Portfolio Manager/Analyst	Years with RHJ	Total Years Investment Experience
Thomas W. McDowell	28	31
Timothy A Todaro, CFA	29	31
Gary S. Rice	28	29
James D. Dickinson, CFA	15	42
Cara M. Thome	11	14
Reed Wirick, CFA	3	13
George I. Kruntchev	2	8

Investment Team

Thomas W. McDowell
Chief Executive Officer & Chief Investment Officer
Tom joined RHJ in 1984 as a Portfolio Manager and Analyst and has 31 years of investment experience. Tom assumed leadership of the company in 1994. Previously, he was a Portfolio Manager with California First Bank and specialized in the consumer-related industries. Tom completed a B.A. at the University of California, Los Angeles, and an M.B.A. at San Diego State University.

Gary S. Rice
Portfolio Manager/Analyst
Gary joined the firm in 1983 and has 29 years of investment experience. Prior to joining RHJ, he was an Account Administrator with Federated Investors in Pittsburgh, PA. Gary graduated from Vanderbilt University with a B.A.

Cara M. Thome
Portfolio Manager/Analyst
Cara joined RHJ in January 2001 and has 14 years of investment experience. She was previously an Analyst at the Equity Research Department at George K. Baum & Company. Cara has a B.A. from Truman State University and an M.A. in Finance from the University of Exeter.

Timothy A. Todaro, CFA
Portfolio Manager/Analyst
Tim joined RHJ in 1983 and has 31 years of investment experience. Prior to joining the firm, he was a Senior Investment Analyst at Comerica Bank in Detroit, MI. Tim has a B.A. from the University of California, San Diego, and an M.B.A. from the University of Wisconsin at Madison. He is a Chartered Financial Analyst (CFA) charterholder.

James D. Dickinson, CFA
Portfolio Manager/Analyst
Jim rejoined the firm as a Portfolio Manager/Analyst in January 2006 and has 42 years of investment experience. Prior to returning to RHJ in 1996, he was associated with Merus Capital Management from 1990 to 1993. Before serving RHJ as a portfolio manager from 1979 until 1986, he was employed in a similar capacity at Crocker Bank in San Francisco and the San Francisco City & County Employees Retirement System. Jim attended the University of California, Los Angeles where he earned an M.S. in Finance and a B.A. in Economics. He is a Chartered Financial Analyst (CFA) charterholder.

Reed M. Wirick, CFA
Analyst
Reed joined RHJ in July 2008 and has 13 years of investment experience. Prior to joining the firm, he was a Senior Manager Research Associate and Performance Analyst at Cambridge Associates, LLC. Prior to that, he was an Economist in the National Income and Wealth Division of the Bureau of Economic Analysis. Reed has a B.A. from St. Mary's College of Maryland and an M.B.A. from the Tuck School of Business at Dartmouth. He is a Chartered Financial Analyst (CFA) charterholder.

George I. Kruntchev
Analyst
George joined RHJ in April 2010 and has 8 years of investment experience. Prior to joining the firm, he was involved in structuring real estate investment portfolios for multifamily residential developments. George has a B.A. from Truman State University and an M.B.A. from Columbia Business School.

Douglas Sheres
Portfolio Manager/ Long/Short Strategy
Doug joined RHJ in March 1998 and has 19 years of investment experience. Previously, he worked in Institutional Sales and Trading with Merrill Lynch. Prior to joining Merrill Lynch, he was a Research Analyst with Pacific Asset Management. Doug has a B.A. from the University of California, San Diego.

Adam Rubin
Analyst
Adam joined the RHJ Paramo Fund in August 2010 as an Analyst with generalist responsibilities and has 5 years of investment experience. Prior to joining Paramo, Adam worked as an Associate at Brandes Investment Partners, focusing on generating investment ideas in the technology, healthcare and business services sectors. Prior to joining Brandes, he was a summer analyst at Giovine Investment Partners, a $1.3 billion long/short equity hedge fund, where he evaluated deep value, emerging growth, M&A and special situations. Adam earned his BBA in Finance and Accounting from the Stephen M. Ross School of Business, and is a CFA Level III candidate.

Lou Holtz, CFA
Portfolio Manager
Lou joined RHJ in October 2008 and has 20 years of investment experience. Prior to joining the firm he was a Managing Director and Portfolio Manager at Engemann Asset Management. Prior to that, Lou was a business valuation analyst at a national independent appraisal firm and an analyst for a regional real estate appraisal firm. Lou holds a Bachelor of Arts degree in business economics with honors from the University of California, Santa Barbara and an M.B.A. with an emphasis in finance from the University of Southern California, where he was on the Dean's List. He has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of Los Angeles (CFALA). He is also an instructor of Institutional Portfolio Management for CFALA's CFA Review Program.

Yossi Lipsker, CFA
Portfolio Manager
Yossi joined RHJ in October 2008 and has 17 years of investment experience. Prior to joining the firm he was a Managing Director and Portfolio Manager at Engemann Asset Management. He received an M.B.A. with an emphasis in finance from Columbia Business School. While at Columbia he excelled academically, gaining membership in both the Beta Gamma Sigma Honor Society and the Dean's List. Additionally, Yossi holds a B.R.S. degree in religious studies from the Rabbinical College of America. He has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Society of Los Angeles (CFALA).