CEDAR RIDGE PARTNERS

Municipal Bonds

Corporate Bonds

Preferred Securities

Principal Biographies

Alan Hart.  Mr. Hart, age 51, is the Managing Partner and Chief Investment Officer of Cedar Ridge Partners, LLC and serves as the Portfolio Manager for Cedar Ridge Investors Fund I, LP and Cedar Ridge Short-Term Cash Fund, LP.  Prior to founding Cedar Ridge Partners in March 2004, he was an investment banker for 21 years specializing in municipal bonds, including “corporate-backed” issues in the airline, airport, electric utility, energy, industrial and power generation sectors.  In addition, he structured billions of dollars of municipal variable interest rate reset, demand, auction rate, and optional put and mandatory tender programs.  From 1996-2004 he was a Managing Director at Bear, Stearns & Co. Inc. where he also managed high-yield, structured transactions and advised issuers regarding private equity and distressed debt situations.  From 1986-1996, Mr. Hart was a Vice President and had managed the Corporate-Related Group in the Municipal Bond Department at Goldman, Sachs & Co.  Prior to joining Goldman Sachs, he spent three years at The First Boston Corporation.  He holds an M.B.A. (Finance) from the Columbia University Graduate School of Business and received a B.S. (Business) from California State University, Chico.  

Guy Benstead.  Mr. Benstead, age 49, is a Partner and Chief Compliance Officer of Cedar Ridge Partners, LLC and serves as Chief Risk Manager for Cedar Ridge Investors Fund I, LP.  He joined Cedar Ridge Partners in March 2005, following an investment banking career that spanned over 22 years, with a specific focus on credit risk in the fixed income markets.  Prior to joining Cedar Ridge Partners, he spent 14 years at Bear, Stearns & Co. Inc. in San Francisco, as a Managing Director in Institutional Fixed Income.  Prior to joining Bear Stearns in 1991, he was a member of Gruntal & Company’s Institutional Fixed Income Group in San Francisco for one year.  He began his career on Wall Street in 1983 with Drexel Burnham Lambert and spent 7 years with the firm.  He holds an M.B.A. (Finance) from the Columbia University Graduate School of Business and received a B.A. (International Relations) from University of California, Davis.  

Jeff Hudson. Mr. Hudson, 39, is a Partner of Cedar Ridge Partners, LLC.  Prior to joining Cedar Ridge in October 2006, he worked in the securities industry for the past 13 years.  Most recently, he was a Vice President in the Municipal Bond Division of Lehman Brothers where he focused on High Yield and Distressed Municipal Debt.  Prior to joining Lehman Brothers he was a Senior Vice President at J. Giordano Securities Group focused on High Yield and Distressed Sales and Research.  He has also worked for Charles Schwab & Co. to help build their Global Investing Group, and he was a Retail Broker for Smith Barney in New York City.  He holds an M.B.A. (Finance) from the University of Connecticut and received a B.A. (History and Political Science) from Syracuse University.  

B