Cortland Associates Advisory Board Biographies

William M. Carey, President & Chief Investment Officer

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 co-founding Cortland Associates in 1989, he served as vice- president of Eidelman, Ullman and Finger, a St. Louis based investment counselor.

Mr. Carey attended the University of Chicago and received his B.A. from Columbia College, Columbia University, where he serves on the National Alumni Council. Mr. Carey also serves on the Board of Trustees of The Music Hall Center (Detroit), La MaMa Theatre (New York), Shen Wei Dance Arts (New York), Jazz St. Louis, The Saint Louis Symphony Orchestra and The Freer-Sackler Museum of the Smithsonian Institution.

Thomas R. Podlesny, 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.

Robert K. Crutsinger, Executive Vice President

Mr. Crutsinger has had a distinguished forty-year career as a business executive. Prior to joining Cortland Associates, Mr. Crutsinger was President & Vice Chairman of Wetterau, Inc. of St. Louis, Missouri.

Mr. Crutsinger began his career in 1957 with NCR where he became a manager of major corporate accounts. In 1965, Mr. Crutsinger joined Wetterau, Inc., a large national food wholesaler. He rapidly advanced from Executive Vice President to President & Vice Chairman prior to Wetterau being acquired in 1992. Mr. Crutsinger serves on a number of corporate and not-for-profit boards.

Mr. Crutsinger received his B.S. from Quincy College in Quincy, Illinois.

Arthur Charpentier, 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.

William A. Gilbert, St. Louis Advisory Board Member

Mr. Gilbert worked in the New Enterprise Division of Monsanto for one year before starting Clean City Squares, Inc. in his garage in 1970. The company’s name was changed to Landscape Brands, Inc. in 2005 and will soon change to ANOVA Furnishings. Mr. Gilbert, while not active in the day to day business of the company, retains ownership and is Chairman of the Board of ANOVA. He is also Chairman of Upbeat, Inc. a direct mail company he started in 1982. He is a Trustee of the W.A. Gilbert Family Foundation whose primary mission is to improve inner city education and fund various scholarships.

Mr. Gilbert received a B.S. from Boston College and an MBA from Columbia University.

Robert R. Grusky, New York Advisory Board Member

Mr. Grusky founded Hope Capital Management, LLC, an investment management firm for which he serves as Managing Member, in 2000. He co-founded New Mountain Capital, LLC, a private equity firm, in 2000 and served as Principal, Member and Managing Director until 2005, and has been a Senior Advisor since then. From 1998 to 2000, Mr. Grusky had been the President of RSL Investments, the primary investment vehicle of Hon. Ronald S. Lauder, and a Senior Advisor to Mr. Lauder since April 1997. Prior to joining Mr. Lauder, Mr. Grusky was a senior professional in the Principal Investment Area of Goldman Sachs from 1993 to 1997 and a member of the Mergers & Acquisitions Department of Goldman Sachs from 1985 to 1993.

Mr. Grusky took a leave of absence from Goldman Sachs during 1990 to 1991 after being selected as a White House Fellow and served as Assistant for Special Projects to then Secretary of Defense Dick Cheney. Mr. Grusky was awarded the Joint Meritorious Unit Award for service during Desert Shield/Desert Storm. Mr. Grusky received his B.A., cum laude and with departmental honors in history, from Union College in 1979 and received his M.B.A., with distinction, from Harvard Business School in 1985. Mr. Grusky is a director of AutoNation, Inc., AutoZone, Inc. and Strayer Education, Inc.

James C. Janning, St. Louis Advisory Board Member

Mr. Janning is currently Group President at Harbour Group Ltd., a St. Louis based private equity firm, where he has been employed since 1987. Previously, he held various positions at Emerson Electric Co. including Division President, Vice President of Manufacturing, and Group Vice President. Mr. Janning is also the Chairman of Federal Signal Corporation, a Director of Menasha Corporation, and an Advisor to The Republic of Tea.

Mr. Janning holds a B.S. degree from the University of Missouri-Columbia and an MBA from the University of Missouri-St Louis. His volunteer activities include being a director of the Door County Land Trust.

John Kenny, 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.

Carrol A. Muccia, Jr., New York Advisory Board Member

Mr. Muccia retired from First Manhattan Co., a New York investment advisory firm where he was a Senior Managing Director and Portfolio Manager for over 35 years. He managed both individual and institutional accounts. His two sons, Timothy and David, assumed responsibility for his client base. Mr. Muccia has four married children, and lives with his wife in Greenwich, Connecticut.

Mr. Muccia received a B.S. in Economics from College of The Holy Cross and an MBA from Wharton School, University of Pennsylvania.

Heschel J. Raskas, St. Louis Advisory Board Member

Dr. Raskas was the President and CEO of Raskas Foods, Inc., the leading manufacturer of store-brand cream cheese products, before it was acquired by Schreiber Foods, Inc. in 2002. Prior to assuming his position at Raskas Foods in 1980, Dr. Raskas was a Professor of Pathology and Microbiology and the Director of the Center for Basic Cancer Research at Washington University School of Medicine. His research focused on viruses that cause tumors.

Dr. Raskas holds a B.S. in Life Sciences from Massachusetts Institute of Technology and a Ph.D. in Biochemistry and Molecular Biology from Harvard University. He currently serves on the advisory boards of Solon Gershman, Inc., Gershman Investment Corp. and The Republic of Tea, and is the Immediate Past President of the Jewish Federation of St. Louis. Since 2007 Dr. Raskas has served on the Board of Innovate St. Louis, an organization focused on strengthening entrepreneurial activity in St. Louis. In that capacity he serves as Chair of the Innovate Venture Mentoring Service, a voluntary mentoring program for entrepreneurial initiatives.

Steven C. Roberts, JD, LLM, St. Louis Advisory Board Member

Steven C. Roberts is recognized as one of countries’ most dynamic African American entrepreneurs. Educated in the St. Louis public school system, he worked his way through college at Clark University; graduating with honors and law school at Washington University. Steven Roberts has worked to bring jobs and economic opportunity to the African-American community from which he came. Locating his headquarters in the heart of this community, his endeavors over the last twenty-nine years have created thousands of jobs and entrepreneurial opportunities, raised the level of economic activity and enhanced the quality of life for the African-American community.

Mr. Roberts utilized the dual JD, LLM specializing in Urban Law & Development as a St. Louis Alderman from 1979 to 1993, where he developed legislation for the City's major redevelopment projects--St. Louis Union Station, St. Louis Centre, Cervantes Convention Center Expansion, and the new Sports Stadium. Mr. Roberts' broad range of professional knowledge and experience encompasses the application of innovative financing strategies for large public projects, public-private sector development negotiation strategies, and successful management techniques for urban commercial properties.

Steven Roberts is a member of the American Hotel and Lodging Association and is a Director, on its Board of Directors. He has served as a board of director’s member of Alamosa PCS, Allegiant Bank, Falcon Products and Silver King Communications. His current board memberships span multiple disciplines including Chairman of the Board- Logan College of Chiropractic, George Washington University Board of Trustees’ member, National Black Caucus of Local Elected Officials Foundation, National Black Caucus of Local Elected Officials, General Counsel (NBC/LEO), Whitfield School, Regional Business Council and the RCGA’s Leadership Circle. Mr. Roberts was the recipient of the Ernst & Young Entrepreneur Of The Year 2007 National Winners in the Emerging Category.

The Roberts Companies are a multi-faceted business organization comprised of real estate development including shopping centers, hotels and theatre projects; wireless communication site development, construction and management, aviation, television and radio broadcast properties and the premiere MBE/WBE construction management and consulting firm in the United States. The Roberts Companies has the distinction of being the largest African American owned, operated and managed hotelier and broadcaster in the United States.

William N. Thorndike, New York Advisory Board Member

Mr. Thorndike founded Housatonic Partners in Boston in 1994 and has been Managing Director since that time. Prior to that, Mr. Thorndike worked with T. Rowe Price Associates where he did investment research in the nascent field of business services and Walker & Company where he was named to the Board of Directors.

Mr. Thorndike is a graduate of Harvard College and the Stanford Graduate School of Business. He is a Director of Access Information Management; Alta Colleges; Continental Fire & Safety Services, LLC, Carillon Assisted Living, LLC; Liberty Towers, LLC; OASIS Group Ltd.; White Flower Farm, Inc., and a Trustee of Groton School and the College of the Atlantic.

Bruce G. Wilcox, New York Advisory Board Member

Mr. Wilcox began his Wall Street career in 1984 at Central National-Gottesman (VP, Investment Division) after working as a lending officer at Continental Illinois National Bank. He joined Cumberland Associates in 1986, became a General Partner in 1990 and a Member of the Management Committee in 1997. He became Chairman of the Management Committee in 1998. Mr. Wilcox’s industry expertise includes energy, financial services (including financial technology), and healthcare.

Mr. Wilcox has a BA with honors from the University of California, 1977 and a Masters in International Management from The American Graduate School of International Management, 1980. He is a Trustee and Chairman of the Investment Committee of Teachers College of Columbia University, a Trustee and Chairman of the Investment Committee of the University of California, Santa Barbara Foundation, a Trustee and Chairman of the Investment Committee of The Brearley School and a Trustee of The Manhattan Institute.

Stephen Schiller, New York Advisory Board Member

Mr. Schiller works with MAEVA Group, LLC, which is a distressed-focused advisory and merchant banking firm based in White Plains, New York. Prior to MAEVA, he was a Managing Director with Gordian Group, LLC for four years. From 1988 through 2008, he was with Citigroup and predecessor firms in a variety of roles, including leadership of various teams in its mergers and acquisitions and restructuring advisory practices. Mr. Schiller also founded and led Citi's Asia-Pacific Mergers and Acquisitions group, based in Hong Kong, for five years. In addition, he has extensive for-profit and not-for-profit board experience.

Mr. Schiller received his B.A. from Stanford University and a J.D. from the University Of Michigan Law School.

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