Bill Talbot, CFA Head of US Small Cap Core and Value Equity Investments Managing Director Years of investment industry experience: 18 Education: Trinity College (US), BS; Dartmouth College (US), MBA Bill Talbot manages the team responsible for US small cap core and value portfolios. He constructs the portfolios and performs some of the industry and company research. He focuses exclusively on US small cap investing. Prior to joining the firm in 1997, Bill invested in private debt and equity for the Travelers Companies (now Citigroup Investments). There, he financed expansion, buyouts, recapitalizations, and spin-offs. He initiated some of Travelers' earliest non-US investments and represented the company on two private equity fund advisory boards.

Harold Singleton III, CFA Co-Manager, US Small Cap Value Equity Executive Director Years of investment industry experience: 15 Education: Illinois Institute of Technology (US), BS; University of Chicago (US), MBA Harold Singleton provides research support to the US small cap portfolio and US small cap value portfolio. For nearly four years, beginning in 1996, Harold worked as a key member of the UBS small cap team. He was then a partner at Metropolitan West Capital Management, where he was part of a four-person team managing a large cap value fund and also initiated a successful small cap value fund. In 2003, he was recruited to rejoin the UBS small cap team. Harold’s prior experience includes senior investment roles in both the credit and equity markets.

Joseph Nowinski Small Cap Equity Investment Analyst Director Years of investment industry experience: 6 Education: DePaul University (US), BS Joe Nowinski provides research support to the US small cap portfolio and US small cap value portfolio. Prior to joining the UBS small cap team in February 2005, Joe spent six years with Citigroup Global Asset Management as a senior equity analyst. His responsibilities included covering the retail, healthcare services and REIT sectors. His training is as a fundamental analyst, valuing companies in terms of intrinsic value. 9648

Aaron J. Stephens Small Cap Equity Analyst Associate Director Years of investment industry experience: 4 Education: University of Houston (US), BBA; MS Aaron Stephens performs research for the US small cap portfolio and US small cap value portfolio. He focuses on small cap financial companies. Prior to joining UBS, Aaron was an analyst for a hedge fund and a mutual fund. Aaron is a CFA level 2 candidate.