Mary E. Pugh
President and Chief Investment Officer
mpugh@pughcapital.com

Mary Pugh, President and Chief Investment Officer, has over 25 years of institutional portfolio management experience and is the founder of Pugh Capital Management, Inc. She is the lead Portfolio Manager for the firm's Core Fixed Strategy as well as Chair of the firm's Investment Committee. In addition to providing leadership and vision, Mary has infused Pugh Capital with a culture based on performance, continuous improvement and knowledge building as well as a commitment to developing strong client relationships. Under her leadership, Pugh Capital's assets under management have grown from $5 million to over $1 billion.

Prior to founding Pugh Capital in 1991, Mary held the position of Senior Vice President of the Portfolio Management Division at Washington Mutual Bank. She serves as a Trustee for the Seattle Foundation and is a member of the investment committees of the University of Washington, the YWCA of Greater Seattle and the Seattle Academy of Arts and Science. Mary earned her BA in Economics from Yale University.

Scott Greiwe, CFA
Vice President and Senior Portfolio Manager
sgreiwe@pughcapital.com

Scott Greiwe is the second founding principal of Pugh Capital Management, Inc. He has over 24 years of investment experience and is the lead Portfolio Manager for the firm's Short-Term and Intermediate-Term strategies as well as a member of the Investment Committee. Scott has lead responsibility for the mortgage, asset-backed security and commercial mortgage-backed security sectors.

Prior to joining Pugh Capital, Scott was employed by Washington Mutual Bank for 11 years, where he served as Fixed Income Portfolio Manager. His previous responsibilities included asset/liability management as well as the analysis and trading of mortgage-backed securities. Scott earned his BA in Business Administration from the University of Washington.

Davida Brooks
Investment Assistant
dbrooks@pughcapital.com

Davida Brooks' responsibilities include accounting, trade settlement and other administrative duties. She started her career at Pugh Capital as an intern and upon graduating from college joined the staff as full-time Investment Assistant. Davida earned her BA in Business Administration from the University of Washington.

Danielle Christianson
Marketing & Client Service
dchristianson@pughcapital.com

Danielle Christianson manages marketing and client service for Pugh Capital and is a member of the Investment Committee. Her responsibilities include new client development as well as overseeing the firm's consultant relationships. With 20 years of sales and client service experience, Danielle is also instrumental in maintaining relationships with existing clients. Prior to joining Pugh Capital, she worked for HomeStreet Bank, where she was responsible for internal client service. Danielle is a member of the National Association of Securities Professionals and earned her BA in English from the University of Washington.

Peter Cramer, CFA
Portfolio Manager
pcramer@pughcapital.com

Peter Cramer is a Portfolio Manager for Pugh Capital’s Core Fixed Income product and a member of the Investment Committee. He has 7 years of institutional portfolio management, quantitative modeling, trading and credit analysis experience. Peter’s responsibilities include portfolio management, credit and quantitative analysis. He joined Pugh Capital from Barclays Global Investors where he was a Portfolio Manager for the US Fixed Income iShare Credit Funds and US Cash Management portfolios. Prior to working for BGI, Peter was a Credit Trading Associate for PIMCO and a Portfolio Analyst for Payden & Rygel. Peter earned his BA in Economics and Psychology from Claremont McKenna College.

Chris Kelley
Investment Analyst
ckelley@pughcapital.com

Chris Kelley is an Investment Analyst for Pugh Capital and a member of the Investment Committee. His responsibilities include portfolio and security analysis using software tools including Bondedge, Bloomberg and Advent. Chris has several years of investment and accounting experience. He holds Series 6 and 63 licenses and earned his BA in Political Science from the University of Washington.

Yuyan Lou, CFA
Fixed Income Analyst
ylou@pughcapital.com

Yuyan Lou is a Fixed Income Analyst for Pugh Capital and a member of the Investment Committee. Her responsibilities include credit and portfolio research, performance attribution analysis and compliance. Prior to joining Pugh Capital, Yuyan worked for Aon Investment Consulting carrying out performance attribution, investment manager analysis and asset allocation. She was previously an accountant for a manufacturing company and brings a strong accounting background to her analytical work. Yuyan earned her MBA from Willamette University and her BS in Engineering from Shanghai University of Engineering Science.

Nancy McFadden, CFA
Senior Credit Analyst
nmcfadden@pughcapital.com

Nancy McFadden is a Senior Credit Analyst for Pugh Capital and a member of the Investment Committee. She has over 13 years of institutional credit research experience. Nancy is responsible for research coverage in the corporate credit sector including utilities and industrials. She joined Pugh Capital from Safeco Asset Management, where her duties included credit analysis, trading and portfolio management. Prior to working for Safeco Asset Management, Nancy was a Credit Analyst with GE Financial Assurance. Nancy serves on the board of the CFA Society of Seattle. She earned her MBA from Seattle University and her BA from Washington State University.

Steve Orr, CFA
Credit Analyst
sorr@pughcapital.com

Steve Orr is a Credit Analyst for Pugh Capital and a member of the Investment Committee. He has 7 years of institutional credit research experience. Steve's responsibilities include corporate bond trading and research coverage of the banking, insurance, finance and cable/media industries for the firm. Prior to joining Pugh Capital, Steve was a Credit Analyst for Edge Asset Management (formerly WM Advisors). He also worked for Bank of America for 13 years, where he spent his last 5 years underwriting commercial loans. Steve earned his MBA from Seattle University and his BA from the University of Washington.

Daniel Sand
Investment Assistant
dsand@pughcapital.com

Daniel Sand's responsibilities at Pugh Capital include investment accounting, trade settlement and various projects supporting the portfolio managers. He earned his BA in Economics at the University of Washington.

Pugh Capital Management 1414 31st Avenue South, Suite 302 Seattle, WA 98144  Phone:206-322-4985 Fax 206-322-3025
©2009 Pugh Capital Management, Inc. All Rights Reserved