Undiscovered, undervalued companies present immense opportunities. To those, of course, who recognize them. We admit to a bias toward our research. The truth be told, several.     We commence a bottoms-up approach to stock evaluation and selection. Solid fundamentals are the key: strong and aggressive management teams, unique products and market niches, growth opportunities, high returns on investment and strong balance sheets.     Ultimately, purchase recommendations are reserved for companies which demonstrate the ability to implement a vision toward future growth.     Our research product is biased toward growth, yet outright value situations are often pursued. We are valuation sensitive, operating under the principle of buying growth at reasonable prices.     We have particular expertise in two segments. Our Midwestern origin supports a strong geographic focus. The other is industry specific.     In each case, spending the time with a company, knowing its principals, and understanding the customers, competitors and suppliers generates uncommon value for our clients.

Institutional Research

Richard C. Eastman, CFA - 414.291.4539 Managing Director Rick Eastman's coverage focuses on three areas including filtration and separation companies, environmental service and equipment companies and special situations. Mr. Eastman joined Cleary Gull in 1993 after two years with William Blair & Company in Chicago. Prior to that he spent four years with Blunt, Ellis & Loewi. Mr. Eastman holds an MBA from the University of Wisconsin-Whitewater as well as a BS degree in Finance from the University of Wisconsin-Milwaukee Martin A. McDevitt, Jr. - 414.291.4533 Managing Director A co-founder of Cleary Gull, Marty McDevitt's research specialties include business services, food processing and wholesaling. He has over 25 years of institutional research experience in Milwaukee through his prior associations with Robert W. Baird & Co., Legg, Mason, Wood and Walker, and Blunt, Ellis & Simmons. Marty is a graduate of the University of Iowa and attended the Northwestern University Graduate School of Business. Timothy P. Reiland, CFA - 414.291.4530 Managing Director A co-founder of Cleary Gull, Tim Reiland specializes in analyzing growth stocks and special situations across a number of industries. He started Cleary Gull's Big Ten Growth Report in 1994 which is a list of closely followed Midwestern growth companies. Mr. Reiland co-founded Cleary Gull in 1987 after seven years at Robert W. Baird & Co., where he was a First Vice President. Mr. Reiland holds undergraduate and graduate degrees in Accounting and Finance from the University of Wisconsin-Madison, where he also completed the well regarded Applied Securities Analysis Program. Robert C. Damron - 414.291.4522 Principal Rob Damron joined Cleary Gull in 1996 and heads the Distribution and Logistics Segment. His primary coverage is electronics, cellular and technology distribution. Prior to joining Cleary Gull, Mr. Damron spent over four years with McDonald & Co. in Cleveland as a senior sell-side analyst and two years in institutional sales for Minnesota Mutual. He received his undergraduate degree in Finance from Miami University (Ohio) and his MBA from Cleveland State University. Jeffrey L. Holmes, CFA - 414.291.4532 Principal Jeff Holmes is a member of Cleary Gull's applied technology research team, specializing in the dental health, diagnostics and medical devices industries. He joined Cleary Gull in 1996 from Principal Financial Securities, Inc. Mr. Holmes has over eleven years of investment research experience in the health care industry through his prior associations with Kemper Securities, Hamilton Investments, Blunt, Ellis & Loewi and The Milwaukee Company. He holds a graduate degree in Finance from the University of Wisconsin-Milwaukee and an undergraduate degree in Pharmacy from the University of Wisconsin-Madison. Mark W. Johnson, CFA - 414.291.4535 Principal Mark Johnson joined Cleary Gull in 1997 as a Principal and a Co-Manager of the Big Ten Growth group. Mr. Johnson has seven years of research experience analyzing growth stocks and special situations across a number of industries. Prior to joining Cleary Gull, Mark was a Vice President and Senior Investment Analyst for Mesirow Financial. Mr. Johnson holds an MBA from the University of Chicago with a specialization in finance and a BA degree from Southern Illinois University.

Mark S. Marcon - 414.291.4536 Vice President Mark Marcon's analysis is focused on the staffing industry. He joined Cleary Gull in 1994 after five years at Leo Burnett where he was an Account Supervisor specializing in strategic planning and analysis. Mr. Marcon holds an undergraduate degree in Economics from the University of Virginia and an MBA in Finance and Marketing from the University of Michigan. Kenneth S. Salmon - 414.291.4557 Vice President Ken Salmon joined Cleary Gull in 1996 and leads the distribution company research effort. Prior to this, Mr. Salmon was at C.L. King & Associates, Inc. for nine years, the last four of which were dedicated to distribution company research. Mr. Salmon holds a BA in Economics from SUNY Potsdam in New York. Walter F. Geiger- 414.291.4531 Associate Analyst Walt Geiger joined Cleary Gull in 1997 and provides support in the healthcare and temporary stafflng industries. Prior to joining the company, he spent over a year as a research analyst with Robert W. Baird & Co. focusing on special situations stocks. He has a BA in Business Administration from Marquette University and a MS in Finance, Investment & Banking from the University of Wisconsin. Michael D. Groblewski- 414.291.4554 Associate Analyst Mike Groblewski provides research support in the filtration and separation, diagnostic, and environmental industries. He joined Cleary Gull in 1996 after three years as an analyst with a private business valuation firm. Mr. Groblewski holds a BBA in Finance from the University of Wisconsin and an MBA in Finance and International Business from Syracuse University. Glenn W. Primack- 414.291.4555 Associate Analyst Glenn Primack joined Cleary Gull in l996 as a member of the wholesale distribution research team. Mr. Primack spent the past nine years working for two of the largest distributors of voice, CATV, data and electrical products. Mr. Primack holds an undergraduate degree in Business Economics from Colorado College and a MBA in Finance and Accounting from the University of Chicago. David Schulta- 414.291.4516 Editor David Schulta joined Cleary Gull in 1996. As the editor for the research department, Mr. Schulta provides editorial oversight to all research publications for Cleary Gull. Mr. Schulta previously worked as an administrator in the human selvices field and holds an undergraduate degree in psychology and a Master's degree in Social Work from the University of Wisconsin.