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Investment Research Challenge 2009 2 CFA Virginia Investment Research Challenge

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					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 rsvp@cfavirginia.org.

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 ho me 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 Gree ne 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, Richmo nd 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 Bonne r 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 F inance 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
Tatte rsall 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 S tern 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.

Grade rs 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:
Christophe r 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.
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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.

Che ryl 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 Capita l
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.

				
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