Don Brownstein, Ph.D. Chief Investment Officer and CEO SPM, LLC

Before creating SPM in 1997, Mr. Brownstein founded and managed CDC Servicing, Inc., a specialized investment subsidiary of the Caisse des Depots et Consignations, from 1993 to 1997. From 1988 to 1993, Mr. Brownstein worked in portfolio management at Franklin Savings Association, a leader in the development of quantitative methods for the management of mortgage-backed securities. Between 1969 and 1989 Mr. Brownstein was a professor in the Philosophy Departments of the University of Kansas and the University of Texas. He holds a Ph.D. in Philosophy from the University of Minnesota, a B.A. from Queens College in New York City and was a fellow at the Center for the Study of Language and Information at Stanford University.