Euclid Commercial Lending Services

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Board of Directors 

1. Andreas Pericli, Ph.D. Chairman & CEO
2. Andreas Christofi, Ph.D. Head of Equity Research and Chief Equity Strategist of Euclid Investment Services, LLC
3. James J. Calla, Executive Vice President - Sovereign Bank - Capital Markets and Wealth Management
4. Peter Papanicolaou, President and Owner of J.F. Contracting Corporation
5. Philip Christopher, CEO and President of Audiovox Communications Corporation
6. Ermione Spanos, Commercial Real Estate and Shopping Center Owner
7. George Christacos, Restaurant and Hotel Owner/Real Estate Developer and Shopping Center Owner
8. Savas Tsivicos, President and Owner of Paphian Enterprises, Inc.
9. Vassos Russ Chrysanthou, President of Pool-Town, Inc and Excel Service, Inc.
10. Professor A.G. (Tassos) Malliaris, Walter F. Mullady, Sr. Professor of Economics and Finance

Andreas Pericli, Ph.D
Chairman & CEO

Dr. Pericli is the Chairman, CEO and Chief Strategist of Euclid Financial Group, Inc. He is responsible for all final investment and trading decisions, risk management and quantitative analysis. Prior to joining Euclid Financial Group, he led the prepayment modeling team and the Structuring and Valuation teams as well as worked as Director of Financial Engineering at Freddie Mac for six years. His research added significant value to the firm during his six year tenure at Freddie Mac. Prior to that, Dr. Pericli was a senior research analyst with Salomon Smith Barney. Dr. Pericli was a student of professor Harry Markowitz, a Nobel Laureate in Economics and professor Salih Neftci, a leader in derivatives and financial engineering. He is the author of eighteen journal articles and three book chapters in a variety of areas of finance. In 1998, he also served as a guest editor of the Managerial Finance journal on Yield Curve and the Term Structure of Interest Rates. His publications include papers in the Journal of Investing, the Managerial Finance Journal, the Journal of Fixed Income, the Journal of Real Estate Finance and the Economics, and the Journal of Future Markets. He is listed in the 2000-2001 Millenium Edition of Strathmores WHOs WHO as an individual who has demonstrated leadership and achievement in his occupation and industry profession. Dr. Pericli holds a Ph.D. in Econometrics and Financial Economics from the City University of New York. Top ^

Andreas Christofi, Ph.D
Head of Equity Research and Chief Equity Strategist of Euclid Investment Services, LLC

Andreas Christofi, Ph.D. is the head of Equity Research and Chief Equity Strategist at Euclid Financial Group. He is involved in all aspects of the management of the equity portfolios, including analysis, hedging, and dynamic portfolio adjustments. He is the portfolio manager of the Euclid Capital Appreciation Fund, L.P. Dr. Christofi's publications have appeared in: Financial Management, Journal of Fixed Income, Journal of Portfolio Management, Journal of Investing, Management International Review, Journal of Multinational Financial Management and Financial Review. His research interests include: modeling volatility, pricing risky assets and derivatives, term structure of interest rates, national and international portfolio risk management and business forecasting. Dr. Christofi holds a Ph.D. degree in Finance from the Pennsylvania State University.Top ^

James J. Calla
Exeeuclid_com_lendtive Vice President - Sovereign Bank - Capital Markets and Wealth Management

Jim is the Executive Vice President - Director of the Capital Markets and Wealth Management Group for Sovereign Bank based out of Philadelphia, PA. His responsibilities include Securitization, Interest Rate Derivatives, Foreign Exchange, Investment and Sales, Mergers and Acquisitions. Jim is also the Chairman for Sovereign Securities Corporation, LLC, a separately capitalized, wholly owned subsidiary of Sovereign Bank. Jim has been a senior executive in the capital markets and Asset and Liability Management areas since 1979. From 1988 to 1998, Mr. Calla served as Capital Markets Director and Investment and Funding Manager for CoreStates Bank. He managed over 140 trading and sales professionals in Philadelphia and Reading, PA, FT Lauderdale, FL, London, and Hong Kong. Mr. Calla was instrumental in the formation of CoreStates Securities Corporation, a NASD registered broker dealer. Mr. Calla has extensive experience in foreign exchange, interest rate derivatives, fixed income, and securitization markets. Jim has a Bachelor of Science Degree in Finance from St. Joseph's University. Top ^

Peter Papanicolaou
President and Owner of J.F. Contracting Corporation

Peter Papanicolaou is a principal of J.F. Contracting Corporation, a Brooklyn-based construction and engineering firm. He is professionally affiliated with the American Society of Civil Engineers, the National Society of Professional Engineers, and he is a member of the Civil Engineering Honor Society. His business career started with a research position at New Jersey Institute of Technology, where he developed new technology for the cleanup of toxic contaminated soils for industrial sites and military bases. Mr. Papanicolaou is active in many humanitarian and civic causes. Among them are his association in an executive capacity with the Archdiocesan Metropolitan Youth Choir, the Greek Orthodox Archdiocesan Council, and the Advisory Board of Queens College. Mr Papanicolaou has been named Businessman of the Year, Borough of Bronx (1995) and was awarded the Ellis Island Medal of Honor (1996). Mr. Papanicolaou holds a Bachelor of Science degree in Civil Engineering and a Master of Science degree in Construction Engineering and Construction Management from the New Jersey Institute of Technolology.Top ^

Philip Christopher
CEO and President of Audiovox Communications Corporation

Philip Christopher began his association with Audiovox in 1970. Prior to obtaining his current position in 1983, he served as Senior Vice President of Audiovox Corporation. Mr. Christopher is also Chief Executive Officer and President of Audiovox's wireless subsidiary, Audiovox Communications Corp. From 1973 through 1987, he was a Director of Audiovox Corp. predecessor of Audiovox Communications Corporation. Mr. Christopher has been politically and civically active for many years. He was a member of the White House Economic Council under the Clinton Administration, as well as serving on the campaigns of several presidential candidates. In addition to his membership on the Audiovox Corporation board, Mr. Christopher is on the Executive Committee of the Cellular Telephone Industry Association, and serves on the boards of several other organizations such as New York Medical Center of Queens, Cyprus Children's Fund, and the Atlanta Professional Soccer Conference. Among his many civic honors, Mr. Christopher has been awarded Man of the Year from the American Jewish Congress Metropolitan Region (2001), the Kyrenia Association of Cyprus (2001) and the Pancyprian Association of Washington DC (2000). Mr. Christopher has a Bachelor of Arts degree from New York University. Top ^

Ermione Spanos
Commercial Real Estate and Shopping Center Owner

Ermione Spanos was born in Evrytania, Greece, the fifth of six children of the late Harry and Helen Karageorge. Surviving World War II in Greece as a young child, the family started emigrating to the United States for a better standard of living. Shortly after marrying John J. Spanos in Athens, Ms. Spanos emigrated to the United States in 1953. Arriving at Ellis Island, the couple settled in Washington, D.C. after a short period. A few years later, Mrs. Spanos and her husband purchased the first of their many restaurants in Northern Virginia. This was the beginning of a twenty-five year career as restaurateurs in the metropolitan area. Mrs. Spanos was a local celebrity at their "Caesar's Forum Restaurant," and she was written up in numerous area newspapers and magazines for her warm hospitality and expertise for the tableside preparation of flaming French cuisine. She and her husband were one of the founding families of Saint Katherine Greek Orthodox Church in Falls Church, Virginia. She has been active in her home parish and Saint George Greek Orthodox Church in Ocean City, Maryland. The family sold their restaurant interests in 1977 and has been involved in the lease and rental of commercial real estate properties in Virginia and Maryland. She continues to be involved in the philanthropic efforts of her parishes, always willing to aid those in need. In 1989, her husband became an Archon of the Ecuminical Patriarchate of Constantinople, the highest position a layman can receive in the Greek Orthodox Church. They are also members of the Leadership 100, which is dedicated to preserving the Patriarchate for future generations. Retired, she enjoys traveling and her children, Helen and Harry, and her grandchildren, John, Angelica, Helen, and Jennifer. She is an avid gardener and gourmet cook, but she is still involved in the family business as their most revered consultant. Top ^

George Christacos
Restaurant and Hotel Owner/Real Estate Developer and Shopping Center Owner

Since 1965 Mr. Christacos has opened and operated several restaurants in the Washington DC area. While he still operates two restaurants in the area, nine other of the restaurants Mr. Christacos established over more than 30 years, were sold. Mr. Christacos has also been active in commercial real estate investing for the last 30 years. He has purchased and operated commercial real estate not only in Washington, but also in Maryland and Virginia. Several of these commercial properties are strip malls which Mr. Christacos continues to own and manage. He has also served as both a contractor and builder on several residential projects. Mr. Christacos is member of the board of Directors of a Bank which has 10 Branches.Top ^

Savas Tsivicos
President and Owner of Paphian Enterprises, Inc.

Savas Tsivicos is the President and Owner of Paphian Enterprises, Inc., which he founded in 1989, it is a General Contracting Company specializing in government contracts. Mr. Tsivcicos has served as President of the Cyprus Federation of America, an umbrella organization representing all Cypriot-Americans for four consecutive years, ending in March of 2003. In August of 2002 he was appointed by his eminence Archbishop Demetrios to serve a third term on the Archdiocesan Council of the Greek Orthodox Church of America. In 1995 he joined the Advisory Board of the Center for Byzantine & Modern Greek Studies of Queens College. He is also on the Board of Directors of the Foundation of Hellenic Studies in Washington D.C. and serves on the Board of Directors of the American Hellenic Institute. He is also the Vice President of the Cyprus Children's Fund, a charitable foundation. Mr. Tsivicos is an Archon of the Ecumenical Patriarchate since 1997 and a member of the Leadership 100 Endowment Fund since 1998. He has also been involved with numerous political campaigns and he has raised hundreds of thousand of dollars for several presidential candidates. Mr. Tsivicos was presented with numerous other awards and honors which include the Achievement Award from the Greek American Chamber of Commerce of New Jersey (1996), the NECO Ellis Island Medal of Honor Award (1997), a meritorious award reserved for distinguished Americans who exemplify the spirit of hope that accompanied countless immigrants to the United States, the Evagoras Pallikarides Award of Merit from the Panpaphian Association of America, an organization he founded In 1987, the Senior Leader Recognition Award, the Wall Street Journal Achievement Award and membership in several National Honor Societies. In 1988, he was also awarded a Certificate of Recognition by the Government of Cyprus for his contributions to the Cyprus cause. His name is listed in the Who's Who amongst Students in American Universities and Colleges. Mr. Tsivicos and his wife Maria have been longtime supporters of the St. George Greek Orthodox Church in Asbury Park, New Jersey. Mr. Tsivicos graduated from Fairleigh Dickinson University with a Bachelor's Degree in May 1986 and in May 1996 he earned an MBA in Management from the same University. He was also awarded II Master's Certificate from George Washington University, Law School In 1998. Top ^

Vassos Russ Chrysanthou
President of Pool-Town, Inc and Excel Service, Inc.

Mr. Chrysanthou graduated the English School in Nicosia, Cyprus in 1976. After serving his country of origin for 2 years by joining the Cyprus National Guard he continued his studies at Fairleigh Dickinson University where he graduated in 1982 with magna cum laude and a BS in Accounting. In his senior year, Mr. Chrysanthou was hired at Main Hurdman, KMG a Public Accounting firm in New York City. In 1986 he co-founded Pool-Town, Inc specializing in sales, service and installation of in-ground vinyl liner pools. By 1991, his company became the largest in the State of New Jersey with sales exceeding $10million a year. In 1994, Mr. Chrysanthou and his partner, Mr. Eric Panayiotou, spun-off Excel Service, Inc the authorized service and warranty company for the now over 5,000 in-ground pools built by Pool-Town. In 1998, Mr. Chrysanthou sold Pool Distributors, Inc. founded by the two partners in 1993 for the purpose of purchasing, warehousing and distributing swimming pool products to the other two companies. In January of 2003, Pool-Town and Excel moved into a new facility built on 20 acres on Highway 9 in Howell, New Jersey.

Mr. Chrysanthou served on the Parish Council at Saint Barbara Greek Orthodox Church in Toms River, NJ (1997-2001) and chaired the building committee for the construction of the Education Center at the Lower Level of the church.

Mr. Chrysanthou joined his local chapter of AHEPA #467 and served as President before he entered the District Lodge in 1999. Mr. Chrysanthou was elected District Governor of the 5th District of New Jersey and Delaware (2002-03). At the National level, he was appointed to the AHEPA Cyprus and Hellenic Affairs Committee in 1998 and was elected Chairman in 2000, 2001 and 2002. Mr. Chrysanthou also served for on term as the Governor of New Jersey for the Cyprus Federation of America. (2001-3). He is also a member of the Greek American Chamber of Commerce, the Cyprus American Business Council and the American Hellenic Institute.

Vassos Chrysanthou is married with two children. Top ^

Professor A.G. (Tassos) Malliaris
Walter F. Mullady, Sr. Professor of Economics and Finance

A.G. (TASSOS) MALLIARIS joined Loyola University Chicago in 1972 and is euclid_com_lendrrently Professor of Economics and Finance and holds the Walter F. Mullady Sr. Chair in Business Administration. He graduated from the Athens School of Economics and Business in 1965 and worked for one year as a research assistant at the Center of Planning and Economic Research in Athens. From 1966 to 1972 he studied economics and mathematics at The University of Oklahoma where he received the Ph.D. in economics. From 1972 to 1978 he did post graduate studies in mathematics and economics at The University of Chicago and earned a second Ph.D. in applied mathematics.

He has authored and co-authored numerous articles in professional journals such as The Society of Industrial and Applied Mathematics Review, Mathematics of Operations Research, Review of Economic Studies, Journal of Financial and Quantitative Analysis, Review of Quantitative Finance and Accounting, Journal of Futures Markets, Journal of Banking and Finance, Journal of Multinational Financial Management, International Review of Financial Analysis, European Journal of Political Economy, European Journal of Operations Research, International Journal of Finance, Multinational Finance Journal, Economic Inquiry and others.

He has co-authored with William A. Brock two books on Stochastic Methods in Economics and Finance and also Differential Equations, Stability and Chaos in Dynamic Economics. Another of his books on Foundations of Futures Markets was published in 1999. His most recent book is on Economic Uncertainty, Instabilities and Asset Bubbles, published in Winter 2005 by World Scientific. He has also edited and co-edited several other books on Futures Markets, Options Markets, Global Financial Asymmetries and The Global Economy: Financial, Monetary, Trade and Knowledge Asymmetries.

He specializes in financial economics and has made significant contributions in the area of futures and options markets. His book on Stochastic Methods in Economics and Finance was the first book to exposit the mathematics used in pricing options and other derivative instruments. This book was translated into Chinese in 2004. He has also collected and commented on the most influential papers in the area of derivatives in his two edited books on Futures and Options markets. He has also written and published in the Journal of Futures Markets several papers on the behavior of currency futures markets and agricultural products.

He has offered numerous exeeuclid_com_lendtive courses in Chicago, London, Rome, Milan, Athens, Vienna, Prague, Tokyo, Hong Kong, Beijing and Bangkok on stochastic caleuclid_com_lendlus, futures markets, options markets, portfolio theory, investment analysis, investing in emerging markets and international business economics.

He was selected by the Loyola University Chicago Faeuclid_com_lendlty Council as the Outstanding Faculty Member for 2001 and by the Faculty of the School of Business as the Outstanding Researcher for the Year 1999. Also, he has served as President of the North American Economics and Finance Association during 2001. He has served as Interim Dean of the School of Business Administration, Loyola University Chicago during 2004-5. He is on the board of directors and a member of investments committees in several organizations and editor or Associate editor in five journals. Top ^