David H. Carnahan, Jr. - Mr. Carnahan is an Executive Vice President and Portfolio Manager of American Capital Management. He was with the U.S. Trust Company of New York from 1962 to 1980 where he became a Senior Vice President and Manager of the Personal Trust and Investment Division. He also served as Chief Pension Officer and Manager of the Pension and Institutional Group. In 1980, he joined Vilas-Fischer Associates, a registered investment advisor, as a General Partner and Portfolio Manager. The firm was later acquired and Mr. Carnahan has most recently served its successor, Friends Ivory & Sime Trust Company, as Executive Vice President and Chief Trust Officer, with investment responsibility for the private client group, including trusts and estates, and their related fiduciary services. He served as a member of the Investment Strategy and Stock Selection Committees of the prior organizations with which he was affiliated, and is on the Investment Committee of American Capital Management. He is a graduate of the University of Pennsylvania and served in the U.S. Marine Corps.

James M. Dunn, Jr. - Mr. Dunn has broad experience in the investment business and is President of Hinchliffe Investment Management, Inc. He is also an investment consultant to Standard & Poor's. Prior to forming Hinchliffe, he was SVP-Investments at McGraw-Hill, Inc. and the Equitable Companies.  Also, he was Treasurer of GTE Corp. from 1978-84 and President of GTE Investment Management, Inc. from 1979-84.  He successfully managed the growth of GTE's pension assets from $500 million to $5 billion over 15 years with superior investment results.  This included the selection and supervision of investment managers, developing the multiple manager "farm team" approach and the use of international capital markets.  Mr. Dunn is a graduate of the University of Pennsylvania Wharton School and the Harvard Graduate School of Business and served as an officer in the U.S. Air Force.

Shaker A. Khayatt - Mr. Khayatt is President of Khayatt & Company, an investment banking firm. Prior to forming his own firm in 1979, he was an Executive Vice President, Partner and Director of Laidlaw Adams & Peck. Mr. Khayatt was a prominent security analyst and has been in the investment business for over 35 years. He is a Director of American Capital Management and advises several international investment organizations. Mr. Khayatt is a graduate of M.I.T. and the Harvard Graduate School of Business.

Luke P. La Valle, Jr. - Mr. La Valle is the Founder and President of American Capital Management. He began his career in 1967 at U. S. Trust and was a Senior Investment Officer in the Investment Division. During that period, he specialized in smaller company investing and research and managed a pooled fund of smaller company investments for over a decade. His responsibilities included the management of pension portfolios and he served on the Stock Selection Committee. He has a BS from Boston College and an MBA from the University of Massachusetts. He is also a retired Lieutenant Colonel, Military Intelligence, U.S. Army Reserve and served with the 101st Airborne Division and on the Army Staff, The Pentagon.

Luke P. LaValle III – Luke is a Vice President and Analyst / Portfolio Manager at American Capital Management. Previously, he was with The Bank of New York from 1999 to 2003 as an Officer and Portfolio Manager. His responsibilities included managing over $1 billion of institutional and personal portfolios in the Short Term Money Management Division. This involved a continuous analysis of capital flows, currency and economic trends and fiscal and monetary policy. He is a graduate of the University of Notre Dame with a BBA in Finance. Luke was the 1998 NCAA Sabre Fencing National Champion as well as a four time All-American at Notre Dame.

Thomas H. Lenagh - Mr. Lenagh is a graduate of Williams College and the Columbia University School of Law. After experience as an investment analyst, he joined the Ford Foundation in 1960 and was Treasurer from 1964-78. His responsibilities included the formulation and implementation of investment policy during this period. He currently serves on several Investment Committees and is a Director and Trustee of various companies and organizations. Mr. Lenagh is a Chartered Financial Analyst and a past President of the Financial Analysts Federation and the New York Society of Security Analysts. He is also a retired Captain in the U.S. Navy Reserve.

Thomas W. Vail - Mr. Vail is a Managing Director and Portfolio Manager at American Capital Management. Tom was with U.S. Trust from 1993 to 2007 where he became a Managing Director and Senior Portfolio Manager in the Equities division. His responsibilities included managing an      equity mutual fund, a common trust fund and portfolios for private clients. He spent his first two years at U.S. Trust in the Economics Department working closely with the Chief Economist. Tom has a BA from Boston College and a MBA from Columbia Business School. In addition, he is an Adjunct Professor at Columbia where he teaches a class on investing from a practitioner’s perspective.