Tweedy, Browne Managing Directors

The Investment Adviser is owned by its five Managing Directors, Christopher H. Browne, William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff, Jr. and a wholly owned subsidiary of Affiliated Managers Group, Inc. ("AMG"). AMG's subsidiary purchased a majority interest in, and became the Manager Member of, Tweedy, Browne in October 1997. In its entire history, Tweedy, Browne has had only eleven principals, five of whom are currently active. The operations of Tweedy, Browne are managed by its Management Committee consisting of the firm's five Managing Directors, who have been with the firm for tenures ranging from 17 to 39 years. Chris Browne, Will Browne and John Spears have worked together and have served as principals of the firm for over 30 years. No Managing Director or general partner has ever left the firm to join another investment firm.

As of March 31, 2008, the current Managing Directors and retired principals and their families, as well as employees of Tweedy, Browne, have more than $670.5 million in portfolios combined with or similar to client portfolios, including approximately $91.6 million in the Global Value Fund, $45.1 million in the Value Fund and $6.8 million in the Worldwide High Dividend Yield Value Fund.

Managing Directors

Christopher H. Browne joined Tweedy, Browne Company LLC, a registered investment advisor, in 1969. Mr. Browne is a Managing Director of Tweedy, Browne Company LLC and is a member of the firm's Management Committee and Investment Committee. He is also Chairman of the Tweedy, Browne Funds, a mutual fund group comprised of the Tweedy, Browne Global Value Fund , the Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund. Mr. Browne is a graduate of the University of Pennsylvania where he serves as a Charter (Life) Trustee. He is a member of both the executive and investment committees of Penn's board. At Penn, he established the Browne Center for International Politics, and the Browne Distinguished Professorships in the School of Arts and Sciences. He is also a trustee of The Rockefeller University, a leading bio-medical research institution, and serves on its executive committee and as chair of its trustee nominating committee. Mr. Browne has spoken frequently on the topic of behavioral psychology and financial decision making, and formerly served on the faculty advisory committee of Harvard's John F. Kennedy School of Government program in Investment Decisions and Behavioral Finance. Mr. Browne is a trustee of Guild Hall, a regional arts and education center in East Hampton, NY, and of the Long Island Chapter of the Nature Conservancy.

William H. Browne has been with the Investment Adviser since 1978 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC, and the President of Tweedy, Browne Fund Inc. Additionally, he is a Trustee Emiritus of Colgate University. Mr. Browne holds the degrees of B.A. from Colgate University and M.B.A. from Trinity College in Dublin, Ireland.

John D. Spears joined the Investment Adviser in 1974 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC, and an officer of Tweedy, Browne Fund Inc. Previously, he had been in the investment business for five years with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks-Hemphill, Noyes & Co. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology and the University of Pennsylvania - The Wharton School.

Thomas H. Shrager has been associated with the Investment Adviser since 1989 and is a Managing Director of Tweedy, Browne Company LLC. Mr. Shrager is a member of the firm's Investment Committee and Management Committee. Previously he had worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a B.A. and a Masters in International Affairs from Columbia University.

Robert Q. Wyckoff, Jr. has been associated with the Investment Adviser since 1991 and is a Managing Director of Tweedy, Browne Company LLC. Mr. Wyckoff is a member of the firm's Investment Committee and Management Committee and is an officer in Tweedy, Browne Fund Inc. Prior to joining the Investment Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University and a J.D. from the University of Florida School of Law.

Managing Directors Christopher H. Browne joined Tweedy, Browne Company LLC, a registered investment advisor, in 1969. Mr. Browne is a Managing Director of Tweedy, Browne Company LLC and is a member of the firm's Management Committee and Investment Committee. He is also Chairman of the Tweedy, Browne Funds, a mutual fund group comprised of the Tweedy, Browne Global Value Fund , the Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fund. Mr. Browne is a graduate of the University of Pennsylvania where he serves as a Charter (Life) Trustee. He is a member of both the executive and investment committees of Penn's board. At Penn, he established the Browne Center for International Politics, and the Browne Distinguished Professorships in the School of Arts and Sciences. He is also a trustee of The Rockefeller University, a leading bio-medical research institution, and serves on its executive committee and as chair of its trustee nominating committee. Mr. Browne has spoken frequently on the topic of behavioral psychology and financial decision making, and formerly served on the faculty advisory committee of Harvard's John F. Kennedy School of Government program in Investment Decisions and Behavioral Finance. Mr. Browne is a trustee of Guild Hall, a regional arts and education center in East Hampton, NY, and of the Long Island Chapter of the Nature Conservancy.
William H. Browne has been with the Investment Adviser since 1978 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC, and the President of Tweedy, Browne Fund Inc. Additionally, he is a Trustee Emiritus of Colgate University. Mr. Browne holds the degrees of B.A. from Colgate University and M.B.A. from Trinity College in Dublin, Ireland.
John D. Spears joined the Investment Adviser in 1974 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC, and an officer of Tweedy, Browne Fund Inc. Previously, he had been in the investment business for five years with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks-Hemphill, Noyes & Co. Mr. Spears studied at the Babson Institute of Business Administration, Drexel Institute of Technology and the University of Pennsylvania - The Wharton School.
Thomas H. Shrager has been associated with the Investment Adviser since 1989 and is a Managing Director of Tweedy, Browne Company LLC. Mr. Shrager is a member of the firm's Investment Committee and Management Committee. Previously he had worked in mergers and acquisitions at Bear Stearns, and as a consultant for Arthur D. Little. He received a B.A. and a Masters in International Affairs from Columbia University.
Robert Q. Wyckoff, Jr. has been associated with the Investment Adviser since 1991 and is a Managing Director of Tweedy, Browne Company LLC. Mr. Wyckoff is a member of the firm's Investment Committee and Management Committee and is an officer in Tweedy, Browne Fund Inc. Prior to joining the Investment Adviser, he held positions with Bessemer Trust, C.J. Lawrence, J&W Seligman, and Stillrock Management. He received a B.A. from Washington & Lee University and a J.D. from the University of Florida School of Law.