Paul K. Kelly is President and Chief Executive Officer of Knox & Co., an investment banking firm specializing in mergers and acquisitions, corporate restructuring, and international financial advisory services, and President and Chief Executive Officer of PH II, Inc., a privately held investment company engaged in making principal investments on a global basis. In addition, Mr. Kelly is a member of the North American Management Committee (NAMCO) for the Bank of Tokyo-Mitsubishi, Ltd. (MUFG).

Mr. Kelly also serves as Chairman and Chief Executive Officer of Knox Enterprises, Inc., successor to THT Inc. (NASDAQ), a diversified manufacturing company, which was designated as one of America's most profitable companies by Equities magazine.

Mr. Kelly was a co-founder of Peers & Co., an international investment banking firm, and served as President and Chief Executive Officer until shortly after the sale of his equity interest in the firm to Kemper Corporation during 1990. Previously, he was Executive Vice President and Director of Dean Witter Reynolds, Inc., responsible for all investment banking activities for financial institutions. Mr. Kelly also served as Managing Director and member of the Management Committee of Merrill Lynch White Weld Capital Markets Group, responsible for all investment banking activities for financial institutions on a worldwide basis, and was also senior banker to Merrill Lynch & Co., the holding company for all Merrill Lynch interests. Prior to this, Mr. Kelly was Executive Vice President, Director and member of the Executive Committee of Blyth Eastman Dillon, where he was co-head of the Corporate Finance Department. He was responsible for all new business activities for the firm and headed the Financial Institutions Group. At age 31, Mr. Kelly was responsible for all corporate finance new business activities at The First Boston Corporation where he had established the Commercial Paper Department at age 29.

Mr. Kelly has frequently been identified with the introduction of new financing concepts to the capital markets. Among such, he originated such financing techniques as commercial paper issuance and publicly-issued preferred stock for bank holding companies, short-term collateral trust notes for mortgage banking companies, floating-rate notes convertible into fixed-rate debentures in the United States and Europe, and the computerized book order entry system for syndicating publicly-traded certificates of deposit sold to individuals. The investment banking groups which he has headed have completed numerous merger and acquisition assignments, worth in excess of $30 billion, for various clients in both the financial and non-financial industry sectors.

Mr. Kelly is a member of the Board of Trustees of the University of Pennsylvania and an Overseer of its College of Arts & Sciences; a director of the Huntsman Program in International Studies & Business at Penn; and a member of the Executive Committee of the Penn Club of New York. In addition, he is a member of the Director's Advisory Board of the Yale Cancer Center. He is a past director of American Life and Health Insurance Company of New York, The Chicago Sun-Times Corporation, Hydrox Corporation, Ltd. (New Zealand), MCR Corporation, and Porta Systems Corporation (ASE). He graduated from the University of Pennsylvania in 1962 and received an MBA in Finance from the Wharton School in 1964 and holds an LLD (Hon.), 2006, from the University of Auckland. He has lectured on financial topics before various business groups in the United States and Japan and has contributed articles to a number of professional periodicals. Mr. Kelly is a contributing author of The Treasurer's Handbook (Dow Jones-Irwin). He has also appeared on a number of television shows including Adam Smith's Money World, The Wall Street Journal Report, McLaughlin, Weekend Magazine and The Today Show. Mr. Kelly is listed in Who's Who in America, Who's Who in the World, and Who's Who in Finance and Industry.

In New Zealand, Mr. Kelly is Chairman of the Carrington Club, an international golf resort located on the 3,000-acre Carrington Farms property on the Karikari Peninsula, and Chairman of Edgewater Developers Ltd., a real estate development firm specializing in coastal properties in the Far North. He is also Chairman of Karikari Estate, a new vineyards, and winery complex which began production in March, 2003. Mr. Kelly is an active supporter of the University of Auckland and a member of the Advisory Committee of its Business School. He is also a member of the New Zealand Business Roundtable.