The Progress Team

Thurman V. White, Jr., Chief Executive Officer - Since 1992

Our Progress business model allows us to build our business by helping our clients to achieve their investment objectives, and providing opportunities for other investment managers to deliver value for our clients. In this way we all work in partnership to achieve our vision to “change the face of the investment management industry.

Thurman V. White is responsible for the operational and strategic oversight for all aspects of Progress. He chairs the Management Committee and serves as a member of the Investment Committee. Since 1994, Thurman has served as the firm’s product manager leading its fund-of-funds strategy for investment in emerging private equity partnerships. This fund-of-funds strategy focuses on niche, first-time and minority- and women-controlled venture capital and buyout funds. This private equity effort, through the Progress Fund I, has raised $65 million from six clients, reviewed over 100 fund opportunities and committed all $65 million of commitments to eleven partnership fund investments to date. Most recently, Thurman led the firm’s effort on behalf of the CalPERS to manage a $40 million venture capital fund making direct investment in emerging investment management firms, and placing assets to manage with those firms from a $1 billion pool. Mr. White serves on the boards for two of these companies. In addition, he also serves on the Advisory Committees of three of the eleven partnership funds in Progress Fund I.

Mr. White has also had previous line management and operating company experience with profit/loss responsibility, as well as public policy experience at the state legislative and federal agency levels. He holds an undergraduate degree in public and international affairs from the Woodrow Wilson School at Princeton University, a Master’s Degree in Communications from Stanford University and a law degree from Boalt Hall, University of California, Berkeley. He has been a member of the California Bar since 1981.

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Beverly Pasley-Harrison, Chief of Administration and Operations - Since 1999

A strong compliance foundation is the cornerstone that helps ensure trust and confidence from all of
our stakeholders.

Beverly joined Progress in 1999 to oversee the Compliance Department. She is a current member of both the Management and Investment Committees. Ms. Pasley-Harrison has extensive experience in the financial services industry. She began her career working on the Institutional-trading desk at Bateman Eichler Hill Richards in Southern California, which resulted in a relationship with a major asset management firm in Northern California. She eventually left Los Angeles to pursue a 10 year long tenure with RCM Capital Management as a Portfolio and Research Assistant. Subsequently, she joined Harris Bretall Sullivan & Smith as their Director of Operations, Gardner Rich & Co. as Managing Director and Cazenave & Co. as Vice President and Principal. She holds a B.S. in Business Administration and also holds NASD Series 7, 63 and 24 licensing.

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Rita Cai, Controller - Since 2004

The importance of money flows from it being a link between the present and the future.

Rita is responsible for all finance and accounting operations at Progress, including financial planning, internal controls and treasury functions. She is also heavily involved with both our clients and our sub-managers regarding fees, contracts and other financial arrangements. Much of our corporate planning and functional decision-making is based on information that Rita provides as a member of the Management Committee.

Prior to joining Progress, Rita was a Senior Finance Manager at Outsource, a venture investment company focused on infrastructure development projects in Asia. Previously, Rita was Director of Operations for Global Vision Technology, where she made a major contribution to the development and growth of a venture capital subsidiary during her nine years with the company. Prior to moving to the US, Rita worked as Director of Administration for the 5-star Holiday Inn Yangtze Hotel, where she managed a staff of 15 and was responsible for budgeting and cost accounting. Rita holds a BS in Finance from Chongqing University and an MBA in Finance & Accounting from Regis University.

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Alex Hsiao, Chief Investment Officer - Since 2006

We expect all of our investment professionals to contribute to the firm’s success, meaning they are rewarded for their contributions, but they are also expected to own the responsibility of their actions
and ideas.

Alex leads the investment team overseeing all investment and fund-related activities at Progress including quantitative evaluation and the monitoring of manager performance, portfolio monitoring and analysis, manager selection and communication. He chairs the Investment Committee and is a member of the Management and Strategy Committees. Prior to joining Progress, Alex served as the Treasurer & Chief Investment Officer of The California Endowment in Los Angeles, California. While there, he managed a portfolio of approximately $4 billion in various traditional equity, fixed income, and alternative investment strategies.

During Alex’s tenure the Endowment’s portfolio consistently outperformed its benchmark. Prior to his work with The California Endowment, Mr. Hsiao worked for Bankers Trust in Hong Kong, where he managed a staff of 10 and served as a Risk Management Analyst and, later, as Vice President, Fixed Income, managing a $2 billion proprietary debt portfolio focused on undervalued assets in China, Korea, Singapore and other countries in the Far East. Alex has an undergraduate degree in Managerial Economics from the University of California, Davis, and a MBA from the University of California, Irvine.

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Jose Balagot, Deputy Chief Investment Officer - Since 1996

The best part about the business we’re in is that, if we’re vigilant, we have the opportunity to learn something new every day--- about a business, an idea, the markets or, perhaps a colleague. If we’re especially careful and attentive, we can learn something about ourselves.

Jose oversees all investment and fund-related activities at Progress including quantitative evaluation and the monitoring of manager performance, portfolio monitoring and analysis, manager selection and communication. He is a member of the Investment Committee and Management Committee. Prior to joining Progress, Jose was an International Equity Analyst for Bailard, Biehl and Kaiser where he was responsible for database design, returns forecasting, performance measurement, attribution analysis, and asset allocation modeling. Previously, he was an Economic Consultant for DRI/McGraw-Hill, building econometric forecasting models and market planning systems for Fortune 500 companies. Jose earned his BA and MS degrees in Economics at the University of California, Santa Cruz.

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C. Peng Ngin, CFA, Senior Vice President, Investments - Since 2003

Investment Success = Ideas + Courage
+ Discipline

C. Peng Ngin is responsible for quantitative analysis, evaluation and monitoring of manager portfolios as well as fund research and systems development. He is a member of the Investment Committee. Prior to joining Progress, Peng was the Vice President for KME Management Services, Inc. where he led the investment firm’s efforts in hedge and venture funds. Previously, he spent six years at Fremont Investment Advisors, Inc. where he began his career in 1995 as a Research Analyst and Associate. In 1997, Peng became the Vice President and Portfolio Manager where he was managing a global macro hedge fund invested in G-7 stocks, bonds and currencies with $80 million in capital.

In addition, he was responsible for researching and executing self-financing bond arbitrage trades, including European convergence and U.S. relative value trades. His earlier experience includes a Credit Analyst position at Sumitomo Bank of California. Peng received his BA from Vassar College and an MBA from the University of California, Berkeley. Peng holds the CFA designation and is a member of the Security Analysts of San Francisco.

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Laura K. Nickols, Vice President, Investments - Since 1993

For everything in life, there is a trade off.

Laura K. Nickols is responsible for conducting research on funded and prospective managers, preparing research reports and making manager recommendations. Furthermore, she assists in the monitoring, analysis and evaluation of funded accounts. Laura is a member of the Investment Committee. Prior to joining Progress, Laura was a Senior Analyst at the University of California, Berkeley in the Benefit Programs Department. Previously, she was a Consultant/Analyst at William M. Mercer Asset Planning where she was responsible for investment style analysis, asset allocation studies, manager search/analysis, and performance measurement and evaluation. Laura began her investment career at Callan Associates as an Investment Analyst. She earned her BA degree from the University of California, Santa Cruz and an MBA in Finance from Golden Gate University.

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Stephen Quirk, Assistant Vice President, Investments - Since 2005

The unmeasured risk is not worth taking.

Stephen is responsible for quantitative analysis, manager monitoring, performance measurement and evaluation, portfolio analytics, risk analysis and special research projects. Stephen is a member of the Investment and Strategy Committees. Stephen began his career as an investment accountant with State Street Corporation. He spent two years with Shott Capital Management in San Francisco and the last four years at MSCI Barra Inc. in Berkeley, California. At Barra, Stephen was responsible for daily and monthly equity risk modeling, application risk analysis, portfolio optimizations, and performance attribution. Stephen received his Bachelor of Science in Finance from Siena College, Loudonville, New York. He was awarded the Chartered Financial Analyst designation in September 2003.

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Ho Hwang, Senior Investment Analyst - Since 2006

Let us not love in word or in tongue, but in deed and in truth.

Ho Hwang is responsible for manager research, sourcing, and monitoring, quantitative analysis, performance measurement and evaluation, and portfolio analytics and risk analysis. Prior to joining Progress, Ho was a Senior Performance Analyst in the Performance and Analytics Department of State Street Corporation. Ho received his B.A. degree in Economics from the University of California, Davis.

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Mona S. Williams, Executive Vice President - Since 2000

We do not own the client relationships. We are stewards, entrusted with the privilege of serving our clients at this moment in time. Recognizing this, we strive to live up to that privilege by maintaining the highest standards of quality, excellence and value in all aspects of our client service.

Mona S. Williams is responsible for the creation and implementation of new business development strategies in the institutional marketplace, with specific emphasis on plan sponsors in the public, corporate, and foundation/endowment areas nationwide. Under her leadership, her team develops all new client relationships and manages the firm’s existing client and consultant relationships. Mona is a member of the Progress Board of Directors and also serves on the Management and Investment Committees. Prior to joining Progress, Mona was Director of Marketing for Albriond Capital Management where she was responsible for new business development, client service and client retention. She also served as the Director of Marketing for Capital Insight Brokerage. Her earlier experience includes positions in the institutional equities department of Bear Stearns and in the retail division of Merrill Lynch. Mona received a BA from the University of California, Berkeley. Mona is a board member of the National Association of Securities Professionals.

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Cesar J. Gonzales, Jr., CMFC®, Senior Vice President, Program Management - Since 2008

Client Relationship Management is an ongoing process. The key is to nurture the relationship throughout the process and recognize that a successful relationship requires the collaboration of two great minds.

Cesar J. Gonzales, Jr., is responsible for the ongoing external client relationship management with particular emphasis on understanding Progress client needs; communicating analysis of Progress client portfolio performance; assisting the Executive Vice President of Marketing and Client Service in managing the firm’s external client relationships and related strategies; contributing in the area of product development; and serving as the dedicated internal liaison within Progress between the firm and external research partners. Prior to rejoining Progress, Cesar was Investment Manager for IBM Retirement Funds where he was responsible for the development and implementation of IBM’s Emerging Managers Program. Cesar started his career with Hutchinson Richardson Investment Management, an emerging manager, and was part of the original Progress team. He also held positions in External Investments for E*TRADE Global Asset Management and in Subadvisor Management for the Calvert Group. Cesar graduated summa cum laude from StrayerUniversity where he received his undergraduate degree in Economics and later received his Masters of Business Administration degree with honors. Currently, Cesar is completing his Doctoral of Business Administration program with the University of Phoenix, School of Advance Studies. Cesar’s doctoral dissertation will focus on understanding how to institutionalize the use of Emerging Managers. Cesar is a Chartered Mutual Fund Counselor and a member of the Association of Asian American Investment Managers and the National Association of Securities Professionals.

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Linda D. Cornett, Assistant Vice President, Marketing and Client Service - Since 2004

My best day at work is when I satisfy a client’s need in a way that exceeds his or her expectation.

Linda is responsible for all aspects of internal client service including client communication, reporting and production. She also manages marketing communications and public relations, and serves as editor for the firm’s newsletter. Prior to joining Progress, Linda was an Assistant Vice President at State Street Corporation where she was responsible for client relationship management in the Master Trust Division. Linda received her BS degree from the University of Phoenix.

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Abe Khoyloo, Ph.D., Chief Technology Officer - Since 2003

Democracy is not only based on equality of access to the political process, but it is also based on equality of access to the economic process.

Abe Khoyloo is responsible for operational and strategic oversight of all aspects of the information technology at Progress. Dr. Khoyloo’s career spans over twenty years of IT management and infrastructure implementation for the Financial Services, Space, and other High Tech industries. Dr. Khoyloo’s background includes the following positions: CTO and Principal Partner at BrillianTek, a consulting company delivering IT solutions to the investment management divisions of international clients such as HSBC, Standard Chartered Bank, Liberty Mutual, and Wells Fargo Bank; CTO & Chief of Operations at GoTrade, Inc., a software and technology services company offering on-line investment management and trading products to the financial services industry in the Asia-Pacific region; Managing Director at Charles Schwab & Co., where Abe was the chief architect of Schwab’s next generation fixed income trading and risk management platforms; Head of IT Application Development at Montgomery Asset Management, where Abe was the architect of the firm’s integrated investment management and trading platforms. Dr. Khoyloo has also served as an advisor and senior management consultant to various companies in Silicon Valley. Abe holds a BS in Physics and a Ph.D. in Theoretical Physics with an emphasis on the study of Complexity Theory, conducted his Ph.D. research and completed his dissertation at the Max Planck Institute in Germany. Dr. Khoyloo is the author of numerous publications in the international scientific journals.

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Eugene Yim, Vice President, Fund Administration - Since 2006

Diversity is the spice of life.

Eugene Yim is responsible for managing the Fund Administration Group and overseeing all aspects of fund administration and back office operations. Eugene has over fifteen years of fund administration and investment operations experience at some of the largest financial institutions in country. Prior to joining Progress, Eugene spent eight years as VP of Investment Operations at Berkeley Capital Management managing over 20 Wrap sponsor relationships. Eugene’s background also includes management positions at Wells Fargo, Montgomery Asset Management, and Franklin Templeton. Eugene started his fund administration career at Fidelity Investments in Boston where he was in charge of cutting NAVs on mutual funds as well as valuing Fidelity’s 36 sector funds. Eugene received a BA in Business Management from Curry College in Milton, MA.

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Hilda Wong, Assistant Vice President, Fund Administration - Since 2005

Fund accounting accuracy ensures data integrity and the confidence of our clients.

Hilda joined Progress in November 2005 as a Senior Fund Accountant and was promoted to Assistant Vice President in June 2008. Hilda primarily focuses on all aspects of investment operations, including fund account reconciliation, performance calculation and maintenance of fund transition in the accounting system. She also acts as a liaison between Progress, sub-managers and custodians. Hilda has been a long time veteran in investment fund accounting since 1993, beginning her career as an Operation Analyst with The Boston Company Institutional Money Management (a subsidiary of Mellon Bank) in Greenbrae, where she gained valuable knowledge and experience in handling institutional pension fund accounts. Afterwards, Hilda joined Gamboa & Company, Fee-Advisory LLC, as a Portfolio Accountant, providing support of daily trading, monthly reconciliation, appraisal, performance and capital gains reporting of individual accounts. She then moved on to Kaspick & Company (a subsidiary of TIAA-CREF) in Palo Alto to serve as a Portfolio Reporting Analyst. In Kaspick, Hilda was responsible for trust accounting, client appraisal and performance reporting for the planned giving services of colleges, universities and other non-profits foundations. Prior to Progress, Hilda spent 8 years in managing portfolio accounting and performance evaluation for the high net-worth individual accounts of Shuman & Schneider Investment Counsel. Hilda holds a Bachelor of Science degree in Business Administration and Accounting from San Francisco State University.

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