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CFA INSTITUTE RESEARCH CHALLENGE SOUTHWEST US HOSTS Leah R. Bennett, CFA, CIC Co-Chief Investment Officer South Texas Money Management Leah R. Bennett, CFA joined South Texas Money Management in 2013 and serves as Co-Chief Investment Officer. She, along with Jeanie Wyatt, CFA, is responsible for overseeing the investment strategies of the firm. Ms. Bennett has a strong background in risk management and will enhance the global research efforts of the investment team at STMM. In addition, she works with Christian Ledoux, CFA, Director of Equity Research, in helping oversee and coordinate the equity research efforts of STMM s team of research analysts. Ms. Bennett brings to the firm a total of 21 years of experience in the investment business. Prior to joining STMM, she spent 18 years with King Investment Advisors, Inc. in Houston, where she was a Managing Director and Chief Investment Officer, as well as a member of the firm s Investment Advisory Group. Prior to that, Ms. Bennett was a research analyst for Capital Research & Management in Los Angeles. Ms. Bennett graduated from Texas A&M University with a B.S. in Economics, and is a CFA Charterholder and a Chartered Investment Counselor. She current serves as the CFA Institute Presidents Council Representative for the South Central United States, Latin and South America Region, and is a former President and Director of the CFA Society Houston. Leah is a member of the CFA Institute and co-founder of the CFA Institute-Southwest US Research Challenge, and formerly served as Chairman of the organization s education committee. She serves on the M. A. Wright Fund Oversight Board, Jesse H. Jones Graduate School of Management, Rice University. Ms. Bennett is also a Texas Angel for the Texas Wall Street Women. Sharon Criswell, CFA Chief Operating Officer Emeritus ALM First Financial Advisors Sharon Criswell has worked in the investments management business over 20 years and just retired from ALM First Financial Advisors where she served eleven years as their Chief Operating Officer and Chief Compliance Officer. Prior to joining ALM First, Sharon administered investment operations and systems for Citigroup (formerly The Associates) and previous to that, she managed the Money Market Information Center for Fidelity Investments. Sharon received her master s degree in business administration from Southern Methodist University. She has a BA from Syracuse University and an MLS from Rutgers University. Sharon is currently Co-Chairing the Southwest U.S. Research Challenge, and serves as Chair of CFA Societies Texas as well as serving on the board for CFA Society Dallas Fort Worth and CFA Society Austin. She was formerly the Presidents Council Representative (PCR) for the South Central US, Latin and South American region of CFA Institute. She also serves on the Associate Board at the Cox School of Business, Southern Methodist University.

CFA INSTITUTE RESEARCH CHALLENGE SOUTHWEST US JUDGES Hal Clark, CFA Senior Client Portfolio Manager Invesco Hal is the senior portfolio manager with Invesco s US Growth Equities team. Mr. Clark joined Invesco in 2004 as an equity analyst for the Small-Cap Core/Growth team. Prior to assuming his current role in 2011, he served as a senior investment analyst for Invesco s Investment Analysis Group. Before joining Invesco, Mr. Clark worked for JPMorgan Chase, where he served as client portfolio manager for JPMorgan s dynamic small-cap growth and small-cap core strategies. At JPMorgan, he also served as an equity analyst, covering large-cap consumer, software and health care stocks. Mr. Clark eared a BA degree in urban studies from the University of Pennsylvania and an MBA with concentrations in finance and accounting from Tulane University. He is a CFA charterholder. Rodric Cummins, CFA Sr. Vice President, Chief Investment Officer GuideStone Rodric Cummins joined GuideStone in 1998 as Executive Officer, Investment Services. He is responsible for overseeing the investment management process of GSCM, a registered investment advisor providing advisory services to GuideStone and GuideStone Funds; as well as other investment advisory clients. He is a member of GuideStone s Investment Strategy Group and chairs GuideStone s Committee on Socially Responsible Investing. Prior to joining GuideStone, Mr. Cummins spent 14 years at the Baptist Foundation of Texas where he was Senior Vice President and Chief Investment Officer, specializing in the management of endowment and planned giving assets. He began his career as a financial analyst at Mobil Oil Company. He is a member of the CFA Society Dallas-Fort Worth s Strategic Advisory Board and the National Society of Institutional Investment Professionals Texas Advisory Board. Mr. Cummins earned his Bachelor of Business Administration in Finance with honors from Texas A&M University and is a CFA charterholder. His professional affiliations include the CFA Institute, the CFA Society Dallas-Fort Worth and the Dallas Chapter of the Society of Pension Professionals.

John F. Gualy, CFA Partner and Portfolio Manager Eagle Global Advisors John presides as Chairman of the Emerging Markets Investment Committees and oversees Eagle's trading operations. He is also a member of the firm's other investment committees. Prior to founding Eagle, John was employed by Eagle Management & Trust Company and worked previously at Continental Intervest as Director of Research. He earned a Bachelor's degree in economics from the University of Texas and a MBA from Rice University. John holds the Chartered Financial Analyst designation, is a member of the CFA Institute and is a former President and Director of the CFA Society of Houston. He also serves as an Adjunct Professor at Rice University s Jones Graduate School of Business teaching an MBA class on stock analysis. John is a native of Colombia and is fluent in Spanish. Beth Hamilton-Keen, CFA Director, Private Wealth Management Mawer Investment Management Beth Hamilton-Keen joined Mawer Investment Management in 2005 and is involved in institutional and private client portfolio management. She has been serving both private and not-for-profit institution clients in the investment management business since 1990. She is a graduate of the Acadia University business program and a CFA charterholder. Ms. Hamilton-Keen has also completed the High Performance Board program at IMD Business School where participants learn how to identify the strategies, structures and processes that make boards the driving force behind their company s success. On September 1, 2010, Ms. Hamilton-Keen was elected to the Board of Governors of the CFA Institute. The Board of Governors is the CFA Institute s most senior corporate body, having ultimate responsibility for the organization s strategy and management. She has previously served as a member of Mawer s Board of Directors and Management Committee, and many not-for-profit boards and committees. Ms. Hamilton-Keen is an active member of her local community and has been recognized as one of Calgary s Top 40 under 40. She has been a guest lecturer at the University of Calgary, a guest commentator on CBC Radio, and a regular commentator on investment issues for CB NewsWorld and BNN.

Donald W. Hultgren, CFA President Three Part Advisors Mr. Hultgren is currently President of Three Part Advisors. Formerly, Don was the Chief Executive Officer, President and member of the Board of Directors of SWS Group, Inc. He joined the company in March 2000 as Executive Vice President and Director of Capital Markets. Prior to his tenure at SWS, Mr. Hultgren served for 11 years at Raymond James & Associates in St. Petersburg, FL. From 1999 to 2000, he was Managing Director, Investment Banking, with responsibilities for developing, retaining and providing strategic direction to corporate clients. He also served as Raymond James Director of Equity Research (1995-1999), Associate Director of Equity Research (1993-1995), Director of Health Care Research (1991-1996), and Health Care Services Analyst (1989-1991). As Director of Equity Research, Mr. Hultgren managed a department of more than 100 people, including 42 analysts with operations in St. Petersburg, New York and Houston. Mr. Hultgren began his career as an equity research analyst with Eppler Guerin & Turner, Inc. in Dallas in 1981. Mr. Hultgren earned a B.A. degree with dual majors in accounting and business administration from Augustana College in Rock Island, IL in 1979. He earned his M.B.A. with a concentration in finance from the University of Texas at Austin in 1981. A Chartered Financial Analyst, Mr. Hultgren is a member of the Association for Investment Management and Research and the Advisory Committee for the University of Texas MBA Investment Fund. He is past Chair of the American Heart Association, Dallas Division and continues to serve on the Heart Board, Dallas Division, and as a member of its Executive Committee. Mr. Hultgren also serves on the Strategic Advisory Board of the CFA Society Dallas-Fort Worth. Brian E. McManus, CFA, J.D. Chief Investment Officer Emeritus Westwood Management Mr. McManus earned a BSME from Rensselaer Polytechnic Institute, an MBA from Harvard University and a J.D. from Suffolk University. He served four years in the U.S. Navy Civil Engineer Corps as an officer, with duty in Guantanamo, Laos, Thailand and Iwo Jima. During his distinguished career, Mr. McManus has held portfolio management, advisory and director of research positions at a number of firms. Some of these include Bass Brothers Enterprises, Q Investments, the Anne Burnett and Charles D. Tandy Foundation, the Hamilton Management Company of Denver and Westwood Management Company of Dallas. Mr. McManus is a past president of the Denver Society of Security Analysts, the Fort Worth Harvard Business School Club and the Rensselaer Polytechnic Institute Alumni Association. Currently he serves on the DFW CFA Advisory Board, the Advisory Board of Smith Asset Management Group and The John G. & Marie Stella Kennedy Memorial Foundation. He earned his CFA Charter in 1973.

Lee Partridge, CFA, CAIA Chief Investment Officer & Managing Director Salient Lee Partridge is the Chief Investment Officer of Salient Partners, a Houston based investment firm with over $21 billion in assets under management. Mr. Partridge spearheaded the development of Salient s asset allocation funds, credit-related strategies and quantitatively managed funds. Previously, Mr. Partridge was the founder and CEO of Integrity Capital, LLC, which spanned traditional and alternative investment strategies, and the Deputy Chief Investment Officer of the Teacher Retirement System of Texas where he was responsible for global asset allocation, risk management, portfolio construction, external managers, hedge funds, derivative strategies, equity trading, futures trading and risk management. Mr. Partridge holds an MBA degree from Rice University and a Bachelor of Science degree in Psychology from the University of Houston. He also holds both the CFA and CAIA designations. Tom L. Stringfellow, CFA, CPA, CFP President Frost Investment Advisors Tom L. Stringfellow is the chief investment officer for the Frost Wealth Advisors, a division of Frost Bank, and president of Frost Investment Advisors, LLC. In these roles, Tom oversees all mutual fund and institutional portfolio management activities, research and trading for Frost s investment management entities, and serves as a fund manager for Frost Investment Advisors Growth Equity Fund. Since joining Frost in 1980, Tom has been active in the local and national investment community. He speaks regularly at regional investment conferences and lectures at St. Mary s University in San Antonio and the University of Texas at San Antonio. The co-author of a nationally published article about asset allocation, Tom is also a regular contributor to Frost Investment Advisors quarterly client newsletter. His service to a number of professional organizations includes an assignment as chairman of the Investments Committee and an appointment to the National Council, both for the American Institute of Certified Public Accountants. Also a volunteer for the CFA Institute, Tom has served on the organization s Financial Accounting Policies Committee and as president of its San Antonio affiliate CFA society. He is also a past president of the San Antonio Business and Economics Society, a local chapter of the National Association for Business Economics, a professional association for business economists and those who use economics in the workplace. Tom earned a Bachelor of Arts degree in Business Administration from Texas State University (formerly Southwest Texas State University), a Master of Arts degree in economics from St. Mary s University and a Master of Business degree from Texas A&M University Corpus Christi (formerly Texas A&I University). Augmenting his professional experience, Tom has earned the CERTIFIED FINANCIAL PLANNER certification and the Certified Public Accountant certification and is a holder of the right to use the Chartered Financial Analyst designation.

Holland Timmins, CFA Chief Investment Officer Texas Permanent School Fund B. Holland Timmins is Executive Administrator and Chief Investment Officer of the Texas Permanent School Fund. The PSF is a $26 billion fund which pays a portion of the cost of public education in Texas. It is the second largest educational endowment in the country. The Fund currently guarantees over $54 billion in local school district bonds. Mr. Timmins has been with the PSF since 2000 and has served in his current position since 2003. Prior to joining the PSF, Mr. Timmins worked as an equity portfolio manager for the University of Texas Investment Management Company (UTIMCO) and the University of Texas System. He worked for the University of Texas from 1983 to 2000. Mr. Timmins earned a B.A. with honors in Political Science and Public Policy from Tulane University. He earned an M.A. in economics and an MBA from the University of New Orleans. Mr. Timmins is a CFA charter holder. He is a member of the CFA Institute and the CFA Society Austin. Gary Walsh, CFA, CPA Principal and Portfolio Manager Luther King Capital Management Mr. Walsh joined the firm in 1995 as an analyst. He was initially responsible for covering the technology sector, and helped the firm successfully navigate the rapid technology market advance in the late 1990 s and the subsequent sharp decline. He continues to be responsible for investments made by the firm on behalf of its clients in the telecommunications area. Mr. Walsh s primary focus is now the management of portfolios for wealthy families and foundations. He specializes in serving clients who are in the health care field. Mr. Walsh graduated from Southern Methodist University with a BBA in Accounting, and received his MBA from Texas Christian University, specializing in Finance.

CFA INSTITUTE RESEARCH CHALLENGE SOUTHWEST US

CFA INSTITUTE RESEARCH CHALLENGE SOUTHWEST US