Organization Chart: Investment Management & Research

Investment Management& Research

J. Diermeier: CIO

InvestmentPlanning & Coordinatio

n

P. Morant

FixedIncome

J. Penicook

Equities

T. Madsen

Asset Allocation/Ri

sk Managemen

t

B. Singer

Quantitative

J. Diermeier

RealEstate

J. O’Keefe

Private Equity1

B. French

1 Adams Street Partners LLC, a minority-owned subadvisor to UBS Global Asset Management (Americas) Inc.

Managing Director, Head of Asset Allocation & Risk Management

Biography: Brian D. Singer, CFA

Mr. Singer, as Head of Asset Allocation and Risk Management, is responsible for asset allocation and currency strategies, and developing integrated risk analysis and management capabilities for firm-wide application. He and his team set strategies for the firm’s multi-asset and multi-currency portfolios.

Mr. Singer joined the firm in 1990 and has focused on asset allocation, currency management and risk management. He has contributed articles to investment publications on risk management, global asset management and performance attribution. His articles have received numerous awards and much recognition, including a Graham and Dodd Scroll.

Mr. Singer is a member of the UBS Global Asset Management Executive Committee. In addition, he is a member of the UBS Group Managing Board. He is former Chairman of the AIMR CFA Candidate Curriculum Committee and is currently a member of the AIMR Research Foundation Board. He is also on the Editorial Board of the Financial Analysts Journal and on the Advisory Board of the Journal of Performance Measurement.

Education: Northwestern University BAUniversity of Chicago MBA

Years of Investment Experience: 21

Biography: John C. Leonard, CFAManaging Director, North American Core Equities

Mr. Leonard is Head of North American Core Equities and is responsible for the development of sector and stock selection strategies within this market. His primary responsibilities are the construction of US core and value equity portfolios and the oversight of the firm’s Chicago-based strategy team.

Prior to joining the firm, Mr. Leonard worked as an investment analyst at a real estate management company and as a financial advisor with two investment management firms.

Mr. Leonard is a member of the firm’s Equity Committee, North American Equity subcommittee, Asia ex-Japan subcommittee and Investment Performance Reporting Steering Committee.

Education: Dartmouth College ABUniversity of Chicago MBA

Years of Investment Experience: 18

Education: Miami University BAYears of Investment Experience: 12

Biography: Thomas D. Clarkson, CFA

As Co-Head, Investment Grade Bonds, Mr. Clarkson is responsible for managing discretionary, actively-managed accounts in the Long-Term US Bond Unit. The Long-Term Bond Unit invests primarily in longer-dated US Treasuries, agencies, corporates, mortgages, futures and options.

Mr. Clarkson has primary responsibility for the overall management of mortgage-backed securities and structured investments, including valuation processes, portfolio construction and trading.

Mr. Clarkson is a member of the US Fixed Income Strategy Group and the Real Estate Committee.

Executive Director, Co-Head of Investment Grade Bonds, US Fixed Income