Biographies

Guy-Max Delphin

Guy-Max Delphin, CEO/CIO

Guy-Max Delphin founded Delphin Capital Management in December 2008 after more than a dozen years of investment experience. He is responsible for strategic vision and the day-to-day management of the company's investment portfolios (Macro/Top-Down overlay and Fundamental Stock Research) and operation. Prior to founding DI, he was employed as an Investment Strategist helping to lead the investment efforts for the Yale-New Haven Health System. Previously, he worked at Fortis Investments where he was a senior analyst responsible for research and investments in public stocks of the Financial Services sector within the U.S. Equity Team.

Prior to Fortis, he worked at Jefferies & Company, Inc. where he was a senior associate of equity research in the Small-Cap Industrials group. Prior to that, he was an associate analyst of equity research at Prudential Equity Group, LLC., first in the Small-Cap Quantitative Strategy Group and then on the Global Consumer team. Earlier in his career, he was employed by Oppenheimer Funds, Inc. as a quantitative analyst in their Investment Product Design and Risk Management Group. Guy-Max earned his B.S. (with a double major in Applied Math & Statistics and Economics) from State University of New York at Stony Brook and his M.S. in Financial Engineering from Polytechnic Institute of New York University. Guy-Max was born and raised in Port-au-Prince, Haiti.

George VanValkenburg

George VanValkenburg, Director of Operations and Finance

George VanValkenburg brings 20 years of experience in accounting, banking and institutional investment to Delphin Capital Management. Previously, George was an Investment Strategist at the Yale New Haven Health System for 12 years and worked in financial management for venture capital backed start-up organizations overseeing all aspects of financial reporting, auditing, budgeting and taxes, in addition to 7 years at regional and international public accounting firms. Born and raised in Connecticut, George earned a B.S in Accounting from Post University and earned his MBA from Quinnipiac University. George is a certified public accountant and lives in Cheshire, CT with his wife and two daughters.

Senior Economic Advisor, Chief Economist for CNBC, analysis provides insight on global economic and political developments

Marci Rossell, Ph.D, Senior Economic Advisor

Dr. Marci Rossell is Senior Economic Advisor for Delphin Capital Management with a focus on formulating and incorporating a top-down perspective to the firm's investment process and asset allocation strategy. Marci's analysis provides insight on global economic and political developments, with investment research across equities, fixed income, currencies, and commodities. She served as the popular, lively Chief Economist for CNBC in the months immediately following September 11th. Prior to her career in broadcast journalism, Marci served as Corporate Economist and Investment Spokesperson for Oppenheimer Funds, one of the nation's largest mutual fund companies. Before moving to Wall Street, Marci began her career as an economist with the Federal Reserve Bank of Dallas.

Marci earned a PhD in Economics from Southern Methodist University, where she was named one of the Young Alumni of the Year in 2002. She brings a world of experience - from Main Street to Wall Street - when discussing the U.S. economy, international events and movements in capital markets.

mrossell@delphininvest.com

Delphin Capital Management: Our investment philosophy combines the art of investing with a disciplined process, providing consistent, risk-adjusted results through various market environments and economic cycles.

Catherine Bernardo, Senior Quantitative Strategist

Catherine Bernardo is a Quantitative Strategist for Delphin Capital Management, focusing on investment strategy design and risk management. She began her career in quantitative analysis 10 years ago at Prudential Equity Group, LLC, on their Small-Cap Quantitative Strategy team with Delphin Capital Management Founder and CEO, Guy-Max Delphin. Catherine then joined the U.S. Quantitative Strategy team at UBS Securities, LLC, performing portfolio analyses and becoming co-leader of the U.S. Small-Cap Strategy team. She helped create and initiate research on the Russell 2000 index. Most recently, she was a strategist in the Global Portfolio Strategy team at Brown Brothers Harriman.

Catherine earned her B.S. in Mathematical Sciences (with a concentration in Chemical Engineering) and B.A. in Economics from the Johns Hopkins University. She has also completed the Certificate in Global Affairs from New York University. She holds the Series 7, 63, 86, and 87 designations from the Financial Industry Regulatory Authority (FINRA). She was born in the Philippines and raised in New York City.

cbernardo@delphininvest.com

Advisory Board

Delphin Capital Management: Our investment philosophy combines the art of investing with a disciplined process, providing consistent, risk-adjusted results through various market environments and economic cycles.

George Callas, Principal owner of Build Green Maine, LLC

Located in Brooks, Maine, his company provides energy audit/home evaluations services and certification training for building science professionals across New England. He teaches ecology and sustainability at Unity College and speaks regularly on buildings, energy and sustainability. He is the architect of iBrooks, one of Maine's first community-scale energy conservation initiatives. He is co-founder of the Newforest Institute and serves as Treasurer for the Mid-Coast Magnet, Maine's leading creative economy organizer.

Before moving to Maine in 2003, he spent 20 years in investment management in various capacities. As Vice President for the Deutsche Bank private bank he focused on developing asset selection and allocation processes and developing products for wholesaler channel distribution. At OppenheimerFunds, he was the Senior Quantitative Analyst overseeing risk management and performance attribution for fixed income portfolios. Prior to this, he spent 13 years at Fidelity Investments developing internal financial and regulatory controls, as well as programming main frame accounting applications.

Delphin Capital Management: Our investment philosophy combines the art of investing with a disciplined process, providing consistent, risk-adjusted results through various market environments and economic cycles.

Lyn Conway, President and Founder of A Fresh Perspective

Lyn Conway has been an entrepreneur for more than thirty years. For the first fifteen years of her career, she ran a sales organization of more than 1500 people. In 1997, she developed her own training company, A Fresh Perspective, Inc., dedicated to helping other entrepreneurs develop the vision and skills to achieve their goals. In 2008, Mrs. Conway authored her first book: Makeup Optional – Lessons I Learned Working.

Lyn is currently the Vice President of Field Development for Silpada Designs, an International Direct Sales company with more than 30,000 independent Representatives. Lyn earned her B.A. in Education from
St. Xavier University.

Delphin Capital Management: Our investment philosophy combines the art of investing with a disciplined process, providing consistent, risk-adjusted results through various market environments and economic cycles.

Joseph R. Gaffoglio, CFA, CPA

Joseph Gaffoglio is currently Senior Vice President and Director of Quantitative Research at Mutual of America Capital Management Corp. Mr. Gaffoglio has over 16 years of investment experience. Prior to joining Mutual of America in 2005, he held positions at Prudential Equity Group, LLC as an analyst in the Small-Cap Quantitative Strategy Group, and PricewaterhouseCoopers LLP as an associate in both the Audit & Business Advisory and Transaction Services groups. Joe is a graduate of Fordham University and he has an MBA from New York University's Stern School of Business. He holds the designations of Chartered Financial Analyst and Certified Public Accountant, and he is a member of the New York Society of Securities Analysts, the CFA Institute, and has the Series 7 and 63 designations from the Financial Industry Regulatory Authority.

Senior Vice President of Investment Banking at Lehman Brothers

Jon Walls, Co-Founder, Principle Management Consulting L.L.C.

Jon Walls is a senior finance executive possessing over 15 years of experience with Fortune 500 companies and small to mid-sized businesses. His industry expertise includes financial services, e-commerce, mobile media and private equity. Jon was a Senior Vice President of Investment Banking at Lehman Brothers with expertise in equity, fixed income and M&A. He served as President and COO at B. Wilson Partners, a financial consulting boutique with a private equity affiliate. He was also a co-founder and General Partner at Pico Capital, a Micro-cap value equity investment fund. In addition, he has also provided financial leadership as CFO for a start-up Internet Service Provider and a mortgage banking company. His functional expertise includes finance, general management, strategy, corporate development (M&A) and accounting. Jon holds an MBA/JD from Harvard University and a BA from Yale University.

jwalls@delphininvest.com

Delphin Capital Management: Our investment philosophy combines the art of investing with a disciplined process, providing consistent, risk-adjusted results through various market environments and economic cycles.

Mark D. Zavanelli, CFA, President of ZPR Investment Management, Inc.

Mark is president of ZPR Investment Management, Inc., an investment advisory firm serving institutional and individual clients. Mark is a Chartered Financial Analyst and has over 19 years of experience as an investment professional. Previously he was Co-Team Leader for the Main Street Team at OppenheimerFunds, a group which managed over $16 billion in equity mutual fund assets. Mark was a Senior Portfolio Manager for the Main Street Small Cap Fund (OPMSX), as well as other mutual funds managed by the team. For his work on this fund Mark was named to the Barron's Top 100 Managers List for six consecutive years (2003-2008). Mark received a B.S.E degree (Cum Laude) from the Wharton School at the University of Pennsylvania in 1992.