Roger J. Sit

Roger Sit joined the organization in January 1998. He coordinates the overall investment management activities for Sit Investment Associates and Sit International (Sit/Kim), 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 graduated with Military Distinction from the U.S. Air Force Academy in 1984. He earned a M.S. in Systems Technology from the University of Southern California in 1987 and an M.B.A. with honors from the Harvard Graduate School of Business in 1991. He is currently serving on the board of Convergent Capital.

Roger Sit also is a portfolio manager of the following Funds:

• Sit Small Cap Growth Fund
• Sit Mid Cap Growth Fund
• Sit Balanced Fund
• Sit Dividend Growth Fund
• Sit International Growth Fund
• Sit Developing Markets Growth Fund

Ronald D. Sit

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 worked as a Research Assistant with Piper Jaffray. Ron received a B.A. degree from Northwestern University in 1981 and, in 1984, earned an M.M. from the J.L. Kellogg Graduate School of Management in the areas of finance, managerial economics and managerial accounting. He serves on the boards of the Saint Paul Chamber Orchestra, Private School Young Life and the President’s Cabinet of the Northern Star Council, BSA.

Michael J. Stellmacher, CFA

Mike joined Sit Investment Associates in January 2001. His investment research responsibilities include energy-related companies. Prior to joining SIA, Mike spent ten 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.