West D. Whittaker, C.F.A. President/Portfolio Manager University of California, Los Angeles: MBA 1989 University of California, Berkeley: BA Economics 1983

Mr. Whittaker, President and Portfolio Manager, founded Carmel Capital Management L.L.C. in 1999. His twenty-three years of investment experience include the previous four years as Associate Portfolio Manager and Director of Research for Neumeier Investment Counsel. Prior experience included increasing investment responsibilities with Paul Kagan Associates, Oppenheimer & Co., and PLM International. In 1999, the Association of Investment Management and Research awarded him the Chartered Financial Analyst designation. Mr. Whittaker has been quoted in The Wall St. Journal, Bloomberg News and other financial news publications.

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Eric Lofgren, C.F.A.
Analyst
University of California, Los Angeles: MBA 2006
University of California, Davis: BA Economics & Classical Civilization 1998

Mr. Lofgren, Analyst, joined Carmel Capital Management, L.L.C. in 2006. He has eight years of experience in the investment industry and is a CFA charterholder.

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Mae G. Haagenstad
Research Associate
B.S. Business Administration, 2004

Ms. Haagenstad, Research Associate, joined Carmel Capital Management L.L.C.
in 2004. She has five years of experience in the investment industry and is a CFA Level 1 candidate.

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Tyler J. Howard
Research Associate
B.S. Business Administration, 2006

Mr. Howard, Research Associate, joined Carmel Capital Management L.L.C.
in 2006. He has three years of experience in the investment industry and is a CFA Level 1 candidate.