Chief Economist and

Investment Strategist

Advisors Capital Management L.L.C.

West 115 Century Road

Paramus, New Jersey 07652

201-986-1900

www.advisorscenter.com

Year current firm began: 2004

Number of principals: 4

Number of clients: 100 individuals plus 40 advisors representing 300 clients

Assets under management: $150 million

Compensation: Fee-Only

Fee for managing assets: 1.5% to 2.25%; 80 basis points to advisors

Client minimums: $250,000 (with a few exceptions)

Education: BS in economics, M.I.T.; Ph.D. in economics, University of Pennsylvania

Previous incarnations: Taught at University of Maryland and Northwestern University; head of monetary analysis staff, Federal Reserve Bank of New York; debt market specialist, Morgan Stanley; equity market analysis, Shearson Lehman Brothers; chief economist and head of research, Manufacturers Hanover Securities Corp. (Chemical Bank and Chase Manhattan), ran a hedge fund.

Outside interests: Collecting fossils, playing tennis, enjoying music