Annual Report

Thomas White is the Chairman and President of Thomas White International, Ltd. which he founded in 1992. As Chief Investment Officer, he heads the firm’s Investment Committee, which is comprised of four other senior analysts who confirm all portfolio decisions.

Mr. White has over 40 years of investment experience, commencing in 1966 when he began his career at Goldman Sachs after graduating from Duke University. He was an officer of Lehman Brothers and Blyth Eastman Dillon. As Managing Director of Morgan Stanley, Mr. White was the CIO for the institutional value style portfolios and funds at Morgan Stanley Asset Management for 14 years.

Mr. White, as head of the firm’s Global Investment Committee, is responsible for the management of the firm’s domestic, international and global portfolios. The Investment Committee is supported by the firm’s security analysts in the United States and Asia who produce investment research covering over 4,000 companies in 48 countries around the world.