Dr. Burton G. Malkiel is a Co-founder and Chairman of the Investment Committee of BaoCap. Prior to BaoCap he held similar positions at its predecessor firm. Dr. Malkiel is the Chemical Bank Chairman’s Professor of Economics at Princeton University and the author of the widely read investment book, A Random Walk Down Wall Street. He was dean of the Yale School of Management and William S. Beinecke Professor of Management Studies. He is a past appointee to the President’s Council of Economic Advisors, and is a past director of Princeton University Investment Management Company. He has long been associated with the Vanguard Group, the world’s largest mutual fund company, and is currently a board member of Vanguard Europe. He holds B.A. and MBA degrees from Harvard and a Ph.D. degree from Princeton University. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co.

Kevin T. Carter is a Co-founder, the Chief Executive Officer and a member of the Investment Committee of BaoCap. Prior to BaoCap he held similar positions at its predecessor firm. He was the Founder, Chairman and Chief Executive Officer of Active Index Advisors ("AIA"). AIA was acquired by NATIXIS Asset Management in December 2004. Prior to founding AIA, he was the Founder and CEO of Electronic Investing Corporation ("EIC") which was acquired by E*TRADE Group in July 2000. Prior to EIC, Mr. Carter worked for firms including Feshbach Brothers, Prudential Securities, and Robertson Stephens & Co. Mr. Carter received a B.A. in Economics from the University of Arizona.

Mark G. Adams, CFA is a Co-founder, the Director of Research and a member of the Investment Committee of BaoCap. Prior to BaoCap he held similar positions at its predecessor firm. Previously, he was a Portfolio Manager for Active Index Advisors and manager of the Active China Strategy. Previously, Mr. Adams was Chief Operating Officer of investment consulting firm Barra RogersCasey. Mr. Adams worked for Barra International in Asia as Managing Director in Hong Kong and Japan overseeing research and consulting. He holds the Chartered Financial Analyst ("CFA") charter and received a B.S. in Economics from the University of Pennsylvania.

Jonathan J. Masse, CFA is a Co-founder, Senior Portfolio Manager and a member of the Investment Committee of BaoCap. Prior to BaoCap he held similar positions at its predecessor firm. Mr. Masse served as an Institutional Portfolio Manager and Strategist for Barclays Global Investors where his team managed over $300 billion of assets. He has managed equity portfolios benchmarked to nearly all emerging markets including over $8.9 billion in Chinese equities. Prior to joining Barclays Global Investors, Mr. Masse was an options trader and market maker on the PSE, CBOE, and CBOT with Stafford Trading, the Timber Hill Group, and Cooper Neff/BNP respectively. He holds the Chartered Financial Analyst ("CFA") charter and has an MBA degree from the University of Santa Clara, and a B.S. in Finance from Boston College.