1

Investment

Research

Challenge

2009

CFAVirginiaInvestmentResearchChallenge

February26,2009

4:30pm

SunTrustAuditorium

919E.MainStreet

Richmond,Virginia

Featuringourfourfinaliststudentteamsfrom

TheCollegeofWilliamMary

Hampden-Sydney

UniversityofRichmond

and

UniversityofVirginia

Eachteamwillgivea10minutepresentationonNorfolkSouthern,followedbya10minutequestionandanswerperiod.

ManythankstoNorfolkSouthern forservingasoursubjectcompanyforthiscompetition. NorfolkSouthernCorporationisaNorfolk,Virginia-basedcompanythatcontrolsamajorfreightrailroad,NorfolkSouthernRailwayCompany. Therailwayoperatesapproximately21,000routemilesin22easternstatesandtheDistrictofColumbia,servesallmajoreasternports,andconnectswithrailpartnersintheWestandCanada,linkingcustomerstomarketsaroundtheworld. NorfolkSouthernprovidescomprehensivelogisticsservicesandoffersthemostextensiveintermodalnetworkintheEast.

Weespeciallythank

  • JamesSquires,ExecutiveVicePresidentandChiefFinancialOfficer,and
  • LeanneMarilley,DirectorofInvestorMediaRelations

whogavetheNorfolkSouthernpresentationtoourstudentteamsonOctober28.

WealsothanktheUniversityofRichmond,whichhostedtheOctober28thcompanypresentation.

WhatistheCFAVirginiaInvestmentResearchChallenge?

TheCFAVirginiaInvestmentResearchChallengeisastockresearchandanalysiscompetitionmodeledafteraprogrambegunbytheNewYorkSocietyofSecuritiesAnalysts(NYSSA)sixyearsago. AtthattimethecompetitionwasfocusedsolelyonNewYorkuniversities. IthasnowbecomeaninternationalcompetitionsponsoredbyCFAInstitute(

Thecompetitionisopentoundergraduateandgraduatestudents. ThisisthesecondyearthatCFAVirginiahassponsoredalocalcompetition. WewelcomeadditionalVirginiaschoolstothiscompetitioninthefuture. Formoreinformationaboutcompetinginnextyear’schallenge,.

Eachschoolhasateamof3-5studentsforthecompetition. Eachteamhasafacultyadvisor,aswellasamentorwhoisamemberofCFAVirginia. Theteamshaveeachanalyzedthesamecompanyandwrittenan8-10pageinitiationreport,whichhasbeengradedbyourteamofgraders. Thewrittenscorecountsfor50%ofthetotalevaluation.Thefourfinalistschoolsarepresentingintoday’scompetition.

Thisafternooneachteamwillgivea10minuteoralpresentation,followedby10minutesofquestionsandanswersbythepresentationjudges. Thepresentationwillcountfor50%ofthetotalevaluation.

Thewinnerofthecompetitionwillbeannouncedtodayfollowingthefinalpresentation. MembersofthewinningteamwillreceiveascholarshiptocoverthecostofoneleveloftheCharteredFinancialAnalyst(CFA)exam. ThewinningteamwillalsoadvancetotheNorthAmericanregionalcompetition,tobeheldMarch18-20thinNewYork.

Thetopfourteamsfromalltheregionalcompetitionswilladvancetotheinternationalglobalfinale,tobeheldApril2inLondon,England.

TheCFADesignation: CFAstandsforCharteredFinancialAnalyst. ThisdesignationisawardedbyCFAInstitutetocandidateswhohavepassedallthreelevelsoftheCFAexamandwhohavecompletedfouryearsofinvestment-relatedbusinessexperience.

CFAInstitute:CFAInstituteistheglobal,not-for-profitassociationofinvestmentprofessionalsthatawardstheCFAandCIPMdesignations.Itsmissionistoleadtheinvestmentprofessiongloballybysettingthehigheststandardsofethics,education,andprofessionalexcellence. CFAInstitutehasmorethan90,000votingmembersand135societiesworldwide.

CFAVirginia: Foundedin1951,CFAVirginiaisanassociationofinvestmentprofessionalsfromaroundtheCommonwealthofVirginia,includingportfoliomanagers,securityanalysts,investmentadvisors,andotherfinancialprofessionals. WeareamembersocietyofCFAInstitute.

ScheduleandParticipants

Topinvestmentstudentsfromaroundtheworldarejoininginthistieredcompetition,hostedbyCFAInstitutemembersocietiesatthreedifferentlevels:

Local:Thirty-fiveCFAInstitutemembersocietieshostlocalcompetitionswithmorethan890studentsfromover200universitiesworldwide.

Regional:LocalwinnersadvancetoregionalcompetitionsinAsia,theAmericas,orEMEA.

Global:Fourteamswillcompeteinthisyear'sglobalfinaleheldon2April2009inLondon,U.K.

Societieshostingchallenges:

  • Americas: Atlanta,AtlanticCanada,Brazil,Idaho,Louisville,Memphis,Montreal/Quebec,Boston,Maine,NorthCarolina,NYSSA,Cleveland,Toledo,Philadelphia,Dallas/FortWorth,Houston,Louisiana,Virginia,WesternCanada:Calgary,Edmonton,Saskatchewan,Vancouver,Victoria;Madison,andMilwaukee.
  • Asia/Pacific: Shanghai,Beijing,HongKong,India,Indonesia,Japan,Korea,NewZealand,Pakistan,Philippines,Singapore,SriLanka,Taiwan.
  • EMEA: France,Ireland,Italy,Netherlands,Spain,Turkey,U.K.

Ourparticipatingcollegesanduniversities:

TheMasonSchoolofBusinessisanAACSB-accreditedschoolofbusiness.Studentsareimmersedinrealbusinesssituationsthroughouttheundergraduateandgraduatebusinesseducationprograms.ExecutivePartners,theschool’spioneeringmodeloffaculty-executivepartnershipinandoutoftheclassroom,CareerAccelerationModules,andLeadershipAdvantagecombinetoformahighlypersonalized,experience-basededucationthatisunmatchedbymostbusinessschoolstoday.TheschoolwasnamedforWilliamandMaryalumnus,RaymondA.“Chip”MasoninNovember2005.Itwillmoveintoitsnewstate-of-artbuilding,AlanB.MillerHall,inFall2009.MillerHallwasnamedforWilliamandMaryalumnus,AlanB.MillerinMarch2007.

TheCollegeofWilliamandMary,locatedinWilliamsburg,VA,isoneofthenation'spremierstate-assistedliberalartsuniversitiesandbelievesthatexcellenceinteachingisthekeytounlockingintellectualandpersonalpossibilitiesforstudents.Dedicatedtothisphilosophyandcommittedtolimitedenrollment,theCollegeprovideshigh-qualityundergraduate,graduateandprofessionaleducationthatpreparesstudentstomakesignificantcontributionstotheCommonwealthofVirginiaandthenation.Asthesecond-oldestinstitutionofhigherlearningintheUnitedStatesandeducationalhometomanyearlyAmericanleaders,TheCollegeisreveredasthe“almamaterofanation.”FormoreinformationonTheMasonSchoolofBusiness,goto

Students:

PatrickBiscegliawillgraduatefromtheCollegeofWilliamandMaryinMay2009withaBachelor’sdegreeinFinance.In2007,heprovidedmergerandacquisitionadvisoryservicesatMann,ArmisteadEpperson,aboutiqueinvestmentbankbasedinRichmond,Virginia.Morerecently,PatrickworkedundermediaanalystPaulGreeneandinsupportofPrestonAthey’sSmall-CapValueFundatT.RowePriceAssociates.

TomKinslowisaseniorcompletingadoublemajorinfinanceandgovernmentattheCollegeofWilliamandMary.Thispastsummer,hehadaninternshipinNewYorkCitywithDeutscheBankintheRealEstate,Gaming,LodgingandLeisureInvestmentBankinggroup. AftergraduationhewillbereturningtoDeutscheBankforatwo-yearanalystprogram. InadditiontotheCFAchallenge,TomistheVicePresidentforModelUnitedNationsintheInternationalRelationsClub,anOrientationAideforincomingfreshmen,andamemberofaSocialFraternity. Hisotherhobbiesincludegolf,reading,andtheNewYorkYankeesandGiants.

MalikaMukhamedkhanovaisaseniordoublemajoringinFinanceandEconomicsatTheCollegeofWilliamandMary.SheisoriginallyfromTashkent,Uzbekistan.BeforetransferringtoWilliamandMary,MalikaattendedDelawareTechnicalandCommunityCollegeinDover,Delaware.Overwinterbreak,shevolunteeredataDover-basedloanfund. Duringthesummerof2008,shespenttwomonthsasaninterninExecutiveCompensationatTowersPerrininDCandonemonthasaninterninganalystataprivateequityfirminLondon.MalikahasoccupiedexecutivepositionsinstudentorganizationssuchasStudentsinFreeEnterprise,AlphaKappaPsiProfessionalBusinessFraternity,HowardJ.BusbeeFinanceAcademy,andMasonInvestmentFund.Aftergraduation,Malikahopestoworkinternationallyinthefinancialservicesindustry.

RebeccaPiersonisaseniorfromPrinceton,NJmajoringinfinancewithaconcentrationinaccountingandaninternationalemphasis.InadditiontoworkingasacertifiedpersonaltrainerfortheCollege,Rebeccaworksasaresearchassistantforamemberofthefinancefaculty.Anavidcyclist,shecompetesfortheCollege'scyclingteamandalsocompetesinrunningandmulti-sportraces.Shehopestocontinuehereducationnextyear,likelyinamaster'sdegreeprograminfinance.

DollyWilliamsfromRichmond,Va,isasenioratTheCollegeofWilliamandMary. Sheisadoublemajorinfinanceandeconomicsandamemberofthewomen'slacrosseteam.SheisalsoamemberofDeltaDeltaDeltasororityandservesastheirVPAofMembership.ThissummersheinternedatGuggenheimPartners,aninvestmentmanagementfirminNewYorkintheircreditdivision.

FacultyAdvisors:

ProfessorGjergjiCiciisinhisthirdyearattheMasonSchoolofBusinessoftheCollegeofWilliamandMary.HeearnedbothhisB.S.inBusinessAdministrationandhisPh.D.inFinanceattheUniversityofMinnesota.Afterreceivinghisdoctorate,ProfessorCicibecameAssociateDirectorofResearchforWhartonResearchDataServices(WRDS)attheWhartonSchoolofBusiness,wherehedesignedanumberofmajorresearchinitiativesonmutualfunds. ProfessorCici'sresearchhasbeenpublishedinReviewofFinancialStudiesandhasbeenfeaturedintheFinancialTimes,NewYorkTimes,WallStreetJournal,Barrons,Bloomberg,PensionsInvestments,FinancialAdvisor,AbsoluteReturnMagazine,andInvestopedia.

JamesR.HaltineristheChancellorProfessorofBusinessattheCollegeofWilliamandMary,wherehehastaughtcorporatefinanceandinvestmentsforthirtyyears.PreviouslyhetaughtattheMcIntireSchool(oneyear)andattheDardenGraduateSchooloftheUniversityofVirginia(twoyears).HeearnedaBAinmathematics,MBAandDBAfromtheUniversityofVirginia.Hisresearchinterestsareinfinancialvaluationandportfoliomanagementissues,andhehasconsultedwithorservedasanexpertwitnessforanumberofpublicandprivateorganizationsaboutpension/endowmentfundpoliciesandperformance,financialvaluation,investors'opportunitycostofcapital,andinmattersofutilityrateregulation. From1987-1993hewasamemberoftheCommonwealthofVirginia'spensionInvestmentAdvisoryCommittee,andfrom1973-1993,anexamgraderfortheCFAInstitute.

HAMPDEN-SYDNEYiscommittedtothebeliefthataliberalartseducationprovidesthebestfoundationnotonlyforaprofessionalcareer,butalsoforthemoralandintellectualchallengesoflife.Herestudentslearnthatthepursuitoftruthisalifelongendeavor,requiringclarityandobjectivityofthought,asensitivemoralconscience,considerationforothers,andadedicationtoresponsiblecitizenship.Ourstudent-enforcedhonorcodecontinuestoupholdanatmosphereoftrustandmutualrespect.Since1776,theCollegehasproducedleadersineveryfieldofendeavor:law,medicine,science,education,business,andtheministry.Amongouralumniaremanyjudges,over100staterepresentatives,32Congressmen,13Senators(2inthelast40years),12governors,andoneU.S.President.Givingstudentsachoiceinhighereducation,Hampden-Sydneyhasasuccessfultraditionofministeringtothespecialneeds,learninghabits,emotions,andmotivationsofyoungmenontheirwaytoresponsiblemanhood. Hampden-Sydneyisthe17tholdestcollegeintheUnitedStatesandoneofthreeremainingfour-yearmen’sliberal-artscolleges.

Students:

FitzRobertsonisaseniorfromQueens,NewYorkmajoringinEconomicsandCommerce.HeiscurrentlyourStudentBodyPresidentandaCaptainonHampden-SydneyCollegevarsitybasketballteam. Hewastherecipientofthe2007-2008President’sAwardforexcellenceincharacter,leadershipandscholarship.FitzhasbeenaHeadResidentAdvisor,HonorCourtAdvisor,andaStudentSenator.Inaddition,heispartofOmicronDeltaKappaNationalLeadershipFraternity,Pre-BusinessSociety,NCAAStudentAdvisoryCommittee,StudentAffairsCommittee,andisanalumnusoftheSocietyof1791.FitzhasinternedwithCiti(CitigroupInc.)intheSponsorsGroupofintheirInvestmentBankingdivision,aswellaswithMoody’sInvestorsServicesfortwosummersprior.FollowinggraduationhewillbeinNewYorkworkingforPNCintheirInvestmentBankingdivision.

BenGalisisanAthens,GAnativeandasenioratHampden-SydneyCollege. HeismajoringinMathematicalEconomicsandwillgraduateinspring’09. HeplanstoattendUniversityofVirginia’sMcIntireSchoolofCommercenextfall. BenhasstudiedattheLondonSchoolofEconomicsandPoliticalScienceandtraveledtoChina,Switzerland,Austria,Italyandmore. HehasalsoservedastheTreasurer,RushChairman,andPhilanthropyChairforSigmaAlphaEpsilon.

BradfordCookisasenordoublemajorinMathematicalEconomics,andComputerSciencefromCulpeper,VA.WhileatHampden-SydneyCollege,Bradfordhasbeenamemberofthevarsitysoccerteam,amemberoftheHonorCourt,andamemberoftheKappaAlphaOrder.HehasalsoservedastheGeneralManagerforthe“TigerFund.”Bradford’sworkexperienceincludesaninternshipwiththeDefenseIntelligenceAgency.Aftergraduation,BradfordwilleitherbeworkingforBoozAllenHamiltonorparticipatinginaone-yearfinancegraduateprogram.

ShivSharmaiscurrentlyaseniorEconomicsandCommercemajorfromAugusta,Georgia.WhileatHampden-Sydney,hewasamemberofthevarsitytennisteam,memberofprofessionalfraternityAlphaChiSigma,andamemberofthePre-BusinessSociety.HehasalsoservedasaWritingCentertutor,andamanagerofthestudentinvestmentfund"Tigerfund."Additionally,hespenthisjunioryearstudyingattheLondonSchoolofEconomicsandhasinternedwithR1International–rubbertradingsubsidiaryofCargillAsia-PacificandRelianceCapital’sEquityResearchdivision.

CraigWinkelsisaseniorEconomicsandCommercemajor.WhileatHampden-SydneyCollegehehasbeenabrotherandtreasurerofPhiGammaDeltaFraternity,amemberoftheStudentFinanceCommittee,CollegeRepublicans,SeniorClassCampaign,amanagerofthestudentruninvestmentfund,andamemberoftheleadershipSocietyof1791.CraighasalsobeenaninternforBankofAmerica’sGlobalCorporateandInvestmentBankingdivisioninChicago,ILfortwosummers.HespentthispastsummerinRichmond,VAasaninternforJohnsonandGilliss,aprivatewealthmanagementfirm.

FacultyAdvisor:

Dr.GregoryM.Dempster,CFA,isElliottAssociateProfessorandChairoftheDepartmentofEconomicsatHampden-SydneyCollege,whereheteachescoursesineconomics,finance,andaccounting. HereceivedanM.B.A.fromLouisianaStateUniversity(1993)andhisPhDfromAuburnUniversity(1998). HeisalsoPresident-electoftheVirginiaAssociationofEconomists,andhasregularlyservedonitsBoardofDirectorssince2002.

JAMESMADISONUNIVERSITYisaVirginiapublicuniversity,withover16,600undergraduateand1,200graduatestudents,andover106programs. TheUniversityislocatedinHarrisonburg,intheShenandoahValley.

TheCollegeofBusinessatJamesMadisonUniversityoffersundergraduatedegreeprogramsinaccounting,computerinformationsystems,economics,finance,hospitalityandtourismmanagement,internationalbusiness,management,marketing,andquantitativefinance.TheCollegealsooffersmastersdegreeprogramsinbusinessadministrationandaccounting.TheprogramsintheCollegeofBusinessarefullyaccreditedbyAACSBInternational(theAssociationtoAdvanceCollegiateSchoolsofBusiness).JMU’sCollegeofBusinessisrankedbyaleadingbusinessmagazineinthetop5percentofundergraduatebusinessschoolsinthenation.Weembraceentrepreneurshipandinnovation,andemphasizecollaborationandteamdecision-making.

TheDepartmentofFinanceandBusinessLawofferstwomajors,theBBAFinancemajorandtheBSQuantitativeFinancemajor.ThestudentsinthesemajorsareactiveintheFinancialManagementAssociationandintheMadisonInvestmentFund,astudent-managedinvestmentfund. OurDepartment’swebsiteis

Students:

JosephBoveisfromFlorhamPark,NewJersey. HeisgraduatinginMay,2009,withamajorinFinanceandaminorinHistory. JoeisamemberofAlphaTauOmegaFraternity,amemberoftheMadisonInvestmentFund,andamemberoftheJamesMadisonUniversityHonorsProgram.Joehasheldinternshipsinthesummerof2007andthesummerof2008withCitigroupinWealthManagementandInvestmentAdvisoryServices,respectively. JoehopestobeemployedintheNewYorkCitymetroareaupongraduation.

StevenHuisajuniorfromLeesburg,Virginia.HeismajoringinQuantitativeFinance,EconomicsandMathematics.StevenistheTreasureroftheInterFraternityCouncilandamemberofthePiKappaAlphaFraternity.StevenisalsoamemberoftheMadisonInvestmentFund.

JustinQuagliaisasophomorefromMountainside,NewJersey.JustinisaFinanceandEconomicsdouble-major,withaconcentrationinFinancialEconomics.JustinhasbeenamemberofJamesMadisonUniversity’sMadisonInvestmentFundsincehisfreshmanyear.

Facultyadvisors:

ProfessorPamelaPetersonDrake,PhD.,CFA,istheJ.GrayFergusonProfessorofFinanceandDepartmentHead,DepartmentofFinanceandBusinessLawintheCollegeofBusinessatJamesMadisonUniversity.ShereceivedherB.S.inAccountancyfromMiamiUniversityin1975,herPhD.infinancefromtheUniversityofNorthCarolinaatChapelHillin1981,andherCharteredFinancialAnalystdesignationin1992. ProfessorDrakepreviouslytaughtatFloridaStateUniversity(1981-2004),andwasanAssociateDeanatFloridaAtlanticUniversity(2004-2007). Shehaspublishednumerousarticlesinacademicjournals,aswellasauthoredandco-authoredseveralbooks.HerrecentbooksincludeTheCompleteCFO:FromAccountingtoAccountability,withFrankFabozziandRalphPolimeni,andFinance:FinancialMarkets,BusinessFinance,andAssetManagement,withFrankFabozzi.ProfessorDrake’sexpertiseisinfinancialanalysisandvaluation.

ProfessorStanmoreBrooksMarshall,PhD,CFA,isaProfessorofFinanceatJamesMadisonUniversity. ProfessorMarshallcompletedhisBAinEconomicsatFurmanUniversityin1971,hisMBAattheUniversityofOregonin1975,andhisDBAattheUniversityofVirginiain1986. HehasbeenwithJamesMadisonUniversitysince1985.ProfessorMarshallhaspublishednumerousarticlesandcases.HehasbeenaCharteredFinancialAnalystcharterholdersince1987.ProfessorMarshall’sexpertiseisinpensions,financialanalysis,andvaluation.

TheUniversityofRichmondblendstheintimacyofasmallcollegewithexceptionalacademic,researchandculturalopportunitiesusuallyfoundonlyatlargeinstitutions.Anationallyrankedliberalartsuniversity,Richmondoffersauniquecombinationofundergraduateandgraduateprogramsthroughitsschoolsofartsandsciences,business,leadershipstudies,lawandcontinuingstudies.

TheCFAInstituteselectedtheRobinsSchoolasoneoftheoriginalthreeschoolsintheU.S.tobeaCFAInstituteProgramPartnerfortrainingCharteredFinancialAnalysts.

Students:

AlainaR.MelicharisfromManhasset,NewYork. SheisgraduatinginMayinBusinessAdministrationwithaconcentrationinfinance. NextyearshewillbeworkinginNewYorkCityforMorganStanleyinForeignExchangeSales.

BryanA.PendletonisfromNewOrleans,Louisiana. HeisgraduatinginMayinBusinessAdministrationwithconcentrationsinfinanceandaccounting. NextyearhewillbeworkinginRichmond,VAforKeefeBruyetteandWoodsasanInvestmentBankingAnalyst.

MichaelJohnRubbelkeisfromNashville,Tennessee. HeisgraduatinginMayinBusinessAdministrationwithaconcentrationinfinance. Nextyearhewouldliketoworkinequityresearch.

JohnBonnerisfromEastIslip,NewYork. HeisgraduatinginMayinBusinessAdministrationwithconcentrationsinfinanceandaccounting. Nextyearhewouldliketoworkinassetmanagement.

FacultyAdvisor:

Dr.DavidS.NorthisAssociateProfessorofFinanceinRobinsSchoolofBusinessattheUniversityofRichmond. PriortojoiningtheUniversityofRichmond,hewasaninstructorasaPh.D.studentatMichiganStateUniversitywhereheearnedhisdegreeinfinancein2000. HereceivedhisB.Ainfinancialadministrationin1989fromMichiganStateUniversity. HereceivedhisM.B.Ainfinancein1990fromtheUniversityofNotreDame. HisprofessionalexperienceincludesfiveyearsofcorporatefinancerotationswithinFordMotorCompany.

Formorethaneightdecades,theMcIntireSchoolofCommercehasbeenhometooneofthenation’sfinestundergraduatebusinessprograms(BusinessWeekhasrankedMcIntireasthesecondbestundergraduatebusinessschoolinthecountryforthelastthreeyears),and,throughtheyears,wehaveaddedoutstandinggraduateprogramsinaccounting,commerce,andthemanagementofinformationtechnology.TheSchoolisunwaveringinitscommitmenttoproducinggraduateswhobecomeworld-classbusinessleadersandoutstandingcitizens.TheSchoolisaninstitutioncharacterizedbyarelentlesspursuitofexcellence,ambitiousgoalsandplans,atraditionofinnovation,adedicationtointegrity,andastrongsenseofcommunity.

Aswestrivetomaintainapositionofpreeminenceamongourpeerinstitutions,allofouractivitiessharefouressentialcharacteristics:
•Excellenceinthestudyandteachingofthekeybusinessdisciplinesandskills
•Anintegratedapproachtoresearchandteachingthatfocusesonimportantbusinessandorganizationalissues,drawingonrelevantknowledgefrombusinessandnon-businessdisciplines
•Astrongglobalorientation
•Aninstitutionalcommitmenttothepersonaldevelopmentofourstudents,faculty,staff,andalumni.

Students:

PaulChenisathirdyearstudentmajoringineconomicsandmathematicsattheUniversityofVirginia.HeisthevicepresidentoftheMcIntireInvestmentInstitute.Insummer2008,PaulworkedasasummerassociateattheInvestmentFundforFoundations(TIFF).Hisdreamjobistobecomeamissionary.

PeterCobosgrewupinManhasset,NewYork.HeisafourthyearstudentattheUniversityofVirginia'sMcIntireSchoolofCommerce,concentratinginfinance.HeisamemberoftheMcIntireInvestmentInstitute,astudent-runequityfundatUVA.Heisalsoajazzpianist,performingwithandcomposingformultiplemusicensemblesinNewYorkandVirginia.UpongraduationinMay,PeterwillbeworkingforTheBlackstoneGroupinNewYork.

PuneetMaheshwariwasborninNewJerseyandcurrentlylivesinNorthernVirginia.HegraduatedfromLangleyHighSchoolinMcLean,VirginiawithhonorsandiscurrentlypursuingaCommercedegreeattheUniversityofVirginia'sMcIntireSchoolofCommerce,concentratinginFinance.LastsummerheworkedforLehmanBrothersRealEstatePrivateEquityinNewYorkandnextyearwillbeworkingasanM&AanalystatEvercorePartners.Inhisfreetimeheenjoysreadingandisanavidgolfer.

DavidVictor-SmithisfromRidgefield,Connecticut.HeattendedhighschoolatChoateRosemaryHall,andwillbegraduatingfromtheUniversityofVirginiawithadegreeinCommerceconcentratinginfinance,andanadditionalmajorineconomicsandminorinbiology.DavidwaspreviouslyPresidentoftheMcIntireInvestmentInstitute,astudent-runlong/shortequityfund.Nextyear,hewillbeworkingasananalystintheFinancialInstitutionsGroupatBankofAmericaMerrillLynch.Heenjoysfilm,alpinesports,andbuildinghismusiccollection.

AdamWangnergrewupinNorthCaldwell,NewJersey.Hegraduatedfrom
NewarkAcademyofLivingston,NewJerseyin2006.AdamisathirdyearEconomicsandGovernment(PoliticalTheoryconcentration)doublemajorandwillgraduateinMay2010.HeiscurrentlyaShortFundManagerintheMcIntireInvestmentInstitute.Inhisfreetime,Adamenjoysicehockey,playingguitar,andlisteningtomusic.

FacultyAdvisor:

RichardF.DeMongistheVirginiaBankersProfessorofBankManagementattheMcIntireSchoolofCommerce,UniversityofVirginia. Dr.DeMongreceivedabachelor'sdegreeinPoliticalSciencefromCaliforniaStateUniversityatLongBeach,anMBAfromtheCollegeofWilliamandMary,andaPh.D.inFinanceandManagementSciencefromtheUniversityofColorado. HereceivedhisCharteredFinancialAnalystawardin1981. HejoinedtheUniversityofVirginiafacultyin1977asanassistantprofessor. Dr.DeMongwastheFinancialCoordinatoroftheDalkonShieldClaimantsTrust,FinancialAdvisortotheSpecialRatesMasterTrustandhewasadirectoroftheUniversalBondFund. HewasanadvisoroftheEnhancedMunicipalBondFund. HeisaregisteredinvestmentadvisorrepresentativeinVirginia. Heistheauthorofnumerousarticlesonmanagerialfinance,investments,smallbusiness,subprimelendingandbankinginleadingfinanceandbankingjournals.

JudgesforToday’sPresentations

PaulCarder,CFA

EvergreenInvestment

Mr.CarderisaDirectorandPortfolioManagerwithEvergreenInvestment’sSmallCapGrowthteam.EvergreenInvestmentsisasubsidiaryofWellsFargoCorporation.HejoinedEvergreenin2004.PriortojoiningEvergreen,CarderworkedasanequityresearchanalystforWachoviaSecurities(2000-2004),auditorandfinancialanalystforExxonMobil(1997-2000),andasanofficerintheUnitedStatesNavy(1990-1994).HereceivedaBSfromVirginiaTech(1990)andaMBAinfinancefromTexasA&M(1996).CarderhasbeenawardedtheCharteredFinancialAnalyst(CFA)designationbytheCFAInstitute.

JohnG.Davenport,CFA

PriorityCapitalManagement

Mr.DavenportistheManagingPrincipalofPriorityCapitalManagement,LLC.HereceivedhisBSfromUniversityofRichmondin1985andhisMBAfromUniversityofVirginiaDardenSchoolin1990.HiscareerincludespositionsasanequityanalystwithWheatFirstSecurities,1985-1988;equityanalystwithLoweBrockenbrough,1989-1992;andChiefInvestmentOfficerwithMentorInvestmentGroup,1993-2001.HefoundedPriorityCapitalManagementin2001.

EricHarper,CFA

TattersallAdvisoryGroup

Mr.HarperistheDirectorofClosed-EndFundsforTattersallAdvisoryGroup.Hisresponsibilitiesincludemanagingtheteamresponsiblefordevelopingthefirm’soverallinvestmentstrategyasitpertainstoclosed-endfunds.Healsodirectsportfoliomanagement,research,tradingandinvestmentriskmanagementwithinthespecialtyofclosed-endfunds,andisamemberoftheInvestmentReviewCommittee.Additionally,Harper’spreviousresponsibilitiesincludedmanagingthefirm’screditderivativeportfolioasSeniorPortfolioManager.PriortojoiningTattersallin2000,heservedasaFixedIncomeResearchAnalystforThompson,SiegelWalmsley,Inc.(1995-2000).Harperhasbeenworkingintheinvestmentmanagementfieldsince1995.HereceivedaBSinFinancefromtheUniversityofVirginia(1995).HarperhasbeenawardedtheuseoftheCharteredFinancialAnalyst(CFA)designationbytheCFAInstitute,andheisamemberofCFAVirginiaandtheCFAInstitute.

JeraldE.Pinto,CFA

CFAInstitute

Mr.PintoisDirector,CurriculumProjects,intheEducationDivisionatCFAInstitute.BeforecomingtoCFAInstitutein2002,heconsultedtocorporations,foundations,andpartnershipsininvestmentplanning,portfolioanalysis,valuation,andquantitativeanalysis.HealsoworkedintheinvestmentandbankingindustriesinNewYorkCityfromthelate1970sonandtaughtfinanceatNYU’sSternSchoolofBusiness.Heisaco-authorofAnalysisofEquityInvestments:Valuation(CFAInstitute2002),re-issuedbyWileyin2007asEquityAssetValuationandQuantitativeMethodsforInvestmentAnalysis(CFAInstitute2001,2004),re-issuedbyWileyin2007asQuantitativeInvestmentAnalysis.Hewasaco-editorofandcontributorofchapterstothethirdeditionofManagingInvestmentPortfolio:ADynamicProcess(CFAInstitute2007).HeholdsanMBAfromBaruchCollege,aPh.D.infinancefromtheSternSchool,andisamemberofCFAVirginia.

FrankH.Reichel,IIICFA

Thompson,SiegelWalmsleyLLC(TS&W)

Mr.ReicheljoinedTS&WinAugustof2000tocreatetheSmallCapValueproduct,andisproductmanagerforthe$2billionTS&WSmallCapValuestrategy.Priortojoiningthefirm,ReichelwasaManagingPartnerwithStrattonManagementCompanyinPennsylvaniawherehecreatedandactivelymanagedtheStrattonSmallCapValueFundfor7years.HegraduatedfromDartmouthCollegeinHanover,NewHampshirewithanA.B.inEconomicsandreceivedhisMBAfromTheWhartonSchoolattheUniversityofPennsylvania.ACharteredFinancialAnalystandmemberofCFAVirginia,hehasbeenprofiledinseveralpublicationssuchasForbesMagazine,Barron’sMagazineandTheWashingtonPostforhisaccreditedsmallcapinvestingstyle.HehasalsoappearedasaguestonCNBC,CNNandBloombergtelevision.

CommitteeChairmen

InvestmentResearchChallengeChairman:

FrancesJ.Aylor,CFA

Director,IronOakAdvisorsLLC

Ms.Aylorisanequitiesresearchanalyst,currentlyfocusingonthefinancialservicesandenergyindustries. Previously,sheheldseveralpositionsatSunTrustBank,includingInternationalTradeFinanceofficerandcorporatecreditanalyst. ShehasaBAinEnglishfromTheCollegeofWilliamandMaryandanMBAfromVirginiaCommonwealthUniversity. SheisaformerpresidentofCFAVirginia.

UniversityLiaison:

E.GrayGlassIII,CFA,AAMS

Asst.V.P.AndersonStrudwick,Inc

Mr.GlasshasfortyyearsofexperienceintheFinancialServicesIndustry,firstasaninvestmentanalystandforthelast15yearsasaFinancialAdvisor.HehasbeenwithAndersonStrudwicksince2003.

JudgesChairman:

FrankH.Reichel,CFA

SeedescriptionunderJudges,above.

MentorsChairman:

SteveWoodall,CFA,isaninvestmentofficerintheCreditStrategiesareaatVirginiaRetirementSystem,a$40+billionpublicpensionfundheadquarteredinRichmond,Virginia.Mr.WoodallearnedaBSinFinancefromtheUniversityofAlabamaandaMBAfromtheUniversityofGeorgia. HeisontheboardofCFAVirginia.

GradersChairman:

JoelM.Ray,CFA

DirectorofResearchatDavenportCo.,LLC

Mr.RayhasbeenatDavenportsince2004. Hehasbeenahealthcareanalystsince1981,withworkexperienceatbothregionalandNewYorkbulgebracketfirms.HecametoRichmondin1995tojoinWheatFirstSecuritiesthatevolvedintoWachoviaSecuritiesovertheensuingdecade.

Hewasrankedasthe#1HealthCareanalystinstockpickingbyTheWallStreetJournalinBestontheStreetin2001. RayhasaBAinBiologyfromColgateUniversity,anMBAfromCornellUniversity,andreceivedhisCFAdesignationin1984.

GiftsChairman:

BoyceReid,CFA(RetiredfromSeixInvestmentAdvisors)

Priortohisretirement,Mr.ReidwasavicepresidentwithSeixInvestmentAdvisorsLLC,aninstitutionalfixedincomemanagerwith$20billioninassetsundermanagement.

Mentors

TheCollegeofWilliamMary:

PeterH.Gore,CFA,CFP,MBA,isthePrincipalandInvestmentAdvisoroftheinvestmentfirm,GoreGolub,LLC,withfocusedattentiononhighnetworthclientsandtheirfamilies.Hehasbeeninthefinancialservicesindustryforover14years. PriortothishewasSeniorDirectorofInternationalOperationsforHardee’sFoodservice,Inc.fornineyears.HehasheldseveralboardlevelpositionswithbothVentureCapitalFundsandphilanthropicorganizations.HeobtainedhisMBAfromtheUniversityofNotreDamein1987,andhisBAinFinancefromStetsonUniversityin1985.

Hampden-SydneyCollege:

R.WardenGoodCFA,CIMA

SeniorVicePresident,StanfordGroupCompany

PortfolioManager,PortfolioManagementProgram,UBSFinancialServices

Mr.Goodhasworkedfor26yearsinfinancialservices,firstwithScottandStringfellowandthenwithUBS,andcurrentlywithStanfordGroup.HeiscurrentlyTreasureroftheMemorialChildGuidanceClinicEndowment,andChairoftheProgramsCommitteeforCFAVirginia.HeisanalumnusofHampden-SydneyCollegefromtheclassof'81.

JamesMadisonUniversity:

BrettWilkinson,CFA,isaSeniorManagerwithPrimaticsFinancialinTysonsCorner,Virginia.Brettispartofthemanagementteamleadingthefixed-incomeaccountingandriskmanagementconsultingpractice.PrimaticsFinancialsupportsclientsintheretailbanking,investmentbanking,secondarymortgagemarket,andservicingindustries.Priortojoininghiscurrentfirm,BrettworkedforFreddieMacintheInvestmentsandCapitalMarketsDivision.HereceivedaBSfromJamesMadisonUniversityin1993andcompletedhisMBAinfinancefromVirginiaTechin2002.

UniversityofRichmond:

ChristopherDion,CFA,istheAssociateDirectorofInvestments-PublicMarketsatSpiderManagementCompany,withresponsibilitiesforSpider’sdomesticandinternationallong-onlyandlong-shortequity-relatedmanagers. PriortojoiningSpiderManagementCompany,from2002-2007,hewasVicePresidentofPortfolioManagementandInvestmentResearchatAtlanticCapitalManagement,aU.S.long-onlygrowthmanagerprimarilyinvestedinsmall-capitalizationcompanies. PriortoAtlantic,from1999-2002,ChriswasaninvestmentbankinganalystatWheatFirstButcherSinger/FirstUnion/WachoviaSecurities,whereheworkedprincipallyinthewirelesstelecommunicationssector,participatinginmorethan$1.5billionofcapitalraisingtransactionsofpublicandprivateequity,seniorandsubordinateddebt,mergersandacquisitionsandventurecapital. ChrisgraduatedmagnacumlaudefromtheUniversityofRichmondwithamajorinAccountingandaconcentrationinFinance. ChrisisaCharteredFinancialAnalystandamemberofCFAVirginia.

UniversityofVirginia:

PeterW.Tuz,CFA,isavicepresidentatChaseInvestmentCounsel
Corp.,a$5billioninvestmentfirmbasedinCharlottesville,VA.HeisontheboardofCFAVirginia.PriortojoiningChasein1997,Mr.TuzworkedasananalystspecializinginthefinancialservicessectorforMorgan,KeeganCo.,aMemphis-basedinvestmentbankingfirm.From1986-1991,Mr.TuzworkedforHoward,Weil,LaBouisse,Friedrichs,Inc.,aNewOrleans-basedregionalbrokeragefirm.Mr.TuzhasaB.A.fromRiponCollegeinRipon,WI,aM.A.fromtheUniversityofMissouriandanM.B.A.fromTulaneUniversity.

Graders

L.JamesBorges,CFA

VicePresidentofResearch,GuilfordCompany

Mr.BorgesjoinedGuilfordCompanyin2004toleadtheresearcheffortonthefirm'sequityportfolio.Hisresponsibilitiesalsoincludeinvestmentpolicydevelopmentandalternativeinvestmentstrategiesresearch.Hehasbeenanequityanalystsince1998andpreviouslyworkedasaninstitutionalfixedincomeoptionbrokerinNewYorkbeginningin1991.HecametoRichmondin1998tojointheequityresearchdepartmentatWheatFirstUnionwhichsubsequentlybecameWachoviaSecurities.

BorgeswasrankedBestontheStreetbyTheWallStreetJournalin2001forstockpickingintheFoodandTobaccoindustrygroup.HehasaBAinEconomicsfromtheUniversityofRichmondandreceivedhisCFAdesignationin1998.

CharlesJ.Finley,CFA

InstitutionalFixedIncomeCorporateAnalyst,BB&TCapitalMarkets

Mr.Finleyisafixedincomecorporateanalystwithprimarycoverageofindustrialandmanufacturingcompanies.PriortojoiningBB&Tin2005,heworkedasasell-sidefixedincomeanalystforFirstAlbanyCompanyandpriortothatasasmallcapequityanalystatAndersonStrudwick.HereceivedhisB.S.inEngineeringfromUniversityofDelaware(1993)andaMBAinFinancefromWakeForestUniversity(1998).

MichaelK.Hagan,CFASVP–InstitutionalEquitySales

BB&TCapitalMarkets

Mr.HaganhasbeenwithBB&TCMsince2002,originallycoveringtheIndustrialEquipmentsectorbeforemovingovertothesalesdeskcoveringNY/CT/NJinstitutionalmoneymanagers. Priortojoiningthefirm,heworkedasanassociateanalystatCIBCWorldMarketsandbeforethatasaresearchassistantatSalomonSmithBarney. HaganisagraduateofJamesMadisonUniversity,wherehereceivedaBBAwithaconcentrationinfinance.

JeremyHellman,CFA

SingularResearch

JeremyHellmaniscontributingresearcherforSingularResearchandaCharteredFinancialAnalyst. AtSingularhecoverscompanies,rangingfromaLatinAmericanbanktomedicaltranscriptionandfoodservice.InadditiontocontributingforSingular,Hellmanalsomanagesasmallhedgefundwhichhefoundedinthesummerof2008.HehasservedBranch,CabellandCompany,MonarchFinancialCorporationandThompson,DavisCompany. HellmangraduatedfromUniversityofRichmond'sE.ClaiborneRobinsSchoolofBusinessin1992. HewasawardedtheCharteredFinancialAnalystdesignationin2001.

CherylL.Page,CFA,CFP

CaprinAssetManagementLLC

CherylL.PageisaManagingDirectorservingasDirectorofInterestRateStrategies,withseniorresponsibilitiesinPortfolioManagementandClientService.PriortojoiningCaprin,Ms.PagewasVicePresidentandInstitutionalFixedIncomeManagerforTruscoCapitalManagementwhereshecreatedandmanaged3municipalbondfundsandasignificantnumberoftaxablebondaccounts.Previously,sheworkedforKeyTrustinAlbany,NewYorkandFirstAmericanBankinWashington,D.C. Ms.PagegraduatedCumLaudefromStateUniversityofNewYorkatAlbanyin1987withaB.S.inBusinessAdministrationandconcentrationinFinance.SheearnedherCharteredFinancialAnalystdesignationin1992andCertifiedFinancialPlannerdesignationin2000.Ms.PageisamemberofCFAVirginia,theCFAInstitute,aBoardGovernorandVicePresidentoftheBondClubofVirginia,andPresident-ElectfortheFinancialPlanningAssociationofCentralVirginiaBoardofDirectors.

JuliePeterman,CFA

VicePresident,Director,MunicipalFixedIncomeResearch,BB&TCapitalMarkets

Ms.PetermanisheadofFixedIncomeResearch,whichincludesprovidingassistanceintheareasoffeasibilitystudies,lettersofcredit,bondratings,andbuy-sidecreditinteraction.Sheproducesresearchreportsforsecondarymarketcreditsandfocusesprimarilyoncontinuingcareretirementcommunitiesandacute-carehospitals.

Herpriorexperienceincludessevenyearsasasell-sideequityhealthcareresearchanalystatWheatFirstButcherSingerandFirstUnionCapitalMarkets(bothnowWachoviaSecurities).Currently,Ms.PetermanisamemberoftheCreditResearchCommitteeforTheBondMarketAssociation(TBMA),theVirginiaHealthcareFinancialManagementAssociation,andCFAVirginia. ShegraduatedwithaB.S.fromtheUniversityofNorthCarolinaatChapelHillandreceivedaMasterofHealthAdministrationfromtheVirginiaCommonwealthUniversity.

ThomasNeuhaus,CFA,CMT

InvestmentManagementofVirginia,LLC

ThomasNeuhausisaCharteredFinancialAnalystandaPortfolioManageratInvestmentManagementofVirginia.Mr.NeuhausisagraduateoftheMcIntireSchoolattheUniversityofVirginia.HewasawardedtheCharteredFinancialAnalystdesignationin1999andCharteredMarketTechniciandesignationin2003.Mr.NeuhausservedforthreeyearsintheInvestmentBankingdivisionofScottStringfellowandanotherthreeyearsasanequityanalystcoveringtheInformationTechnologySectorforBB&TCapitalMarkets.

DruRasmussen,CFA,CPA

ExecutiveVicePresidentandChiefFinancialOfficer

TheHanoverResearchCouncilLLC

Mr.RasmussenjoinedTheHanoverResearchCouncil,asubscriptionbasedinformationservicesfirm,in2007.PreviouslyheservedasanInvestmentOfficerattheVirginiaRetirementSystemwherehecoveredpublicequitiesandhedgefunds.HestartedhiscareerwithDeloitteToucheaftergraduatingfromWashingtonandLeeUniversitywithaB.S.inBusinessAdministrationandAccounting.

FarleyC.Shiner,CFA

ScottStringfellow

Mr.ShinerisamemberofCHOICEAssetManagementatScottStringfellowwith$2.0billionundermanagement. ThegrouprunsfourportfoliosforSMAswithover4,000clientaccounts,plussub-advisestwomutualfunds. Shinerisprimarilyfocusedonequityresearchforportfolios,marketing,compliance,managementandadministration. HehasbeenwithScottStringfellowfor10years,servingasaresearchanalystcoveringtelecommunicationsandinformationtechnologybeforejoiningtheCHOICEteam.

Mr.ShinergraduatedfromtheCollegeofWilliamandMaryin1978withadegreeinaccounting,passedtheCPAexamination,andjoinedthefirmofMcGladreyPullen,asuper-regionalpublicaccountingfirmwhereheprovidedauditingservices,informationsystemsandmanagementconsulting,andtaxpreparationforavarietyofclients. Afternineyears,hemovedtoCFWCommunications,whereheultimatelybecameCFOforthispubliclytradedcompany,responsibleforaccountingandfinancialreporting,shareholderrelations,informationtechnologyandhumanresources.

LynSwallen,CFA

MsSwallenwasanEquityResearchAnalystforover20years.SheearnedherB.A.inBusinessAdministrationfromLynchburgCollege(1980)andanMBAfromtheUniversityofVirginia(1984). ShegradedCFAexamsforeightyears.

H.B.(Tom)Thomson

Thompson,SiegelWalmsleyLLC

Mr.ThomsonjoinedTS&WinJanuary2001andwasnamedDirectorofResearchinSeptemberofthatyear. Healsocoversconsumerdiscretionaryandstaplescompanies,isaco-managerofthefirm’sGlobalEquityportfolio,andisamemberofTS&W’sManagementCommitteeandBoardofDirectors. Priortojoiningthefirm,hewasaManagingDirectorandSeniorResearchAnalystcoveringconsumerservicescompaniesforapredecessortowhatisnowWachoviaSecurities. Hehasover30yearsofexperienceencompassingcreditresearch,investmentbanking,sell-sideandbuy-sideequityresearch,andportfoliomanagement. HegraduatedfromDartmouthCollegewithanA.B.inLiteratureandalsoreceivedhisM.B.A.fromTheAmosTuckSchoolatDartmouth. Mr.ThomsonisactivelyinvolvedincommunityservicesinRichmond,currentlyservingasChairmanoftheBoardofTheVirginiaMentoringPartnershipandasViceChairmanofTheHealingPlace.

JustinKoehler,CFA

Protiviti

Mr.KoehleriscurrentlyaSeniorConsultantforProtiviti,providingvaluationservicesforlitigationsupportandothervaluationmatters. HewaspreviouslyaresearchanalystforahedgefundinNewYorkcalledEagleRockCapital.

DavidM.West,CFA

SeniorVicePresident-DirectorofResearch

DavenportCompanyLLC

Mr.WesthasanundergraduatedegreeinbusinessadministrationfromTheUniversityofNorthCarolinaatChapelHillandanMBAfromTheCollegeofWilliamandMary. HestartedinthebankingindustrybothasabankexaminerwithTheComptrolleroftheCurrencyandworkingintheinvestmentareaofCrestarFinancialCorporation. HeworkedatWheat,FirstSecuritiesforsixyearsintheResearchDepartmentbeforejoiningDavenportCompanyinlate1990. HisresearchactivitiesatDavenportcenteronbankingandawiderangeofotherfinancialstocks. HeisonDavenport’sInvestmentPolicyCommitteeandmanagesasmallfundsfocusedoncommunitybanksinthemid-Atlanticregion. HeisonDavenportCompany’sBoardofDirectors. HebecameaCharteredFinancialAnalyst(CFA)in1986.