers as well as Norcen Energy Resources in
Calgary. In addition to research, Mr. Gowland has worked on
underwritings, mergers and acquisition assignments and fairness
opinions. Mr. Gowland is a Chartered Financial Analyst and received his
Chartered Accountant’s designation in 1978. He earned his Bachelor’s
degree in Mathematics from the University of Waterloo.
DOUGLAS EAYRS primarily covers medical technology companies and
selected biotechnology and diagnostics companies at Dougherty &
Company LLC. He has over 10 years of experience as an investment
analyst covering medical technology and selected biotech
companies. He also worked over three years in the biotech
industry as a Vice President of Finance and assisted in the
completion of several financings to fund company-sponsored late-
stage clinical trials. Mr. Eayrs is a Chartered Financial
Analyst, has a Master of Arts degree in Economics from Marquette
University and a Bachelor of Arts degree from the University of
Minnesota. In 1996, he was named an All-star Analyst in the
medical products group in The Wall Street Journal’s annual
survey.
DOUGLAS ARTHUR joined Morgan Stanley in late 1994 as a Principal
covering the publishing industry. He was promoted to Managing Director
in 1997. He came to Morgan Stanley after an almost 14 year stint at
Kidder, Peabody where he was an equity analyst covering industries
ranging from paper/forest products and business services to publishing,
which he assumed coverage of in 1991. He was ranked as Third Team in
2002 and First Team in 2001 by Institutional Investor, and was
previously ranked third and Runner-up for the last nine years. He also
ranked third in the recent Greenwich Research poll after placing fifth
and second in the last two years, as well as ranking first in the 2001
Reuters Poll, and fourth in the 2001 Wall Street Journal stock picking
poll. He is the president of the Media and Entertainment Analyst
Society of New York. Prior to joining Kidder, He worked at Chemical
Bank. He graduated from Colgate University in 1979 with a BA in History
and Art History. He earned a CFA in 1989.
DOUGLAS A. FUNKE is an Associate Portfolio Manager at Morgan Stanley
Asset Management. Previously, he was associated with Morgan Stanley &
Company. He earned an A.B. degree in Economics and an A.B. degree in
Political Science from the University of Chicago. Mr. Funke is a member
of NAREIT and the NYSSA.
DOUG SIMPSON covers the managed care industry for Merrill Lynch, with
which he has been associated since 1999. Previously, Mr. Simpson was
employed at Bear Stearns where he followed the healthcare services
industry. Prior to that, he began his sellside career working on the
property-casualty research team at J.P. Morgan from 1996 to 1998. Mr.
Simpson received his Bachelor’s degree from Bucknell University with a
major in management and his Master’s in Business Administration from The
Wharton School at the University of Pennsylvania. He was named an ‘up
and comer’ in the 2004 Institutional Investor All-America Research Team
Survey.
DONATO J. EASSEY is First Vice President of Merrill Lynch where he is a
member of the Merrill Lynch Fundamental Equity Research Department.
Prior to joining Merrill Lynch, he was associated with Duff & Phelps/
MCM Investment Research Co. and Transco Energy Company. Mr. Eassey
earned his BBA degree from the University of Texas, San Antonio after
serving in the US Air Force. He resides in Houston, Texas with his wife
and three sons.
DONALD YOUNG is a Managing Director in the technology group of
UBS Warburg Equity Research, specializing in the PC hardware,
enterprise hardware and PC software industries. In 2001, he was
double-ranked in the PC hardware and enterprise hardware
categories on Institutional Investor’s All-America Research Team.
Prior to joining UBS Warburg, he was Managing Director for
Prudential Securities, an analyst with Lehman Brothers and a
principal at Sanford C. Bernstein & Co. Earlier in his career,
Mr. Young worked for Burroughs Corporation, predecessor to Unisys
Corp. He holds an MBA from Harvard University and a BS in
Economics, Mathematics and Computer Science from the University
of Michigan.
Donald A. Worthington is First Vice President, Research covering banks in
California and the Pacific Northwest for Howe Barnes Hoefer & Arnett. Mr.
Worthington joined Hoefer & Arnett in 2002 as a research analyst with the
primary responsibilities of covering commercial banks and thrift institutions
based in California. He has over 35 years of management and analytical
experience in the financial services industry, including 26 years with the
Federal Home Loan Bank of San Francisco where he last served as Vice President,
Credit. He received a Bachelor of Science degree in Finance from San Jose State
University and an MBA degree in Finance from Golden Gate University. Based in
San Francisco, he was selected by The Wall Street Journal as the number one bank
analyst in the country for 2004.
DON KAUTH is a Vice President at BT Alex. Brown Incorporated.
Previously, he was associated with First Albany Corporation. He has been
quoted regularly in local as well as national publications and is a
Certified Public Accountant in the State of New York. Mr. Kauth
received his Bachelor’s degree at Siena College and M.B.A. at Union
College.
DENNIS H. LEIBOWITZ is the General Partner of Act II Partners, LLC, a
hedge fund that specializes in shares of media and communications
companies. Prior to the formation of Act II Management, LP, in 2002, Mr.
Leibowitz was a Managing Director Senior Advisor at Credit Suisse First
Boston, which acquired Donaldson Lufkin & Jenrette in November 2000. Mr.
Leibowitz was an equity analyst and Senior Vice President at DLJ for 23
years. He began his career on Wall Street in 1963 as a trainee at
Merrill Lynch & Co. and E.F. Hutton before joining DLJ in 1977. Mr.
Leibowitz has been among the most highly recognized analysts on Wall
Street. He was first recognized by Institutional Investor’s ‘All
American Research Team’ in its debut 1972 issue. Mr. Leibowitz has
earned more citations than any analyst in the history of the survey. He
has been cited in the Institutional Investor poll for research in
broadcasting, cable, cellular, satellites and lodging, including 18
years as number one in at least one sector, and a 16-year consecutive
reign on top of the broadcast/cable sector. He has appeared on C-SPAN
and Wall Street Week with Louis Rukeyser, Bloomberg Television and
Kudlow & Cramer, and has been a guest speaker at many industry
organization events. In addition to being the managing member of the
General Partner, Mr. Leibowitz is on the Advisory Boards of New Mountain
Capital and Centre Palisades Ventures, LP, both private equity funds in
which he is an investor. Mr. Leibowitz is a graduate of the University
of Pennsylvania, having received a Bachelor of Science in Economics in
1963. He lives in Rowayton, Connecticut with his wife, Susan Antilla.
They have four children: Matthew, Adam, Catherine and Julia.
