DeMarche Consultants

DEMARCHE IS UNIQUE AMONG CONSULTING FIRMS IN THAT ITS CONSULTANTS HAVE EXTENSIVE CAPITAL MARKETS EXPERIENCE. When you engage DeMarche, you have access to a staff of professionals with more than 350 years of cumulative experience in consulting, portfolio management, investment research, banking and corporate finance. The broad array of services and diversified expertise of our staff enable us to offer comprehensive consulting to retainer clients or supply expert counsel and implementation strategies for a broad spectrum of specific projects.

A six member management team leads our consulting practices

ROBERT F. MARCHESI
CHAIRMAN & CHIEF EXECUTIVE OFFICER
Mr. Marchesi is a consultant, principal of the firm and director of investment research. Prior to founding DeMarche Associates, he was vice president and director of portfolio, economic and technical research for Waddell & Reed, Inc., and he was vice president and general manager for Research Management Associates, Inc., an investment counseling subsidiary of Waddell & Reed, Inc. Previously, he was a senior investment analyst for Waddell & Reed, and a senior investment analyst for the Harris Trust & Savings Bank, Chicago.

Mr. Marchesi received his MBA with honors from Washington University and his BSBA from Quincy College. He is a frequent lecturer at investment conferences and the author of several articles on performance measurement, asset allocation, and portfolio diversification. Mr. Marchesi is chairman of DeMarche's Manager Review Committee. He is a past member of the board of directors and past president of the Kansas City CFA Society, the International Society of Financial Analysts and a member of the CFA Institute.

WILLIAM MISKELL
EXECUTIVE VICE PRESIDENT
Mr. Miskell is a consultant and principal of the firm. In addition to client consulting responsibilities, Mr. Miskell also oversees DeMarche operations including all report production, universe building, information processing and consultant support. Prior to joining DeMarche, he was the Finance Director for the City of Omaha. In this role, he was the plan administrator and Board member of the Omaha Police and Fire Retirement System. Previously he was a manager in the consulting division of Arthur Andersen & Co.

Mr. Miskell earned a bachelor's degree in accounting from the University of Notre Dame. He also holds a Certified Public Accountant certificate. He has been active in the Government Finance Officers Association, having served on the Committee of Management and Budget, and been an advisor to the Committee on Retirement and Benefits Administration. He is an affiliate member of the CFA Institute and the Kansas City CFA Society. Mr. Miskell is a member of the DeMarche Board of Directors and the firm's Manager Review Committee.

THOMAS C. WOOLWINE
PRACTICE LEADER & SENIOR CONSULTANT
Mr. Woolwine is a consultant and principal of the firm, specializing in fixed income securities and asset allocation. Prior to joining DeMarche, he was an investment officer in the fixed income department of Boatmen's First National Bank of Kansas City, where he advised institutional clients on portfolio management and trading strategies. He is a member of DeMarche's Board of Directors and Product Review Committee, product manager for manager optimization studies and practice leader for the East Coast.

Mr. Woolwine received his graduate diploma from the ABA's Stonier Graduate School of Banking at the University of Delaware and his bachelor's degree in economics from Knox College. He is a member of the Kansas City Society of Financial Analysts and the CFA Institute. He completed the CFA Investment Management Workshop at Princeton University, the Financial Analyst Seminar at Northwestern University and the CFA Continuing Education Program.

ROBERT J. DUWA
PRACTICE LEADER & SENIOR CONSULTANT

PRESIDENT OF DISCRITIONARY MANAGEMENT SERVICES (DMS)

Mr. Duwa is a principal and consultant with extensive experience in the management of pension plan and institutional investment management services. Mr. Duwa was formerly with Hartford Life, Inc., working with institutional defined contribution plans. Prior to joining Hartford, he served as assistant vice president in the Pension and Institutional Division for Boatmen's Trust Company and The First National Bank of Chicago.

Mr. Duwa is a graduate of Loras College, Dubuque, Iowa, where he received a bachelor's degree in Finance. A Chartered Financial Analyst, he is a member of the CFA Institute and the Chicago Investment Analyst Society.

RICHARD A. FRODSHAM
PRACTICE LEADER & RESEARCH INSTITUTE
Mr. Frodsham is a consultant, principal of the firm and director of the DeMarche Manager Institute. Previously, he was executive vice president and chief operating officer of ABN AMRO Asset Management (USA) Inc. where he managed all U.S. operations, administration and marketing. Early in his career, Mr. Frodsham worked for A.G. Becker & Co. as East Coast manager of Funds Evaluation. He also served as chief operating officer and head of fixed income securities management for BA Investment Management Corp. from 1985 to 1988. He was a founding principal of Associated Capital Investors in 1989, which acquired BA Investment Management Corp. In 1994, he joined The Chicago Corporation to lead its merger and acquisition of investment management firms; in 1997, he became president of LaSalle Street Capital Management, Ltd.

Mr. Frodsham earned a bachelor's degree in Economics from New York University and has completed graduate studies in Business Administration at NYU-Stern School.

W. MARK MEIERHOFFER
PRACTICE LEADER & SENIOR CONSULTANT
Mr. Meierhoffer is the former Chief Financial Officer and senior vice president of finance for The Rival Company, a premier Kansas City-based manufacturer and distributor of household products. Prior to that position, Mr. Meierhoffer was senior vice president and chief operating officer for DeMarche. He also has served as vice president and international treasurer for Marion Merrell Dow, Inc., a global pharmaceutical firm, and managed that company's investor relations. He is now a principal of DeMarche and serves as a specialized consultant to DeMarche clients in its corporate finance and investor relation's practices.

Mr. Meierhoffer earned a bachelor's degree in business administration from the University of Missouri and an MBA from Rockhurst University. He is a member of the Financial Executives Institute, the American Institute of CPAs and the Missouri Society of CPAs. He serves on the University of Missouri Alumni Association National Board, is a member of the College of Business Strategic Development Board and the School of Accountancy Advisory Board. He also serves on the Finance and Technology committees for the city of Leawood, KS, and the Kansas City Community Blood Center Board of Directors.