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Meeting Notes - March 9, 2004

"Heard From the Street: Tough Lessons for IR Officers"

Speakers
Peter S. Jacobs, CFA
Senior Vice President and Director of Research
Ragen MacKenzie, A Division of Wells Fargo Investments, LLC

Alan Robinson
Director of Research, Equity Research/Institutional Sales
Delafield Hambrecht, Inc.

Constantinos (Dino) Christofilis

Jamélah Leddy, CFA
Vice President
McAdams Wright Ragen

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Speaker Bios
Peter S. Jacobs, CFA, follows the aerospace, transportation, and manufacturing sectors and also serves as director of research at Ragen MacKenzie. Prior to joining Ragen MacKenzie in 1994, Jacobs worked as an operations analyst for the Boeing Company in their Defense and Space Group on a variety of classified military programs. Jacobs has an M.B.A from the University of Chicago Graduate School of Business, and a Bachelor's degree in Aerospace Engineering from the University of Cincinnati.

Founded in 1982, Ragen MacKenzie is a division of Wells Fargo Investments LLC, a member of the New York Stock Exchange, with branch offices located throughout the Pacific Northwest. The firm focuses on delivering value-oriented, objective research to help investors manage their portfolios and make well-informed investment decisions - investors who range from individuals to large institutions, with diverse goals and objectives.

Alan Robinson has a background in over-the-counter interest rate and credit derivatives. Prior to joining Delafield Hambrecht, he worked in Asia where he co-founded a Hong Kong-based interbank derivatives brokerage specializing in Asian currency swaps. After integrating this group into the Hong Kong branch of Prebon Yamane, Inc., he moved back to Seattle and worked as a treasury analyst at Microsoft. Alan has also worked as a research physicist and holds a BS honors degree from Imperial College London, and an MBA from the University of Washington.

Delafield Hambrecht, Inc., is an independent, full service investment bank founded in April 2002 for emerging growth companies. They provide investment banking, equity research and institutional sales and trading services. Their industry targets include retail and consumer products, health care and information technology.

Constantinos (Dino) Christofilis has over 14 years working experience in the public securities industry. During five of those years Mr. Christofilis worked in finance-related operating roles with public companies and nine years as a portfolio manager and analyst in the investment industry. Most recently Mr. Christofilis was a portfolio manager with Touchstone Investment Managers, LLC, an equity hedge fund. Prior to joining Touchstone, during 2001 and 2002, Mr. Christofilis worked for Mercer Partners, LP, as a portfolio manager and as an analyst for Summit Capital Management, LLC.

From 1996 to 2000, Mr. Christofilis was the vice president of corporate development with Go2Net, Inc., where he directed the company's strategic initiatives including mergers and acquisitions as well as leading the company's investor relations effort. In 2000 Go2Net was acquired by Infospace, Inc. Following the acquisition, Mr. Christofilis was responsible for the combined entity's investor relations effort until early 2001.

From 1991 to 1996 Mr. Christofilis worked as an analyst for Washington Capital Management, Inc., and Paragon Investment Management, Inc. Mr. Christofilis received a B.A. in Finance from the University of Washington.

Jamélah Leddy, CFA, has a career that spans both the buy- and sell-side, including working as a senior financial analyst with Summit Capital, where she evaluated companies held in the fund and was a member of the firm's investment strategy committee. She also served with WM Advisors, where she focused on the WM Growth Fund of the Northwest and followed several different sectors including transportation, forest products, and retail. Before that, Jamélah spent five years with Piper Jaffray, analyzing companies based in the Pacific Northwest. She received her Bachelor's Degree from Whitman College.

McAdams Wright Ragen was founded in January 1999 by Brooks Ragen and Scott McAdams. The firm comprises a full-service retail brokerage, an investment advisor, an institutional sales department, a research staff, a bond department, and one of the few NASDAQ trading desks in Washington state.

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