Shawn P. Harrington
Principal
Mr. Harrington is a co-founder and Principal of Battenkill Capital, Inc. He has worked on institutional
trade desks since 1999. He has worked directly with Institutional buy-side portfolio managers and
traders since he began working on Wall Street. Mr. Harrington runs the upstairs trading desk out of
the Vermont office, and helps to shape firm trading policies and procedures both on the upstairs
trading desks and with partners on the floor of the New York Stock Exchange. Mr. Harrington is a
current member of STANY (Security Traders Association of New York) and possesses his Series
7, 66, 24, 4, and 55 licenses. Mr. Harrington is married and father to one son.

Robyn V. Harrington
Principal
Ms. Harrington is a co-founder and Principal of Battenkill Capital, Inc. She began her career in the
securities industry in 2000 and functions as the Chief Financial Officer and Chief Compliance Officer
for the firm, working out of the Vermont office. Ms. Harrington obtained her Bachelors degree from Williams College (1999) and holds the Series 7, 66, 55, 24, 27, and NYSE Series 14 licenses.
Ms. Harrington is married and mother to one son.

Grigsby C. Markham
Principal
Mr. Markham co-founded Battenkill Capital, Inc. in 2004 and currently serves as Principal. He began
his financial career at Oppenheimer & Co., Inc. as a security analyst covering the emerging small
computer systems market. Next, he was Director of Business Planning at Automatic Data Processing
engaged in implementing the firms growth by acquisition strategy. Mr. Markham joined Gartner
Group, a technology information services business, in March 1980, where, for the next 13 years, he
served in a number of senior management positions, including Chief Financial Officer, and member
of the Board of Directors. Mr. Markham left Gartner Group and in July 1993 and, along with his wife
Patricia, acquired, significantly rebuilt and expanded the Windham Hill Inn, a popular upscale travel
destination located in West Townshend, Vermont. Mr. Markham holds an MBA from Columbia
University and a BA from Williams College and holds the Series 7, 66, 24, 27 and NYSE Series 16
licenses. He has two daughters, Robyn and Whitney.

Stephen V. Murphy
Principal & NYSE Reserve Trading Member Badge 483
Mr. Murphy comes to Battenkill Capital as the Chief Compliance Officer after spending 15 years on
the exchange floors of the NYSE and CBOT. Mr. Murphy has experience in management, compliance,
and various forms of arbitrage order execution. Mr. Murphy attended Penn State University
(undergrad) and Pace University (MS) and is a Level III CFA candidate.  Mr. Murphy holds the Series 7, 8, 14, 24, 27, 55, 66 and 87 exams. Mr. Murphy is married and father of a daughter and two sons.

Katherine W. Redding
Principal
Ms. Redding has been with Battenkill Capital, Inc. since inception in 2004 as an institutional trader. As co-head of the Vermont trade desk, she helps to oversee the daily trading activity and implement trading and compliance procedures on the desk. Ms. Redding obtained her Bachelors degree from Williams College (1999) and holds her Series 7, 66, 55, and 24 licenses. Ms. Redding is married and mother to one son.

Suzanne Bisson
Office & Human Resources Manager
Ms. Bisson joined Battenkill Capital, Inc in 2007. Working out of the Vermont office, she brings with
her over 10 years of administrative and human resource experience. Ms. Bisson provides all manner
of support to the entire firm in all three locations. Ms. Bisson obtained her Bachelors degree from Castleton College in 2002.

Rick Franzen CFA
Senior Energy & Cyclical Sector Advisor
Rick Franzen has been a buy side analyst for the past ten years, specializing in the Industrials,
Energy and Basic Materials sectors. Rick spent the majority of his career at Merrill Lynch at a
long-only fund, and was most recently at Millennium Partners on a long/short fund. At Millennium,
he was an analyst on the Energy Supply Chain Team at Millennium Partners LP. He was responsible
for generating long and short ideas in the Industrials, Materials and Energy sectors. Prior to
Millennium, Rick was an analyst at Merrill Lynch Investment Managers for nearly ten years. He was
an analyst on the $8B Relative Value fund responsible for the Energy, Industrials, Basic Materials,
Consumer Discretionary and Consumer Staples sectors. Rick also managed over $150mm in discretionary separate accounts for mid-market institutional clients while at Merrill Lynch Investment Managers. These separate accounts were invested in large cap equities and investment grade debt. Rick received his MBA from New York University with concentrations in Finance, International
Business and Management in 2000. He is also a Chartered Financial Analyst (CFA). Rick has been
married since 1999 and has two sons. Rick currently lives in Allentown, NJ.

Richard J. Michalowski
Managing Director
Richard J. Michalowski has been in the investing and trading field for over ten years. Until recently, he was a trader/portfolio manager at Tide Mill Capital, LLC trading commodities and futures. Before starting up Tide Mill Capital, he was the head trader for a team of 5 that ran a $300mm international energy portfolio with Millennium Partners LP. Prior to Millennium, he was a trader at Bernard L. Madoff Investment Securities LLC for seven years. During those seven years, he traded as a listed market maker for five years. He then joined their expansion to the proprietary desk where he traded for two years. He left Madoff Investments as the trader on a team of three that ran a $100mm energy supply chain portfolio. Richard started his career working for Fidelity Investments as a Financial Representative overseeing and guiding individuals with their private assets. His responsibilities included estate planning, portfolio evaluation, and asset allocation. Richard received his BA from the University of Connecticut with a concentration in business management in 1996. He holds Series 3,7,55 and 63 licenses. Richard currently lives in Ridgefield, CT with his wife and two children.

Patrick R. Morris
Senior Consultant
Mr. Morris has over 12 years of investment experience.  His career includes work in quantitative research and analysis, marketing and sales at Pillette Investment Management, Deutsche Bank, and Natexis Bleichroeder.  Mr. Morris has a BA from Syracuse University and an MA from Emerson College.

David A. Little
Senior Consultant
Mr. Little began his career in institutional equity sales at Brown Brothers Harriman building out their Boston and Canadian markets.  From there he went to Deutsche Bank as VP in Institutional Sales, and subsequently to Blaylock Partners and to Pulse Trading, where he developed and sold research products.  Most recently David was a financial consultant at Citigroup.  David has a BA in economics from McGill University and an MBA in Finance from Boston College and is fluent in French.

Courtney F. Powers
Telecommunications Consultant
Mr. Powers has over seven years of fundamental research experience which includes three years publishing institutional equity research as a telecommunications services analyst with Hibernia Southcoast Capital. Mr. Powers has spent two years as a senior associate within AT&T's mergers and acquisitions group (formerly SBC Communications). Mr. Powers earned a Liberal Arts degree from the University of Georgia and an MBA from the University of Texas at Austin. He is currently licensed Series 7, 63, 86, and 87.