In today's rush toward increasingly complex analytics, our focus is still on providing creative, idea-driven investment advice.     Admittedly, we employ state-of-the-art analysis as a sales tool. In point-of-fact, we have invested heavily in superior analytical software found only on Wall Street, at great expense. Our middle-market clients should expect no less. But that is just the beginning.     The Fixed Income group operates in teams. As a case in point, with banks and thrifts we do not just work the debt instruments We pool our knowledge to work the whole balance sheet. Clients increasingly rely on our financial institutions savvy in a dynamic, consolidating marketplace.     Overall, we provide research, investment analytics, investment banking and execution services to financial institutions and investment managers. Origination, structuring and trading of mortgage backed securities and whole loans is a particular strength.     The combination of our understanding of relative value with the ability to execute creates real value for our clients.

Fixed Income Charles W. Kearns - 414.291.3840 Managing Director Chuck Kearns joined Cleary Gull in 1994 from Smith Barney Shearson where he was a Senior Vice President - Institutional Sales. In addition to nine years of institutional sales experience, Mr. Kearns' background also includes prior associations with E.F. Hutton, Marine Bank, N.A. and First Wisconsin Bank. Mr. Kearns is a graduate of the University of Wisconsin-Madison where he earned his BS in Economics. Peter Staaf - 414.291.3850 Managing Director Pete Staaf joined Cleary Gull in 1994 from Smith Barney Shearson New York where he was a Vice President - Senior Trader and Manager of the Whole Loan and Whole Loan CMO desk. Prior to that, he was the President of Pulte Financial Companies, Inc., a major issuer of whole loan and agency backed structured mortgage securities. Mr. Staaf has structured, issued and sold in excess of $7 billion of mortgage securities. He has experience as an investment banker dealing with banks, thrifts mortgage banks and mortgage related finance. A graduate of the University of Wisconsin-Oshkosh, Mr. Staaf has a BS in Economics and History and an MBA in Finance. Ronald A. White, C.F.A. - 414.291.3844 Managing Director Ron White joined Cleary Gull in 1994 from Robert W. Baird & Co. where he was a Vice President - Institutional Sales since 1992. Prior to that, Mr. White spent seven years with Smith Barney where he was a First Vice President - Institutional Sales Manager of the Short Terrn Products Group. Mr. White is a graduate from the University of Wisconsin-Madison and received his MBA from Fordham University in New York. Roberto J. Vinent - 414.291.3859 Principal Bob Vinent joined Cleary Gull in 1996. Prior to that, he was head of the Financial Institutions Group and Senior Strategic Planner at Firstar Bank in Milwaukee. Mr. Vinent also has extensive experience in bank strategic planning, mergers and acquisitions and commercial financing. He is a graduate of Marquette University with bachelor and master degrees in Economics. He also was a lecturer for l0 years at the Marquette University Graduate School of Business. John G. Cornwell, CFA - 414.291.4527 Vice President lohn Cornwell joined Cleary Gull in l995 from Robert W. Baird & Co. where he had worked in corporate finance doing research and analysis, solely devoted to the commercial banking and thrift industry. Prior to joining Baird, Mr. Cornwell managed his own financial institutions consulting firm. Previously, he had been an analyst for Kemper Securities and its predecessor, Blunt Ellis & Loewi, where he spent thirteen years working with financial institutions. Additionally, he spent seventeen years in investment research at various Chicago institutional investment firms. Mr. Cornwell received a BBA from the University of Wisconsin-Madison, an MBA from Northwestern University and is a Charted Financial Analyst. Michael P. Cox - 414.291.3874 Vice President Michael Cox joined Cleary Gull in 1996 from Robert W. Baird where he was a Fixed Income Institutional Salesman since 1993. Prior to that, Mr. Cox was a Commercial Lender for the M&I Marshall & llsley Bank. He received his BBA from the University of Wisconsin-Milwaukee. R. David Ells - 414.291.3846 Vice President David Ells joined Cleary Gull after spending the previous three years as an Assistant Vice President of Mortgage Product Sales at Smith Barney, Inc. in Chicago. Prior to working at Smith Barney, Mr. Ells was the Director of Consulting Services for a small computer firm. He received his BA in Economics from Trinity College. D. Rick Hayes - 414.2913855 Vice President Rick Hayes joined Cleary Gull after four years as principal of an investment advisory firm that specialized in the management of derivative securities. Prior to that he served as a Senior Vice President Institutional Fixed Income at Dean Witter Reynolds and Prudential Bache Securities. Mr. Hayes is a cum laude graduate of Michigan State University. Thomas V. Catus - 414.291.3845 Associate Tom Catus joined Cleary Gull in 1994 from Aegon USA Investment Management where he was a securities analyst. Mr. Catus' primary responsibility is trading and analysis as well as assisting in many of the operational aspects of the Fixed Income Group. Mr. Catus is a graduate from lowa State University and holds an MBA from the University of Iowa. Christine Ramthun - 414.291.3842 Associate Chris Ramthun joined Cleary Gull in 1994 from Smith Barney Shearson. She is responsible for many of the operational aspects of the Fixed Income group including analysis and trading. Ms. Ramthun is a graduate of Alvemo College where she received a BA in Business and Management. Tommy L. Radtke - 414.2913852 Analyst Tom Radtke joined Cleary Gull after receiving a masters degree in business/finance from Keller Graduate School of Management. Prior employment, Mr. Radtke was at The Drexel Company for six years. He received a BA in Business from Concordia University.

Institutional Trading T. Ferguson (Fergie) Locke - 414.291.4514 Managing Director Fergie Locke joined Cleary Gull in 1987 from Adams Harkness & Hill, Inc. in Boston, where he had been a Vice President and a NASDAQ stock trading specialist. Mr. Locke is responsible for Cleary Gull's NASDAQ market making activities. His prior experiences include Manager - Trading Department at Bacon Whipple & Co. and a Member and Market Maker on the Chicago Board Options Exchange. Mr. Locke is a graduate of Northwestern University Robert H. Neugebauer - 414.2913873 Managing Director Robert Neugebauer joined Cleary Gull in l 996. He has 32 years experience in the brokerage business. Starting in 1965, he worked on the New York and American stock exchanges, served as a Vice President and Principal at Auerbach Pollack & Richardson, E.F. Hutton & Co. and Furrnan Selz. Mr. Neugebauer was a founding partner and Managing Director of Gerard Klauer & Mattison Inc. and Cornerstone Asset Management. His last three years were spent at GS2 Securities as Vice President of Institutional Trading. Mr. Neugebauer attended Jersey City State College and served in the U.S. Navy during the Vietnam War. Norman C. Gerlach - 414.291.4513 Principal Norrn Gerlach joined Cleary Gull in 1993 from Merrill Lynch & Co., New York, where he was a Vice President and Senior NASDAQ position trader for thirteen years. His career in the securities business also includes positions as an institutional sales trader and Chicago Board Options Exchange floor broker. Mr. Gerlach attended Bradley University in Peoria, Illinois and Loyola University in Chicago. Mark S. Neenan - 414.291.4511 Principal Mark Neenan joined Cleary Gull in 1990 from Pershing & Co., where he covered institutions and institutional caliber customers. A native New Yorker, Mr. Neenan is an alumnus of several New York brokerage firrns, and brings to Cleary Gull a considerable degree of trading experience. Judith A. Neugebauer - 414.2913872 Principal Judy Neugebauer joined Cleary Gull in 1996. She has over 20 years of trading experience in the brokerage business. Mrs. Neugebauer worked as Vice President in institutional trading at various institutional firms. Most recently she served as Vice President of Institutional Trading at GS2 Securities. Prior to that she was Vice President and Assistant Trading Manager for Able Noser & Co. in New York. Robert W. Butendorf - 414.291.4519 Vice President Bob Butendorf joined Cleary Gull in 1995 from the Chicago Corporation where he had been a Vice President and Institutional Sales Trader. Mr. Butendorf was a sales trader with Kidder Peabody and started his career in 1982 with JF Obrien & Co. as a floor broker on the Midwest Stock Exchange. Mr. Butendorf attended Northern Illinois University. Christine M.B. Wilhelm - 414.291.4518 Vice President Christine Wilhelm joined Cleary Gull in 1996 from C.L. King and Associates where she held the position of Vice President, Institutional Equity Sales Trading. Mrs. Wilhelm's prior experience includes Director of Options Trading at First Albany Corporation where she started her career as an Associate. Mrs. Wilhelm graduated with a BS in marketing and management from Siena College. Jeffrey P. England - 414.291.4512 Associate JeffEngland joined Cleary Gull in 1996 from Swiss Bank Corp. formerly O'Connor where he had been a buy side trader in listed OTC equities for the past seven years. Mr. England's prior experience includes trading options on the CBOE and floor manager of Rally Securities. Todd R Kreitzman - 414.291.3878 Associate Todd Kreitzrnan joined Cleary Gull in 1996 from Fidelity Brokerage. Previously he had worked at A.G. Edwards & Sons as an Investment Broker and Strong Funds as a Mutual Fund Accountant. Mr. Kreitzman received his BS degrees in accounting and finance from the University of Wisconsin-Milwaukee. Sean George - 414.291.4515 Associate Sean George joined Cleary Gull in 1996 from Merrill Lynch where he held the position of Syndicate Liaison and Trading Associate. Mr. George's prior experience includes institutional futures trader on the Chicago Mercantile Exchange with Credit Agricole Futures. Prior to entering the securities industry, Mr. George held the rank of Captain in the United States Marine Corps where he served various tours of duty in the Persian Gulf, Far East and Western Pacific. Mr. George graduated with a BA in Sociology from Marquette University and is attending Marquette's Graduate School of Business.