Fred A. Kuehndorf

FRED A. KUEHNDORF is Senior Portfolio Manager with Ashland Management,
Inc. Prior to joining the firm in 1999, he was a Research Associate in
the Equity Research Department of Kidder, Peabody and Co. and Senior
Vice President and Director of Institutional Equity Sales with C.J.
Lawrence/Deutsche Bank Securities. Mr. Kuehndorf earned a BA degree in
Economics from the University of California, Santa Barbara, and an MBA
in Finance from The Wharton School of the University of Pennsylvania.