Company Press Releases

Brenda Sallstrom, Ryan Steensland and Jim Sand
join Cherry Tree Companies to Launch Family Office

MINNEAPOLIS, MN, July 20, 2006 — Cherry Tree Companies today announced the recent addition of Brenda Sallstrom, Ryan Steensland and Jim Sand to lead Cherry Tree Family Office, LLC. The Family Office will offer counsel tailored to families of substantial wealth to assist them in building and managing their net worth. Sallstrom, Steensland and Sand bring over 40 years of combined experience serving the complex financial needs of high net worth individuals and families. Cherry Tree jump-started its efforts by successfully transitioning client families with previous relationships with Sallstrom, Steensland and Sand to the family office.

"We are very excited to have this experienced team of professionals join our firm", stated Gordon Stofer, Managing Partner of Cherry Tree. "For over 25 years, we have worked with successful business executives to help build growth companies or to harvest liquidity by selling their companies. Now, we have an additional business unit that will allow us to maintain strong working relationships well beyond those efforts. Additionally, we are confident that new families outside our existing network will value the tremendous care and professionalism exhibited by Brenda, Jim and Ryan and join Cherry Tree's Family Office."

Prior to joining Cherry Tree Family Office, Ms. Sallstrom was Chief Investment Officer for Crosswater, a multi-family office, where she developed the firm's philosophy and approach to wealth counsel, provided oversight of family wealth strategies and directed investment strategy due diligence efforts. Her experience also includes nine years with Tonkawa, Inc., the private family office of the owners of Carlson Companies, Inc., a global, multi-billion dollar hospitality, travel, and marketing company headquartered in Minnetonka, Minnesota.

"Cherry Tree Family Office will provide sophisticated wealth counsel to individuals and families who embrace the ideals of advocacy and privacy. Our philosophy reflects the private family office experience of our professional team as well as our commitment to building long lasting relationships with our client families," said Sallstrom who will serve as Cherry Tree Family Office's Chief Investment Officer.

Messrs. Steensland and Sand co-managed Crosswater's relationships with client families and will perform similar roles at Cherry Tree. Mr. Steensland and Mr. Sand bring thirteen and seven years of experience respectively that includes expertise in financial management, asset allocation, portfolio management, and trading and hedging strategies for concentrated securities. Sand commented, "We are thrilled to join Cherry Tree. The firm's reputation for providing seasoned advice and nurturing long-lasting client relationships is consistent with our philosophy of building relationships based on trust and objectivity."