Professional Team

PORTFOLIO MANAGERS Theodore J. Tyson Douglas R. Allen Andrew Elofson Daniel Y. Kim	RESEARCH ANALYSTS Aaron J. Bower Diogo Bezerra	SUPPORT Carolyn Jean "CJ" Reeder Arthur M. "Tye" Tyson, II Blanca Marentes
TRADERS Stephen P. Arnold Roy L. Belen Megan A. Fiorito	MARKETING / CLIENT SERVICE Robert L. Gemstetter Thomas M. Garr

Blanca is responsible for portfolio accounting and back office support at Mastholm. She joined Mastholm in early 2008.

Blanca received her BA in Accounting and Finance from the University of New Mexico.

Ted is the Chief Investment Officer and a Managing Director and founder of Mastholm Asset Management. Ted is responsible for overall portfolio construction, and has research responsibilities for Germany, Switzerland, Latin America, media and pharmaceutical companies.

Prior to forming Mastholm in 1997, Ted was the founder and head of international equity for American Century Investment Management. He joined American Century in 1994 as a domestic portfolio manager and started the international department for them in 1990. Ted began his investment career in 1984 as the director of research for B.J. Young and Co., a San Francisco based firm whose largest client was American Century.

He received a BA in History with Honors from the University of California at Berkeley, and a Masters in Journalism from Berkeley. Ted was the recipient of the Scripps Howard award for journalism in 1983.

Doug is a portfolio manager and owner of Mastholm Asset Management. Doug is responsible for researching investments in the United Kingdom, Canada and Scandinavia, in addition to retail, commodity, property, consumer and media stocks.

Prior to joining Mastholm in 1999, Doug was an international equity analyst at American Century, where he worked with Ted Tyson and Rob Gernstetter prior to the formation of Mastholm. Prior to joining American Century, Doug was a vice president, director and the head of U.S. institutional equity sales for Scotia McLeod in New York. Doug received an Honors degree in Political Studies and Economics from Queen's University in Kingston, Ontario.

Tye is a research associate and was one of the original founders of Mastholm Asset Management. Prior to forming Mastholm, Tye was a private investor and partner at Lafayette Partners and Smith Rede Capital in California from 1994 to 1997. From 1984 to 1988, Tye was the vice president of operations for B.J. Young and Co., where he worked with Ted Tyson.

Tye received a BA in History from the University of California at Berkeley and an MA in Education from St. Mary's College in California.

Andrew is a Portfolio Manager and owner of Mastholm Asset Management. Andrew joined the firm in 2002 and was made a partner in 2005. He has research responsibilities for investments in France, Spain, Italy, Portugal,Greece, Belgium, Luxembourg, The Netherlands and emerging Europe, in addition to sector/industry expertise in technology, media, luxury retail, hotels, beverages and financials. Andrew graduated from the University of Washington with a BA in business administration with a major in finance.

Dan is a portfolio manager and owner of Mastholm Asset Management. He has research responsibility for investments in Japan and other Asian markets, and company research in the technology, financials, telecom, transportation and machinery sectors and industries. He joined the firm in 2004. Previously, Dan was responsible for investor relations for Samsung Electronics in North America, working with research firms and portfolio managers, including Mastholm. He was made a partner of Mastholm in 2006.

Dan received a BS in Operations Research & Industrial Engineering form Cornell University and a Masters of Engineering, Financial Engineering, from Cornell University.

Aaron is responsible for company research including development of detailed company earnings models for use by the investment team.

Aaron graduated Cum Laude from the University of Washington with a BA with Distinction in Business Administration with a concentration in Finance.

Diogo is responsible for company research including development of detailed company earnings models for use by the investment team.

Diogo graduated from the University of Washington with a BA in Business Administration with a concentration in Finance.

CJ is responsible for portfolio accounting and back office support as well as portfolio attribution analysis at Mastholm. She joined Mastholm in 2003.

CJ received her BA in Business Administration with a concentration in Finance from Western Washington University.

Steve is the director of trading and an owner of Mastholm. His responsibilities include portfolio trading and overseeing back office operations and portfolio accounting. Steve joined Mastholm in 1997 as an equity trader and became an owner of Mastholm in 1998. Prior to joining Mastholm in 1997, Steve was a financial consultant with Pacific Capital Consulting, Inc. in Seattle. Steve received his BA degree in finance from Seattle University.

Roy is an international equity trader and owner at Mastholm. He joined the firm in 2000 as a portfolio accountant, and was promoted in 2001. Roy became an owner in 2005. Previously, Roy was a trader with IPC Pension Services in Seattle.

Roy graduated from the University of Washington with a BA in Finance and Human Resources.

Megan is a currency trader at Mastholm, responsible for trading currency for settlement . Megan joined the firm in 2000 as a portfolio accountant, and was promoted in 2002. She was made a partner of Mastholm in 2006.

Previously, Megan worked at London Fog Industries, and at ChaseMellon Investor Services.

Megan received her BS in Business Administration from Seattle University.

Rob is the director of marketing and client service, a founder and owner of Mastholm. Prior to forming Mastholm, Rob was a vice president and manager of the portfolio liaison team at American Century, where he worked with Ted Tyson and Doug Allen.

Previously, Rob was a pension consultant with Callan Associates, Meidinger Asset Planning and Hewitt Associates. Rob received his BS in Finance from the University of Illinois in Urbana and attended the DePaul University Graduate School of Business in Chicago.

Tom is Managing Director, Chief Operating Officer, an owner and founder of Mastholm Asset Management. He is responsible for overall management of the company as well as client service and administration of the commingled fund. Prior to forming Mastholm, Tom was Vice President of Institutional Equity Sales at Salomon Brothers from 1993 to 1997. Before joining Salomon, Tom was Vice President of Institutional Sales at The First Boston Corporation from 1982 to 1993. At both firms, Tom worked closely with Ted Tyson while Ted was a Portfolio Manager at American Century.

Tom received his BS in Industrial and Labor Relations from Cornell University and an MBA in Finance from the University of Dallas.