GAMCO Investors, Inc.

The lead members of the investment team are:

Mario Gabelli, CFA

Chairman, Chief Executive Officer of GAMCO Investors, Inc

Mr. Gabelli is the Founder, Chairman and Chief Investment Officer of GAMCO Investors, Inc. He is one of the most respected investors in the United States and is a leading proponent of value investing. His proprietary Private Market Value with a Catalyst™ methodology has become an analytical standard in the value investing community. Mr. Gabelli has lead managed the GAMCO and Gabelli Funds value investing portfolios since inception. Mr. Gabelli built the Gabelli organisation from its origins of Gabelli and Company, the institutional research boutique he started in 1976. In 1977 he started GAMCO Investors, Inc., offering institutional asset management services through separately managed individual accounts, mutual funds were offered in 1986, the year following the firm’s first hedge fund launch in 1985. He holds an MBA from Columbia University Graduate School of Business, and is a summa cum laude BS graduate from Fordham University. Mr. Gabelli is a Chartered Financial Analyst (CFA). He is a member of the board of overseers of Columbia University Graduate School of Business. Mr. Gabelli is involved with a number of charity organisations. He is a long-time Trustee of the Winston Churchill Foundation of the United States.

Marc Gabelli

Portfolio Manager

Mr. Gabelli is President of the Manager’s parent company, GGCP, Inc. and is a director and a Senior Portfolio Manager at GAMCO. He helped lead the initial public offering of GAMCO Investors Inc. in February 1999. His portfolio assignments have included hedge fund management since 1990 and traditional asset management since 1994. He has managed several Morningstar five star mutual funds, and a Lipper #1 ranked global equity mutual fund in the U.S. His focus is global, catalyst-driven value investing across all market capitalisations and industry sectors. He built Gabelli Securities’ hedge fund platform, Gabelli & Partners in 1999, opened the Gabelli London office in 2000 and the Gabelli Tokyo office in 2009. Mr. Gabelli started his investment career in arbitrage at Lehman Brothers International. He holds an MBA from the Massachusetts Institute of Technology (MIT) Sloan School of Management, a BA from Boston College, and the SEP diploma from Stanford University. He is a member of the New York Society of Securities Analysts. He is involved with various educational charities. In the UK he is a board member of the board role at the Sutton Trust.

In addition to Mario Gabelli and Marc Gabelli, the Manager's team will be led by select Gabelli portfolio managers and research analysts, including the following:

Caesar M.P. Bryan

Portfolio Manager

Mr. Bryan is a Senior Portfolio Manager specialising in special situations and international equities. He has been a portfolio manager at Gabelli since 1993, leading several Gabelli funds since their inception. His portfolio assignments have included open-end funds, closed-end investment companies, managed accounts and hedge funds. He currently is a member of the growth portfolio management team and leads the Gabelli International Growth Fund and the GAMCO Natural Resources, Gold & Income Trust. Mr. Bryan started his career at Samuel Montagu as an equity analyst and portfolio manager. Mr. Bryan is a member of the English Bar and holds an LLB from the University of Southampton.

Kevin Dreyer

Portfolio Manager

Mr. Dreyer is a Portfolio Manager on the All Cap Value Team and Portfolio Manager of the Gabelli Asset, Global Opportunity, and SRI Funds as well as the Gabelli Equity, Dividend & Income, and Healthcare & Wellness Trusts. Furthermore, he is one of two Global Research Coordinators guiding the research efforts of the firm and overseeing the implementation of our proprietary process. Mr. Dreyer started at Gabelli as a research analyst covering consumer goods, and later went on to lead the consumer and health & wellness research teams. Prior to Gabelli, he began his business career as an Investment Banking Analyst at Banc of America Securities in the firm’s Mergers & Acquisitions department. Mr. Dreyer holds an MBA from Columbia University Graduate School of Business and BSE from the University of Pennsylvania.

Vincent Hugonnard-Roche

Portfolio Manager

Mr. Roche is Director of Quantitative Strategies and Portfolio Manager of the Gabelli Capital Structure Arbitrage Fund. He is an expert in identifying capital structure arbitrage opportunities globally. Prior to joining Gabelli, he was on the Credit Lyonnais equity proprietary desk in New York. He holds an MS in Mathematics of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.

Robert D. Leininger, CFA

Portfolio Manager

Mr. Leininger is a Senior Portfolio Manager and security analyst with an emphasis on large cap value special situations. He started his career with Gabelli in 1993 covering the beverage industry globally and currently manages a variety of institutional separate accounts and funds. He is a Chartered Financial Analyst (CFA), and is a member of the Financial Analyst Society of Philadelphia. Mr. Leininger was previously a portfolio manager at Rorer Capital, Copeland Management and PNC Financial. Mr. Leininger is a magna cum laude graduate of Amherst College with a degree in Economics and holds an MBA from the Wharton School at the University of Pennsylvania.

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Christopher Marangi

Portfolio Manager

Mr. Marangi is Portfolio Manager of the Gabelli Value Portfolios. He also leads the Firm’s Cable, Satellite and Entertainment research groups. He began his career as an investment banking analyst with J. P. Morgan & Co and later joined private equity firm Wellspring Capital Management. He holds an M.B.A. from Columbia University Graduate School of Business and graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College

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Wayne Plewniak

Portfolio Manager

Mr. Plewniak is Managing Director and Head of Gabelli Fixed Income. He is Portfolio Manager of the Gabelli Intermediate Credit Fund and has over 25 years of experience in managing credit strategies. Prior to joining Gabelli, he was a Managing Director and Senior Portfolio Manager at Neuberger Berman and Lehman Brothers. Mr. Plewniak holds an MBA in Finance and International Business from Georgetown University and BS from the Rochester Institute of Technology.

Ralph Rocco

Portfolio Manager

Mr. Rocco is a Senior Partner and Portfolio Manager within Gabelli’s Investment Partnership Group. He is a 15 year member of the Firm’s merger arbitrage team. Mr. Rocco’s primary responsibilities include M&A research and the management of the Gabelli Associates and GAMCO Merger Arbitrage Funds. He holds a BA in Economics from Rutgers University.

William (Bill) Selby, CFA

Proxy Chairman

Mr. Selby is a Managing Director. He is Chairman of the firm’s Proxy Voting Committee. He is a CFA Charterholder as well as a member of the New York Society of Security Analysts and the Association for Investment Management and Research. Prior to joining GAMCO in 1985, Bill held positions as Senior Planning Analyst and New Business Development with CBS Television Network and as Reporter and Anchor with WNEV-TV Boston. Bill graduated also from the MIT Sloan School of Management with an MBA in Finance and from Hampshire College with a BS in Biology and Chemistry.

Howard Ward, CFA

Portfolio Manager

Mr. Ward is GAMCO’s Chief Investment Officer of Growth Equities and Portfolio Manager of Growth Portfolios. Howard joined GAMCO Investors, Inc. in 1995 as Senior Vice President and Portfolio Manager of the GAMCO Growth Fund. In 2004 he was named Director of Growth Products. Prior to joining Gabelli, Howard spent twelve years at Scudder, Stevens and Clark where he served as Managing Director and Product Leader of Scudder’s large capitalisation growth product and lead Portfolio Manager. Prior to joining Scudder, Howard was with Brown Brothers, Harriman & Co. for four years where he held the title of Investment Officer in the firm’s Institutional Investment Department. Howard is a Chartered Financial Analyst (CFA) and a member of the New York Society of Security Analysts. He graduated from Northwestern University in 1978 with a BA in economics.

Justin Bergner, CFA

Research Analyst

Mr. Bergner, CFA, began his investment career at Gabelli & Company in 2005 as a metals and mining analyst. He began his business career in management consulting at Bain & Company, where he worked on strategy assignments for a number of industrial companies. Mr. Bergner graduated from Yale University cum laude with a BA in Economics & Mathematics and received an MBA in Finance and Accounting from Wharton Business School.

Evan Miller, CFA

Research Analyst

Mr. Miller is Managing Director of Gabelli’s London office and a specialist in global telecommunications. He has been investing in corporate restructurings, with an emphasis in the telecommunications industry, for over 25 years. Prior to joining Gabelli, he was the Senior European Telecommunications Research Analyst with Lehman Brothers and Credit Suisse First Boston in London. Mr. Miller is a Chartered Financial Analyst (CFA). He holds an MBA from the University of Chicago and BA in Economics from Northwestern University.

Brian Sponheimer

Research Analyst

Mr. Sponheimer currently oversees the Industrial Research Platform for the firm. He also is responsible for coverage of Automotive and Capital Equipment, and directs Gabelli’s Annual Automotive Aftermarket Symposium, which celebrated its 38th consecutive year in November in Las Vegas. In 2011, Mr. Sponheimer was recognised by both the Wall Street Journal and the Financial Times as “Best on the Street” among Wall Street analysts. He began his business career in institutional equities at CIBC World Markets in New York and Boston. Mr. Sponheimer graduated cum laude from Harvard University with a BA in Government and received an MBA in Finance and Economics from Columbia Business School.

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Macrae Sykes

Research Analyst

Mr. Sykes is a research analyst covering financial services. He was ranked #1 in Investment Services by the Wall Street Journal’s “Best on the Street Analyst Survey”. He most recently finished runner-up for capital markets coverage in StarMine’s 2014 survey for best stock picking analysts. Mr. Sykes began his business career as an institutional trader at Donaldson, Lufkin & Jenrette/CSFB. Just prior to joining Gabelli, Mr. Sykes was a partner in a seeder/incubator platform (VanthedgePoint Group) for emerging hedge funds. He graduated from Hamilton College with a BA in Economics and received an MBA in Finance from Columbia Business School. Mr. Sykes is also a registered options principal.