Our stock in trade is not buying and selling. Rather, it is knowing when to buy and sell.     Of course, we cannot know when to buy and sell everything. We focus our resources on just a few. The 200 companies followed are either philosophically or geographically close, all within the middle market. We become well-versed with in-depth perspectives of the companies, through uncommonly thorough research. In the end, we get better information in a more timely manner, and thus are better equipped.     With over 600 of the largest mutual fund managers, professional investors, and pension and endowment funds as clients, we have developed a national reputation for middle market expertise. We are actively involved in the trading of securities listed on all principal domestic stock exchanges including the NYSE, AMEX and NASDAQ.     We commit our capital to be a significant market maker in over-the-counter securities for the companies we follow. In addition, we market a number of non-traditional securities including private debt, equity, and convertible securities for both public and private companies.     Our roots are regional. Our realm is global.

Institutional Sales and Marketing

Cheryl L. Gehl - 414.291.4543 Managing Director Cheryl Gehl joined Cleary Gull in l991 from Blunt, Ellis & Loewi where she held the position of Vice President - Institutional Sales for four years. Prior to that she held the same position for five years with the Milwaukee Company. Ms. Gehl is a graduate of the University of Wisconsin-Madison. John F. Syburg, CFA - 414.291.4550 Managing Director John Syburg joined Cleary Gull in l990 and is focused on marketing the firm's equity research product to institutional accounts in Boston and the Midwest. Mr. Syburg is a member of Cleary Gull's Management Committee. Prior to joining Cleary Gull, Mr. Syburg spent eight years with Blunt Ellis & Loewi where he also marketed an institutional equity product. Mr. Syburg's background also includes several years as Manager of Loewi's Options Department and five years as an Analyst/Portfolio Manager with The Marine Trust Company, Milwaukee. Mr. Syburg is a graduate of the University of Wisconsin. Paul M. DeJute, CFA - 414.291.4553 Principal Paul DeJute joined Cleary Gull in 1988 after five years as a portfolio manager and analyst with the National Bank of Detroit's Opportunity Fund, which invests in small to medium capitalization stocks. Prior to that, he was employed as an investment analyst with The Ohio Company. Mr. DeJute earned a BS degree in Finance from Bowling Green State University and an MBA from the University of Toledo. Matt D. Geurink - 414.291.4548 Principal Matt Geurink joined Cleary Gull in 1994 from Marketing Information Systems Inc. where he held the position of National Account Executive. Prior to that he worked as an Account Marketing Representative for IBM Corporation. Mr. Geurink holds a BS degree from the University of Wisconsin-Madison and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University. David L. Armstrong - 414.291.4544 Vice President David Annstrong joined Cleary Gull in 1996 after being employed as a Vice President for M&I Corporation for over l0 years. Mr. Armstrong earned his BS in Finance from Beloit College and the University of Wisconsin-Milwaukee. He received his MBA from the University of Wisconsin-Milwaukee's Executive Management MBA Program.

Owen L. Hill, Jr. - 414.291.4540 Vice President Owen Hill joined Cleary Gull in 1990 from Blunt, Ellis & Loewi where he was Senior Vice President and manager of the convertible arbitrage departrnent. His 31 years in the securities business includes experience as a securities analyst, over-the-counter trader, institutional salesman and arbitrageur. Mr. Hill graduated from Texas A&M and attended Marquette University Graduate School of Business Administration. Bradley J. Simenz-414.291.4549 Vice President Bradley Simenz joined Cleary Gull in 1997 after three years as a Vice President with Landaas & Company, a Milwaukee-based securities firm. Prior to that, he was with Kemper Securities, previously Blunt, Ellis & Loewi. Mr. Simenz holds a BS in Economics from the University of Wisconsin-Madison. Amy E. Weasler- 414.2914542 Vice President Amy Weasler joined Cleary Gull from GS2 Securities, Inc., where she held a position of Vice President Institutional Sales. Previously, she spent three years with EDS Corporation as a Systems Engineer. Amy holds a BS in Business Administration from Marquette University. Robert A. Wirthlin - 414.291.4552 Vice President Rob Wirthlin joined Cleary Gull in 1996 from CB Commercial Real Estate Group Inc., where he held the position of Senior Associate. Prior to that he worked as a National Account Executive with the EDS Corporation. Mr. Wirthlin holds a BS in Business Administration from Miami University.