Waterstone Capital Management

Shawn Bergerson
Founder
Chief Investment Officer
Portfolio Manager

Shawn Bergerson established Waterstone Capital Management in January, 2003. Prior to founding Waterstone, Shawn
served as Chief Investment Officer of the multi-strategy Market Neutral Fund and as Portfolio Manager of the Convertible
Arbitrage Group for Deephaven Capital Management. He has more than 21 years of investment experience including
former positions as Portfolio Manager and Partner for Forest Investment Management, Executive Director for UBS (through
the acquisition of O’Connor and Associates) and Assistant Vice President for National Westminster Bank USA.

Shawn Bergerson earned a Master of Business Administration (MBA) degree from Northwestern University’s
J.L. Kellogg Graduate School of Management, graduating with a perfect 4.0 grade point average. Shawn also holds a Bachelor of Arts degree in Economics from Columbia College (New York) and received credit for one year's study aboard at the London School of Economics.

Martin Kalish
Chief Operating Officer
Chief Financial Officer
Investor Relations

Martin Kalish is a founding member of Waterstone Capital Management. Martin has worked with Shawn Bergerson for nine
years. Prior to joining Waterstone in March 2003, Martin served as Operating Manager for Deephaven Capital Management.
He has more than 15 years of investment experience including operations positions at Bear, Stearns & Co. and Appaloosa Management Limited.

Martin Kalish earned a Bachelor of Arts degree in Accounting from Rider College. Martin is the primary contact for investors.

25 members on the Waterstone team.