Theodor J. Kundtz, Director of Equity Research
Electronic Components & Diversified Technology

Mr. Kundtz joined Needham & Company in May 1999. Previously, he was Senior Vice President at Lehman Brothers from September 1993, focusing on electronic components and imaging companies within the technology sector. Prior to joining Lehman Brothers, Ted was a Managing Director at Bear Stearns, where he focused on selected technology and growth stocks, including a number of Israeli-based technology companies. Prior to joining Bear Stearns, Ted was an analyst at Standard & Poor's and manager of a group covering technology companies. Ted received his BS in Business Administration from Georgetown University and his MBA at New York University.
 

Dalton L. Chandler
Education & e-Learning, Application Software & eCommerce, Medical Technology

Mr. Chandler joined Needham & Company in 1998 to cover Internet and Internet-related companies, specifically in consumer-oriented Internet companies. His prior experience includes coverage of Healthcare Information Technology companies for H.C. Wainwright & Co. Mr. Chandler's background also includes experience in Corporate Finance and Mergers & Acquisitions in the Media, Advertising and Healthcare industries.  He holds a BS degree in Electrical Engineering from the University of Kentucky and an MBA in Finance from Indiana University.
 

Richard Davis, Jr., CFA
Enterprise Software

Mr. Davis joined Needham & Company in March 2000. Previously, he worked at Tucker Anthony, where he was a Managing Director and launched that firm's Internet Enterprise Software coverage. His prior experience includes Rauscher Pierce, where as Director of Research he helped build out that firm's telecom research effort. Richard also worked as an analyst at Wessels, Arnold & Henderson. He has an MBA from Vanderbilt and a BA from Davidson College.
 

Mark P. Grossman
Semiconductors - PLDs
Mark joined Needham & Company in April 2003. Previously, he worked at SG Cowen, where he covered the semiconductor industry for more than five years, most recently as a Managing Director. Prior to joining Cowen, he worked on the buy-side covering the technology sector at Sanford C. Bernstein and was an Associate at Goldman Sachs. Before attending graduate school, Mark worked as an electrical engineer at IBM and as a project engineer at General Electric. Mark holds a BS in Electrical Engineering from Polytechnic University, and both a Master's degree (electrical engineering) and an MBA from the Massachusetts Institute of Technology.

Glenn Hanus
Storage Networking & Diversified Technology

Mr. Hanus follows about 20 companies engaged in various facets of storage networking, including storage subsystems, library automation, network infrastructure components, network-attached storage appliances, storage management software and storage-related services. His coverage includes Advanced Digital Information, Brocade Communications, EMC, Emulex, Network Appliance, Storage Technology, and Veritas Software, among others. Mr. Hanus previously worked in Corporate Finance and in Mergers & Acquisitions at Needham & Company and at Dean Witter Reynolds. Prior to Wall Street, Mr. Hanus was a product manager at IBM, where he focused on PC peripheral products. He obtained a BS in Mechanical Engineering from Princeton University and an MBA from The Wharton School.
 

Pierre Maccagno, Ph.D.
Semiconductors - Wireless Communications

Pierre Maccagno joined Needham & Company in 2000 to follow the semiconductor sector, focusing on companies selling chips to the wireless and communications end markets. Prior to joining the firm, he worked in equity research since 1998, at Schroders, JP Morgan and Lehman Brothers, covering the semiconductor sector. He has more than ten years of industry experience in diverse technology fields. He worked at Signetics Corporation developing integrated circuit test structures; IBM Corporation in process development of magnetic materials for magneto-resistive and inductor heads used in disk drives; STMicrolectronics in semiconductor technology development for flash memories; and Novellus Systems in process development of chemical vapor deposition (CVD) films for integrated circuits. He holds a BS in Physics from Brown University, a PhD in Materials Science & Engineering from Stanford University, and an MBA from Columbia University.
 

John J. McManus
Contract Manufacturing

Mr. McManus covers all aspects of contract manufacturing, including the following companies: Artesyn Technologies, Benchmark Electronics, Celestica, DDI Corp., Flextronics, Jabil Circuit, Merix, Park Electrochemical, Pemstar, Plexus, Sanmina-SCI and Solectron. Mr. McManus received a BEE from the University of Detroit and an MBA from Rutgers University. Prior to joining Needham & Co. in 1989, Mr. McManus was a VP for Shearson Lehman, Bear Stearns and Thomson McKinnon.
 

Mark Monane, M.D.
Biotechnology & Life Sciences

Dr. Mark Monane joined Needham & Company in May 2000, where he is a Vice President and senior analyst in biotechnology and biopharmaceuticals.  In The Wall Street Journal's Best on the Street Survey for 2002, Mark was awarded second place in the Biotechnology area. Dr. Monane's research on medication use and geriatrics has resulted in more than 50 original articles and review publications in journals such as Archives of Internal Medicine, Journal of the American Medical Association, Journal of the American Geriatrics Society, Hypertension and Clinical Pharmacology and Therapeutics. Dr. Monane served as Assistant Professor of Medicine at Harvard Medical School until he joined Merck-Medco Managed Care as Senior Director of Geriatrics in 1996. Currently, he is also an Adjunct Associate Clinical Professor at Rutgers School of Pharmacy in New Jersey. He is board certified in internal medicine, geriatric medicine, clinical pharmacology, utilization review/quality assurance, and healthcare management. Dr. Monane holds an AB degree from Columbia University, an MD from New York University School of Medicine, a MS degree from Harvard School of Public Health, and an MBA from Columbia Business School. He completed postdoctoral training in primary care internal medicine at Montefiore Hospital, geriatric medicine at Harvard Medical School, and geriatric clinical pharmacology at Harvard Medical School.
 

Cristina Osmena
Wafer Processing, Yield Management & Photolithography

Since joining Needham & Company in 1999, Cristina Osmena has been following the semiconductor equipment sector with a focus on photolithography and process control. Companies under coverage include ADE Corporation, ASM Lithography, Cymer, DuPont Photomasks, Electroglas, FEI Company, KLA-Tencor, Nanometrics, Nova Measuring Instruments and Photronics. Prior to joining Needham, Cristina worked at Hambrecht & Quist covering semiconductor equipment companies. She has a BA from the University of California at Berkeley.
 

James Ricchiuti
Electronic Components Capital Equipment & Display Technologies

Mr. Ricchiuti joined Needham & Company in May 1999. Prior to joining the firm, Jim was with Lehman Brothers for over five years, where he focused on technology companies in the imaging, software and components businesses. Jim's previous experience includes Bear Stearns from 1986-1993, providing research coverage on a number of small-cap and mid-cap companies. He also worked at Argus Research in the mid-1980s. Jim's current universe of companies includes a number of display-related companies, as well as several electronic component capital equipment companies and component manufacturers. Jim is a graduate of St. John's University.
 

Dan K. Scovel
Semiconductors

Mr. Scovel joined Needham & Company in April 2000. He has an electrical engineering background, nearly 12 years of semiconductor industry experience and has been an analyst on Wall Street for over five years. In The Wall Street Journal's Best on the Street Survey for 2002, Mr. Scovel was awarded first place in stock picking in the Semiconductors area. He spent nearly 12 years in various technical sales and marketing roles at four different semiconductor firms located in Silicon Valley. Dan began his professional career in 1984 with Advanced Micro Devices, experienced two small start-up companies, and then spent the last six years of his industry tenure with Cirrus Logic, where he supported the firm's Japanese market development. Dan began his career as a semiconductor analyst with Fahnestock & Company in 1996. He obtained his BS degree in electrical engineering from the University of Washington in Seattle and his MBA, with an emphasis in finance, from Santa Clara University in the San Francisco Bay area.
 

Robert Stern, CFA
Semiconductor Capital Equipment

Mr. Stern joined Needham & Company in 2001. Previously, he was an analyst with Merrill Lynch from 1996 to 2000, with Solomon Smith Barney (then Smith Barney) from 1990 to 1996, and Prudential Securities from 1987 to 1989. Robert received a BA degree with a major in Chemistry from Temple University, an MS with a major in Chemistry from Carnegie Mellon University, and an MBA from New York University.
 

Richard F. Valera
Wireless Communications

Mr. Valera covers companies in the wireless equipment and satellite industries. Prior to joining Needham & Company, he spent nine years in the Electronic Design Automation industry, most recently as a Senior Applications Consultant at Synopsys, an industry-leading provider of logic synthesis and verification tools. Prior to Synopsys, Richard was employed at Viewlogic Systems and RacalRedac/HHB Systems in a variety of technical and marketing capacities. Mr. Valera has an MBA in Finance from Rutgers University and a BS in Electrical Engineering from Carnegie Mellon University.
 

Anton Wahlman
Broadband Access Technology

Mr. Wahlman joined Needham & Company in April 2002. He has worked in communications technology equity research on the sell-side since 1996, and has covered a variety of chip and systems layer companies in broadband access technology. His expertise is in the areas of voice/video/data integration in the local loop, including cable modems, digital TV, voice-over-broadband, WiFi and DSL. According to the annual Starmine survey, Mr. Wahlman was the most accurate sell-side analyst stock picker in communications technology on Wall Street in 2001. He has an undergraduate degree from Georgetown University School of Foreign Service and pursued his graduate studies at Johns Hopkins University. He served in the Swedish army in 1989 and was a 1991 parliamentary candidate for the Libertarian Party in Sweden.

Charles Wolf
PC Hardware and Handheld Devices

Charlie Wolf joined Needham & Company in November 2000. In The Wall Street Journal's Best on the Street Survey for 2002, Charlie was awarded third place in stock picking in the Computer area. He began an 18-year career in the Finance Division of the Columbia Business School in 1966, rising from assistant professor to professor, during which time he published many articles on financial economics and decision theory in major academic journals, such as The Review of Economics and Statistics, The Quarterly Journal of Economics and Econometrica.  He is also co-author of "The Role of Private Placements in Corporate Finance," published by the Harvard University Press. Mr. Wolf became a member of the personal computer revolution in the early days of the industry. He joined the Equity Research Department at Credit Suisse First Boston in 1984. Between 1988 and 1993, he was elected to Institutional Investor's prestigious "All-America Research Team" in the personal computer industry category. His signature publications, Wolf Bytes and Wolf Bits, provide in-depth analysis of significant industry issues. Between 1993 and 1996, he was a consultant to CS First Boston, managing the "New Analysts Program" and writing on the applications of Economic Value Added in stock selection. In May 1996, he rejoined Credit Suisse First Boston as an analyst following the PC industry, a position held until October 1998. From November 1998 to November 2000, Wolf was an analyst covering the PC and enterprise hardware industries at UBS Warburg. He earned his AB, MBA and DBA degrees from Harvard.
 

EDITORIAL

Lawrence Tarantino

Mr. Tarantino, Managing Editor, joined Needham & Company´s Equity Research Department in September 1996.  Prior to joining Needham & Co., he was Senior Editor at CS First Boston, where he edited equity research reports and rewrote analysts´ research for First Call, a financial news information service. Over the past 18 years, Mr. Tarantino has worked as an editor and editorial consultant for other well-known financial companies, including E.F. Hutton, Chase Securities, and Merrill Lynch. Mr. Tarantino received a B.F.A. with a major in journalism from New York University in 1982.