To Lauren:

I have had the pleasure of working closely with Lauren Nauser in my two year term as President of the Fixed Income Analyst Society (FIASI), and in my years on the Board of FIASI before that. This has required multiple e-mails and phone calls daily in my close association with her. I also meet with her at every meeting we have at FIASI.

Having years of experience of working side-by-side with Lauren, I can only give her my highest recommendation as a person and a business associate. She has a special attention to detail, as well as having a high level of maturity and organization. Watching her organize our Hall of Fame event (a gala dinner with over 200 attendees) is like watching an orchestra conductor. The audio/visual equipment, the caterers, the front desk, and even the wine list, are all run under Lauren's supervision. We have had many events and they all have run smoothly under her. She also coordinates our accounting and legal operations as well. I do not know how FIASI would operate in her absence.

I give Lauren my highest recommendation.

Sincerely,

Ralph A. DeCesare, CFA, CAIA

June 5, 2014