Board of Directors

The following are summary biographies of the directors of Lockhart and Lockhart's four operating businesses (other than those of inside directors which are provided in the below Management section):

Nancy S. Brodie has been a director of Lockhart Insurance since 1998. In 2005, Mrs. Brodie retired from Penn Mutual Life Insurance Company, where she had been employed since 1975, having served as its Executive Vice President and Chief Financial Officer since 1994. Mrs. Brodie is a Certified Public Accountant, a Member of the Pennsylvania Institute of Certified Public Accountants, a Series 7 licensed NYSE General Securities Representative, a Fellow of Life Insurance Management Institute (FLMI), and is currently enrolled in Certified Life Underwriter (CLU) studies at The American College. Mrs. Brodie holds a BBA degree in accounting, having attended the University of Dayton and Cleveland State University, and also an MBA degree earned in the Executive MBA program of Columbia University. She is a committee member of the American Council of Life Insurance (ACLI), and an instructor for the Chief Financial Officers Conference, and 1999 Conference Chair; an active member of the ACLI Financial Reporting Principles Committee and GAAP for Mutuals task force; and an instructor for the Pennsylvania Institute of Certified Public Accountants.

Richard M. Fairbanks III has been a director of Lockhart Companies Incorporated since 2000. Fairbanks is a senior counselor with the Center for Strategic and International Studies, of which he was formerly president. A former United States ambassador for Middle East negotiations and former United States ambassador for Pacific Rim economic affairs, Fairbanks holds a BA degree from Yale University and a JD degree from Columbia University.

Ira M. Goldberg a widely recognized expert on United States coinage from Colonials through Modern issues, has been a professional numismatist for over 35 years and he currently co-owns and operates Ira and Larry Goldberg Coins & Collectables, Inc. located in Beverly Hills, California. Prior to the formation of his own company, he served as Vice President of Superior, an A-Mark Co. (1994-1998). Prior to 1994 as owner and President of one of the largest numismatic and philatelic auction houses in the world, Superior Stamp and Coin Company, Inc. (Beverly Hills, CA). He has also written numerous feature articles for the Numismatist, Coin World, Numismatic News, The Manuscript Society and other industry publications. Mr. Goldberg is a licensed and bonded auctioneer in California and New York, and has been and continues to be an appraiser for many of the major banks and insurance companies in California.

William H. Hastie was elected to the Company's Board of Directors in 1997. He is a partner in Sanchez Daniels Yokoyama Hastie & Greene, the California office of the nation's largest minority-owned law firm. From 1994 to 1998 he was a partner and Vice Chair of the law firm of Arnelle Hastie McGee Willis & Greene, Los Angeles, California, a Co-founder and managing partner of the law firm of Arnelle & Hastie, San Francisco, California, from 1985 to 1994, and as Undersecretary and General Counsel of California's State and Consumer Services Agency, from 1979 to 1983. Mr. Hastie received his bachelor's degree from Amherst College, a certificate from the University of Strasbourg, and his J.D. from Boalt Hall School of Law of the University of California at Berkeley. Mr. Hastie has been a member of the Board of Directors of the California HealthCare Foundation since 1996, having previously served as a member of the Board of Directors of Blue Cross of California from 1992 to 1996. He has also served as an Adjunct Professor of Law at the Graduate School of Public Policy of the University of California at Berkeley.

LaSalle D. Leffall, III was elected to the Company's board of directors in 2005. Leffall currently serves as President and Chief Operating Officer of The NHP Foundation (“NHPF”), one of the nation’s largest and most successful non-profit owner-managers of multi-family affordable housing, headquartered in Washington, DC, but with a portfolio of housing projects in a dozen states across the country. Leffall holds BA, JD, and MBA degrees from Harvard University, and completed graduate study at Oxford University. Before joining NHPF, Leffall was employed in the corporate law firm of Cravath, Swaine & Moore, and later in the mergers and acquisitions divisions of investment banks Credit Suisse First Boston and UBS.

Herbert E. Lockhart, III was elected to the Company's Board of Directors in 1985. Sole proprietor of a salvage business, Herbie's Big Tow, and a resource recovery consultant since 1990, Mr. Lockhart previously served as reconstruction project supervisor for St. Thomas' Mountaintop Condominium Association from 1991 to 1992. Mr. Lockhart was the Company's President from 1986 to 1990, and a Vice President of the Company from 1981 to 1986. Earlier, Mr. Lockhart served as the Manager of Operations and Water Technician for St. Thomas' Donoe Water Company from 1977 to 1980, and as a management trainee with the Hechinger Company in the Washington, D.C. suburbs. A graduate of Milton College, with further study at the Computer Institute of Boston, George Mason University, and the University of the Virgin Islands, Mr. Lockhart is the past President of the Rotary Club of St. Thomas, and of the Humane Society of the Virgin Islands, and also served as Vice President of the Boy Scouts of America/Virgin Islands Council, and as Treasurer of St. Thomas' Masonic Lodge No. 356. Mr. Lockhart has also been active with the Navy League of the United States' St. Thomas/ St. John Council, and as a charter member of the Toastmasters Club of the Virgin Islands.

Management

Wesley S. Williams, Jr. Esq. is Co-Chairman of the Board of Directors, Co-CEO, as well as President and Chief Operating Officer of Lockhart Companies Incorporated and has been a member of the Company's Executive Committee since 1987. Mr. Williams is Co-Chairman of Lockhart Insurance Holding Co., Ltd. ("Lockhart Insurance") and Lockhart Financial Services Corporation ("Lockhart Financial Services"), and Lockhart Realty, Inc. ("Lockhart Real Estate"). A member of the District of Columbia and New York Bars, and a retired in the firm of Covington & Burling - which has law offices in Washington, D.C., San Francisco, London and Brussels, and a correspondent office in Paris - Mr. Williams specialized in financial services, real estate, finance, and corporate and securities law. Mr. Williams currently serves as Presiding Independent Director of CarrAmerica Realty Corporation and is a member of the Board of Directors of The Bear Stearns Companies. Mr. Williams was formerly the senior member of the Board of Trustees (and of its Executive Committee) of Penn Mutual Life Insurance Company (sole parent of, inter alia, Janney Montgomery Scott), formerly a member of the Board of Managers of Blackstar L.L.C., and formerly a member of the Boards of Directors of Blackstar Communications, Inc., the Federal Reserve Bank of Richmond, and Salomon Inc (sole parent of Salomon Brothers Inc, Phibro Inc and Phibro Energy Production, Inc.). A member of the American Law Institute, Mr. Williams at one time held a faculty appointment at Columbia University Law School, and later served as an Adjunct Professor of real estate finance and financial services law at Georgetown University Law Center. He holds BA and JD degrees from Harvard University, an MA degree from Tufts University's Fletcher School (earned as a Woodrow Wilson Fellow), and an LLM degree from Columbia University Law School. Recently re-confirmed by the U.S. Senate and House of Representatives as a member of the Board of the Regents of the Smithsonian Institution (and now a member of the Regents' Executive Committee and Chairman of the Regents' Facilities, Investment Policy and Search Committees), Mr. Williams formerly served as a member of the Board of Overseers (and of its Executive Committee) of Harvard University.

George H.T. Dudley, Esq. is Co-Chairman of the Board of Directors and Co-CEO, of Lockhart Companies Incorporated and has been a member of the Company's Executive Committee since 1987. Mr. Dudley is Co-Chairman of Lockhart Insurance, and Lockhart Financial Services, and Lockhart Real Estate. A member of the Virgin Islands and Pennsylvania Bars, and the founder in 1978 and managing partner of the firm of Dudley, Topper and Feuerzeig (the largest law firm in the Virgin Islands), Mr. Dudley specializes in financial services, real estate, finance, and corporate management and general commercial law. Mr. Dudley is a member of the American Law Institute (serving on the Institute's governing Council and its Membership Committee) and a member (and past Chairman) of the Villanova Law School Board of Consultors, and was formerly a member of the Board of Trustees of the University of the Virgin Islands (where he served on its Executive Committee and as Chairman of the Board's Committee on Finance). Mr. Dudley received his undergraduate degree from George Washington University and his JD from Villanova University. In 1994, Mr. Dudley received the honorary title of Chevalier (Knight) from the King of Belgium for his years of service as Honorary Consul of Belgium. Mr. Dudley received his undergraduate degree from George Washington University and his JD from Villanova University (where he was a member of the Law Review). In 1994, Mr. Dudley received the honorary title of Chevalier (Knight) from the King of Belgium for his years of service as Honorary Consul of Belgium. Mr. Dudly served as an Advisort to the Restatement of the Law, Third, Property (Mortgages), published by the American Law Institute, and is an elected member of the American College of Real Estate Lawyers (ACREL).

N. William Jarvis currently serves as Executive Vice President of Lockhart Companies Incorporated. Before joining Lockhart Ventures, Jarvis served as Executive Vice President of WETA's Greater Washington Broadcast Group, managing WETA’s television and radio stations, cable and Internet ventures, fundraising, and communications. Before WETA, Jarvis was a partner with the law firm of Baker & Hostetler, LLP. Based in Washington, D.C., Jarvis serves on the Boards of Fidelity & Trust Bank and Comcast Cablevision of the District of Columbia, and is a member of the Federal City Council and the Economic Club of Washington, D.C. A graduate of the University of Virginia’s McIntire School of Commerce, Jarvis earned his J.D. from the University of Virginia School of Law. He resides with his wife and two sons in the District of Columbia.

Gary V. Norkaitis serves as Treasurer and Chief Financial Officer and joined the Company in February of 2002. He was previously resident regional vice president of Citibank, in charge of all United States Virgin Islands operations. Before that he was employed by Globalvest Management Co. on St. Thomas, and earlier, in New York, by Westdeutsche Landesbank Girozentrale, First United Equities Corp., Coopers & Lybrand, Prudential Securities, PaineWebber Inc., Deutsche Bank Capital Corp., and Chase Manhattan Capital Markets Corp. A CPA, as well as licenses in the life and health insurance fields, Norkaitis received his BS/BA from the University of Denver, and his MBA from NYU’s Stern School of Business.

Etienne R. Bertrand is the President and Chief Operating Officer of Lockhart Real Estate. Prior to joining Lockhart, Mr. Bertrand served as Senior Project Manager with the Barker Partrinely Group in Miami and Ft. Lauderdale, Florida from 1986 to 1990, as Construction Manager for Gerald D. Hines Interests in Miami and Houston, Texas from 1981 to 1986, Project Architect for 3D/International in Houston from 1979 to 1981, Tenant Construction Manager for Gerald D. Hines CPS Division in Houston from 1978 to 1979, Project Job Captain for John S. Chase, FAIA in Houston from 1977 to 1978, and as Technical Production Coordinator for A.M. Kinney-Wm. J. Rabon & Associates in Cincinnati, from 1975 to 1977. A licensed architect in the U.S. Virgin Islands and Texas, Mr. Bertrand received his bachelor of architecture degree from the University of Cincinnati.

Raymond L. Fournier is the President and Chief Operating Officer of Lockhart Insurance, also serving as President of Guardian since 1996 and President of Heritage since 1993. Mr. Fournier, who is a native of Puerto Rico, received a BA degree in economics and finance from Clark University, and trained in reinsurance at Cologne Reinsurance Company, Cologne, Germany, and also at D.G. Durham Ltd., a Lloyd's broker in London.

Richard E.W. Grant founded and has been President of PFC (and of PFC-EC) since 1994, and currently serves as President and Chief Operating Officer of Lockhart Financial Services. He has over 35 years of experience in banking, with an emphasis in the Caribbean region. Prior to 1992, Mr. Grant served as Vice President and Manager of Barclays Bank PLC, St. Croix, U.S. Virgin Islands and was employed by Barclays for 30 years both on the U.S. mainland and in the Caribbean. Mr. Grant is a native of Jamaica, and attended Jamaica College, in Kingston, Jamaica, and Queens College, Taunton, England.

Administrative Support

Debbie Brathwaite, Senior Accountant

Julienne Watley, Accountant

Joseph Sibilly, Facilities & Maintenance Manager