Chairman, CEO, and Global Chief Investment Officer

Eugene C. Sit ecs Equity 1 , CFA, CPA Chairman, CEO, and Global Chief Investment Officer Gene Sit founded Sit Investment Associates (SIA) in July of 1981 and is currently the Chairman and Chief Investment Officer of Sit Investment Associates and its various investment companies including Sit/Kim International, and the Sit Mutual Group. Prior to that, he was Chief Executive Officer and Chief Investment Officer for American Express/IDS Advisory. Today, SIA is a diverse financial asset management firm with capabilities in both domestic and international financial asset management. Gene was educated at DePaul University in Chicago where he received his B.S.C. degree in 1960, and he is both a CPA and CFA. Gene is active in the investment industry and in community affairs, and he currently serves as a trustee of the Minneapolis Institute of Arts, the University of Minnesota Carlson School's International Programs, and the Dean's Board of Visitors for the University of Minnesota Medical School, and on the Honorary Council of the Minnesota Historical Society. Gene also is a director of Corning Incorporated and the Smurfit-Stone Container Corporation. Additionally, he is the founder, a Co-Chair and Director of the Minnesotans' Military Appreciation Fund (MMAF). In the past, he has served as a trustee of TIAA/CREF, Carleton College, and The Minnesota Orchestral Association. In addition, he has served as Chairman of the Institute of Chartered Financial Analysts; he was a founding member of the Board of Governors of the Association for Investment Management and Research (now the CFA Institute); and he has served as chairman and trustee of the Research Foundation of the Institute of Chartered Financial Analysts; he was on the Advisory Board for the University of California, Walter A. Haas School of Business; and served as a trustee of the Board of Pensions of the Presbyterian Church (USA). Gene is a recipient of the C. Steward Sheppard Award given by AIMR (the CFA Institute) in recognition for his outstanding contributions to the investment profession. In 2007, in recognition for his leadership in launching and leading the MMAF, he was given the Public Leadership Award by the Hubert H. Humphrey Institute at the University of Minnesota, and was honored with The Eleven Who Care Award selected for his outstanding volunteer contributions to the community. Also, Gene is a long-standing member of the Committee of 100, which is a national non-partisan organization composed of American citizens of Chinese descent who have achieved positions of leadership in the United States in a broad range of professions. Peter L. Mitchelson plm Equity 2 , CFA Vice Chairman and Chief Strategist Peter Mitchelson is a founding principal of Sit Investment Associates. Before joining Sit Investment in August 1981, Peter served as Senior Vice President - Portfolio Management and Client Services for IDS (American Express Financial) Advisory in Minneapolis, where he was responsible for managing approximately $300 million in equity assets for client portfolios. In addition, he directed the marketing of the firm's services. Prior to joining the IDS organization in early 1978, he spent ten years with an investment counseling firm in Montreal which specialized in pension fund management. Peter has educational and investment experience in Switzerland, Canada, and the United States, obtaining a BComm degree from the University of Toronto in 1964 and an M.B.A. from the Harvard Graduate School of Business Administration in 1966. He currently is serving his second term as a board member of the Minnesota Council on Economic Education and is a Trustee of Westminster Presbyterian Church in downtown Minneapolis. Roger J. Sit rjs Equity 3 President & Deputy Chief Investment Officer Roger J. Sit joined the organization in January 1998 and is currently President and Deputy Chief Investment Officer. He coordinates the overall investment management activities for Sit Investment Associates and Sit/Kim International Associates, Inc., working closely with Gene Sit. Prior to joining the firm, Roger was a Vice President and Senior Equity Research Analyst at Goldman Sachs & Co. in New York for seven years. Additionally, he served six years as a Captain in the U.S. Air Force with financial management responsibilities at Headquarters Space Division. Roger is a graduate with Military Distinction from the U.S. Air Force Academy in 1984, he earned his M.S. in systems technology from the University of Southern California in 1987 and received an M.B.A. with honors from the Harvard Graduate School of Business in 1991. Currently, he is serving on the Board of Convergent Capital and the Minneapolis Institute of Arts. Ronald D. Sit rds Equity 4 , CFA Vice President - Research and Investment Management Ron joined Sit Investment Associates in July 1984. His current responsibilities include investment research on consumer-oriented companies in the consumer non-durable, commercial services and retail sectors. Ron’s prior work experience includes approximately two years with the Gelco Corporation where he worked for both the company Treasurer and Controller. In addition, he has worked as a Research Assistant with Piper Jaffray. Ron received a B.A. degree from Northwestern University in 1981, and earned an M.M. in 1984 at Northwestern University's J.L. Kellogg Graduate School of Management in the areas of finance, managerial economics and accounting. Kent L. Johnson klj Equity 5 , CFA Vice President - Research and Investment Management Kent joined Sit Investment Associates in January 1989. He is currently responsible for co-managing the Sit Dividend Growth Fund as well as providing fundamental research on companies in the capital goods, financial, transportation and education sectors. In addition, Kent leads SIA’s quantitative research team. He has served in a variety of positions including client administration and computer applications before joining the equity research staff in 1993. Kent received both a B.S. in finance in 1989 from the University of Minnesota and an M.B.A. in 1995. Robert W. Sit rws Equity 6 , CFA Vice President - Research and Investment Management Rob joined Sit Investment Associates in February 1993 as a member of the technology research team. His primary responsibilities include performing investment research on software, networking equipment and computer services companies. Prior to joining the domestic equity research team, Rob worked for SIA's affiliate, Sit/Kim International, as a Research Associate. Rob received a B.A. degree in economics and history from DePauw University in 1991 and earned an M.B.A. degree from Northwestern University's J.L. Kellogg Graduate School of Management in 2002. Currently, he is serving on the Board of the Minnesota International Center. David A. Brown dab Equity 7 , CFA, CPA Vice President - Research and Investment Management Dave joined Sit Investment Associates in July 1997. Dave’s equity research responsibilities include the media, consumer durable and consumer services sectors, and researching accounting issues. Additionally, he is responsible for supporting the firm’s institutional equity business development and client service initiatives. Prior to joining the firm, Dave held a variety of positions with KPMG Peat Marwick LLP. While at KPMG, between 1986 and 1992, Dave managed a variety of client relationships and specialized in providing technical accounting and advisory services on GAAP, SEC, and financial reporting issues to corporate clients, and from 1992 through 1997, specialized in mergers and acquisitions, and capital market transactions. He joined KPMG in 1986 after receiving his B.B.A. degree in accounting from the University of North Dakota. Michael J. Stellmacher mjs Equity 8 , CFA Vice President - Research and Investment Management Mike joined Sit Investment Associates in January 2001. His investment research responsibilities include the energy-related companies. Prior to joining SIA, Mike spent 10 years managing the investments of The Pillsbury Company’s employee benefit plans. Trained as an economist, he also held economic research and analysis positions with Pillsbury, Tri/Valley Growers, and the U.S. Department of Agriculture. He received B.S. and M.S. degrees in Agricultural Economics from the University of Wisconsin- Madison (1977) and Oklahoma State University (1979), respectively, and received an M.B.A. from the University of Minnesota Carlson School of Management in 1991. John M. Bernstein jmb Equity 9 Equity Research Analyst John joined Sit Investment Associates in March 1995. He currently provides fundamental research on both domestic and global financial companies. He came from an investment advisory firm where he was an equity research analyst. John received a B.A. degree from Carleton College in 1986 and an M.B.A. in finance and marketing from the Carlson School of Management at the University of Minnesota in 1992 Matthew T. Loucks mtl Equity 10 , CFA Equity Research Analyst Matt joined Sit Investment Associates in February, 2005. He is currently responsible for fundamental research on companies in the healthcare sector. Prior to joining SIA, Matt spent four years at William Blair Investment Management in Chicago, also following the healthcare sector. In 2001, Matt received his MBA from the University of Chicago’s Graduate School of Business, with concentrations in Finance, Strategy and Accounting. Prior to business school, Matt worked for four years in the investment banking industry, as an analyst in the Equity Capital Markets group at JP Morgan and as an associate in the Financial Sponsors group at Banc of America Securities. He received his AB in Economics from the University of Chicago in 1995, where he was captain of the men’s basketball team. Douglas A. Mikkonen dam Equity 11 , CFA Equity Research Analyst Doug joined Sit Investment Associates in December 1992 in the client administration group. In October 1996, he joined the equity research team and is responsible for fundamental research on various technology sectors including PC hardware, storage, contract manufacturers, and the Internet. He received his B.S. degree in finance and banking from the University of Minnesota Carlson School of Management in 1992. Stacey M. Curme smc Equity 12 Equity Trader / Equity Research Associate Stacey joined Sit Investment Associates in December 1993. Currently, she serves as an equity trader for the domestic and international markets. Stacey also works as a research associate to the Global Chief Investment Officer. She spent five years in client servicing in both the Sit Mutual Fund group and client administration before joining the equity research team. Stacey received her B.S. degree in finance and banking in 1993 and M.B.A. in 2001 from the University of Minnesota Carlson School of Management. Lori C. Hanson lch Equity 13 Equity Research Associate Lori joined Sit Investment Associates in June 1999. Currently she is responsible for quantitative, technical and special fundamental research projects in support of the domestic equity team. Lori spent three years in client administration prior to joining the equity research team. She received her B.A. degree in Mathematics and Economics & Business from Cornell College in 1999 and is currently pursuing an M.B.A. at the University of Minnesota Carlson School of Management. Ningning Tang nt Equity 14 Equity Research Associate Ningning joined Sit Investment Associates in November 2007. She is a generalist, currently researching stocks in the semiconductor and semiconductor capital equipment sectors. Prior to SIA, Ningning was an assoicate equity analyst covering technology stocks with Craig-Hallum Capital Group from 2005 to 2007. She also worked at Peregrine Capital Group from 2004 to 2005. In addition, Ningning worked six years at Prima Pacific Inc. in Beijing, China as a business analyst. She received a B.A. from Beijing Second Foreign Language Institute in 1992 and M.B.A. from the University of St. Thomas in 2004. Ningning passed all three levels of the CFA examination and is fluent in Mandarin. Bradley W. Meyer bwm Equity 15 Equity Trader / Equity Research Assistant Brad joined Sit Investment Associates in January 2001. He worked for three years in the client administration area before joining the equity research team. Currently, Brad is working as an equity trader while maintaining some equity research responsibilities. Prior to joining SIA, he worked as an investment accountant for Investment Advisors Inc. in Minneapolis. Brad graduated with a B.A. in Finance from Gustavus Adolphus College in December 1998 and is currently pursing an M.B.A. at the University of Minnesota Carlson School of Management. Dawn M. Frandrup dmf Equity 16 Equity Research Assistant Dawn joined Sit Investment Associates in April 2000. As Research Assistant, Dawn’s current role includes assisting the equity research team with quantitative and technical research. Before joining the equity team, Dawn spent six years with Sit Fixed Income where she served in a variety of capacities, including research analysis. Michael C. Brilley mcb Fixed 1 President and Senior Fixed Income Officer Michael Brilley joined Sit Investment Associates in early 1984. He currently serves as the President and Fixed Income Officer. Michael spent nearly ten years with First Bank Minneapolis where he was Vice President and Senior Fixed Income Officer. His responsibilities at First Bank included management of over $2.5 billion of assets in bond portfolios for the Bank’s institutional customers, its own investment portfolio and two money market mutual funds. Prior to coming to Minneapolis, he spent seven years in the investment management business with the trust departments of the Merchants National Bank of Indianapolis and the Continental Illinois National Bank of Chicago. His experience includes both credit and equity analysis and the management of both debt and equity portfolios. Collective bond funds that he managed were often leaders in investment performance. Michael has served as a voluntary financial advisor to various municipal entities and has spoken at numerous regional and national investment conferences. He received a B.S. degree in business administration from Millikin University in 1967. Debra A. Sit das Fixed 2 , CFA Senior Vice President and Senior Portfolio Manager Debbie Sit joined Sit Investment Associates in 1981. Since 1991, she has served as manager of the firm’s tax-exempt bond portfolios. Debbie’s prior work experience includes more than three years with Sit Investment Associates in the computer applications and administrative areas. She returned to the firm in September of 1987 as a research analyst and Bond Specialist - Assistant Fixed Income Manager focusing primarily on taxable bonds. She is also responsible for overseeing the firm’s municipal bond research process and has spoken at several industry conferences. Debbie received her B.A. in biology from the University of Minnesota in 1982. In the summer of 1987, She completed her M.B.A. at the University of Chicago Graduate School of Business where she earned a finance specialization with concentrations in accounting and policy. Bryce A. Doty bad Fixed 3 , CFA Senior Vice President and Senior Portfolio Manager Bryce Doty joined Sit Investment Associates in November 1995. He is responsible for taxable bond portfolio management. Bryce's seven years of experience with Minnesota Mutual includes two years of management consulting, two years as Due Diligence Officer for broker/dealer operations and three years as the head of their Public Bond Trading desk. His responsibilities also included analyzing and monitoring all total return corporate credits. In 1988, Bryce received a B.A. in business management with minors in physics and psychology from Hamline University. He completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management in 1992. Mark H. Book mhb Fixed 4 , CFA, CMA Vice President and Portfolio Manager Mark joined Sit Investment Associates in August 2000 as a Portfolio Manager and Fixed Income Analyst. He is responsible for taxable bond portfolio management and credit research. Prior to that he spent three years with U.S. Bancorp Piper Jaffray where he was Vice President and Senior Corporate Bond Strategist. Prior to U.S. Bancorp Piper Jaffray, Mark worked as a fixed income portfolio manager at Norwest Investment Management for one year and Insight Investment Management for six years. He also traded fixed income securities at Reliastar Financial Corporation for five years. Mark received a B.A. in accounting from the University of Minnesota in 1987. In 1992 he completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management. Paul J. Jungquist pjj Fixed 5 , CPA, CFA Vice President, Portfolio Manager and Fixed Income Credit Analyst Paul joined Sit Investment Associates in January 1994. He is responsible for analyzing municipal and corporate credits and serves as portfolio manager for taxable and tax-exempt accounts. He served on AIMR’s subcommittee that developed after-tax performance presentation standards. He has spoken at several industry conferences on municipal healthcare, senior living, and multi-family housing issues. Prior to that he worked as an auditor for Grant Thornton. He has also served as an assistant controller for a publicly held engineering services company. In 1984, Paul received a B.B.A. of accountancy from the University of Notre Dame. He graduated from the University of Minnesota Carlson School of Management in 1993, where he obtained an M.B.A. in finance. Christopher M. Rasmussen cmr Fixed 6 , CFA Research Associate Chris joined Sit Investment Associates in February of 1999. His primary responsibilities are to provide assistance in analysis of fixed income securities. Chris has worked in the Sit mutual fund group as well as the client administration area, and moved to fixed income in August 2002. He received a B.S.B. in finance with a minor in economics in 2001, and his MBA in 2004; both from the University of Minnesota Carlson School of Management. Chris is a CFA Level III candidate. Jessica A. Mahlberg jam Fixed 7 Research Associate Jessica joined Sit Investment Associates in September of 2007. Her responsibilities include research, analysis and trading of mortgage securities. She received her BA (Magna Cum Laude) in finance and computer science from the University of St. Thomas in May of 2000. She graduated from the University of Minnesota Carlson School of Management in December 2006 with her MBA. Prior to joining the Fixed Income team; Jessica worked in corporate trust at Wells Fargo Bank for 5 years, specializing in municipal debt and student loan securities. Eric T. Nelmark etn Fixed 8 Research Associate Eric joined Sit Investment Associates in August 2004. His responsibilities include credit research and analysis on individual fixed income securities. Prior to joining Sit he spent almost six years at Investment Advisers Inc. (renamed Paladin Investment Associates in December of 2000.) Eric spent time in several areas including mutual fund accounting, finance, and equity trading. In 1998, he received his BA in business administration from Bethel University with a concentration in accounting and finance. He received his MBA from the University of St. Thomas in December of 2005. Todd S. Emerson tse Fixed 9 , CFA Research Associate Todd joined Sit Investment Associates in July 2006. His responsibilities include credit research and analysis on individual fixed income securities. Prior to joining Sit he spent over six years in various strategic finance roles at Thomson West and US Bank, as well as almost four years in public finance and treasury at RBC Dain Rauscher. In 1991, Todd received a B.B.A. in economics from the University of Wisconsin-Eau Claire. He completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management in 1994. Matthew T. Hilliard mth Fixed 10 , CFA Research Associate Matt joined Sit Investment Associates in October 2007. His responsibilities include credit research and analysis on individual fixed income securities. Prior to joining SIA, he spent two and a half years as a valuation analyst with Stonehill Group, and one year as a corporate trust analyst for US Bank. Matt received B.A. degrees in Finance and Economics from the University of Wisconsin - LaCrosse in 2002 and is currently pursuing an M.B.A. with a conscentration in finance at the University of Minnesota Carlson School of Management with commencement expected in May 2008. Brendan J. O'Sullivan bjo Fixed 11 Research Assistant Brendan joined Sit Investment Associates in June of 1998. His primary responsibilities include database management for fixed income credit research, both taxable and tax-exempt money-market trading activities, and credit research and analysis on individual fixed income securities. In 1995, Brendan received his B.A. from the University of Colorado. He completed his M.B.A. with a concentration in finance from the University of St. Thomas in 2006. Michael J. Reich mjr Fixed 12 Research Assistant Michael joined Sit Investment Associates in March 2004. His primary responsibilities are to provide assistance in the analysis and trading of fixed income securities. Michael worked for the mutual fund group before moving to fixed income in December 2006. He received his B.A. in business administration-finance with a minor in economics from the University of St. Thomas in 2005, and is currently pursuing his M.B.A at the University of Minnesota Carlson School of Management. Mike has passed all three levels of the CFA Program and may be eligible for the CFA charter upon completion of the required work experience. Marci A. Lorge mal Fixed 13 Senior Client Administrator and Money Market Trader Marci joined Sit Investment Associates in April 1988 after serving as Operations Manager at IRI Securities. She is currently responsible for both taxable and tax-exempt money market trading and serves as portfolio assistant for the fixed income traders. Prior to that she worked for Miller & Schroeder Financial in Operations. She has a B.S. degree in business administration and French with a minor in economics from the University of Wisconsin, Steven’s Point. Brian R. Gilbert brg Fixed 14 Computer Decision Support Associate Brian Gilbert joined Sit Investment Associates in August 1994 after more than two years with Norwest Mortgage, Inc. in the mortgage pooling division. Brian received a B.S. in Management and a B.S. in Computer Information Systems from Northwestern College in 1990. Brian worked in Operations for Sit Investment as a Client Administrator before joining the Fixed Income Department. Brian is responsible for developing and running the quantitative analytical tools for fixed income portfolio management. Raymond E. Sit res International 4 Vice President - Research and Investment Management Raymond joined Sit International in 1992 and is responsible for research and portfolio recommendations for investments in Latin America, emerging Europe and Asia ex-Japan. Prior to joining Sit International, Raymond was a cost analyst with Tecolote Research, Inc. in their Aerospace Cost Consulting Practice. During the summers of 1983-1986, he worked as a research associate for Sit Investment Associates while attending college. He received his B.S. in economics with a minor in statistics from the University of Minnesota in 1987 and his M.B.A. from Pepperdine University in 1990. Janet K. Kinzler jkk International 5 Equity Research Analyst Janet K. Kinzler joined the organization in August 2001. Janet is a member of the Europe investment team, but also does selective investment research in Asia. Janet has more than 15 years of experience in business and financial analysis. Prior to joining SIA, she was a Principal at SCA Consulting in Chicago. Additionally, she was a Vice President at Credit Suisse First Boston in London where she was a sell-side investment analyst covering European airlines. She earned a Bachelor’s business administration degree from the University of Michigan in 1986 and her M.B.A in Finance and Multinational Management from the Wharton School at the University of Pennsylvania in 1992. Tasha M. Murdoff tmm International 6 Equity Research Analyst Tasha joined Sit Investment Associates in November 1995. She is currently a member of the global equity investment team responsible for fundamental research on companies located within Europe, Canada, and emerging markets along with providing quantitative research for international and global portfolios. Tasha began in the mutual fund department and then transferred to marketing in September 1998 and to equity research in 2000. She received a B.A. in business administration with an emphasis in finance from Augsburg College in Minneapolis in 1997 and her M.B.A. from the University of St. Thomas in 2002. Yang (Kevin) Lu kyl International 7 Equity Research Associate Kevin joined Sit Investment Associates in May 2007. Currently, he is responsible for research and investment in Greater China area stocks. Prior to joining SIA, he was an equity analyst for two and a half years at Citic Securities Company in China covering the textile and apparel industry. In addition, he worked in the import/export business in China for two years. He received his M.A. in Economics from York University, Toronto, Canada, and B.A. in Economics from Nanjing University of Science and Technology, Nanjing, China. Kevin is pursuing his M.B.A. from the University of Minnesota Carlson School of Management, which he will complete in May 2008. He is a CFA Level III Candidate and Chinese Certified Securities Analyst. Andrew B. Kim abk International 8 , CFA Advisory Director Andy began his investment career over 30 years ago with F. Eberstadt & Co. In 1971 he was named Vice President, was appointed Director of Institutional Sales in 1977, and became Director of Research in 1978 for the Institutional Brokerage Division and Eberstadt Asset Management. He was selected to the Institutional Investor All American Research Analyst (airlines) Team for 12 years since its inception. Following the acquisition of F. Eberstadt by Robert Fleming, Inc. in 1985, he served as Executive Vice President and Director of Robert Fleming. In 1989, Andy founded Sit/Kim with Sit Investment Associates and The Fremont Group (formerly Bechtel Investments). Andy is a native of Seoul and attended Seoul National University, Seoul, Korea. After moving to the United States in 1956, he was awarded a B.A. from Adelphi University in 1960 and an M.B.A. from Cornell University in 1963. Andy serves as a Director for several companies including Peregrine Indonesia Fund and two Seoul, Korea-based companies, Dong-A Venture Investment and Ilshin Investment Corporation. In the U.S. he serves on the Board of Airborne Express and the Advisory Board of the Korea Economic Institute of America. He is also a trustee of The Asia Society. Robert B. Harrigan rbh Marketing 1 Vice President - Institutional Marketing Rob Harrigan joined Sit Investment Associates in September 1994 after serving for twelve years as Vice President, Sales and Marketing in the financial services industry for EduServ Technologies, Inc. Prior to EduServ, Rob spent thirteen years with First Bank Minneapolis where he was Vice President with primary profit and loss responsibility for a separate line of business providing student loan processing services to financial institutions and secondary markets across the United States. He is a graduate of Notre Dame and the Stonier Graduate School of Banking. Rob’s primary responsibility with Sit Investment Associates is fixed income institutional marketing. Reid A. Kilberg rak Marketing 2 Institutional Marketing Reid Kilberg Joined Sit Investment Associates in November 2005. His primary responsibility is the marketing of Sit Fixed Income’s investment styles to the institutional marketplace. Reid came to Sit from Peregrine Capital Management in Minneapolis, where he was a Senior Vice President of Client Service & Marketing. Prior to Peregrine, Reid was the Director of Sales and Marketing for Compass Capital Management, and spent over 7 years at Investment Advisers, Inc in various Sales and Client Service positions, most recently, as AVP of Institutional Marketing. Reid is a graduate of St. Olaf College, Northfield, MN. Scott A. Spalding sas Marketing 3 , CFA Institutional Marketing Scott joined Sit Investment Associates in July 2006. His primary responsibility is the marketing of Sit Investment Associates’ equity investment styles to the institutional marketplace. Scott came to SIA after seven years with FAF Advisors in Minneapolis, where he was Director of Consultant Relations. Prior to FAF Advisors, Scott was at Piper Jaffray for 5 years where he was responsible for the sales and marketing of Piper’s Employee Stock Purchase Plan services. Scott is a graduate of Winona State University. He also holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Minnesota.