Robert Olin McDonald

Mr. McDonald was appointed as a Director of Avalon in October 1994.
He is Chairman of the Board of Directors of Capital West Securities and its parent holding company, Affinity Holding Corp.
He started his investment career in 1961 with Allen and Company and left in 1967 to form McDonald Bennahum and Co., which later joined with Ladenburg Thalmann and Co. where he was a Senior Partner.
He joined Planet Oil Mineral Corporation in 1971 and became president in 1973.
From 1975 until 1993, Mr. McDonald was affiliated with Stifel Nicolaus & Company and headed its municipal syndicated effort.
He received a Bachelors Degree in Finance from the University of Oklahoma in 1960.
He also served as an Officer in the United States Army and Army Reserve.