Note: The next session of Analyst Training in Banks and Insurance is scheduled for August 11-15, 2008. The material below is from the most recent (August 2007) session.

To receive information on the 2008 session as it becomes available, click here.

Mr. James Abbott

Senior Vice President, Friedman, Billings, Ramsey Group, Inc.

James Abbott works in the financial services research group of FBR, covering companies within the thrift and community bank sector. Prior to joining FBR in April 2001, Mr. Abbott worked at SNL Financial as a senior bank and thrift research analyst, beginning in July 1998. Prior to his experience at SNL Financial, Mr. Abbott worked in retail trading at Fidelity Investments and in retail banking for First Security Corporation. Mr. Abbott received his BS in finance from the University of Utah.

Mr. Eric Berg, CPA, CFA

Managing Director and Senior Research Analyst, Lehman Brothers, Inc.

Eric Berg joined Lehman Brothers in 1999 and is currently a managing director and senior research analyst following the life insurance industry. In the life insurance category, Eric has been a member of Institutional Investor magazine's "All-America Research Team" for more consecutive years than any other currently ranked analyst. Prior to joining Lehman Brothers, Eric's industry experience included four years at CIBC Oppenheimer, where he was the life insurance analyst and where for three consecutive years he achieved II "All-America Research Team" status. Prior to CIBC Oppenheimer, Eric was the property/casualty analyst at Bear Stearns. Prior to Bear Stearns, Eric spent almost 10 years as a writer and editor at The New York Times, where he focused on the insurance industry. Eric earned an undergraduate degree from Wharton and an MBA from Stanford School of Business.

Mr. Jeffrey Berg, CPA

Senior Vice President and Regional Credit Officer, Moody's Investor Service

Jeff Berg is a Senior Vice President and Regional Credit Officer in Moody’s Financial Institutions Group with a focus on insurance companies. Jeff’s primary role is fundamental credit analysis within the property and casualty insurance sector. In addition, he conducts research and writes special

comments on a variety of insurance industry topics. Jeff moved to the role of credit analyst in 2004 after one year as the accounting specialist supporting the insurance sectors within Moody’s and was one of the founding members of Moody’s Accounting Specialists Group. Jeff joined Moody’s after 12 years in public accounting, most recently with PricewaterhouseCoopers LLP where he was a Senior Manager in the Insurance Audit Practice in New York City. Jeff is a Certified Public Accountant and graduated magna cum laude from Skidmore College in

New York.

Mr. John Butler

Principal, Piper Jaffray & Co.

John Butler a member of the Financial Institutions Group at Piper Jaffray where he specializes in advising specialty insurance underwriters and intermediaries on the full range of investment banking transactions, including mergers and acquisitions, as well as public and private offerings of equity, debt and hybrid securities. Prior to Joining Piper Jaffray, Mr. Butler was a co-founder of the Financial Institutions Group at Houlihan Lokey Howard & Zukin. Previous to Houlihan Lokey, Mr. Butler worked in the corporate finance department of Fox-Pitt, Kelton and in the M&A Group at Prudential Securities. He also practiced corporate and securities law for several years. Mr. Butler holds a BA cum laude in Government from Georgetown University and earned his JD from Fordham University School of Law.

Mr. Gerard Cassidy

Managing Director, RBC Capital Markets

Gerard Cassidy is a Managing Director of Equity Research with RBC Capital Markets. He was a Managing Director of Equity Research with Tucker Anthony Sutro Capital Markets, which he joined in March 1988 as a bank equity analyst. Prior to joining Tucker Anthony Sutro, he was employed by UNUM Corporation as a senior bank analyst. Mr. Cassidy began his professional career with Gulf+Western Industries as a merger and acquisition analyst. He earned a BS from the University of Maine in accounting and finance and received his MBA from St. John’s University.

Mr. Michael Dion, CFA

Corporate Research Analyst, UBS Financial Services

In its 2006 "Best on the Street" rankings, the Wall Street Journal name Mike Dion the Number 1 stock picker for the P&C insurance industry. Mr. Dion joined UBS from Sandler O'Neill & Partners, L.P., and his career includes positions at ABN AMRO, Hoefer & Arnett, Industrial Bank of Japan and Bank of California. Mr. Dion received his BS in business administration from the University of Southern California and an MBA from the University of Notre Dame. He is a member of the NY Society of Securities Analysts, the CFA Institute and the Association of Insurance and Financial Analysts.

Mr. Mark Dwelle, CFA

Senior Vice President and Equity Analyst, Ferris, Baker Watts, Inc.

Mark Dwelle joined Ferris, Baker Watt in January 2001. His regular publications include a weekly insurance newsletter Insurance Observations, an annual reserve study, timely industry updates and quarterly reports on a portion of the 30 property/casualty insurance, reinsurance and insurance brokerage companies under Ferris, Baker Watts coverage. Mr. Dwelle received his BS in Accounting from the University of Richmond, an MBA from the London Business School and has held the CFA designation since 2000.

Dr. Kenneth Eades

Professor of Business Administration, Darden School of Business, University of Virginia

At the Darden School of Business Administration at the University of Virginia, Ken Eades teaches corporate finance topics, including risk management, value-based management metrics and firm valuation. He has written numerous case studies as well as a textbook and has produced tutorials on the basics of corporate finance, the cost of capital and the pricing of financial derivatives. Dr. Eades is active in Darden’s executive education programs including Financial Analysis, Mergers and Acquisitions and Investment Banking, and he has served as a consultant to a number of corporations and institutions including commercial banks, investment banks, Fortune 500 companies and the IRS. He often serves as an expert witness in the area of firm valuation techniques. Dr. Eades received a BS from the University of Kentucky in 1971 and his PhD from Purdue University in 1980.

Mr. Steven Fickes

Chairman and CEO, Raedel Financial Solutions

Steve Fickes is co-founder of Raedel Financial Solutions, a provider of financial decision-making tools for corporate management and their outside consultants. Mr. Fickes began his career in traditional insurance companies and then moved to Tillinghast where was involved in corporate M&A and the financing of leveraged buyouts. In 1987, Mr. Fickes formed his own actuarial firm specializing in insurance M&As and financial reinsurance. Two years later he formed an offshore insurance company to play a direct role in facilitating innovative, highly structured capital transactions. Then, in 1990 he was member of a group that acquired PennCorp Financial Group in a leveraged buyout. At PennCorp he was responsible for seven major acquisitions involving fifteen insurance companies. Moving on, Mr. Fickes and a partner formed Knightsbridge Capital, and, most prior to forming Raedel, he was a Principle at Deloitte. Mr. Fickes is a Member of the American Academy of Actuaries and a Fellow of the Society of Actuaries.

Mr. E. Stewart Johnson

Portfolio Manager, Philo Smith & Co.

Mr. Johnson is a Portfolio Manager with a background in equity research and fixed income. Prior to joining Philo Smith, Mr. Johnson spent seven years in equity research covering life insurance companies for FBR and Lehman Brothers, and an additional two years in equity research at CIBC researching bank stocks. Prior to equity research, Mr Johnson worked at Coopers and Lybrand on consulting assignments within the Capital Markets group. He began his career in 1987 at Bankers Trust Co. and then spent seven years with Merrill Lynch in the fixed income division. Mr. Johnson holds a BA in economics from the University of Pennsylvania and an MBA from Columbia University.

Mr. Robert Looney, Jr.

Managing Director, KeyBanc Capital Markets

As a Managing Director in the Financial Services Group at KeyBanc Capital Markets, Rob Looney is focused on marketing the firm’s financial advisory and capital markets services to insurance companies in the United States and Bermuda. Mr. Looney has extensive transaction experience in common stock, preferred stock and debt offerings, as well as mergers and acquisitions specific to insurance companies. Prior to joining Key, he was with Advest, Inc. in New York where he advised both property/casualty and life/health insurance companies and brokers. Earlier in his career, Mr. Looney was a manager in the New York insurance practice at Coopers & Lybrand, LLP, where he audited large publicly traded insurance and reinsurance companies as well as closely-held private insurance entities. Mr. Looney is a Certified Public Accountant and earned his BS degree in Accountancy from Villanova University and his MBA degree at Columbia Business School.

Ms. Beth Malone, CFA

Managing Director and Senior Research Analyst, KeyBank Capital Markets

Ms. Malone has been with KeyBanc Capital Markets since February 2006, where she focuses on the insurance industry. Her experience includes more than 20 years working in the insurance and securities industries. Prior to joining KeyBanc Capital Markets, she served as Director of Research and Senior Managing Director for Advest Inc., while also covering insurance companies. Prior to that, Ms. Malone covered the insurance industry as a Managing Director at Friedman Billings Ramsey. She has also held senior research positions with Legg Mason and Alex, Brown & Sons. Additionally, she served as Vice President for PennCorp Financial and Manager — Financial Analysis Division for the National Association of Insurance Commissions (NAIC). Ms. Malone earned a Bachelor of Science degree in commerce from the University of Virginia and a Master of Business Administration in finance from Loyola College. A Chartered Financial Analyst, she is a member of the Association of Insurance and Financial Analysts and the Baltimore Society of Security Analysts. Starmine has recognized Ms. Malone as being among the top 10% of sell-side insurance analysts. She has been named in the Wall Street Journal's “Best on the Street” Analyst Survey five times, and was chosen as the #1 sell-side insurance analyst by Zacks Insurance Research.

Dr. William McGuire

President and CEO, McGuire Performance Solutions, Inc

William McGuire founded McGuire Performance Solutions (MPS) in 1995, bringing over 20 years of industry experience assessing interest rate risk and enhancing balance sheet performance. Prior to starting MPS, Dr. McGuire was a Senior Vice President at the Sendero Corporation. Before joining Sendero, Dr. McGuire was a founder and president of Performance Analysis Inc., a Cincinnati-based provider of IRR and CRA service bureau reports. Dr. McGuire was a Vice President at the Federal Home Loan Bank of Cincinnati. He also taught finance and economics at several universities. Dr. McGuire has an undergraduate degree in business administration and a Master degree in economics from Ohio University. He holds his PhD in economics from The University of North Carolina at Chapel Hill.

Mr. Gary Perlin

Executive Vice President and Chief Financial Officer, Capital One Financial

Mr. Perlin joined Capital One in July 2003 as Executive Vice President and Chief Financial Officer of Capital One. He is responsible for Capital One’s corporate finance, corporate accounting and reporting, planning and financial risk management, treasury and investor relations functions. Mr. Perlin also serves as a director of Hibernia National Bank, Capital One Bank and the Savings Bank. From 1998 to July 2003, Mr. Perlin served as Senior Vice President and Chief Financial Officer of the World Bank.

Mr. Gary Penrose

Senior Vice President, Davenport & Company

Gary Penrose is Senior Vice President and head of Davenport & Company's Financial Institutions Group. Prior to joining Davenport, Mr. Penrose was head of Ryan Beck & Co.'s Financial Institutions Group where he directed all investment banking services to financial institutions. In addition to his management responsibilities, Mr. Penrose was also responsible for working with Ryan Beck & Co's financial institution clients where he was involved with public offerings, private placements, mergers and acquisitions, fairness opinions, valuations, going private transactions and other miscellaneous financial institutions advisory services. Prior to joining Ryan Beck & Co., Mr. Penrose was a managing director and head of Scott & Stringfellow's Financial Institutions Group where he directed all investment banking services to financial institutions. Over the last 20 years, Mr. Penrose has been involved as an advisor to financial institutions in over 100 merger and acquisition transactions and over 75 capital offerings. Mr. Penrose regularly advises financial institutions clients on valuation related issues, and is also a frequent speaker to banking groups across the country.

Mr. G. Jacob Savage III, CFA

Senior Managing Director, Scott & Stringfellow, Inc.

G. Jacob (Jake) Savage serves as the Co-Head of Investment Banking as well as the Financial Services Group Head at Scott & Stringfellow, Inc. He joined Scott & Stringfellow as a result of the acquisition of Investment Corp. of Virginia in 1989. Mr. Savage has served as financial advisor primarily in the financial institutions industry on over 100 transactions ranging from small private equity placements to lead-managed public offerings to sell and buy-side M&A transactions. Mr. Savage received his B.A. in Economics from the University of Virginia in 1980 and a Pharmacy Degree from the Medical College of Virginia in 1986. He has also worked with multi-national companies while employed by Bankers Trust Company in New York City and received his Chartered Financial Analyst certification in 1994.

Mr. Scott Siefers

Managing Director, Sandler, O'Neill & Partners, LP

Scott Siefers is a Managing Director in the equity research department of Sandler O’Neill & Partners, LP. He joined Sandler O’Neill in 2002 from Prudential Securities, where he served as an associate analyst, focusing on super-regional banks in the Midwest and Southeast. Mr. Siefers began his career with McDonald Investments in Cleveland in 1998 as a research analyst, focusing on mid-western banks and thrifts. A native of Cleveland, Ohio, Mr. Siefers earned a BS in finance from Miami University of Ohio in 1998.

Mr. Peter W. Tuz, CFA

Portfolio Manager and Senior Security Analyst, Chase Investment Council

Mr. Tuz is a Portfolio Manager at Chase Investment Council, an independent investment adviser that manages over $6.0 billion for a limited group of clients throughout the United States and Canada. Mr. Tuz earned his BA from Ripon College in 1976, an MA from the University of Missouri in 1979 and an MBA from Tulane University in 1984. Peter is a CFA charter holder. Before joining Chase Investment Council in 1997 he had 10 years experience as a senior equity research analyst and officer with two NYSE member firms, where he primarily covered Southeastern banks. He is a member of both the Richmond and Washington Societies of Financial Analysts.

Dr. Tayfun Tuzun

Structured Finance Manager, Fifth Third Bank

Tayfun Tuzun joined Fifth Third in May 2007 to setup and run a structured finance platform to manage the bank’s securitizations and other structured finance transactions. Prior to Fifth Third he was the Director of Risk Management for FSI Group, a multi-strategy hedge fund with significant presence in structured finance markets. He is a former Senior Vice President of Treasury at Provident Financial Group, a $17 billion bank holding company sold in 2004, where he was responsible for Securitizations, Capital Management, Asset-Liability Management, Investor Relations and the Business Unit Finance Group. He received a PhD in economics from The Ohio State University in 1992, an MA in economics from The Ohio State University in 1987 and a B.S. in economics from Bosphorus University, Istanbul in 1986.