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//end AC code </script> <noscript> <object style="WIDTH: 846px; HEIGHT: 142px; " classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=7,0,19,0" title="bar2"> <param name="movie" value="images/bar2.swf" /> <param name="quality" value="high" /> <param name="wmode" value="transparent" /> <param name="z-mode" value="0" /> <embed style="WIDTH: 846px; HEIGHT: 142px; " src="images/bar2.swf" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" ></embed> </object> </noscript> </td> </tr> <tr> <td bgcolor="#ffffff" height="1" colspan="5"></td> </tr> <tr> <td bgcolor="#ffffff" height="2" width="20"></td> <td bgcolor="#ffffff" height="2" colspan="2"></td> <td bgcolor="#ffffff" height="2" colspan="2"></td> </tr> <tr> <td bgcolor="#ffffff" height="30" valign="bottom"> <p></p> </td> <td class="nav2" bgcolor="#ffffff" height="30" valign="bottom" colspan="2"> <p> <span class="link2team">OUR TEAM:</span> <span class="link2"> <a class="link2-on" href="our_team.html"> <br/>INVESTMENT TEAM </a>|<a class="link2" href="private_client_team.html"> &nbsp;Private Client Group </a>| <a class="link2" href="business_development.html"> &nbsp;BUSINESS DEVELOPMENT</a></span> <span class="link2"> | <a class="link2" href="operations_team.html">&nbsp;operations</a></span></p> </td> <td bgcolor="#e0e0d3" height="30" valign="bottom" background="images/tan_sidebar.jpg" colspan="2"> <p></p> </td> </tr> <tr> <td bgcolor="#ffffff" height="5" valign="bottom" width="20" rowspan="2"> &nbsp;</td> <td bgcolor="#ffffff" height="4" valign="bottom" colspan="2">&nbsp;</td> <td bgcolor="#e0e0d3" height="5" valign="bottom" background="images/tan_sidebar.jpg" colspan="2" rowspan="2"> &nbsp;</td> </tr> <tr> <td bgcolor="#ffffff" height="1" valign="bottom" colspan="2"> <span class="header">Golub Group Investment Management and Research Team</span> </td> </tr> <tr> <td bgcolor="#ffffff" height="424" width="20"></td> <td bgcolor="#ffffff" valign="top" width="591" align="left"> <p align="justify"> <br/> <span class="bodycopybold">Michael Golub</span> <span class="bodycopy"> <br/> </span> <span class="bodycopyitalic">Founder and CEO</span> <span class="bodycopy"> <br/>Michael began his career in the securities industry in 1967. His 44 years in all different investment climates give him a depth of experience and perspective possessed by few in the industry today. His principal responsibility at the Golub Group is to direct the firm s activities and to serve as its Senior Portfolio Manager. Michael is a graduate of the University of Colorado at Boulder with a Bachelor of Science in Finance. He takes great joy in applying his experience as a portfolio manager and advisor for the benefit of our clients and in his management and leadership of the Golub Group team. He and his wife Linda have three children and three grandchildren all living in the Bay Area. </span> <br/> <br/> </p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="justify"> <span class="bodycopybold">Colin Higgins</span> <span class="bodycopy"> <br/> </span> <span class="bodycopyitalic">President and Portfolio Manager / Research Analyst</span> <span class="bodycopy"> <br/>Colin brings over 12 years of investment analysis, equity research and portfolio management experience to the Golub Group. As President, Colin directs all business and investment activities for the firm. Prior to the formation of the Golub Group, Colin served as a research analyst and portfolio manager with regional investment firms Branch Cabell, &amp; Co. and Hoefer and Arnett, Inc., where he worked closely with Michael Golub for over eight years. Colin graduated from Washington and Lee University, where he was an All-American lacrosse player. Colin has passed Level I of the Chartered Financial Analyst (CFA) Exam. Colin is also an active member of the Renaissance Executive Forums. He lives in San Francisco with his wife, Cate, and two children. </span> </p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="justify"> <br/> <span></span> <span class="bodycopybold">Kurt Hoefer, CFA</span> <span class="bodycopy"> <br/> </span> <span class="bodycopyitalic">Portfolio Manager / Research Analyst</span> <span class="bodycopy"> <br/>Kurt brings over 17 years of investment analysis, equity research and portfolio management experience to the Golub Group. Prior to joining the firm, he founded and built Hoefer Capital Management, LLC to counsel families and individuals on investment and financial matters. Previously, he was an investment banker with Thomas Weisel Partners and Banc of America Securities and an institutional stock analyst at Salomon Brothers. Kurt received his MBA from the UCLA Anderson School of Management and his Bachelor of Arts in Economics from Stanford University. In addition, Kurt holds the Chartered Financial Analyst designation. He currently resides in Hillsborough with his wife, Melanie, and two children. <br/><br/></span> </p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="justify"> <span class="bodycopy"> <br/> </span> <span class="bodycopybold">John Dowling, CFA</span> <br/><span class="bodycopyitalic"> Portfolio Manager / Research Analyst</span><span class="bodycopy"> <br/>John brings 13 years of experience in securities and financial analysis to Golub Group&#39;s research team. Prior to joining the Golub Group, John was a generalist analyst covering North American markets for Peters MacGregor Capital Management, a value investment firm headquartered in Australia. He has previously held positions as a Senior Valuation Associate at Standard &amp; Poor&#39;s and Price Water House Coopers and as Credit Analyst at Wells Fargo Bank. John graduated with higher honors in Business Economics from the University of California at Santa Barbara and is a Chartered Financial Analyst. He currently resides in Sausalito.<br/></span> </p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="justify"> <span class="bodycopy"> <br/> </span> <span class="bodycopybold">David Ogburn</span> <span class="bodycopy"> <br/> </span> <span class="bodycopyitalic">Principal</span> <span class="bodycopy"> <br/>Dave is a Principal at the Golub Group, involved primarily with the firm s business development and investment management activities. Dave possesses over 13 years of capital markets and investment experience, having previously worked in an institutional equity research sales capacity at firms such as Credit Suisse First Boston, Donaldson Lufkin Jenrette, and First Albany Capital (now Broadpoint Securities Group) where his clients included some of the largest institutional investors in the United States. Dave also served for six years as an officer in the United States Navy, earning the rank of Lieutenant, Surface Warfare Officer, and serving in Operation Desert Shield in 1990. He holds a Master of Business Administration from the Wharton School of Business, University of Pennsylvania and a Bachelor of Science degree from Georgetown University. Dave lives in Alamo along with his wife, Sheila, and their three children, Wade, Blake, and Luke.<br/><br/></span></p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="justify"> <span class="bodycopy"> <br/> </span> <span class="bodycopybold">Ayse Pehlivan </span> <span class="bodycopy"> <br/> </span> <span class="bodycopyitalic">Assistant Portfolio Manager / Research Analyst </span> <span class="bodycopy"> <br/>Ayse is an Assistant Portfolio Manager and Research Analyst and performs fundamental research and statistical analysis. Prior to the Golub Group, Ayse began working with Michael and Colin at Hoefer and Arnett, Inc. in 2000. Previously, she was a Bank Auditor for seven years at Vakif Bank in Ankara, Turkey. Ayse holds an MBA in Finance from Golden Gate University and a Bachelor of Arts in Finance from University of Ankara. Ayse has passed Level I of the Chartered Financial Analyst (CFA) Exam.</span> <br/> </p> <table border="0" cellspacing="0" cellpadding="0" width="590"> <tbody> <tr> <td height="15"> <p align="justify"> <img alt="line" src="images/green_line.jpg" width="590" height="15"/> </p> </td> </tr> </tbody> </table> <p align="right"> <span class="bodycopy"> <a class="link2" href="private_client_team.html" target="_self"> NEXT &gt;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</a> </span> </p> </td> <td class="header" bgcolor="#ffffff" valign="top" width="45" align="left"> &nbsp;</td> <td bgcolor="#e0e0d3" valign="top" background="images/tan_sidebar.jpg" colspan="2"> <table border="0" cellpadding="0" width="154" align="center" height="1699"> <tbody> <tr> <td bgcolor="#e0e0d3" height="25" valign="top" align="right"> &nbsp;</td> </tr> <tr> <td bgcolor="#e0e0d3" height="206" valign="top" width="150" align="right"> <p> <br/> <img alt="Michael Golub" align="top" src="images/michael_golub.jpg" width="150" height="184"/> </p> </td> </tr> <tr> <td bgcolor="#e0e0d3" height="10" valign="top" align="right">&nbsp;</td> </tr> <tr> <td bgcolor="#e0e0d3" height="232" valign="top" align="right"> &nbsp;<p> <img alt="Colin Higgins" align="top" src="images/colin_higgins.jpg" width="150" height="184"/> </p></td> </tr> <tr> <td class="contactinfo" bgcolor="#e0e0d3" height="5" valign="top" align="right"> &nbsp;</td> </tr> <tr> <td bgcolor="#e0e0d3" height="216" valign="top" align="right"> &nbsp;<p> <br/> <img alt="Kurt Hoefer" align="top" src="images/kurt_hoefer.jpg" width="150" height="184"/> </p></td> </tr> <tr> <td class="contactinfo" bgcolor="#e0e0d3" height="5" valign="top" align="right"> &nbsp;</td> </tr> <tr> <td bgcolor="#e0e0d3" height="215" valign="top" align="right"> <p> &nbsp;</p> <p> &nbsp;</p> <p> <img alt="John Dowling" align="top" src="images/john_dowling.jpg" width="150" height="184"/> </p></td> </tr> <tr> <td class="contactinfo" bgcolor="#e0e0d3" height="5" valign="top" align="right"> &nbsp;</td> </tr> <tr> <td bgcolor="#e0e0d3" height="230" valign="top" align="right"> <p> &nbsp;<p> &nbsp;<p> <img alt="David Ogburn" align="top" src="images/david_ogburn.jpg" width="150" height="184"/></td> </tr> <tr> <td bgcolor="#e0e0d3" height="262" valign="top" align="right"> &nbsp;<p> <br/> &nbsp;</p> <p> <img alt="Ayse Pehlivan" align="top" src="images/ayse_pehlivan.jpg" width="150" height="184"/> </p></td> </tr> <tr> <td bgcolor="#e0e0d3" height="215" valign="top" align="right"> &nbsp;</td> </tr> </tbody> </table> </td> </tr> <tr> <td bgcolor="#ffffff" height="16" width="20">&nbsp;</td> <td bgcolor="#ffffff" height="16" colspan="2">&nbsp;</td> <td class="nav3" bgcolor="#ffffff" height="16" valign="middle" width="42" align="right"> &nbsp;</td> <td class="nav3" bgcolor="#ffffff" height="16" valign="middle" width="149" align="right"> <a class="link3" href="privacy.html">PRIVACY</a> | <span class="link3"> <a class="link3" href="use_terms.html">TERMS OF USE</a> </span></td> </tr> <tr> <td bgcolor="#ffffff" height="6" colspan="5"> <img alt="line" align="middle" src="images/line.jpg" width="846" height="6"/> </td> </tr> <tr> <td bgcolor="#ffffff" height="40" valign="top" colspan="4"> <p class="contactinfo" align="left"> <span class="Location">SAN MATEO OFFICE</span> &nbsp;1850 Gateway Drive, Suite 600, San Mateo, CA 94404 &nbsp;Phone (650) 212-2240 &nbsp;Fax (650) 212-2249<br/><span class="Location">PASADENA OFFICE</span> &nbsp;&nbsp;215 N. 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