MindShare Investment Management LLC
SmallCap Turnaround Growth Equity

Organizational Background
MindShare Capital Management, LLC, founded April 2000, is 100% employee-owned.  Scott M Rich owns 48%, Andrew S. Rich owns 43% and Steven F. Hutkin owns 9%.  MindShare Capital Management, LLC is a privately held Limited Liability Company.

Prior to founding MindShare Capital Management, LLC, Scott Rich provided small-cap growth investment research to institutional clients.  During the mid-1990’s Scott began to manage a limited number of accounts employing a philosophy similar to the one employed by MindShare Capital Management.  In order to focus entirely on client accounts, MindShare Capital Management, LLC was formed and began managing client accounts on April 8, 2000.  In mid-2003 we began to market our MindShare SmallCap Growth product to investment consultants and investment advisors based on the composite track record of all separately managed accounts.  In October 2004, Andrew Rich joined the firm as Principal, Co-Portfolio Manager of the MindShare SmallCap Growth product and Lead Portfolio Manager of the MindShare SmallCap Turnaround Growth product.

There has been no change of control of MindShare Capital Management, LLC, since its inception.  Scott Rich, President and Portfolio Manager, and Steven Hutkin, Vice President of MindShare Capital Management, LLC, initially owned in the aggregate 75% of the equity interests in the company.  Scott and Steve increased their ownership to 100% in December 2000.  Andrew Rich purchased a 43% share of the company when he joined the firm resulting in the current ownership structure noted above.

Distinctions
Process - MindShare combines fundamental analysis with technical analysis to identify companies that are poised for rapid growth, but are not fully appreciated by other growth investors.

Breadth/Speed - The use of technical analysis allows us to cover our entire universe of companies at least once a week.  This maximizes the ideas we can analyze and minimizes lost opportunities. 

Discipline - We have a structured daily process of review and analysis.  This is how we discover new ideas quickly and invest ahead of our competition.

Team - Team members focus on small cap growth only.

Performance Results - Top quartile performance since inception.
 

Assets Under Management
(as of December 31, 2006)

Investment Professionals
Andrew S. Rich, Portfolio Manager/Research Analysis, joined MindShare Capital in October 2004. He is responsible for managing our recently launched MindShare SmallCap Turnaround Growth product. He has over 11 years of investment experience as a Portfolio Manager and Analyst at Driehaus Capital Management where he managed the Driehaus Small Cap and Mid Cap Recovery Growth Funds. Andy received a Bachelor of Science in Business Administration from the University of Missouri and a Masters in Business Administration from the J.L. Kellogg Graduate School of Management.

Scott M. Rich, Portfolio Manager/Research Analysis, co-founded MindShare Capital in January 2000.  He is responsible for managing the SmallCap Growth product.  He has over 16 years of investment experience as the Director of Equity Research at Wunderlich Securities, Inc., Director of Equity Research at Kenny Securities, Inc. and Associate Director, Investment Banking/Research Analyst with Pauli & Company, Inc.  Scott received a Bachelor of Science, Business Administration from the University of Missouri and a Masters of Business Administration from Pepperdine University.

Chris S. Thomson,  Research  Analyst,  joined MindShare Capital in May 2001. He is responsible for researching and generating stock ideas for the portfolio. He has over 11 years of investment experience as Senior Vice President of Equity Research at Wunderlich Securities, Inc., Equity Research Analyst at Kenny Securities, Inc. and Financial Analyst with the Federal Home Loan Bank of Des Moines. Chris received a Bachelor of Business Administration from the University of Iowa and a Masters in Business Administration from Drake University.

Steve F. Hutkin,  Principal/Chief Operations Officer,  co-founded MindShare in January 2000. He has 18 years commercial real estate investment, management and operations experience, and has, during the past 19 years, operated a commercial real estate company. Steve brings with him professional relationships and business experience that allow the portfolio managers the opportunity to remain 100% focused on their respective portfolios.

Compliance/Client Services
Nicole M. Gilbert,  Compliance Officer/Client Services, Nicole joined MindShare in April 2000. Nicole is the Compliance Officer for MindShare and handles all aspects of client servicing for the firm. She has 20 years of industry experience. Nicole received a Bachelor of Science Degree in Finance from Southwest Missouri State University.