Steven L. Kiel

Chairman of the board

Mr. Kiel is the President of Arquitos Capital Management and portfolio manager of Arquitos Capital Partners. Mr. Kiel is a judge advocate in the Army Reserves, a veteran of Operation Iraqi Freedom, and currently holds the rank of Major. Previously, Mr. Kiel was an attorney in private practice. Mr. Kiel is a graduate of George Mason School of Law and Illinois State University and is a member of the bar in Illinois (inactive) and Washington, DC.

Jeffrey I. Moore

Mr. Moore is a founder and Presiding Partner of M & M Investments, a value based investment partnership investing in common stocks. He is also owner and operator of Mt Melrose LLC, an Enterprise Diversified, Inc subsidiary investing in and managing real estate in Central Kentucky. Mr. Moore has earned a Bachelor of Arts in General Studies from Eastern Kentucky University.

Jeremy K. Gold

Mr. Gold is a Research Analyst at Oberndorf Enterprises LLC where Mr. Gold
is responsible for assisting in the evaluation and monitoring of new and current
investments. Prior to joining Oberndorf Enterprises Mr. Gold was a co-founder and
Managing Member of Alesia Asset Management, a value-oriented investment
partnership. Mr. Gold currently serves as Chair of the Audit Committee of
Enterprise Diversified, Inc. Mr. Gold received a B.A. in Physics from Williams College.

Christopher T. Payne

Mr. Payne is a financial professional with more than 15 years of consulting, corporate finance and Big Four experience. In his current role, Mr. Payne manages and performs valuations involving various classes of equity and debt securities. He advises clients in both private and public companies and provides valuation and corporate advisory services for purposes including mergers and acquisitions, fairness opinions, buy-sell agreements, IRS and SEC compliance matters, and corporate planning and reorganizations. Mr. Payne is a graduate from the George Mason University’s School of Business (MBA) and holds a Bachelor’s degree from the University of North Carolina at Charlotte.

Keith D. Smith

Mr. Smith is the portfolio manager for the Bonhoeffer Fund, a private hedge fund for accredited investors that utilizes value-oriented investment principles. Mr. Smith brings over 20 years of valuation experience and is a CFA charterholder. He has held positions with Empire Valuation Consultants, PwC, Management Consulting & Research, and served as a captain in the U.S. Air Force. Mr. Smith holds an MBA from University of California – Los Angeles and a Bachelor of Science in Electrical Engineering from Union College.

Jeremy K. Deal

Mr. Deal is the founder and chief investment officer for JDP Capital Management. He manages a value-based hedge fund that invests in undervalued publicly traded companies that are out-of-favor, distressed, or undergoing a significant growth transition. Prior to launching JDP Capital Management, Mr. Deal worked in private equity and co-founded two companies in the wireless home security and hotel energy management industries. He earned a Bachelor of Science in business and international relations from Alliant International University.