Avondale Partners LLC

From 1992 to 2001, Joel was a limited partner and controller at J.C. Bradford & Co. From 1984 to 1992, he was an audit manager at Deloitte & Touche. Joel received his BS in accounting from Louisiana Tech University and his MS in finance from Louisiana State University. Joel is a Certified Public Accountant.

Prior to joining Avondale, Mrs. Sherck was the Chief Compliance Officer for Midwest Research. Before that, Sarah was the Director of Compliance for First Analysis Securities Corporation, based in Chicago. Sarah has more than 15 years' experience in the securities compliance industry and has also held positions with J.C. Bradford & Co. and Citicorp. Sarah received a BA from the University of Chicago and graduated cum laude from Culver Academy. Her securities licenses include the series 3, 4, 7, 9/10, 24, 53, 55, 63, 65, and 87.

Andy joined Avondale as a sales trader in October, 2007. Andy began his trading career working at Prudential Securities from 2000 to 2004. Later Andy worked at Soleil Securities in their Boston office as a Vice President of Institutional Sales Trading. Prior to trading Andy worked for Mellon Bank in their high net worth sales department. Andy received his BS in Finance from The University of South Florida in 1996.

April joined Avondale in September of 2001. In addition to heading our operational and settlements areas, she has also taken on the role of assistant trader. Prior to joining Avondale, April was a trading assistant at SunTrust Equitable Securities. She also oversaw trade settlements and additional back office responsibilities. She was previously employed by Invest Financial, where she worked as back office, compliance, and customer service for over 400 series 6 representatives. April received a BS degree in Finance from Southern Illinois University in 1995.

Blair is a Senior Research Analyst covering broadband infrastructure companies. Prior to joining Avondale, Blair spent thirteen years in the telecommunications industry with Nortel Networks and Arris Group where he served in a variety of increasingly progressive positions within finance, marketing and sales. Blair has managed broadband telephony, data, video, and interactive telecommunications projects since 1995, and spoken at several industry trade shows. He previously worked at PaineWebber and Lehman Brothers. Blair received his MBA in finance from the Owen Graduate School of Management at Vanderbilt University and his B.A. from the University of the Pacific.

Bret Jordan is a Senior Research Analyst covering the Specialty Retail and Consumer Products sectors. Prior to joining Avondale, Bret spent four years with Delta Partners LLC, a fundamentally focused small and mid cap equity hedge fund, as Senior Analyst/Vice President responsible for the Global Consumer Products sector. Prior to Delta, from 1996 through 2003 Bret was Managing Director and Senior Analyst covering Specialty Retail and Consumer Products for Advest, Inc. and from 1993 to 1996 covered Restaurants and Specialty Foods for John Hancock/Tucker Anthony's institutional research effort. Additionally, upon graduation from Skidmore College with dual major in Government and Business, Bret entered the investment field and spent four years with The Boston Company Institutional Investors, Inc. beginning in 1987. Bret received his MBA with a concentration in Finance from the Isenberg School at the University of Massachusetts Amherst and is a CFA charterholder. He has been widely quoted in the national print media and has appeared on CNBC and Bloomberg TV. In addition to receiving Zack's Investment Research "All Star" rating in the Consumer Discretionary sector Bret was named the Wall Street Journal "Best on the Street" for Specialty retail coverage in 2004. Bret is a member of AIMR and the Boston Security Analysts Society.

Brian Williams is a Vice President and Senior Research Analyst covering the Healthcare Services sector. Prior to joining Avondale, Williams was an equity research associate at Credit Suisse and UBS with a coverage universe concentrating on hospitals and acute care providers. Previously, Williams spent eight years with PricewaterhouseCoopers healthcare consulting practice providing operational, financial and strategic advice to both providers and payers. He earned a Master of Health Administration from Tulane University and a BA in Sociology from the University of Texas, where he was an All-American and captain of the swimming team.

Cliff joined the Institutional Sales department of Avondale in July, 2005 to cover West Coast accounts. Previously, Cliff worked with the institutional sales group at Legg Mason for two years. He began his career at Legg Mason covering retail accounts in 2000. Cliff received his B.A. in Economics from the University of the South (Sewanee) and his M.B.A. from Georgetown University in 2005.

Daniel Mannes is a Senior Research Analyst, covering the Alternative and Fossil Energy sector. Prior to joining Avondale in November 2005, was a principal financial analyst with Constellation Energy's treasury group, based in Baltimore. He also has served as senior analyst at First Annapolis Consulting. Dan earned his B.S. in business with a dual major in accounting and finance from Washington University and his M.B.A. with a concentration in finance from Robert H. Smith School at University of Maryland.

David joined Avondale in May of 2006 after graduating from the Owen School of Management at Vanderbilt with an MBA. Prior to receiving his MBA, David was a Project Manager for Investment Scorecard, which provides performance, business and wealth analytics reporting solutions for wealth management firms. He holds a Bachelors of Science degree from Vanderbilt University. In addition to dual degrees from Vanderbilt, David was a four year letterman for the Vanderbilt Commodore football team as well as received Academic All-SEC honors.

David Turner is a Vice President and Senior Research Analyst covering the Consumer Products sector. Prior to joining Avondale, David was a Senior Equity Analyst at BB&T and Ferris Baker Watts. David also worked for Willamette Management, a valuation consulting firm. David has a Master's of Science in Finance from the University of Baltimore and B.S. in Business Administration from Towson University.

Derrick Dagnan is a Senior Research Analyst, covering Health Care Services. Derrick has a particular emphasis on rehabilitation, long-term care, hospice and home health providers. Prior to joining the firm, he served as an associate analyst at Jefferies & Co., covering health care services. Derrick earned a B.S. in engineering from Purdue University and his M.B.A. from Owen School of Management at Vanderbilt University, with a dual concentration in finance and strategy.

Gabe joined Avondale Partners in September of 2003 from Stephens Inc. Prior to moving to Nashville, Gabe was an OTC trader for Dempsey & Co. on the Chicago Stock Exchange. Gabe also worked for Wachovia Investments prior to their merger with First Union. Gabe is a 1996 graduate of the University of North Carolina at Chapel Hill.

Kevin Campbell is a Senior Research Analyst covering privatization and specialty healthcare companies. Kevin joined Avondale in November 2005 as an associate analyst. Prior to Avondale, Kevin worked at Greenwich-Van Advisors, LLC from 1999 to 2005 where he served in a variety of roles, most recently as Vice President of the Database and Index Construction Group. Kevin graduated magna cum laude from Vanderbilt University with a BS in Mathematics and is a CFA Charterholder.

Kristine Kubacki is a Senior Research Analyst covering Industrials. Prior to joining Avondale, Kristine was a Senior Associate Analyst at A.G. Edwards, covering the transportation and logistics industries. Previously, Kristine spent nearly six years at Procter and Gamble in operations management, process design and supply chain management. Kristine earned her MBA from Washington University in St. Louis. She also holds a BS in chemical engineering from Washington University in St. Louis and a BS in mathematics from Webster University in St. Louis. Kristine is a CFA Charterholder.

Matt joined the Avondale investment banking group in April 2005, focusing on the consumer, restaurant and transportation sectors. For the last six years, he has been an investment banker in New York with two advisory boutiques, most recently serving as a principal of Compass Advisors. Prior to that, he was an investment banker with Montgomery Securities in San Francisco. During the course of his career, Matt has participated in the successful completion of more than 40 investment banking deals totaling more than $20 billion of value including initial public offerings, follow-on offerings, high yield transactions, private placements, restructuring assignments, as well as buy-side and sell-side mergers and acquisitions. Matt received a Bachelor of Arts degree in government from Dartmouth College.

Prior to joining Avondale in 2007, Patricia was an investment banker at W. Y. Campbell & Company, a boutique investment banking firm headquartered in Detroit. While there, she focused on M&A sell side advisory services for industrial and automotive focused companies. Clients included private equity portfolio companies, privately-held middle market companies, and Fortune 500 corporations. Patricia began her career at General Motors Corporation in Detroit, where she served as a financial analyst for the GM Card , GM's partnership with Household Bank, as well as a marketing analyst for GM's Global Market & Industry Analysis group. Patricia holds an MBA and a Master of Science in Finance from Indiana University's Kelley School of Business. She received her Bachelor of Science degree in Management & Economics from Purdue University's Krannert School of Management.

Sandra joined Avondale in November 2001. She has over 30 years experience in the securities business, the last 25 in the Syndicate area. Prior to joining Avondale, Sandra was a Limited Partner and the Syndicate Operations Manager with J.C. Bradford & Co. In that capacity, she was in charge of the day-to-day operations of the Equity Syndicate Department.

Amy MacLaughlin joined Avondale Partners as a Managing Director in June of 2006. Previously, she spent 15 years at Alex Brown and Sons as a Principal and Senior Sales Trader marketing research and IPOs to US and Canadian institutions. In 1999, Amy joined First Union and helped establish their Capital Markets presence in Baltimore, Maryland. First Union merged with Wachovia Securities and, as Managing Director / Sr. Vice-President, Amy developed, expanded, and improved their capital markets platform and research ranking. Amy has 20+ years of experience with emerging growth companies in a variety of fields but specifically in healthcare, technology and consumer goods. She received her B.A. from Goucher College.

Chris founded the listed trading desk upon joining Avondale in June 2002. Prior to joining Avondale, Chris served as Senior Vice President and Head of Listed trading for Robinson Humphrey in Atlanta, GA. At Robinson Humphrey, he founded the firm's listed trading and capital commitment efforts, growing the desk to seven professionals. Chris also served on the Robinson Humphrey associate executive committee in 2000 and 2001. He was Vice President of listed trading for Salomon Smith Barney in New York from 1992 - 1997 where he completed the Smith Barney Capital Markets Training Program. He received a BS degree from the University of Tennessee in 1989.

Donald Broughton is a Senior Research Analyst and Managing Director covering Industrials and Transportation. Prior to joining Avondale, Donald was a Senior Research Analyst at A.G. Edwards covering Industrials from 1995 to 2007. His coverage has included trucking, airfreight, railroads and freight forwarders. Before that, Donald spent eight years in various distribution and operations management roles in the beverage industry, including serving as the corporate distribution manager for the Dr Pepper/Seven Up companies and chief operating officer of Bevmark Concepts. Mr. Broughton has been recognized by The Wall Street Journal as its "Best on the Street" 2000 and 2006 surveys for his stock-picking performance in both the cargo and railroad industry groups. He was ranked by Zack's Investment Research in 2005 and StarMine in 2006 as a Five-Star Analyst (the highest ranking) based on the historical performance of his recommendations. Mr. Broughton is also known for his development of a "Value to Density Spectrum" study of the tangible goods flow, and tracking of trucking bankruptcies. Mr. Broughton has been a frequent guest on CNBC, CNN and the "Nightly Business Report." He has also been widely quoted by The Wall Street Journal, Investors Business Daily, Bloomberg, Forbes, Fortune, Money and various transportation industry journals. Mr. Broughton has served as a guest lecturer at various universities and has been a regular speaker at many transportation industry conferences. Mr. Broughton received his bachelor's degree in business administration with an emphasis in accounting from Southeast Missouri State University.

Henk joined Avondale in March 2004 after a 35 year career in banking, venture capital and executive management. He brings extensive transaction, finance, operations, corporate restructuring and international business expertise to Avondale. Prior to joining Avondale, Henk was Managing Director of Trumpet Partners, a boutique investment bank in San Diego. Between 1990 and 2003, Henk held CEO positions at three US and German broadband communications companies. In 1999, he co-founded and was general partner of Hamilton Apex Technology Ventures, a 150 million San Diego based venture capital firm. Between 1987 and 1990, Mr. Hanselaar was Senior Vice President of the Enterprises Division of General Atomics, an international technology company headquartered in San Diego. Prior to 1987, Mr. Hanselaar spent 14 years at Citibank in Europe and the United States. Mr. Hanselaar graduated from Nijenrode University in the Netherlands; earned a BBA degree from the University of Oregon and MBA from Santa Clara University. In 1987 he attended the Harvard Business School PMD program.

Hunter Ziesing is Managing Director of Avondale Funds and has primary responsibility for marketing and product development. Hunter founded Conquest Capital Management which later became Avondale Conquest. Prior to that he was a Managing Director at Banc of America Securities where he ran the Capital Markets area of its Prime Brokerage Services, a division that services alternative investment partnerships (hedge funds). Hunter's responsibilities included client service to the firm's top hedge fund clients enhancing their access to BofA's resources such as sales, research, company managements, and equity underwriting. Prior to that, Hunter spent 15 years in institutional equity sales at Banc of America covering large institutional investors and hedge funds. During this time he was actively involved in meetings with company managements and institutional investors and took an active role in securities recommendations for his clients. Hunter began his career at Kidder Peabody in New York in retail sales in 1983 and joined Needham & Co. as an institutional salesman in 1985 before relocating to California in 1986 to join Banc of America Securities. He graduated from the University of Denver School of Business with honors in 1982.

John joined Avondale in July 2008. John brings over twenty years of experience developing opportunities and growing companies through his role s as a senior executive and board member in the US energy industry and more recently Eastern Europe, Russia and the Ukraine. Prior to joining Avondale, he was Chairman, President, Chief Executive Officer and founder of International Business Associates ("IBA"), a privately held international energy company focused on energy merchanting in Europe and energy portfolio management and asset optimization activities in the US. Prior to IBA, he served as President, CEO, and Board Member of NUI Corporation (NYSE: NUI), a company involved in storage, trading, supply portfolio management, transport and distribution of energy along the eastern seaboard of the US, as well as telecommunications services in 40 states. Prior to NUI he was Chief Operating Officer, a Board Member and one of the creators of KCS Energy (NYSE: KCS), an integrated oil and gas company operating in the southwestern part of the US and Gulf of Mexico. John has served on various Boards of Directors including the American Gas Association, the Gas Research Institute, the Kean University Foundation, the TVRC Education Foundation, the Liberty Hall Foundation, the Morristown Beard School and PIM Corporation (a private trenchless construction technology company). He is a graduate of Lake Forest College and the Advanced Management Program at Harvard Business School, and a member of the Young President's Organization.

Jonathan joined Avondale in November 2004. He is a former Managing Director of Investment Banking at Morgan Stanley where he served in various positions for 14 years, primarily in New York and in Sydney, Australia. From 2000 to 2001, Jonathan was the Chief Financial Officer and Company Secretary of Austar United Communications, Limited, Australia's second largest pay television company. From 2002 to 2004, Jonathan founded and managed Rosebrook Ventures, an Australian corporate finance advisory firm. Jonathan received his Bachelor of Laws and Bachelor of Economics degrees from the University of Adelaide, Australia in 1981 and his MBA degree from the Tuck School at Dartmouth College in 1986.

Karsten joined Avondale in September 2003 and is co-head of the investment banking group. He is primarily focused on providing mergers and acquisitions and strategic advisory services for clients. During his career, he has completed transactions having an aggregate value of more than $25 billion in various industries such as business services, technology, telecom, media, healthcare and energy. He has almost 20 years of investment banking experience with Thomas Weisel Partners, Dillon Read (now UBS) and Stephens Inc. He received his MBA from the Wharton School and his BBA from University of Texas at Austin.

Matt joined Avondale in April of 2002. Prior to Avondale he worked for Morgan Keegan covering the Canadian market. From 1994 to 2001 he covered the Canadian, Boston and Mid-Atlantic regions for SunTrust Equitable Securities. Matt began his career with National City Bank in Louisville as a National Banking Officer. He has an MBA from the Owen Business School at Vanderbilt and a BA in Economics from Transylvania University.

Mike joined Avondale in March of 2008 as a Managing Director and is currently head of Equity Transactions and Strategies. For the past seven years, Mike has been with JP Morgan's Equity Capital Markets Group in New York, focused on the origination and execution of equity offerings. Mike brings a tremendous amount of experience working with both corporate issuers and institutional investors, having completed more than 30 "book run" transactions exceeding $20 Bn of value as well as numerous co-managed transactions. These transactions included offerings in a number of our core verticals such as Consumer/Retail, Business/IT Services and Telco Media and Technology. Mike has also worked with a number of corporate clients on dividend policy, 144a/share buybacks and privately negotiated buybacks. Mike received his BS from The University of Dayton and his MBA from Vanderbilt's Owen Graduate School of Management.

Sean Jackson is a Senior Research Analyst, covering China Technology and Financial Services. Prior to joining Avondale in July 2001, Sean was a Director and Senior Analyst with SunTrust Equitable Securities, concentrating in Internet Security. In January 2000, he published the securities industries' first comprehensive research piece on Internet Security, a 128-page report entitled "Making Sense of Security." Sean is a 3-time recipient of the Wall Street Journal's Best of the Street award. In 2001, he was ranked #3 out of 74 eligible analysts in the Internet sector. In 2003, he was #1 out of 112 eligible analysts in the software sector, and most recently in 2005, he was ranked #4 out of 105 eligible analysts in the software sector. Prior to SunTrust Equitable, Sean worked for four years as actuarial consultant for Thornthwaite & Co. He earned an MBA from the Kellogg Graduate School of Management at Northwestern University and a BS in Engineering at Princeton University, where he was captain of the varsity basketball team and Ivy League Player of the Year.

Pat Shepherd is Managing Director of Avondale Funds and coordinates overall fund strategy. Pat is a founding partner of Avondale Partners, LLC. From 1983 to 2000, Pat was a General Partner of J.C. Bradford & Co. where he was the firm's General Counsel. Pat has held numerous positions with the Securities Industry Association, including serving on the Executive Committee of the Compliance and Legal Division and Day Chair of the Division's Annual Seminar and as a member of the SIA's Federal Regulation Committee. Pat received his BBA from the University of Notre Dame and his JD from DePaul University.

Tom Landstreet joined Avondale as a Managing Director in charge of the Institutional Equity Sales department. Prior to coming to Avondale, Tom was a top institutional salesman at The Robinson Humphrey Co., LLC, where he spent 7 years. He ended his career there as Director, Institutional Sales. Before that, Tom spent 7 years in the technology sector as a founder and Sales and Marketing Director of IDOC, a Los Angeles based software localization company. He attended Auburn University majoring in English Literature.

Walter joined Avondale in October of 2002. As a veteran, with over 20 years experience in the institutional equity markets, he has worked with several leading investment firms, including Merrill Lynch, Tucker Anthony, Ferris Baker & Watts, and J.C. Bradford & Co., where he worked for 11 years, most recently as Partner in the Institutional Sales Department. He joined Avondale from the Boston office of Jefferies & Company Inc. Walter covers institutional accounts in the Midwest.

Will joined Avondale in September of 2001. From 1995 to 2001, Will was a Director of SunTrust Equitable Securities specializing in equity trading. From 1993 to 1994, Will was in the Bankers Trust Global Management training program. In 1995, he was an AVP of Bankers Trust Company in their New York/Nashville Global Investment Management Group. Will received his BA in Economics from Rhodes College in 1994.

Jeff has managed Avondale's Investment Banking Group since the firm was formed in 2001. From 2000 to 2001, Jeff was a Managing Director of ING Barings' investment banking group where his practice primarily specialized in health care services. From 1993 to 2000, Jeff was an investment banker with Equitable Securities, where he was head of the privatization group and completed over 40 advisory and financing transactions. From 1986 to 1993, Jeff was with The Bankers Trust Company in their New York corporate finance department, where he focused on mergers, acquisitions and structured financings. Jeff received his BA from Middlebury College and his MBA from Columbia University.

Phil is a co-founder of Avondale and is a member of the firm's Board of Directors. He was formerly Managing Director and Head of Investment Banking at SunTrust Equitable Securities, which he joined in 1996. Prior to Equitable, Phil spent ten years at Lehman Brothers in New York where he was a Managing Director and co-Head of their Merchandising Group. From 1989 to 1994, Phil was co-Head of Lehman's Equity Capital Group where he was responsible for the marketing and execution of all equity new issues. From 1983 to 1986, Phil was an investment banker at Blyth Eastman Paine Webber and from 1979 to 1981 he was a senior consultant at Accenture. Phil is a member of the Board of Trustees of The Ensworth School and past chairman of The Ensworth School Annual Fund. Phil received a BS in engineering from Cornell University in 1979 and an MBA from The Wharton School of the University of Pennsylvania in 1983.

Patrick joined Avondale in June of 2005 with 16 years of experience in equity capital markets. He joined Avondale from Robert W. Baird & Co. where he served as a director and senior research analyst following the enterprise software industry since 2000. Previously, Patrick held senior equity research positions at Robertson, Stephens & Co. and J.C. Bradford & Co., covering the specialty retail / consumer and business-to-business e-commerce sectors. He also held an earlier position with J.C. Bradford & Co. in institutional sales covering accounts in New York, Denver and Kansas City. Patrick graduated from Vanderbilt University with a major in Economics and also earned, in one year, his M.B.A. from Vanderbilt University's Owen School of Management, with a dual concentration in Finance and Accounting.

Patrick Swindle joined CCA as managing director, treasury, planning and analysis. Prior to CCA, Swindle worked as a research analyst at Avondale Partners and served as a senior analyst for Morgan Joseph & Co. Inc. He also held associate analyst positions at both SunTrust Equitable Securities and Raymond James & Associates covering the business services, communications infrastructure and biotechnology sectors. Swindle graduated summa cum laude from Western Kentucky University with a bachelor's degree in finance.

Timothy Kelly has significant experience as a portfolio manager in the equities markets and is responsible for the day-to-day portfolio management of the hedge fund, Conquest I. Mr. Kelly was a Managing Director and Senior Portfolio Manager for the small cap equities department at Dresdner RCM Global Investors, where he worked from May 1995 through June 2002. Mr. Kelly was responsible for managing substantial assets representing a diverse client base. He also maintained substantial organizational responsibilities as part of the firm's equity management group and was team leader for a group of small cap analysts. Prior to Dresdner RCM, Mr. Kelly worked for five years as a specialist in business valuation for Valuation Services Group, a division of Arthur Andersen. His educational background includes an MBA from the University of Chicago Graduate School of Business granted in Spring 1995 with concentrations in accounting and finance. Mr. Kelly received his Chartered Financial Analyst (CFA) designation in 1991 and is a member of the San Francisco Society of Financial Analysts. He earned a BBA from Southern Methodist University in 1988 with majors in finance and real estate. Timothy Kelly resides in Northern California with his wife and three children.

Abtin joined Avondale in May of 2006 after graduating from Vanderbilt University with an M.Ed in Organizational Leadership. He also received a Bachelors of Arts degree in Economics from Vanderbilt in 2004 and has previous intern experience in the Insurance industry. In addition to dual degrees from Vanderbilt, Abtin was a punter, kickoff specialist and three year letterman for the Vanderbilt Commodore football team. He currently holds the record for the second longest punt in Commodore history at 80 yards and has earned multiple Special Teams Most Valuable Player of the Year Awards as well as Academic All-SEC honors.

Amy joined Avondale as an equity research analyst in September 2001. She provides investment research in the restaurant and food industries. Before Avondale, Amy spent three years as Vice President of Client Relations for Financeware, Inc., a financial services company. Previously, Amy worked for three years in equity research at Wheat First Union covering food, beverage, and tobacco companies. She earned her BA from Randolph-Macon Woman's College in Political Science and Economics.

Anand joined Avondale Partners in May 2009 as an Associate Analyst in covering Specialty Retail. Anand earned a M.S. in Finance from the Owen Graduate School of Management at Vanderbilt University where he was inducted into Beta Gamma Sigma. Prior to Avondale, Anand conducted pre-clinical medical research and managed international managed clinical trials. Anand received a B.S. in Biomedical Engineering from the Illinois Institute of Technology, Chicago.

Andy Heiman joined Avondale in July 2006 as an associate analyst focusing on the Leisure sector. Prior to Avondale, Andy served in a two-year Fellowship program with the United States Golf Association in Colorado Springs. Andy graduated magna cum laude from Vanderbilt University with a BA in Economics and Political Science.

Anthony (Tony) Fox joined Avondale Partners in April 2008 covering Industrials. Prior to joining Avondale, Tony held positions with Anheuser-Busch, Inc. and A.T. Kearney. Tony earned his MBA from the Olin Business School at Washington University and received his BA in Political Science and History from Miami University in Oxford, OH.

Ben Green joined Avondale in August 2004 as an associate analyst covering Internet Security and Healthcare Technology. Prior to Avondale, Ben completed Vanderbilt University's MBA program in 2004, with concentrations in accounting and finance. Before returning to school, Ben worked for Bankers Trust and Deutsche Bank from 1996 through 2002 as both a project manager and a risk & control specialist in their U.S. Custody Operations groups. Ben also received a Bachelor of Arts from the University of Alabama in 1996.

Ben Joseph joined Avondale in January 2004 as an associate analyst, focused on the Business Services industries. Ben earned a BS in Finance with a concentration in Investments from Louisiana State University.

Blake joined Avondale in July of 2008 after graduating Magna Cum Laude from The University of Tennessee with a Bachelor of Science degree in Finance and a collateral degree in Accounting. He has previous intern experience in the Asset Management division of Morgan Stanley.

Brad joined Avondale in July of 2008 after graduating cum laude from Vanderbilt University with a Bachelor of Science degree in Economics and a minor degree in Financial Economics. He was a member of the economics honor society Omicron Delta Epsilon. While at Vanderbilt, he was a four year letter winner for the Commodore baseball team and a member of the SEC Academic Honor Roll for four years.

After starting as an intern in 2007, Brian joined Avondale in July 2008 . He graduated Magna Cum Laude from Vanderbilt University with a Bachelors of Science degree in Economics and minors in Chinese and Mathematics.

Brian Shore joined Avondale Partners in June 2006 as an associate analyst. Prior to joining Avondale, Brian earned an MBA from the Goizueta Business School at Emory University with concentrations in Finance and Decision Information Analysis. He was previously employed at International Paper with roles in Treasury and Supply Chain. Brian graduated summa cum laude with a BS in Business Administration from the University of Tennessee, double-majoring in Finance and Logistics/Transportation.

Bryan joined the Avondale Investment Banking Group in July 2008 after graduating cum laude from Vanderbilt University with a Bachelor of Arts in Economics. At Vanderbilt Bryan also minored in Financial Economics through the university's managerial studies program. Bryan also has experience in the financial planning industry where he worked as an intern prior to joining Avondale.

Andrew joined Avondale in June 2007. Before Avondale, Andrew was employed by SNL Financial where he managed the mergers and acquisition data collection operations team consisting of 16 analysts. Andrew also led an analyst team tasked with collecting data related to the Financial Technology industry. Andrew graduated with Dean's List honors from the University of South Carolina, earning a B.S. in Business Administration, Finance and Business Economics. While in college, Andrew participated in summer internships with Merrill Lynch and McDonald Investments.

Chris graduated from Rhodes College where he received his Bachelor in Business Administration with an emphasis in Finance and Accounting and minored in Chinese Studies. Chris has passed all four sections of the CPA (Certified Public Account) Uniform Examination and recently passed the level II section of the CFA (Chartered Financial Analyst). He obtained his MS (Finance) from the University of Memphis in May 2008.

David joined Avondale's research department in July 2003. In 2004 he moved to the Institutional Equity Sales department where he first served in a Jr. sales role covering Canada and New York. David now covers accounts in Texas, the Southeast and New York. Mr. Anderson was an intern at Avondale prior to joining the firm full time. David received his Bachelor of Science in Marketing from Auburn University in 2003.

David joined Avondale in July of 2007. He had interned for two consecutive summers with the Sales and Trading department at Avondale beginning in May 2005. David received a B.A. degree in Business Administration with a concentration in Finance from the College of Charleston in 2007.

David joined Avondale in September 2006 as an associate analyst. Prior to Avondale, David worked with Accenture in its financial services consulting practice. David graduated magna cum laude from Wake Forest University with a BS in Business in 2005.

Fred joined Avondale in April 2008. Most recently, Fred worked for Sterling Capital Management in Charlotte NC as an Associate Director and Portfolio Manager in the Private Client Group/Investment Committee. Before that, Fred worked for Banc of America Capital Management as an Analyst in Product Management & Development. Fred earned his BA in Economics from Davidson College.

Hilary joined Avondale in July 2006 after graduating Magna Cum Laude from Vanderbilt University in May 2006 with a Bachelor of Arts degree in both Economics and Political Science. She has interned previously with Marshall and Ilsley Corporation in Milwaukee, WI.

John joined Avondale in 2008 and brings with him 20+ years of experience in Institutional Sales and private placements. John began his career in 1986 at J.C. Bradford & Co. where he served as Partner in Institutional Fixed Income. After J.C. Bradford was acquired by Paine Webber in May of 2000, he joined Stephens, Inc. where he covered fixed income accounts in Minneapolis, Chicago, Boston, and New York. He received his BA degree in Economics in 1985 from Vanderbilt University, where he still holds the Men's 50 and 100 yard freestyle swimming records. John covers Midwest accounts for Avondale.

John Karl is responsible for marketing and client service for the Avondale Conquest 1 fund. John brings a wealth of experience in raising assets for management in the High Net Worth and institutional marketplace. He has served in senior roles at a number of prominent investment management firms including, Riversource Investments LLC, Strong Capital Management and Wells Capital Management, where he was responsible for institutional marketing, consultant relations, and client relations. John has a BS degree in Marketing/Finance from Truman State University.

John joined Avondale in September 2007. John graduated from Furman University with B.A. in Economics. In his studies, John concentrated in macroeconomics and was a member of the international honor society for economics.

Kristi joined Avondale's Institutional Equity Sales department in March 2008. Previously, she was Vice President of Trading for Center Coast Capital Partners LP, an energy infrastructure hedge fund based out of Memphis, TN. Prior to joining Center Coast, Kristi was an Institutional Sales Trader at FTN Midwest where she covered accounts in New York and the Southeast. Kristi earned her BA in Economics from the University of Louisiana - Lafayette and her MBA from Christian Brothers University.

Robert joined the Avondale trading desk as an assistant NASDAQ trader in March 2007. Prior to joining the trading desk, Robert worked in the operations and sales departments at Avondale beginning in March 2004. Robert received a B.S. degree in Finance from the University of Tennessee in 2002.

Ryan Bouchard joined Avondale in February 2009 as an Associate Analyst covering Industrials and Transportation stocks. Prior to Avondale, he worked at Piper Jaffray and AG Edwards as an Associate Analyst covering the Semiconductor industry. Ryan received his MBA with a concentration in Finance from Saint Louis University, and a BS in Business Administration with a major in Finance & Banking from the University of Missouri Columbia.

Scott Freeman joined Avondale Partners in March 2008 as an associate analyst. Prior to joining Avondale, Scott earned an M.S. in Finance from the Sellinger School of Business and Management at Loyola College Maryland. He interned in the investments division at Independence Trust Company and was previously employed with a telecommunications consulting firm specializing in real estate and tower acquisitions. Scott received his B.A. in Political Science from the University of Tennessee, Knoxville.

Scott joined Avondale in July 2006 after graduating Summa Cum Laude from Vanderbilt University with a Bachelor of Arts degree in both Economics and French. He earned Phi Beta Kappa honors as an undergraduate. He has experience working in the Real Estate business and interned at Tulane Hospital in New Orleans.

Sharon joined Avondale in October 2005 as a Trading Assistant with the newly formed Avondale Futures Group. Prior to joining the firm, she worked in the same capacity with The Jernigan Group for 19 years in conjunction with several clearing firms including Prudential, Thomson McKinnon, Paine Webber, Dean Witter, Fimat and Rosenthal Collins. Sharon began her career in the futures industry and became licensed at E. F. Hutton. She is a graduate of Austin Peay State University with a Bachelor of Business Administration degree in the dual majors of business administration and marketing.

Teddy joined the Avondale investment banking group in June 2007 after working in Avondale's equity research department as an associate analyst. Before joining the equity research department, Teddy completed an internship at Avondale. Teddy graduated cum laude from Vanderbilt University in 2006 with a Bachelor of Arts degree in Economics.

Thomas Kucera joined Avondale in February 2006 as an associate research analyst focusing on Communications Technology. Tom graduated Vanderbilt University in May 2005. Tom graduated in three years with a B.A. in Economics, summa cum laude. Tom was also a National Merit Scholar and an AP Scholar with Distinction. Prior to Avondale, Tom was employed at Vanderbilt University's Medical Center, Division of Genetic Medicine.

Wes Huffman joined Avondale Partners in February 2009 as an associate analyst covering Business Services, Government Outsourcing, and Healthcare Services. Prior to Avondale, Wes worked in investment banking for Sterne Agee focusing on the bank and thrift industry. Wes earned his MBA in Business Strategy from the Manderson Graduate School of Business at the University of Alabama and his B.S. from Tennessee Technological University.

Alan has 13 years capital markets experience, most recently as an SVP in equity sales at Merriman Curhan Ford for 5 years. Before this he was a Principal in Equity Capital Markets at SoundView Technology Group and was an early employee at E*TRADE Group with responsibility for Investment Banking origination. Alan has an undergraduate degree from Trinity College Dublin and an MBS from University College Dublin.

Alex joined Avondale in September of 2007. As a veteran, with over 13 years experience in the institutional equity markets, he has worked with several leading investment firms, including Alex. Brown, DLJ, Robert Fleming, and Ferris Baker & Watts. Alex earned his BS in Economics and played Lacrosse at the University of North Carolina. Alex earned his M.B.A. from John's Hopkins University with a concentration in Finance.

Bob has over 20 years of airline industry experience. Prior to joining Avondale, Bob was Senior Airline Analyst at Prudential Equity Group having rejoined Prudential in September 2004. He was previously the Senior Airline Analyst with Prudential Securities from 1991 to 1994 and with Oppenheimer & Co. from 1986 to 1991. He started two publicly traded low-cost airlines, as CEO with Vanguard Airlines and as CFO at People Express. He served as the vice president responsible for I.T. at TWA and was a consultant to Virgin Express, a European low-cost airline. Bob also worked with Mesa Airlines, a regional airline based in Phoenix, from 2000 to 2004. Bob is a 5-time Institutional Investor All Star and a 4 time WSJ Best of the Street stock picker. He is a twice-ranked Forbes.com airline stock picker and in 2005 was Forbes.com 2nd best stock picker for all industries, ranking second out of over 3000 analysts. Bob has degrees in mathematics and business from the University of Kansas and is a CPA.

Brett joined the Avondale investment banking group in August 2006. Prior to joining Avondale, Brett was a Senior Manager at Gap, Inc. in the Gap Strategy group. At Gap, Brett worked on long range planning and strategic positioning for both the overall brand and individual business units. Previously, Brett was a Director of Business Development at Guru Worldwide, Inc., a provider of placement services and outsourced recruiting solutions to Fortune 1000 companies. At Guru, Brett was responsible for negotiating and managing third-party relationships, as well as launching the company's commerce business. Brett began his career at Alex. Brown, where he was an Analyst and then Associate in the Media and Internet Investment Banking group. At Alex. Brown, Brett completed a wide variety of financing and advisory transactions totalling over $50 billion. Brett received his Bachelor of Science degree in Business Administration with Honors from the University of North Carolina and his MBA degree from the Tuck School at Dartmouth College.

Chris joined Avondale in February 2003. Prior to joining Avondale, he worked for Thomas Weisel Partners in their Technology Investment Banking Group and Mergers & Acquisitions Advisory Group in both New York and San Francisco. In 1999, Chris was with Cramer Rosenthal McGlynn, a $3 billion hedge fund based in New York, in their Private Equity Department. From 1995 to 1998, Chris worked in equity research and investment banking at Robertson Stephens & Company in San Francisco. Chris received his BA from Washington & Lee University in 1993 and an MBA from Columbia University in 2000.

Dan Owczarski is an industry veteran with over fourteen years experience in the healthcare sector and an extensive financial background. Dan has spent seven years focusing on equity research covering the medical device sector. Before that, Dan spent seven years as a consultant at KPMG providing financial strategy assistance to healthcare clients. His industry knowledge and relationships provide unsurpassed access to managements and a unique insight into up-and coming-technologies. His growing network of industry contacts also provides a front-line perspective into the impact that technology is having in the medical community. Dan began his equity research career as an associate at Gruntal & Company under the tutelage of John Putnam, a 30-year veteran in healthcare research. In 2002, Dan and John founded Belmont Harbor Capital, now Belmont Harbor Research. Dan holds a BA in Economics and an MBA in Finance and Health Administration.

David joined Avondale's newly opened Boston office in November of 2003. Prior to joining Avondale, Dave served as a Managing Director and the senior research sales professional at Commerce Bank's Equity Capital Markets Division in Boston from 2001 through 2003. He joined Commerce from Tucker Anthony Sutro Capital Markets where he spent twelve years in Boston and New York, and departed Tucker as a Senior Vice President for Institutional Equity Research Sales. Mr. Mattaliano, a resident of Wellsley, Massachusetts, holds a B.S. in Business Administration from the University of Denver.

DAVID L. WARNOCK was elected as a Director of the Company in October 1998 and, since that time, he has also served on the Company's Compensation Committee. Since 1999, Mr. Warnock has been President and Chief Executive Officer of both Camden Partners, Inc. and Camden Partners Holdings, LLC, each of which is an affiliate of Cahill Warnock. Mr. Warnock is a founding partner of Cahill, Warnock & Company, LLC, an asset management firm established in 1995 to invest in small public companies. From 1983 to 1995, Mr. Warnock was with T. Rowe Price Associates in senior management positions, including President of the corporate general partner of T. Rowe Price Strategic Partners and T. Rowe Price Strategic Partners II, and as the Executive Vice President of T. Rowe Price New Horizons Fund. Mr. Warnock also serves on the Boards of Directors of Blue Rhino Corp., Bridges Learning Systems, Concorde Career Colleges, Inc., Environmental Safeguards, Inc., the National Alliance to End Homelessness, the Center for Fathers, Families and Workforce Development, Nobel Learning Communities, and CardSystems Solutions, Inc. Mr. Warnock received a B.A. in History from the University of Delaware and a Masters in Finance from the University of Wisconsin.

Drew joined Avondale in September, 2001. Prior to joining, he was Vice President in the Institutional Sales department at SunTrust Equitable Securities. Drew also worked as an associate in the research department covering the restaurant industry for SunTrust Equitable Securities prior to moving to the institutional sales group. Drew received a BBA in Finance from the University of Georgia in 1995.

Ed joined Avondale's Mid-Atlantic coverage team in June of 2008. Ed possesses 13 years of Institutional Equity and Capital Markets experience. Prior to Avondale, Ed worked in sales, trading, and origination roles at several leading Investment firms, including Raymond James & Associates, Wachovia Securities, and Ferris, Baker Watts, Inc. He has an undergraduate degree from Duke University and an MBA from the University of Virginia's Darden School.

Mr. Mathias is a Managing Director of The Carlyle Group and is based in Washington, DC. Prior to joining Carlyle in January 1994, Mr. Mathias was a member of the Management Committee and Board of Directors of T. Rowe Price Associates, Inc., a major investment management organization. He was instrumental in the founding of The Carlyle Group and assisted in raising the firm's initial capital. Focusing primarily on venture capital activities, he serves as a member of the Investment Committees for Carlyle Venture Partners, Carlyle Europe Venture Partners, and Carlyle Asia Venture Partners. Mr. Mathias holds an M.B.A. from the Harvard Business School and an undergraduate degree from the University of Pennsylvania where he presently serves as a Trustee.

Hibbie joined Avondale in October 2005 as director of the newly formed Avondale Futures Group. Prior to joining the firm he was Vice President of Trading at the Jernigan Group, a commodity trading and research firm. In conjunction with this role he worked with Morgan Stanley Dean Witter, Fimat and Rosenthal Collins. Hibbie has contributed numerous articles for various cotton industry publications as well as conducted risk management seminars on futures and options trading for the National Cotton Council. He grew up in the Mississippi Delta where he was involved in the production of cotton, soybeans, corn and livestock as well as the cotton merchandising business. He is a graduate of the University of Mississippi with a Bachelor of Business Administration degree.

Howard joined Avondale in September, 2004. He began his trading career with J.C. Bradford & Co. in 1992, until the firm was sold in July of 2000. Howard served in the capacity of Partner and as a Senior NASDAQ trader while with Bradford. He was also elected as President of the Nashville Securities Traders Association. In July of 2000, Howard joined Robinson Humphrey in Atlanta, GA. as a Senior NASDAQ trader. He served with the Georgia Securities Traders as a Board of Trustee member for two years. Howard received his B.S. degree in Finance from Belmont University in 1992.

Mr. Cheek is a senior member of the law firm of Bass, Berry & Sims PLC in Nashville, Tennessee where he practices corporate and securities law. Mr. Cheek served as Chair of the National Task Force on Corporate Responsibility from 2002-2003 and is the former chair of the ABA Section of Business Law. He is a member of the Legal Advisory Committee of the New York Stock Exchange, and also served as Chair of the Legal Advisory Board to the National Association of Securities Dealers from 1995 to 1997. He also has served for a number of years as a member of the ABA Corporate Laws Committee which reviews and revises the Model Business Corporation Act. Mr. Cheek is an Adjunct Professor of law at Vanderbilt University School of Law and has been a member of the faculty of law at Jesus College, Cambridge University, Cambridge, England. He serves as Chairman of the Board of Commissioners of the Metropolitan Nashville Airport Authority. He graduated from Duke University and Vanderbilt Law School and received an L.L.M. degree from Harvard University.

Mr. Gordon is the Principal of The Gordon Group, a private investment firm founded in 1996. He has been a visionary and leader in the health care services industry for more than 35 years. In 1969, he founded General Care Corp. (GCE: NYSE), a leader in the acute care hospital industry. In 1980, General Care was sold to Hospital Corporation of America. In 1982, he founded Surgical Care Affiliates (SCA: NYSE), the second largest operator of outpatient surgery centers in the country, which was sold to HealthSouth in 1996. Gordon was a founder of HealthWise of America (HOAM: NASDAQ), a health maintenance organization which was sold to United Healthcare in 1996. Mr. Gordon served as a Director of HealthSouth (HLSH: NASDAQ) from 1996 to 2005, more recently providing critical leadership for that company as Interim Chairman in 2003 to 2004. Mr. Gordon has also served as Director for the following public companies: Genesco (GCO: NYSE), SunTrust Bank (STI: NYSE), and First Tennessee National Bank (FTN: NYSE). Mr. Gordon has served as a Director for numerous non-profit organizations, including the Nashville Chamber of Commerce and served as Chairman of the Tennessee Performing Arts Center. He currently serves as a Director for the Vanderbilt University Medical Center, the University School of Nashville and the Community Foundation of Middle Tennessee. Mr. Gordon received his BS in Management from the University of Kentucky and has been recognized as a Distinguished Graduate by the University and a member of the Business School Hall of Fame.

John joined Avondale in December 2003 and currently works in the Firn's Baltimore office. From 2001 to 2003, John was Managing Director & Director of Equity Trading at Commerce Capital Markets in Philadelphia. There, he helped build an institutional equity team of over 30 professionals. He also established and ran the equity trading department. Prior to moving to Philadelphia, John worked at Deutsche Banc Alex Brown from 1996-2000 as a salestrader in the Baltimore office. John received his BA in Economics and Finance from Hampden Sydney College in 1991.

Jon currently directs Avondale's West Coast Healthcare investment banking efforts and has over 15 years of investment banking & corporate finance experience focused in the Medical Technology, Healthcare and Business Services sectors. While at Avondale, Jon has completed in excess of $1 billion worth of transactions including public offerings, private placements of debt and equity, fairness opinions in connection with public mergers and acquisitions, as well as M&A buy-side and sell-side representation. Prior to joining Avondale in 2004, Jon was a Managing Member of VCC, LLC, an entity formed to finance and commercialize R&D of leading universities and national labs. Jon began his career working in the corporate finance departments of Coopers & Lybrand and Ernst & Young, where select clients included Roche Diagnostics, IGEN and the University of California San Diego hospital. He is a CFA charterholder and a Certified Public Accountant. Jon earned Bachelor's degrees in both Accounting and Finance from Miami University. Jon is active in the San Diego community currently serving on the board and as finance committee chair of the United Way of San Diego County and as a trustee of the San Diego Sports Commission.

Kathryn Thompson is a Senior Research Analyst, covering the Leisure sector. Prior to joining Avondale in February 2006, Kathryn was an equity research analyst with BB&T Capital Markets, covering the manufactured housing and recreation products sectors. She previously worked at First Call and J.C. Bradford & Co. Thompson is a graduate of the University of the South in Sewanee, where she was a Benedict Scholar. Kathryn earned her MBA from the Owen School of Management at Vanderbilt University.

Ken joined Avondale as a sales trader in September 2007. Ken began his trading career in 1999 at Montgomery Securities which was acquired by NationsBanc then Bank of America. Ken served as an Assistant Sales Trader then as Vice President, Institutional Sales Trading for Banc of America Securities in Boston covering middle market firms. Ken currently serves on the Board of Directors of the Boston Securities Traders Foundation. Prior to joining the investment industry, he was a professional golf instructor for many East-coast golf clubs. Ken attended Salem State College and currently attends Marian Court College. Licenses: Series 7,55 and 63

Kurt joined Avondale Partners in August of 2006 to cover Pacific Northwest, Mountain and Midwestern accounts. With over 15 years of experience in institutional equity markets, Kurt began his career at McDonald and Co. Securities in Cleveland and subsequently served with SunTrust Equitable Securities and BB&T Capital Markets. He is a graduate of Miami University in Oxford, Ohio.

Patrick joined Avondale as a sales trader in June of 2003 from Wedbush Morgan Securities in Los Angeles. From 1997 to 2002, Patrick worked at Robertson Stephens in San Francisco, first as a NASDAQ market maker and then as a salesman/sales trader on the Middle Market desk. Prior to that, he was a trading assistant and market maker at McDonald and Company securities in Cleveland, Ohio, where he started his career in 1993. Patrick is a graduate from Vanderbilt University.

From 1998 to 2001, Rich was a Managing Director of Equitable Securities where he was head of Equity Capital Markets, including institutional sales, sales-trading, NASDAQ trading and syndicate. He was also a member of the Equity Division Management Committee. From 1990 to 1998, Rich was a Managing Director of Equitable where he was head of sales trading and NASDAQ trading. Prior to 1990, Rich was a sales trader with J.C. Bradford, Hambrecht & Quist and Kidder Peabody & Co. He received his BS in Business Administration from Bucknell University.

From 1989 to 2001, Steve was a Managing Director and member of the board of directors of Equitable Securities Corp. where he was co-head of Institutional Equity Sales. From 1966 to 1989, he was a General Partner of J.C. Bradford. Steve is a member of the board of directors of the Equitable Trust Company, The Frist Center for the Visual Arts, and the Vanderbilt University Medical Center. Steve is also a member of the board of trustees of Montgomery Bell Academy. Steve received his BA from Vanderbilt University in 1960 and his LLB from the Nashville School of Law in 1965.

Managing Director, Research Sales. Steve has over 5 years of experience in the financial services industry. After beginning his career as a sell-side healthcare services research analyst at ABN AMRO, Steve transitioned to institutional equity sales at Leerink Swann. Prior to working in the financial services industry, Steve spent seven years working as a healthcare consultant at both PricewaterhouseCoopers and Coopers & Lybrand, LLC. Steve received his BA from the University of Rochester (NY) and his MBA from the Kellogg Graduate School of Management at Northwestern University.