The Principals of ValStone Partners are Gerald C. Timmis III, Larry E. Jennings Jr. and Eric R. Abel.  Since forming ValStone Partners in 1998, the Principals, either directly or through the Funds, have completed acquisitions from a variety of corporate, financial and municipal entities, including local and regional banks and federal, state and local governments and other portfolio lenders.  The Principals are responsible for the underwriting, due diligence and pricing of each opportunity reviewed.  The Principals also are responsible for the oversight and management of ValStone Asset Management ("VAM").  Biographies of the Principals and other key members of the Investment Team are as follows: