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<td width="64%" valign="top" class="bodytext"><strong><font size="2">SUSAN
WOODWARD</font></strong><br>
Special Consultant<br>
Ph.D.
in Financial Economics,<br>
University of California – Los Angeles<br>
B.A. in Financial Economics,<br>
University of California – Los Angeles</td>
<td width="36%" valign="top" class="ecoadd"><div align="left">Tel: 650-462-8700<br>
Fax: 650-462-8703<br>
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<br>
<strong>Susan Woodward</strong> is a financial economist specializing in
the organization and performance of securities markets. She has served
as the Chief Economist of the U.S. Securities and Exchange Commission and
the Chief Economist of the U.S. Department of Housing and Urban Development.
She has taught finance at the Stanford Law School, the University of Rochester
Business School, and University of California at Los Angeles. <br>
<br>
Before founding Sand Hill Econometrics, Woodward was Executive Vice President
and Chief Economist of OffRoad Capital, an Internet-based investment bank specializing
in later-stage private equity placements. At OffRoad, she designed a system for
auction pricing of private equity offerings. She is a co-inventor of the technology
described in a pending patent application.<br>
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<td valign="top" bgcolor="#E6E6E6" class="sidebrdrs"><strong><font size="2">SUSAN
WOODWARD</font></strong></td>
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<td width="93%" valign="top" class="ecoadd3"><strong>Susan Woodward</strong><br> <br>
Sand Hill Econometrics, Inc.<br>
115 Everett Avenue<br>
Palo Alto, California 94301 USA <br>
<br>
Telephone: 650-462-8700 <br>
Fax: 650-462-8703 <br> <br>
<a href="http://www.sandhillecon.com/6_aboutus/bios.html">http://www.sandhillecon.com/6_aboutus/bios.html</a> </td>
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