GNI Capital

Principal
Mr. Norton is a Principal of GNI Capital, responsible for portfolio management and investment research for all of the company's managed assets. In addition, he is a regular contributor for RealMoney.com, a financial website published by TheStreet.com, and his columns frequently appear on Yahoo! Finance and MSN Money. Mr. Norton is a frequent guest on CNBC and Bloomberg Television, and he has been cited in numerous publications including the New York Times, USA Today, and Fortune Magazine. Previously, Mr. Norton had been a Vice President in the Equity Research Department of Gotham Capital Management, a New York-based hedge fund, where he also managed separate long/short equity accounts. Prior to his experience on the buy side, Mr. Norton worked in the investment banking division of Smith Barney, where he was an analyst in the Health Care Group, reporting directly to the head of the group. Mr. Norton has a Bachelor of Science in Management degree in Finance from Tulane University's A.B. Freeman School of Business, and is a CFA charterholder. He is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.

Principal
Mr. Gillespie is a Principal of GNI Capital, responsible for portfolio management and investment research for all of the company's managed assets, and he also serves as a South Carolina Retirement System Investment Commissioner. In addition, Mr. Gillespie contributes commentary to StreetInsight.com, a member of TheStreet.com's family of financial websites that is dedicated to the institutional investor. Previously, Mr. Gillespie was a Registered Representative at Robinson-Humphrey and Smith Barney from 1995 until 1997. In 1997, he began managing private client portfolios, and founded and managed the Blue Ridge Total Return Fund, which was sold to the Colonial Trust Company in 1999. In addition to his advisory work, Mr. Gillespie provided independent research to a New York-based hedge fund. Mr. Gillespie graduated cum laude from Washington & Lee University with a Bachelor of Arts degree in Economics, and he has been granted the Chartered Financial Analyst designation. He is a member of the CFA Institute and the New York Society of Security Analysts.

Principal
Mr. Brice is a Principal of GNI Capital with over 23 years in the financial services industry. At GNI, he is responsible for marketing and managing client relationships. Previously, Mr. Brice served as a Consulting Group Director and Senior Vice President at Robinson-Humphrey (which was later acquired by Smith Barney), where he provided investment consulting services to high net worth individuals, corporate retirement plans, private foundations and endowments. As a Consulting Group Director, Mr. Brice's duties included developing investment policy guidelines, providing money manager research, and conducting performance reviews. He was also responsible for working with other Smith Barney advisors in securing and servicing other consulting relationships. While in this position, Mr. Brice received the honor of being named to the Chairman's Council. Mr. Brice is one of the founding members of the Association of Professional Investment Consultants (APIC) and is currently a member of the Investment Management Consulting Association (IMCA). Mr. Brice earned a Bachelor of Science in Business Administration from Presbyterian College.

Principal
Mr. Vilcheck is a Principal of GNI Capital with over 20 years in the financial services industry. At GNI, he is responsible for marketing and managing client relationships. Previously, Mr. Vilcheck served as a Partner in Smith Barney’s Consulting Group, coordinating the firm’s consulting services effort on the local level. Mr. Vilcheck is an Accredited Investment Fiduciary as awarded by the Foundation for Fiduciary Studies, which operates in association with the Center for Fiduciary Studies at the University of Pittsburgh’s Joseph M. Katz Graduate School of Business. Mr. Vilcheck is a charter member of the Association for Professional Investment Consultants (APIC). He earned a Bachelor of Arts from Furman University.

Associate
Ms. Smith is an Associate at GNI Capital, responsible for operations and accounting. She began her investment career with Robinson-Humphrey in 1993. While at Robinson-Humphrey and following its acquisition by Smith Barney, she functioned as a Consulting Group Analyst, analyzing money managers and mutual funds, preparing performance reports and manager searches, and putting together proposals and presentations. Ms. Smith earned a Bachelor of Arts degree in Economics from Davidson College.

Trading Assistant
Mr. Lawrence serves as a trading assistant, and he provides compliance and operational support to the GNI team. He brings over 30 years of experience with computers, databases and project management to our team.

Operations
Ms. Lindley, with her extensive knowledge of the administrative area of investment management consulting, heads the operational functions at GNI Capital. She began her investment career at Robinson-Humphrey in 1984, and shortly thereafter became a sales assistant, working as a liaison between clients, the branch, the Consulting Services Division, and money management firms. Prior to her tenure at Robinson-Humphrey, she worked for the Liberty Association.