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The Pharos Financial Team

PETER HALLORAN

CEO


Prior to the formation of Pharos Financial Group, Mr. Halloran was the principal contributor toward building the CS First Boston equity and fixed income brokerage businesses in Russia and the CIS. He has been a leader in the development of the Russian capital markets since their inception in 1994, bringing more than $8 billion to the capital markets through debt, equity and private placements including Russia's first local IPO and more than $2 billion of privatization initiatives. Alongside his activities at Pharos, from 2000-2002 he held an ownership stake in Aton Capital Group and served as its Chairman while transforming it into a leading investment bank in Russia which has since been acquired by Unicredit Group for $424 million. Prior to that, while at CS First Boston in Moscow from 1995-1997, Mr. Halloran managed a $300 million proprietary trading account and was directly responsible for all equity trading, research and sales with more than 30 professionals under his direct supervision in Moscow, London, New York and Kiev. During his tenure, CSFB became the top-rated broker as measured by research ranking, trading volume and profitability. Mr. Halloran serves on the Board of Orenburg Energy Limited, an oil exploration company, and on the Advisory Board of Cayenne Oil & Gas LP, an oil exploration, geophysical imaging and EOR company. Additionally, he has served as adviser to Soros Fund Management. Mr. Halloran has resided in Moscow since 1995. Prior to that, he worked for 10 years in New York with CS First Boston, Salomon Brothers and Morgan Grenfell. Mr. Halloran is a graduate of Yale University (B.A., 1984).

MICHAEL HAYWOOD

COO


Prior to joining Pharos in 2002, Mr. Haywood was the Russia-based investment manager for Dart Management Limited, supervising a multi-billion dollar local investment portfolio. As Dart's sole representative in Russia from 1997 to 2002, Mr. Haywood acquired a unique level of operational experience managing assets in an emerging market. He played a pivotal role in resolving a number of high profile battles representing minority shareholders interests and he was a founding member of the Russian Investor Protection Association. Mr Haywood has traveled widely throughout Russia, conducting investment analyses on scores of individual companies in a variety of industrial sectors. He has also served as a Board member for 23 Russian companies and has an extensive network of business contacts. Mr Haywood currently serves on the Board of Orenburg Energy Limited, an oil exploration company focused on developing oil licenses in the former Soviet Union. He is supervising operations and structuring private equity products for the investment manager. Mr. Haywood spent his early post-graduate years competing as a world-class distance runner and was an original member of the Nike Athletics West Team. He also served as an US Army Reserve Officer, retiring at the rank of Lieutenant Colonel. He graduated in 1975 from the University of Kentucky.

CHARLES B. "CHIP" SIMMONS, JR.

Managing Director


Mr. Simmons is a Managing Director of Pharos and sits on the Board of Directors of Pharos Gas Investment Fund, Ltd., Pharos Russia Fund, Ltd., and Pharos Small Cap Fund, Ltd. Mr. Simmons is also a Managing Partner of Clear Creek Capital, a Dallas-based private equity firm which has managed approx. $400mm of capital committed to various oil and gas investments. Mr. Simmons has been integral to the formation/management of, and is serving/has served on the Board of Directors of AB Resources (a Marcellus Shale company recently sold to Chevron), Kerns Petroleum (a Texas/Gulf Coast-focused oil and gas company), AleAnna Resources (an Italian oil and gas company which is one of the largest exploration permit holders in Italy), Clear Creek Energy/EF Resources (Eagle Ford Shale/Pearsall Shale lease investors), Ivy Resources (a land company), and Saber Sand (frac sand). Chip graduated summa cum laude from Yale University in 1984 with a B.A. with distinction in Economics/Political Science.

TIM CALLAHAN

Managing Director


Tim was most recently an advisor to the Summit Group, a diverse farming and livestock operation headquartered in Iowa where he helped the team develop new business opportunities, including the Summit Ag Fund I, a $66 million private equity fund focused on investing in Midwestern farmland. Tim was also a principal at Agrisol Energy, a company that is developing a large scale farming, livestock and extension/outreach project in Tanzania. Mr. Callahan previously was CFO of Hawkeye Energy Holdings where he led the expansion of the company into one of the largest manufacturers and marketers of corn-based ethanol in the United States. Tim joined Hawkeye from the mergers and acquisitions group at Credit Suisse, the international investment banking firm where he performed strategic advisory work on over $10 billion in transactions in the energy, agriculture, transportation and industrial sectors. Prior to Credit Suisse, Tim worked on international M&A assignments in Mexico, Spain and Brazil at Fredericks Michael & Co and performed venture capital structuring work at SG Capital Partners, a venture fund owned by Societe Generale. Mr. Callahan also spent nearly three years in Russia in the mid-90s working on land privatization projects with the consulting firm Arthur Andersen. Tim earned an MBA from the University of Chicago Graduate School of Business with concentrations on finance and international business and has a BA in political science from the University of Colorado at Boulder.

BARRY SCHUMAKER

Director



Mr. Schumaker has 15 years of experience working in emerging markets, including Russia, Indonesia and India. After completing his MBA in 2003 at Thunderbird School of International Management, he moved to Moscow and worked as a Sell-side analyst at Alfa Bank, Uralsib Capital and FIM Securities covering the Telecom, Real Estate and Consumer sectors. Mr. Schumaker received a BA in Business Administration in 1995 from California State University, Chico.

STEVE KALNOKY

Director


Mr. Kalnoky is a senior professional with extensive international and foreign affairs experience in Europe and the Middle East. Mr. Kalnoky spent more than 28 years in government service to include ten years as a Commissioned Officer in the US Army and 18 years with the United States Department of State. During his distinguished service Mr. Kalnoky represented the interests of the United States in a number of Diplomatic assignments, helping to forge foreign policy in the post cold-war era. Besides his keen understanding of the dynamics of working in emerging markets, Mr. Kalnoky has a proven record of integrity and ethics that is well suited for the rapidly evolving business environment of the 21st century. Mr. Kalnoky has a BA in Political Science from Cleveland State University .

MICHAEL ALEFIRENKO

Analyst


Prior to joining Pharos, Mr. Alefirenko was an associate with Sovlink, a leading Moscow-based investment bank specializing in second tier securities. His primary responsibilities included researching and publishing on the Media/IT, Construction and Electricity sectors. Mr. Alefirenko has acted also as a dealer in illiquid securities where he was responsible for sourcing and facilitating flows in the second tier market. Mr. Alefirenko holds a BA degree in Mathematics and Cybernetics from Moscow State University and a MA degree in Finance from the New Economic School.

NAT MOSER

Senior Oil & Gas Consultant


Dr. Moser has 15 years of experience in valuation, financial analysis and due diligence of companies in Russia and the CIS. He has been Moscow-based since 1996, working for the EU, the OECD, the UK energy consultancy Wood Mackenzie, the US investment company Dart Management, and the UK accounting firm Robson Rhodes. He initially concentrated on the oil & gas sector, though later broadened his coverage to include metals & mining. Dr Moser has built-up extensive contacts with senior managements in Russian and CIS companies, and has served on the board of directors of both Russian and Ukrainian oil & gas companies. He holds a BA, MA and PhD from Manchester University, and an MPhil from Oxford University.

ANNA PETRUSENKO

Operations and Accounting


Prior to joining Pharos, Ms. Petrusenko was Regional Coordinator of the Canada-Ukraine Partnership Project for Regional Governance and Development in Zaporizhzhia Region, Ukraine. She holds a MA degree in International Economics from Zaporizhzhia University of Humanities.

ORSOLYA TOTH-KURUCZ

Operations


Ms. Orsolya Toth-Kurucz joins Pharos with experience in logistics, human resources and inventory management. Ms. Toth-Kurucz has a BA degree from Kodolanyi Janos University College in Hungary and is responsible for back-office operations and administration.