CORTLAND ASSOCIATES - Key Persons

Job Titles:

• Private Investor
• New York Advisory Board Member

Mr. Charpentier is a private investor. Until he retired in 2006 he was President of Merritt Research Corp., an investment advisory firm he founded in 1987. Prior to 1987 he was an equity research analyst at Lehman Brothers and Goldman Sachs for 14 years. Mr. Charpentier is a CFA and has an MBA from Columbia University.

Job Titles:

• Managing Director of New Day Capital
• New York Advisory Board Member

Mr. Kenny is Managing Director of New Day Capital, LLC, a private investment and consulting firm he established in 2010. From 1991 to 2009, Mr. Kenny served in a number of senior executive roles for Iron Mountain Incorporated (NYSE - "IRM"), a provider of information protection and storage services. He was Executive Vice President and Chief Financial Officer of IRM from 1997 to 2007 and also served as a director from 2000 to 2007. During his tenure, IRM grew from a domestic private company with $30MM in revenue to an S&P; 500 listed global enterprise with revenues exceeding $3B. Prior to IRM, Mr. Kenny was a Vice President of the merchant banking arm of CS First Boston. Mr. Kenny currently serves on the Boards and Audit Committees of two pre-public companies, Zipcar and FM Global. He holds a BSME from The Massachusetts Institute of Technology and an MBA from Harvard Business School.

Job Titles:

• CHIEF OPERATING OFFICER

Mr. Podlesny began his career in 1983 as a quantitative equity and fixed income analyst for Merrill Lynch Pierce Fenner & Smith. In 1986, he became a principal of Performance Analytics, a leading provider of investment consulting and performance evaluation services to domestic retirement plans. Mr. Podlesny joined Cortland Associates as the director of marketing and portfolio manager in 1992. In addition to his portfolio management responsibilities at Cortland Associates, Mr. Podlesny is a former Adjunct Professor of Finance at Washington University in St. Louis, Missouri, and active in a number of charitable organizations. Mr. Podlesny received his B.S. from Elmhurst College in Elmhurst, IL and his M.B.A. from DePaul University in Chicago, IL.

Job Titles:

• CHIEF INVESTMENT OFFICER
• PRESIDENT

Mr. Carey began his career in 1980 as the investment advisor to the Dalsemer Company, a privately held investment group based in New York. There he was active in investments in the areas of equities, bonds, private placements and venture capital. In 1981, he joined Bernstein-Macaulay, Inc., a subsidiary of American Express, to manage institutional funds. In addition to his responsibilities as a securities analyst, he led several client projects pertaining to merger and acquisition activities. From 1982 to 1985, Mr. Carey was a manager at Garrison, Keogh & Company, Inc., a New York investment firm. From 1986 until cofounding Cortland Associates in 1989, he served as vice-president of Eidelman, Ullman and Finger, a St. Louis based investment counselor. Since 2005, Mr. Carey has also been President and Chief Investment Officer of Xiling Group, LLC a consortium of alternative investment funds focused on the highest level of imperial porcelains, archaic bronzes, and a few of the most prominent contemporary Chinese ink painters. Mr. Carey attended the University of Chicago and received his B.A. from Columbia College, Columbia University, where he served as a member of the National Leadership Conference. He has also served on the Board of Trustees of La MaMa Theatre (New York), Jazz St. Louis, The Music Hall Center (Detroit), The Saint Louis Symphony Orchestra, and The National Museum of Asian Art of The Smithsonian Institution. William M. Carey, President & Chief Investment Officer and Thomas Podlesny, Chief Operating Officer, have been business partners for more than two decades. They alone have been responsible for Cortland's investment record and remain the management core to this day.