Los Angeles Capital Management and Equity Research

Thomas D. Stevens, CFA
Chairman and Principal

BBA University of Wisconsin 1974
MBA University of Wisconsin 1976

2002 - Los Angeles Capital Management
1986 - 2002 Wilshire Asset Management
1980 - 1986 Wilshire Associates
1976 - 1980 National Bank of Detroit

As L.A. Capital's Chairman, Mr. Stevens is responsible for setting the firm's strategic goals and developing the firm's research, portfolio management, trading, administrative and client service resources. Mr. Stevens is also an integral member of the firm's portfolio management team. Prior to co-founding L.A. Capital, Mr. Stevens was a senior managing director and principal at Wilshire Associates. He joined Wilshire in 1980 and for six years directed its Equity Division, overseeing the delivery of the Equity and Index Fund Management Services and working on a retainer basis with over 120 investment organizations. In 1986, he assumed responsibility for Wilshire Asset Management and for the next 16 years headed that division.

Prior to joining Wilshire, Mr. Stevens worked for the National Bank of Detroit as a portfolio manager and was primarily responsible for major pension fund client relationships.

Hal W. Reynolds, CFA
Chief Investment Officer and Principal

BA University of Virginia 1980
MBA University of Pittsburgh 1982

2002 - Los Angeles Capital Management
1998 - 2002 Wilshire Asset Management
1989 - 1998 Wilshire Associates
1982 - 1989 Mellon Bank

As Chief Investment Officer, Mr. Reynolds oversees the firm's investment process and works closely with the Director of Research to enhance all elements of the stock selection, portfolio construction, and trading process. Prior to co-founding L.A. Capital, Mr. Reynolds was a managing director and principal at Wilshire Associates. Mr. Reynolds joined the consulting division of Wilshire Associates in 1989 where he served as a senior consultant to large ERISA plans. He also designed the Wilshire Compass, Wilshire's asset allocation and manager optimization technology for plan sponsors. In 1996 Mr. Reynolds began consulting to Wilshire Asset Management where he helped develop the Dynamic Alpha Model and other quantitative long/short applications for Wilshire Asset Management. In 1998, he joined Wilshire Asset Management as the Chief Investment Officer.

Prior to joining Wilshire, Mr. Reynolds was Vice President with Mellon Bank where he was responsible for the design and management of Mellon's portfolio analysis product for plan sponsors.

David R. Borger, CFA
Director of Research and Principal

BA Wittenberg University 1970
MA University of Michigan 1975
MBA University of Michigan 1977

2002 - Los Angeles Capital Management
1986 - 2002 Wilshire Asset Management
1977 - 1986 National Bank of Detroit

As Director of Research, Mr. Borger is a key member of the firm's portfolio management team and is responsible for the development and management of the Dynamic Alpha Model, the firm's proprietary stock selection model. Mr. Borger initially designed the Dynamic Alpha model in 1996 after nineteen years of quantitative equity management experience. Prior to co-founding L.A. Capital, Mr. Borger was a managing director and principal at Wilshire Associates. During his years as Wilshire Asset Management's Director of Research, Mr. Borger developed both Wilshire's Style Metric model and one of the industry's first style based portfolio management products. Mr. Borger and Mr. Stevens have worked closely together in both product development and asset management for twenty-four years.

Prior to joining Wilshire, Mr. Borger was head of Quantitative Investment Methods and manager of the Equity Index Fund for the Trust Division at the National Bank of Detroit. He also taught Investments and Portfolio Management in the MBA program at the University of Detroit.

Stuart K. Matsuda
Director of Trading and Principal

BBA University of Hawaii 1986
MBA California State University Northridge 1990

2002 - Los Angeles Capital Management
1987 - 2002 Wilshire Asset Management

As Director of Trading, Mr. Matsuda manages all equity trading activity and is a key member of the portfolio management team. He is responsible for the design and implementation of efficient, low cost program trading strategies and rigorous post trade evaluation analyses. Prior to co-founding L.A. Capital, Mr. Matsuda was a vice president and principal at Wilshire Associates where he also served as Wilshire Asset Management's Director of Trading. Mr. Matsuda has worked closely with Mr. Stevens and Mr. Borger for more than ten years.

Before joining the Asset Management Division, Mr. Matsuda spent four years as a consultant in Wilshire's Equity Management Services Division assisting institutional and corporate clientele in the development of customized solutions to equity portfolio management problems.

Christine Kugler
Director of Implementation and Principal

BA University of California, Santa Barbara 1993

2002 - Los Angeles Capital Management
1993 - 2002 Wilshire Asset Management

As Director of Implementation, Ms. Kugler oversees all portfolio management and rebalancing activity which includes working closely with the Director of Trading to effectively implement all elements of the trading and portfolio management process. In addition, she coordinates and supervises all portfolio transitions and assets transfers and serves as the chief liaison between our institutional clients and their custodial relationships. Ms. Kugler was with L.A. Capital at its founding and became a principal in January of 2004. She also serves as a member of the Investment Management Committee.

Michael J. Paschal
Systems Architect and Principal

BS West Coast University 1978

2002 - Los Angeles Capital Management
2001 - 2002 Wilshire Asset Management
1980 - 2001 Software Consultant

Mr. Paschal works with Mr. Borger on maintaining the all the proprietary software developed at L.A. Capital. He has primary responsibility for implementing model enhancements and new features to the system and is the key interface for the integration of all external software and hardware services. In addition, Mr. Paschal is a member of the portfolio review committee.

Dan M. Dement, CFA
Research Associate/Product Manager and Principal – International Equities

BBA Texas State University 1996
MBA University of Southern California 2001

2005 - Los Angeles Capital Management
1999 - 2005 First Quadrant, LP
1998 - 1999 401(k) Investment Services, Inc.
1997 - 1998 IKON Corporation

Mr. Dement joined Los Angeles Capital Management in April of 2005. His specific focus is the construction and oversight of the firm's international equity strategies, in compliment to our domestic product offerings. Dan brings a level of knowledge and expertise which benefits the firm in its product development activities.

Formerly, Mr. Dement spent almost six years with First Quadrant, LP. As a research associate in the equity group at First Quadrant, Dan focused on asset-specific and industry modeling, factor research, and portfolio construction for US and international long-only and market-neutral strategies. He has developed broad investment knowledge through former roles in accounting as well as in equity, credit, and quantitative research. Mr. Dement is a member of the Los Angeles Society of Financial Analysts and the CFA Institute, from which he received the CFA Charter in 2002.

Carin Madden
Director of Operations and Principal

BS Pepperdine University 1996

2002 - Los Angeles Capital Management
1999 - 2002 Wilshire Asset Management
1998 - 1999 Coast Asset Management
1997 - 1998 Patterson Capital

Ms. Madden's duties support the daily activity of portfolio administration with responsibilities such as recording trading activity for accounting purposes, reconciling accounts, voting on proxy issues, and overseeing operations. In addition Ms. Madden works with the Compliance Officer in ensuring all facets of compliance are being maintained and overseen.

Prior to joining Wilshire Asset Management, Ms. Madden worked as a marketing associate for both Coast Asset Management and Patterson Capital.

Iman Movahed
Research Associate and Principal

BA University of California, Los Angeles 1997
MA Boston University 2001

2003 - Los Angeles Capital Management
2001 - 2003 Wilshire Associates
1997 - 1998 Summit Advisors, Inc.

Mr. Movahed currently assists Mr. Stevens, Mr. Reynolds, Mr. Borger and Mr. Matsuda with L.A. Capital's research efforts. He is also responsible for conducting attribution, rebalancing portfolios, and monitoring portfolio performance. In addition, Mr. Movahed manages L.A. Capital's real estate securities portfolios and is a member of the portfolio review committee.

Mr. Movahed has completed the first level of the CFA program.

Jennifer Reynolds
Associate and Principal

BS Pepperdine University 2000

2002 - Los Angeles Capital Management
2001 - 2002 Wilshire Asset Management
2000 - 2001 City National Bank

Ms. Reynolds supports the daily activity of portfolio administration with responsibilities such as performance measurement, daily trade affirmation, and account reconciliation. In addition, Ms. Reynolds duties also include overseeing all sub advisory relationships.

Prior to joining Los Angeles Capital Management, Ms. Reynolds worked as a Trust Officer in the Investment Division of City National Bank.

Steve Oetomo
Research Associate

BS California State University, Northridge 1988

2007 - Los Angeles Capital Management
1988 - 2007 Wilshire Associates

Mr. Oetomo works with Mr. Borger in the development of analytical systems which aid in the enhancement of existing models and in the research into new factors and means of factor expression. While at Wilshire, Mr. Oetomo was lead developer for Wilshire's Atlas product, a key component in L.A. Capital's analytic arsenal. He was responsible for the creation of an application programming interface (API) which has been incorporated into L.A. Capital's research platform.

Dinah Chowayou
Research Associate

BS University of the Philippines 1999
ME Cornell University 2005

2007 - Los Angeles Capital Management
2005 - 2007 Deloitte Tax LLP
1999 - 2004 Wilshire Associates

Mrs. Chowayou currently assists Mr. Stevens, Mr. Reynolds, Mr. Borger and Mr. Matsuda with L.A. Capital's research efforts. She is also responsible for conducting attribution, rebalancing portfolios, and monitoring portfolio performance.

Brad Rowe
Research Associate

BS New York University 1999
MBA University of Wisconsin 2007

2007 - Los Angeles Capital Management
1999 - 2005 Site Analytics

Mr. Rowe currently assists Mr. Stevens, Mr. Reynolds, and Mr. Borger with L.A. Capital's research efforts. His responsibilities include factor research, evaluation of model performance, and data management. Mr. Rowe is involved in evaluating the efficacy of factors currently used in the model as well as researching new factor ideas that might be considered in the future.

At the University of Wisconsin, Mr. Rowe was a member of the Applied Securities Analysis Program. He has also completed the second level of the CFA program.

Charles A. Fann
Programmer / Analyst

BS University of California, Los Angeles 2002

2004 - Los Angeles Capital Management
2002 - 2004 S1 Corporation

Mr. Fann joined Los Angeles Capital Management in December of 2004. He currently assists Mr. Oetomo and Mr. Borger with the development and maintenance of L.A. Capital's information technology systems. He also manages the firm's network infrastructure and supports the firm's technological and communication needs. In addition, Mr. Fann assists Mr. Reynolds and Mr. Borger in the development and research of L.A. Capital's forecasting model.

Prior to joining L.A. Capital, Mr. Fann worked as a Software Developer for the Teller Banking Group at S1 Corporation. He has also completed the first level of the CFA program.

Bradley Barker
Trading Associate

BA University of California, Los Angeles 2003

2005 - Los Angeles Capital Management

Mr. Barker joined Los Angeles Capital Management in March of 2005. He works closely with the portfolio management and trading teams and is involved in all facets of the rebalancing and trading process including portfolio optimization, pre-trade cost and liquidity analysis, trade execution, and post-trade evaluation.

Previously, Mr. Barker worked with L.A. Capital's portfolio operations group where he assisted in account reconciliation, trade affirmation, performance measurement and client report preparation.

Mr. Barker has completed the first level of the CFA program.

Kristin Ceglar
Analyst

BA Harvard University 2005

2005 - Los Angeles Capital Management

Ms. Ceglar joined Los Angeles Capital Management in December of 2005. She assists in all facets of the operations process including account reconciliation, trade affirmation, performance measurement, and client report preparation.

Ms. Ceglar has completed the first level of the CFA program.

Laina Ceddia
Portfolio Manager

MBA University of San Francisco 2007
BA Boston College 2005

2007 - Los Angeles Capital Management
2006 - 2007 First Republic Investment Management

Ms. Ceddia joined Los Angeles Capital Management in June of 2007 as a member of the Portfolio Management group. After interning during the summer of 2006, she joined the firm full time upon completion of her MBA. She assists with all aspects of the portfolio management process including parameter testing, performance attribution, implementation, and monitoring client guidelines and security holdings. She works directly with Edwin Ek, the Director of Portfolio Management, and with members of the Trading, Research, and Operations teams.

Prior to joining Los Angeles Capital Management, Ms. Ceddia worked as a Research Assistant in the Investment Management Division of First Republic Bank. She is enrolled in the CFA program.

Eleanor Klebanow
Analyst

BA University of California, Santa Barbara 2006

2006 - Los Angeles Capital Management

Ms. Klebanow joined Los Angeles Capital Management in August of 2006. She assists in all facets of the operations process including account reconciliation, trade affirmation, performance measurement, and client report preparation.

Ernest Saadat
IT Analyst

BS Urmia University 1999

2007 - Los Angeles Capital Management
2004 - 2005 Rayavarn
2002 - 2004 Hirbodan EPC

Mr. Saadat joined Los Angeles Capital Management in June of 2007. He assists Mr. Oetomo with the development and maintenance of L.A. Capital's information technology systems. Mr. Saadat ensures the reliability and security of L.A. Capital's data and communications. He also provides IT support for the Trading, Operations, and Research departments.

Prior to Joining L.A. Capital, Mr. Saadat worked as an IT Site Manager for Rayavaran.

Robin H. Lo
Analyst

BS University of California, San Diego 2004

2007 - Los Angeles Capital Management
2005 - 2007 Wilshire Associates

Ms. Lo joined Los Angeles Capital Management in July of 2007. She assists in all facets of the operations process including account reconciliation, trade affirmation, performance measurement, and client report preparation.

Prior to joining L.A. Capital, Ms. Lo worked in the Wilshire Compass group under the Wilshire Consulting division as a manager database analyst.

Daniel Arche
Analyst

BA University of Southern California 2006

2007 - Los Angeles Capital Management
2006 - 2007 City National Bank

Mr. Arche joined Los Angeles Capital Management in August of 2007. He assists in all facets of the operations process including account reconciliation, trade affirmation, performance measurement, and client report preparation.

Prior to joining L.A. Capital, Mr. Arche worked in the Wealth Management division of City National Bank.