Leadership

CYS’ executive officers are as follows:

Kevin E. Grant, CFA

Mr. Grant is the Chief Executive Officer and President of our Manager and is our Chief Executive Officer and President and the chairman of our board of directors. He also serves on our Manager’s investment committee. Prior to joining our Manager and us in January 2006, Mr. Grant formed Sharpridge in January 2005. Prior to forming Sharpridge, Mr. Grant was Vice President and Portfolio Manager at Fidelity Investments. As a Portfolio Manager of Fidelity, Mr. Grant had direct or indirect responsibility for management of fixed income assets in mutual funds and institutional separate accounts. Over the course of his career at Fidelity, Mr. Grant’s mutual fund responsibilities included the Mortgage Securities Fund, Investment Grade Bond Fund, Total Bond Fund, the fixed income portion of Fidelity Puritan Fund and Strategic Income Fund. In addition, Mr. Grant managed many separate accounts for Fidelity’s institutional clients. Prior to joining Fidelity in 1993, Mr. Grant was head of Mortgage Strategy for Morgan Stanley & Co. Incorporated. He began his investing career at Aetna Bond Investors in 1985. Kevin earned a BA in Economics and an MBA from the University of Hartford. He is a Chartered Financial Analyst, a member of the CFA Institute and the Boston Security Analysts Society.

Frances Spark, ACA

Ms. Spark is the Chief Financial Officer of our Manager and is our Chief Financial Officer.  She has served as a member of our board of directors since February 2006, and as Audit Committee Chair since March 2007.  Prior to joining our Manager and us, Ms. Spark was the President of Spark Consulting, LLC, a consulting company which provides financial management, strategic advisory and business consulting services to companies. From 2004 until June 2006, Ms. Spark was engaged as an investment professional for MVC Capital, Inc. (NYSE: MVC), a business development company, where she held the position of Chief Financial Officer from January 2004 to September 2005. Prior to joining MVC Capital, from September 2002 through 2004, Ms. Spark worked as a turnaround consultant with Everett & Solsvig, Inc. In 1999, Ms. Spark founded Spark Consulting and has managed it since its inception. From 1997 to 1998, Ms. Spark was the Controller at The Beacon Group, or Beacon, a private investment firm now part of JP Morgan Partners. At Beacon, she managed the finance and accounting functions for the firm, its private equity funds, and investment banking business. Prior to joining Beacon, from 1993 to 1996, Ms. Spark was the Chief Financial Officer of Hyperion Capital Management, a New York investment management firm. From 1987 to 1992, she held a number of financial roles at Prudential Securities in both the United States and the United Kingdom. Ms. Spark is a Chartered Accountant and was with KPMG in the United Kingdom from 1981 until 1987.

Richard E. Cleary

Mr. Cleary is the Chief Operating Officer of our Manager and is our Chief Operating Officer, and Assistant Secretary. Prior to joining our Manager and us in January 2006, Mr. Cleary was a Partner at Merathon Advisory, a strategic consulting firm focused on private equity and information services. Prior to Merathon, Mr. Cleary was the Director of Corporate and Business Development at OneSource Information Services. Prior to OneSource, Mr. Cleary was a Principal at Schooner Capital, a private equity firm, where he led investments in digital assets management, including portfolio company Iron Mountain’s digital archive business. Prior to Schooner, Mr. Cleary built Thomson Financial’s First Call research and quantitative businesses across Southeast Asia. Mr. Cleary’s other prior work experience was at Donaldson, Lufkin & Jenrette Securities. Mr. Cleary has a BA from Trinity College and an MBA from the Cornell Business School.

Thomas A. Rosenbloom

Mr. Rosenbloom is the General Counsel of our Manager’s sub-advisor, Sharpridge Capital Management, L.P., and our Secretary. Prior to joining Sharpridge in May 2007, from February 2005 through May 2007, Mr. Rosenbloom was a partner with Foley & Lardner, LLP, and a member of the firm’s Private Equity & Venture Capital and Transactional & Securities Practices. Mr. Rosenbloom was also a member of the firm’s Emerging Technologies, Life Sciences, and Nanotechnology Industry Teams. From 1998 through January 2005, Mr. Rosenbloom was a partner with Epstein, Becker & Green, P.C. During Mr. Rosenbloom’s tenure at Foley & Lardner and Epstein, Becker & Green, both national law firms, he represented middle-market public companies, entrepreneurs, founders, emerging businesses, start-up corporations, and partnerships in diverse industries. Mr. Rosenbloom managed and negotiated mergers and acquisitions, private equity and venture capital financings, and private placements. While in private practice, Mr. Rosenbloom was responsible for developing and managing all aspects of client relationships, including analyzing and evaluating financing, acquisition, and divestiture opportunities, writing, and developing business plans, and providing other planning and financial advice, including with respect to intellectual property protection, labor and employment, immigration and real estate matters. Mr. Rosenbloom currently serves as a member of the Board of Advisors for several of his former clients. Mr. Rosenbloom has a BA in Economics from the University of Wisconsin and a JD from the Boston University School of Law.