Investment Research Challenge 2009 2 CFA Virginia Investment Research Challenge February 26, 2009 4:30 pm SunTrust Auditorium 919 E. Main Street Richmond, Virginia Featuring our four finalist student teams from The College of William & Mary Hampden-Sydney University of Richmond and University of Virginia Each team will give a 10 minute presentation on Norfolk Southern, followed by a 10 minute question and answer period. Many thanks to Norfolk Southern for serving as our subject company for this competition. Norfolk Southern Corporation is a Norfolk, Virginia-based company that controls a major freight railroad, Norfolk Southern Railway Company. The railway operates approximately 21,000 route miles in 22 eastern states and the District of Columbia, serves all major eastern ports, and connects with rail partners in the West and Canada, linking customers to markets around the world. Norfolk Southern provides comprehensive logistics services and offers the most extensive intermodal network in the East. We especially thank James Squires, Executive Vice President and Chief Financial Officer, and Leanne Marilley, Director of Investor & Media Relations who gave the Norfolk Southern presentation to our student teams on October 28. We also thank the University of Richmond, which hosted the October 28th company presentation. 3 What is the CFA Virginia Investment Research Challenge? The CFA Virginia Investment Research Challenge is a stock research and analysis competition modeled after a program begun by the New York Society of Securities Analysts (NYSSA) six years ago. At that time the competition was focused solely on New York universities. It has now become an international competition sponsored by CFA Institute (www.cfainstitute.org). The competition is open to undergraduate and graduate students. This is the second year that CFA Virginia has sponsored a local competition. We welcome additional Virginia schools to this competition in the future. For more information about competing in next year’s challenge, contact email@example.com. Each school has a team of 3-5 students for the competition. Each team has a faculty advisor, as well as a mentor who is a member of CFA Virginia. The teams have each analyzed the same company and written an 8-10 page initiation report, which has been graded by our team of graders. The written score counts for 50% of the total evaluation. The four finalist schools are presenting in today’s competition. This afternoon each team will give a 10 minute oral presentation, followed by 10 minutes of questions and answers by the presentation judges. The presentation will count for 50% of the total evaluation. The winner of the competition will be announced today following the final presentation. Members of the winning team will receive a scholarship to cover the cost of one level of the Chartered Financial Analyst (CFA) exam. The winning team will also advance to the North American regional competition, to be held March 18-20th in New York. The top four teams from all the regional competitions will advance to the international global finale, to be held April 2 in London, England. The CFA Designation: CFA stands for Chartered Financial Analyst. This designation is awarded by CFA Institute to candidates who have passed all three levels of the CFA exam and who have completed four years of investment-related business experience. CFA Institute: CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA and CIPM designations. Its mission is to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. CFA Institute has more than 90,000 voting members and 135 societies worldwide. CFA Virginia: Founded in 1951, CFA Virginia is an association of investment professionals from around the Commonwealth of Virginia, including portfolio managers, security analysts, investment advisors, and other financial professionals. We are a member society of CFA Institute. 4 Schedule and Participants Top investment students from around the world are joining in this tiered competition, hosted by CFA Institute member societies at three different levels: Local: Thirty-five CFA Institute member societies host local competitions with more than 890 students from over 200 universities worldwide. Regional: Local winners advance to regional competitions in Asia, the Americas, or EMEA. Global: Four teams will compete in this year's global finale held on 2 April 2009 in London, U.K. Societies hosting challenges: Americas: Atlanta, Atlantic Canada, Brazil, Idaho, Louisville, Memphis, Montreal/Quebec, Boston, Maine, North Carolina, NYSSA, Cleveland, Toledo, Philadelphia, Dallas/Fort Worth, Houston, Louisiana, Virginia, Western Canada: Calgary, Edmonton, Saskatchewan, Vancouver, Victoria; Madison, and Milwaukee. Asia/Pacific: Shanghai, Beijing, Hong Kong, India, Indonesia, Japan, Korea, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan. EMEA: France, Ireland, Italy, Netherlands, Spain, Turkey, U.K. 5 Our participating colleges and universities: The Mason School of Business is an AACSB-accredited school of business. Students are immersed in real business situations throughout the undergraduate and graduate business education programs. Executive Partners, the school’s pioneering model of faculty-executive partnership in and out of the classroom, Career Acceleration Modules, and Leadership Advantage combine to form a highly personalized, experience-based education that is unmatched by most business schools today. The school was named for William and Mary alumnus, Raymond A. “Chip” Mason in November 2005. It will move into its new state-of-art building, Alan B. Miller Hall, in Fall 2009. Miller Hall was named for William and Mary alumnus, Alan B. Miller in March 2007. The College of William and Mary, located in Williamsburg, VA, is one of the nation's premier state-assisted liberal arts universities and believes that excellence in teaching is the key to unlocking intellectual and personal possibilities for students. Dedicated to this philosophy and committed to limited enrollment, the College provides high-quality undergraduate, graduate and professional education that prepares students to make significant contributions to the Commonwealth of Virginia and the nation. As the second- oldest institution of higher learning in the United States and educational home to many early American leaders, The College is revered as the “alma mater of a nation.” For more information on The Mason School of Business, go to http://mason.wm.edu. Students: Patrick Bisceglia will graduate from the College of William and Mary in May 2009 with a Bachelor’s degree in Finance. In 2007, he provided merger and acquisition advisory services at Mann, Armistead & Epperson, a boutique investment bank based in Richmond, Virginia. More recently, Patrick worked under media analyst Paul Greene and in support of Preston Athey’s Small-Cap Value Fund at T. Rowe Price Associates. Tom Kinslow is a senior completing a double major in finance and government at the College of William and Mary. This past summer, he had an internship in New York City with Deutsche Bank in the Real Estate, Gaming, Lodging and Leisure Investment Banking group. After graduation he will be returning to Deutsche Bank for a two-year analyst program. In addition to the CFA challenge, Tom is the Vice President for Model United Nations in the International Relations Club, an Orientation Aide for incoming freshmen, and a member of a Social Fraternity. His other hobbies include golf, reading, and the New York Yankees and Giants. 6 Malika Mukhamedkhanova is a senior double majoring in Finance and Economics at The College of William and Mary. She is originally from Tashkent, Uzbekistan. Before transferring to William and Mary, Malika attended Delaware Technical and Community College in Dover, Delaware. Over winter break, she volunteered at a Dover-based loan fund. During the summer of 2008, she spent two months as an intern in Executive Compensation at Towers Perrin in DC and one month as an interning analyst at a private equity firm in London. Malika has occupied executive positions in student organizations such as Students in Free Enterprise, Alpha Kappa Psi Professional Business Fraternity, Howard J. Busbee Finance Academy, and Mason Investment Fund. After graduation, Malika hopes to work internationally in the financial services industry. Rebecca Pierson is a senior from Princeton, NJ majoring in finance with a concentration in accounting and an international emphasis. In addition to working as a certified personal trainer for the College, Rebecca works as a research assistant for a member of the finance faculty. An avid cyclist, she competes for the College's cycling team and also competes in running and multi-sport races. She hopes to continue her education next year, likely in a master's degree program in finance. Dolly Williams from Richmond, Va, is a senior at The College of William and Mary. She is a double major in finance and economics and a member of the women's lacrosse team. She is also a member of Delta Delta Delta sorority and serves as their VPA of Membership. This summer she interned at Guggenheim Partners, an investment management firm in New York in their credit division. Faculty Advisors: Professor Gjergji Cici is in his third year at the Mason School of Business of the College of William and Mary. He earned both his B.S. in Business Administration and his Ph.D. in Finance at the University of Minnesota. After receiving his doctorate, Professor Cici became Associate Director of Research for Wharton Research Data Services (WRDS) at the Wharton School of Business, where he designed a number of major research initiatives on mutual funds. Professor Cici's research has been published in Review of Financial Studies and has been featured in the Financial Times, New York Times, Wall Street Journal, Barrons, Bloomberg, Pensions & Investments, Financial Advisor, Absolute Return Magazine, and Investopedia. James R. Haltiner is the Chancellor Professor of Business at the College of William and Mary, where he has taught corporate finance and investments for thirty years. Previously he taught at the McIntire School (one year) and at the Darden Graduate School of the University of Virginia (two years). He earned a BA in mathematics, MBA and DBA from the University of Virginia. His research interests are in financial valuation and portfolio management issues, and he has consulted with or served as an expert witness for a number of public and private organizations about pension / endowment fund policies and performance, financial valuation, investors' opportunity cost of capital, and in matters of utility rate regulation. From 1987-1993 he was a member of the Commonwealth of Virginia's pension Investment Advisory Committee, and from 1973-1993, an exam grader for the CFA Institute. 7 HAMPDEN-SYDNEY is committed to the belief that a liberal arts education provides the best foundation not only for a professional career, but also for the moral and intellectual challenges of life. Here students learn that the pursuit of truth is a lifelong endeavor, requiring clarity and objectivity of thought, a sensitive moral conscience, consideration for others, and a dedication to responsible citizenship. Our student-enforced honor code continues to uphold an atmosphere of trust and mutual respect. Since 1776, the College has produced leaders in every field of endeavor: law, medicine, science, education, business, and the ministry. Among our alumni are many judges, over 100 state representatives, 32 Congressmen, 13 Senators (2 in the last 40 years), 12 governors, and one U.S. President. Giving students a choice in higher education, Hampden-Sydney has a successful tradition of ministering to the special needs, learning habits, emotions, and motivations of young men on their way to responsible manhood. Hampden-Sydney is the 17th oldest college in the United States and one of three remaining four-year men’s liberal-arts colleges. Students: Fitz Robertson is a senior from Queens, New York majoring in Economics and Commerce. He is currently our Student Body President and a Captain on Hampden- Sydney College varsity basketball team. He was the recipient of the 2007-2008 President’s Award for excellence in character, leadership and scholarship. Fitz has been a Head Resident Advisor, Honor Court Advisor, and a Student Senator. In addition, he is part of Omicron Delta Kappa National Leadership Fraternity, Pre-Business Society, NCAA Student Advisory Committee, Student Affairs Committee, and is an alumnus of the Society of 1791. Fitz has interned with Citi (Citigroup Inc.) in the Sponsors Group of in their Investment Banking division, as well as with Moody’s Investors Services for two summers prior. Following graduation he will be in New York working for PNC in their Investment Banking division. Ben Galis is an Athens, GA native and a senior at Hampden-Sydney College. He is majoring in Mathematical Economics and will graduate in spring ’09. He plans to attend University of Virginia’s McIntire School of Commerce next fall. Ben has studied at the London School of Economics and Political Science and traveled to China, Switzerland, Austria, Italy and more. He has also served as the Treasurer, Rush Chairman, and Philanthropy Chair for Sigma Alpha Epsilon. Bradford Cook is a senor double major in Mathematical Economics, and Computer Science from Culpeper, VA. While at Hampden-Sydney College, Bradford has been a member of the varsity soccer team, a member of the Honor Court, and a member of the 8 Kappa Alpha Order. He has also served as the General Manager for the “Tiger Fund.” Bradford’s work experience includes an internship with the Defense Intelligence Agency. After graduation, Bradford will either be working for Booz Allen Hamilton or participating in a one-year finance graduate program. Shiv Sharma is currently a senior Economics and Commerce major from Augusta, Georgia. While at Hampden-Sydney, he was a member of the varsity tennis team, member of professional fraternity Alpha Chi Sigma, and a member of the Pre-Business Society. He has also served as a Writing Center tutor, and a manager of the student investment fund "Tigerfund." Additionally, he spent his junior year studying at the London School of Economics and has interned with R1 International – rubber trading subsidiary of Cargill Asia-Pacific and Reliance Capital’s Equity Research division. Craig Winkels is a senior Economics and Commerce major. While at Hampden-Sydney College he has been a brother and treasurer of Phi Gamma Delta Fraternity, a member of the Student Finance Committee, College Republicans, Senior Class Campaign, a manager of the student run investment fund, and a member of the leadership Society of 1791. Craig has also been an intern for Bank of America’s Global Corporate and Investment Banking division in Chicago, IL for two summers. He spent this past summer in Richmond, VA as an intern for Johnson and Gilliss, a private wealth management firm. Faculty Advisor: Dr. Gregory M. Dempster, CFA, is Elliott Associate Professor and Chair of the Department of Economics at Hampden-Sydney College, where he teaches courses in economics, finance, and accounting. He received an M.B.A. from Louisiana State University (1993) and his PhD from Auburn University (1998). He is also President- elect of the Virginia Association of Economists, and has regularly served on its Board of Directors since 2002. 9 JAMES MADISON UNIVERSITY is a Virginia public university, with over 16,600 undergraduate and 1,200 graduate students, and over 106 programs. The University is located in Harrisonburg, in the Shenandoah Valley. The College of Business at James Madison University offers undergraduate degree programs in accounting, computer information systems, economics, finance, hospitality and tourism management, international business, management, marketing, and quantitative finance. The College also offers masters degree programs in business administration and accounting. The programs in the College of Business are fully accredited by AACSB International (the Association to Advance Collegiate Schools of Business). JMU’s College of Business is ranked by a leading business magazine in the top 5 percent of undergraduate business schools in the nation. We embrace entrepreneurship and innovation, and emphasize collaboration and team decision-making. The Department of Finance and Business Law offers two majors, the BBA Finance major and the BS Quantitative Finance major. The students in these majors are active in the Financial Management Association and in the Madison Investment Fund, a student- managed investment fund. Our Department’s website is www.jmu.edu/cob/finance. Students: Joseph Bove is from Florham Park, New Jersey. He is graduating in May, 2009, with a major in Finance and a minor in History. Joe is a member of Alpha Tau Omega Fraternity, a member of the Madison Investment Fund, and a member of the James Madison University Honors Program. Joe has held internships in the summer of 2007 and the summer of 2008 with Citigroup in Wealth Management and Investment Advisory Services, respectively. Joe hopes to be employed in the New York City metro area upon graduation. Steven Hu is a junior from Leesburg, Virginia. He is majoring in Quantitative Finance, Economics and Mathematics. Steven is the Treasurer of the InterFraternity Council and a member of the Pi Kappa Alpha Fraternity. Steven is also a member of the Madison Investment Fund. Justin Quaglia is a sophomore from Mountainside, New Jersey. Justin is a Finance and Economics double-major, with a concentration in Financial Economics. Justin has been a member of James Madison University’s Madison Investment Fund since his freshman year. 10 Faculty advisors: Professor Pamela Peterson Drake, PhD., CFA, is the J. Gray Ferguson Professor of Finance and Department Head, Department of Finance and Business Law in the College of Business at James Madison University. She received her B.S. in Accountancy from Miami University in 1975, her PhD. in finance from the University of North Carolina at Chapel Hill in 1981, and her Chartered Financial Analyst designation in 1992. Professor Drake previously taught at Florida State University (1981-2004), and was an Associate Dean at Florida Atlantic University (2004-2007). She has published numerous articles in academic journals, as well as authored and co-authored several books. Her recent books include The Complete CFO: From Accounting to Accountability, with Frank Fabozzi and Ralph Polimeni, and Finance: Financial Markets, Business Finance, and Asset Management, with Frank Fabozzi. Professor Drake’s expertise is in financial analysis and valuation. Professor Stanmore Brooks Marshall, PhD, CFA, is a Professor of Finance at James Madison University. Professor Marshall completed his BA in Economics at Furman University in 1971, his MBA at the University of Oregon in 1975, and his DBA at the University of Virginia in 1986. He has been with James Madison University since 1985. Professor Marshall has published numerous articles and cases. He has been a Chartered Financial Analyst charterholder since 1987. Professor Marshall’s expertise is in pensions, financial analysis, and valuation. 11 The University of Richmond blends the intimacy of a small college with exceptional academic, research and cultural opportunities usually found only at large institutions. A nationally ranked liberal arts university, Richmond offers a unique combination of undergraduate and graduate programs through its schools of arts and sciences, business, leadership studies, law and continuing studies. The CFA Institute selected the Robins School as one of the original three schools in the U.S. to be a CFA Institute Program Partner for training Chartered Financial Analysts. Students: Alaina R. Melichar is from Manhasset, New York. She is graduating in May in Business Administration with a concentration in finance. Next year she will be working in New York City for Morgan Stanley in Foreign Exchange Sales. Bryan A. Pendleton is from New Orleans, Louisiana. He is graduating in May in Business Administration with concentrations in finance and accounting. Next year he will be working in Richmond, VA for Keefe Bruyette and Woods as an Investment Banking Analyst. Michael John Rubbelke is from Nashville, Tennessee. He is graduating in May in Business Administration with a concentration in finance. Next year he would like to work in equity research. John Bonner is from East Islip, New York. He is graduating in May in Business Administration with concentrations in finance and accounting. Next year he would like to work in asset management. Faculty Advisor: Dr. David S. North is Associate Professor of Finance in Robins School of Business at the University of Richmond. Prior to joining the University of Richmond, he was an instructor as a Ph.D. student at Michigan State University where he earned his degree in finance in 2000. He received his B.A in financial administration in 1989 from Michigan State University. He received his M.B.A in finance in 1990 from the University of Notre Dame. His professional experience includes five years of corporate finance rotations within Ford Motor Company. 12 For more than eight decades, the McIntire School of Commerce has been home to one of the nation’s finest undergraduate business programs (Business Week has ranked McIntire as the second best undergraduate business school in the country for the last three years), and, through the years, we have added outstanding graduate programs in accounting, commerce, and the management of information technology. The School is unwavering in its commitment to producing graduates who become world-class business leaders and outstanding citizens. The School is an institution characterized by a relentless pursuit of excellence, ambitious goals and plans, a tradition of innovation, a dedication to integrity, and a strong sense of community. As we strive to maintain a position of preeminence among our peer institutions, all of our activities share four essential characteristics: • Excellence in the study and teaching of the key business disciplines and skills • An integrated approach to research and teaching that focuses on important business and organizational issues, drawing on relevant knowledge from business and non-business disciplines • A strong global orientation • An institutional commitment to the personal development of our students, faculty, staff, and alumni. Students: Paul Chen is a third year student majoring in economics and mathematics at the University of Virginia. He is the vice president of the McIntire Investment Institute. In summer 2008, Paul worked as a summer associate at the Investment Fund for Foundations (TIFF). His dream job is to become a missionary. Peter Cobos grew up in Manhasset, New York. He is a fourth year student at the University of Virginia's McIntire School of Commerce, concentrating in finance. He is a member of the McIntire Investment Institute, a student-run equity fund at UVA. He is also a jazz pianist, performing with and composing for multiple music ensembles in New York and Virginia. Upon graduation in May, Peter will be working for The Blackstone Group in New York. Puneet Maheshwari was born in New Jersey and currently lives in Northern Virginia. He graduated from Langley High School in McLean, Virginia with honors and is currently pursuing a Commerce degree at the University of Virginia's McIntire School of Commerce, concentrating in Finance. Last summer he worked for Lehman Brothers Real 13 Estate Private Equity in New York and next year will be working as an M&A analyst at Evercore Partners. In his free time he enjoys reading and is an avid golfer. David Victor-Smith is from Ridgefield, Connecticut. He attended high school at Choate Rosemary Hall, and will be graduating from the University of Virginia with a degree in Commerce concentrating in finance, and an additional major in economics and minor in biology. David was previously President of the McIntire Investment Institute, a student- run long/short equity fund. Next year, he will be working as an analyst in the Financial Institutions Group at Bank of America Merrill Lynch. He enjoys film, alpine sports, and building his music collection. Adam Wangner grew up in North Caldwell, New Jersey. He graduated from Newark Academy of Livingston, New Jersey in 2006. Adam is a third year Economics and Government (Political Theory concentration) double major and will graduate in May 2010. He is currently a Short Fund Manager in the McIntire Investment Institute. In his free time, Adam enjoys ice hockey, playing guitar, and listening to music. Faculty Advisor: Richard F. DeMong is the Virginia Bankers Professor of Bank Management at the McIntire School of Commerce, University of Virginia. Dr. DeMong received a bachelor's degree in Political Science from California State University at Long Beach, an MBA from the College of William and Mary, and a Ph.D. in Finance and Management Science from the University of Colorado. He received his Chartered Financial Analyst award in 1981. He joined the University of Virginia faculty in 1977 as an assistant professor. Dr. DeMong was the Financial Coordinator of the Dalkon Shield Claimants Trust, Financial Advisor to the Special Rates Master Trust and he was a director of the Universal Bond Fund. He was an advisor of the Enhanced Municipal Bond Fund. He is a registered investment advisor representative in Virginia. He is the author of numerous articles on managerial finance, investments, small business, subprime lending and banking in leading finance and banking journals. 14 Judges for Today’s Presentations Paul Carder, CFA Evergreen Investment Mr. Carder is a Director and Portfolio Manager with Evergreen Investment’s Small Cap Growth team. Evergreen Investments is a subsidiary of Wells Fargo Corporation. He joined Evergreen in 2004. Prior to joining Evergreen, Carder worked as an equity research analyst for Wachovia Securities (2000-2004), auditor and financial analyst for ExxonMobil (1997-2000), and as an officer in the United States Navy (1990-1994). He received a BS from Virginia Tech (1990) and a MBA in finance from Texas A&M (1996). Carder has been awarded the Chartered Financial Analyst (CFA) designation by the CFA Institute. John G. Davenport, CFA Priority Capital Management Mr. Davenport is the Managing Principal of Priority Capital Management, LLC. He received his BS from University of Richmond in 1985 and his MBA from University of Virginia Darden School in 1990. His career includes positions as an equity analyst with Wheat First Securities, 1985-1988; equity analyst with Lowe Brockenbrough, 1989-1992; and Chief Investment Officer with Mentor Investment Group, 1993-2001. He founded Priority Capital Management in 2001. Eric Harper, CFA Tattersall Advisory Group Mr. Harper is the Director of Closed-End Funds for Tattersall Advisory Group. His responsibilities include managing the team responsible for developing the firm’s overall investment strategy as it pertains to closed-end funds. He also directs portfolio management, research, trading and investment risk management within the specialty of closed-end funds, and is a member of the Investment Review Committee. Additionally, Harper’s previous responsibilities included managing the firm’s credit derivative portfolio as Senior Portfolio Manager. Prior to joining Tattersall in 2000, he served as a Fixed Income Research Analyst for Thompson, Siegel & Walmsley, Inc. (1995-2000). Harper has been working in the investment management field since 1995. He received a BS in Finance from the University of Virginia (1995). Harper has been awarded the use of the Chartered Financial Analyst (CFA) designation by the CFA Institute, and he is a member of CFA Virginia and the CFA Institute. Jerald E. Pinto, CFA CFA Institute Mr. Pinto is Director, Curriculum Projects, in the Education Division at CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, valuation, and quantitative analysis. He also worked in the investment and banking industries in New York City from the late 1970s on and taught finance at NYU’s Stern School of Business. He is a co- author of Analysis of Equity Investments: Valuation (CFA Institute 2002), re-issued by 15 Wiley in 2007 as Equity Asset Valuation and Quantitative Methods for Investment Analysis (CFA Institute 2001, 2004), re-issued by Wiley in 2007 as Quantitative Investment Analysis. He was a co-editor of and contributor of chapters to the third edition of Managing Investment Portfolio: A Dynamic Process (CFA Institute 2007). He holds an MBA from Baruch College, a Ph.D. in finance from the Stern School, and is a member of CFA Virginia. Frank H. Reichel, III CFA Thompson, Siegel & Walmsley LLC (TS&W) Mr. Reichel joined TS&W in August of 2000 to create the Small Cap Value product, and is product manager for the $2 billion TS&W Small Cap Value strategy. Prior to joining the firm, Reichel was a Managing Partner with Stratton Management Company in Pennsylvania where he created and actively managed the Stratton Small Cap Value Fund for 7 years. He graduated from Dartmouth College in Hanover, New Hampshire with an A.B. in Economics and received his MBA from The Wharton School at the University of Pennsylvania. A Chartered Financial Analyst and member of CFA Virginia, he has been profiled in several publications such as Forbes Magazine, Barron’s Magazine and The Washington Post for his accredited small cap investing style. He has also appeared as a guest on CNBC, CNN and Bloomberg television. Committee Chairmen Investment Research Challenge Chairman: Frances J. Aylor, CFA Director, IronOak Advisors LLC Ms. Aylor is an equities research analyst, currently focusing on the financial services and energy industries. Previously, she held several positions at SunTrust Bank, including International Trade Finance officer and corporate credit analyst. She has a BA in English from The College of William and Mary and an MBA from Virginia Commonwealth University. She is a former president of CFA Virginia. University Liaison: E. Gray Glass III, CFA, AAMS Asst. V.P. Anderson & Strudwick, Inc Mr. Glass has forty years of experience in the Financial Services Industry, first as an investment analyst and for the last 15 years as a Financial Advisor. He has been with Anderson & Strudwick since 2003. Judges Chairman: Frank H. Reichel, CFA See description under Judges, above. 16 Mentors Chairman: Steve Woodall, CFA, is an investment officer in the Credit Strategies area at Virginia Retirement System, a $40+ billion public pension fund headquartered in Richmond, Virginia. Mr. Woodall earned a BS in Finance from the University of Alabama and a MBA from the University of Georgia. He is on the board of CFA Virginia. Graders Chairman: Joel M. Ray, CFA Director of Research at Davenport & Co., LLC Mr. Ray has been at Davenport since 2004. He has been a health care analyst since 1981, with work experience at both regional and New York bulge bracket firms. He came to Richmond in 1995 to join Wheat First Securities that evolved into Wachovia Securities over the ensuing decade. He was ranked as the #1 Health Care analyst in stock picking by The Wall Street Journal in Best on the Street in 2001. Ray has a BA in Biology from Colgate University, an MBA from Cornell University, and received his CFA designation in 1984. Gifts Chairman: Boyce Reid, CFA (Retired from Seix Investment Advisors) Prior to his retirement, Mr. Reid was a vice president with Seix Investment Advisors LLC, an institutional fixed income manager with $20 billion in assets under management. Mentors The College of William & Mary: Peter H. Gore, CFA, CFP, MBA, is the Principal and Investment Advisor of the investment firm, Gore & Golub, LLC, with focused attention on high net worth clients and their families. He has been in the financial services industry for over 14 years. Prior to this he was Senior Director of International Operations for Hardee’s Foodservice, Inc. for nine years. He has held several board level positions with both Venture Capital Funds and philanthropic organizations. He obtained his MBA from the University of Notre Dame in 1987, and his BA in Finance from Stetson University in 1985. Hampden-Sydney College: R.Warden Good CFA, CIMA Senior Vice President, Stanford Group Company Portfolio Manager, Portfolio Management Program, UBS Financial Services Mr. Good has worked for 26 years in financial services, first with Scott and Stringfellow and then with UBS, and currently with Stanford Group. He is currently Treasurer of the Memorial Child Guidance Clinic Endowment, and Chair of the Programs Committee for CFA Virginia. He is an alumnus of Hampden-Sydney College from the class of '81. 17 James Madison University: Brett Wilkinson, CFA, is a Senior Manager with Primatics Financial in Tysons Corner, Virginia. Brett is part of the management team leading the fixed-income accounting and risk management consulting practice. Primatics Financial supports clients in the retail banking, investment banking, secondary mortgage market, and servicing industries. Prior to joining his current firm, Brett worked for Freddie Mac in the Investments and Capital Markets Division. He received a BS from James Madison University in 1993 and completed his MBA in finance from Virginia Tech in 2002. University of Richmond: Christopher Dion, CFA, is the Associate Director of Investments-Public Markets at Spider Management Company, with responsibilities for Spider’s domestic and international long-only and long-short equity-related managers. Prior to joining Spider Management Company, from 2002-2007, he was Vice President of Portfolio Management and Investment Research at Atlantic Capital Management, a U.S. long-only growth manager primarily invested in small-capitalization companies. Prior to Atlantic, from 1999-2002, Chris was an investment banking analyst at Wheat First Butcher Singer/First Union/Wachovia Securities, where he worked principally in the wireless telecommunications sector, participating in more than $1.5 billion of capital raising transactions of public and private equity, senior and subordinated debt, mergers and acquisitions and venture capital. Chris graduated magna cum laude from the University of Richmond with a major in Accounting and a concentration in Finance. Chris is a Chartered Financial Analyst and a member of CFA Virginia. University of Virginia: Peter W. Tuz, CFA, is a vice president at Chase Investment Counsel Corp., a $5 billion investment firm based in Charlottesville, VA. He is on the board of CFA Virginia. Prior to joining Chase in 1997, Mr. Tuz worked as an analyst specializing in the financial services sector for Morgan, Keegan & Co., a Memphis-based investment banking firm. From 1986-1991, Mr. Tuz worked for Howard, Weil, LaBouisse, Friedrichs, Inc., a New Orleans-based regional brokerage firm. Mr. Tuz has a B.A. from Ripon College in Ripon, WI, a M.A. from the University of Missouri and an M.B.A. from Tulane University. Graders L. James Borges, CFA Vice President of Research, Guilford Company Mr. Borges joined Guilford Company in 2004 to lead the research effort on the firm's equity portfolio. His responsibilities also include investment policy development and alternative investment strategies research. He has been an equity analyst since 1998 and previously worked as an institutional fixed income option broker in New York beginning in 1991. He came to Richmond in 1998 to join the equity research department at Wheat First Union which subsequently became Wachovia Securities. 18 Borges was ranked Best on the Street by The Wall Street Journal in 2001 for stock picking in the Food and Tobacco industry group. He has a BA in Economics from the University of Richmond and received his CFA designation in 1998. Charles J. Finley, CFA Institutional Fixed Income Corporate Analyst, BB&T Capital Markets Mr. Finley is a fixed income corporate analyst with primary coverage of industrial and manufacturing companies. Prior to joining BB&T in 2005, he worked as a sell-side fixed income analyst for First Albany Company and prior to that as a small cap equity analyst at Anderson & Strudwick. He received his B.S. in Engineering from University of Delaware (1993) and a MBA in Finance from Wake Forest University (1998). Michael K. Hagan, CFA SVP – Institutional Equity Sales BB&T Capital Markets Mr. Hagan has been with BB&T CM since 2002, originally covering the Industrial Equipment sector before moving over to the sales desk covering NY/CT/NJ institutional money managers. Prior to joining the firm, he worked as an associate analyst at CIBC World Markets and before that as a research assistant at Salomon Smith Barney. Hagan is a graduate of James Madison University, where he received a BBA with a concentration in finance. Jeremy Hellman, CFA Singular Research Jeremy Hellman is contributing researcher for Singular Research and a Chartered Financial Analyst. At Singular he covers companies, ranging from a Latin American bank to medical transcription and food service. In addition to contributing for Singular, Hellman also manages a small hedge fund which he founded in the summer of 2008. He has served Branch, Cabell and Company, Monarch Financial Corporation and Thompson, Davis & Company. Hellman graduated from University of Richmond's E. Claiborne Robins School of Business in 1992. He was awarded the Chartered Financial Analyst designation in 2001. Cheryl L. Page, CFA, CFP Caprin Asset Management LLC Cheryl L. Page is a Managing Director serving as Director of Interest Rate Strategies, with senior responsibilities in Portfolio Management and Client Service. Prior to joining Caprin, Ms. Page was Vice President and Institutional Fixed Income Manager for Trusco Capital Management where she created and managed 3 municipal bond funds and a significant number of taxable bond accounts. Previously, she worked for KeyTrust in Albany, New York and First American Bank in Washington, D.C. Ms. Page graduated Cum Laude from State University of New York at Albany in 1987 with a B.S. in Business Administration and concentration in Finance. She earned her Chartered Financial Analyst designation in 1992 and Certified Financial Planner designation in 2000. Ms. Page is a member of CFA Virginia, the CFA Institute, a Board Governor and Vice President of the Bond Club of Virginia, and President-Elect for the Financial Planning Association of Central Virginia Board of Directors. 19 Julie Peterman, CFA Vice President, Director, Municipal Fixed Income Research, BB&T Capital Markets Ms. Peterman is head of Fixed Income Research, which includes providing assistance in the areas of feasibility studies, letters of credit, bond ratings, and buy-side credit interaction. She produces research reports for secondary market credits and focuses primarily on continuing care retirement communities and acute-care hospitals. Her prior experience includes seven years as a sell-side equity healthcare research analyst at Wheat First Butcher Singer and First Union Capital Markets (both now Wachovia Securities). Currently, Ms. Peterman is a member of the Credit Research Committee for The Bond Market Association (TBMA), the Virginia Healthcare Financial Management Association, and CFA Virginia. She graduated with a B.S. from the University of North Carolina at Chapel Hill and received a Master of Health Administration from the Virginia Commonwealth University. Thomas Neuhaus, CFA, CMT Investment Management of Virginia, LLC Thomas Neuhaus is a Chartered Financial Analyst and a Portfolio Manager at Investment Management of Virginia. Mr. Neuhaus is a graduate of the McIntire School at the University of Virginia. He was awarded the Chartered Financial Analyst designation in 1999 and Chartered Market Technician designation in 2003. Mr. Neuhaus served for three years in the Investment Banking division of Scott & Stringfellow and another three years as an equity analyst covering the Information Technology Sector for BB&T Capital Markets. Dru Rasmussen, CFA, CPA Executive Vice President and Chief Financial Officer The Hanover Research Council LLC Mr. Rasmussen joined The Hanover Research Council, a subscription based information services firm, in 2007. Previously he served as an Investment Officer at the Virginia Retirement System where he covered public equities and hedge funds. He started his career with Deloitte & Touche after graduating from Washington and Lee University with a B.S. in Business Administration and Accounting. Farley C. Shiner, CFA Scott & Stringfellow Mr. Shiner is a member of CHOICE Asset Management at Scott & Stringfellow with $2.0 billion under management. The group runs four portfolios for SMAs with over 4,000 client accounts, plus sub-advises two mutual funds. Shiner is primarily focused on equity research for portfolios, marketing, compliance, management and administration. He has been with Scott & Stringfellow for 10 years, serving as a research analyst covering telecommunications and information technology before joining the CHOICE team. Mr. Shiner graduated from the College of William and Mary in 1978 with a degree in accounting, passed the CPA examination, and joined the firm of McGladrey & Pullen, a super-regional public accounting firm where he provided auditing services, information 20 systems and management consulting, and tax preparation for a variety of clients. After nine years, he moved to CFW Communications, where he ultimately became CFO for this publicly traded company, responsible for accounting and financial reporting, shareholder relations, information technology and human resources. Lyn Swallen, CFA Ms Swallen was an Equity Research Analyst for over 20 years. She earned her B.A. in Business Administration from Lynchburg College (1980) and an MBA from the University of Virginia (1984). She graded CFA exams for eight years. H. B. (Tom) Thomson Thompson, Siegel & Walmsley LLC Mr. Thomson joined TS&W in January 2001 and was named Director of Research in September of that year. He also covers consumer discretionary and staples companies, is a co-manager of the firm’s Global Equity portfolio, and is a member of TS&W’s Management Committee and Board of Directors. Prior to joining the firm, he was a Managing Director and Senior Research Analyst covering consumer services companies for a predecessor to what is now Wachovia Securities. He has over 30 years of experience encompassing credit research, investment banking, sell-side and buy-side equity research, and portfolio management. He graduated from Dartmouth College with an A.B. in Literature and also received his M.B.A. from The Amos Tuck School at Dartmouth. Mr. Thomson is actively involved in community services in Richmond, currently serving as Chairman of the Board of The Virginia Mentoring Partnership and as Vice Chairman of The Healing Place. Justin Koehler, CFA Protiviti Mr. Koehler is currently a Senior Consultant for Protiviti, providing valuation services for litigation support and other valuation matters. He was previously a research analyst for a hedge fund in New York called EagleRock Capital. David M. West, CFA Senior Vice President - Director of Research Davenport & Company LLC Mr. West has an undergraduate degree in business administration from The University of North Carolina at Chapel Hill and an MBA from The College of William and Mary. He started in the banking industry both as a bank examiner with The Comptroller of the Currency and working in the investment area of Crestar Financial Corporation. He worked at Wheat, First Securities for six years in the Research Department before joining Davenport & Company in late 1990. His research activities at Davenport center on banking and a wide range of other financial stocks. He is on Davenport’s Investment Policy Committee and manages a small funds focused on community banks in the mid- Atlantic region. He is on Davenport & Company’s Board of Directors. He became a Chartered Financial Analyst (CFA) in 1986.