SOUTHERN APPALACHIAN FUND - Key Persons

Job Titles:

• Chief Financial Officer
• Member of the Southern Appalachian Fund Team

Ms. McDaniel is the Chief Financial Officer for the Southern Appalachian Fund and a member of the Board of Directors for Southern Appalachian Management Company, LLC. Ms. McDaniel is also Vice President and Chief Financial Officer of Kentucky Highlands Investment Corporation. From 1978 to present, she has held many positions at Kentucky Highlands Investment Corporation, serving in her current capacity since 1989. She is responsible for the financial, accounting, compliance and legal functions of the company. She serves as liaison for the company with outside attorneys, accountants, financial institutions, tax professionals and other consultants as well as state and federal government officials. Ms. McDaniel is involved in both developing strategy for the future of Kentucky Highlands and monitoring progress toward goals and compliance with existing agreements. She provides support to the Chief Executive Officer in setting policy and establishing and achieving the goals of Kentucky Highlands Investment Corporation. She also provides support to the Executive Vice President and Chief Operating Officer in evaluating new investments and portfolio management. Ms. McDaniel has served as treasurer for several investee companies as well as treasurer for Kentucky Highlands Investment Corporation and its related companies. Ms. McDaniel serves as a member of several regional and national development agencies including the National Congress for Community Economic Development. She serves as vice-chairman of the Rural Local Initiative Support Corporation advisory committee. Under Ms. McDaniel's financial leadership, Kentucky Highlands has become one of the oldest and largest rural community development corporations in the United States. In December 1994, Kentucky Highlands was awarded designation as Lead Entity of an Empowerment Zone--one of only three in the United States. Additional designations include one of the first Community Development Financial Institutions, a tax credit community development corporation, a Community Development Entity, and a nonbank lender under the USDA's Business and Industry Loan Guaranty Program. Ms. McDaniel has participated in several study groups analyzing the need for economic development in rural areas and she has been involved in the development of new programs to serve the need for capital in rural areas. She provides technical assistance to other development groups and speaks and conducts training sessions at various conferences and meetings. Ms. McDaniel is a graduate of Leadership Tri-County. Ms. McDaniel has a Masters Degree in Business Administration from Eastern Kentucky University, an Associate of Applied Science Degree in Accounting from Union College in Barbourville, Kentucky and a Bachelor of Science Degree in Business Administration with an emphasis in Accounting from Cumberland College in Williamsburg, Kentucky. She has also completed various work related courses in management and computer software applications.

Job Titles:

• Member of the Southern Appalachian Fund Team
• Executive Vice - President, Southern Appalachian Management Company, LLC and Assistant Fund Manager

Job Titles:

• Chairman
• Chief Executive Officer
• Director
• Founding Director
• Member of the Board
• Member of the Southern Appalachian Fund Team
• President
• President, Southern Appalachian Management Company, LLC and Fund Manager

Mr. Ray Moncrief is President and Chief Executive Officer and a board member of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, L.P., organized to make equity investments in small business enterprises as defined by the New Markets Venture Capital regulations of the U. S. Small Business Administration. Mr. Moncrief is the Manager of the Southern Appalachian Fund. Mr. Moncrief has held various positions within Kentucky Highlands Investment Corporation since 1984 and is currently Executive Vice President and Chief Operating Officer. He is President and Chief Executive Officer of Mountain Ventures, Inc., a Small Business Investment Corporation (SBIC) licensed by the U. S. Small Business Administration and a wholly-owned subsidiary of Kentucky Highlands Investment Corporation. In these capacities, Mr. Moncrief is responsible for the investing activities of Kentucky Highlands and Mountain Ventures including analyzing new investments and portfolio management. He has served as Chief Executive Officer of five of Kentucky Highlands' portfolio companies and has been instrumental in providing financial and operational leadership in many turnaround and financial restructuring situations. Mr. Moncrief has in-depth experience in startup, expansion, and divestiture of businesses. He provides technical and management assistance to entrepreneurs during every phase of business development beginning with the creation of their business plans and the startup and capitalization through the expansion of their companies, and the eventual sale of their companies. Additionally, Mr. Moncrief is President and a board member of Eclipse Management, LLC, the General Partner of Meritus Ventures, L.P., organized to make equity investments in small business enterprises as defined by the Rural Business Investment Company regulations. Mr. Moncrief is a Partner in Meritus Ventures. Mr. Moncrief is a founding director and is currently Chairman of the Board of Directors of the Community Development Venture Capital Alliance ( CDVCA ). CDVCA honored Ray with a special Lifetime Achievement Award in March, 2004. This award recognized his deep-rooted commitment to using venture capital tools as a means of creating lasting change in the lives of low income individuals and the economies of distressed communities. Mr. Moncrief is also a member of the board of directors of the New Markets Tax Credit Coalition and the Community Development Financial Institution Coalition. Mr. Moncrief is an active Director on four corporate Boards of Directors, and is a past member of the Board of Governors of the National Association of Small Business Investment Companies (NASBIC) and is a past member of the Executive Committee of NASBIC. He is a founding board member of Southern Kentucky Economic Development Corporation. Mr. Moncrief has traveled nationally and internationally speaking about the use of equity investment as an economic development strategy. He has participated in several study groups analyzing capital needs in rural areas including an economic round table at the White House. Mr. Moncrief is often called upon to conduct training sessions at various conferences and meetings. Mr. Moncrief is a graduate of Leadership Kentucky. Mr. Moncrief is a 1972 graduate of Louisiana Tech University with a B.S. Degree in Accounting and completed graduate courses at Lamar University . From 1972 through 1978, he held various accounting positions of progressively increasing responsibility with Firestone Tire and Rubber Company. In August 1978, he became the Chief Financial Officer of Outdoor Venture Corporation, Stearns , Kentucky , and served there until June 1983. Mr. Moncrief became Chief Executive Officer and an owner of Medical Management Corp., an emergency room management company in 1983. In 1987, he and others founded Shadow, Inc., a manufacturer of high-quality bass boats, where he served as President until December 1989.

Job Titles:

• Member of the Southern Appalachian Fund Team
• Director of Research for Pathway Lending

Dr. Muendel is the Director of Operational Assistance for the Southern Appalachian Fund. Dr. Muendel has been the Director of Research for Pathway Lending (formerly Southeast Community Capital), which is a non-profit Community Development Financial Institution (CDFI) engaged in lending activities throughout southern Appalachia, since 1999. She was also the Director of Research for Technology 2020 in Oak Ridge, Tennessee, an entrepreneurial economic development, a public-private partnership connecting innovation, entrepreneurs, and capital. Prior to joining Southeast Community Capital, Dr. Muendel worked as a research consultant. She also served previously as the President of the American Chamber of Commerce Research Association, and she was the Director of Research for the Greater Knoxville (TN) Chamber of Commerce for nine years. Prior to joining the Knoxville Chamber of Commerce, Dr. Muendel worked as an archaeologist and historian. Dr. Muendel has a Bachelor's degree in history, a Master's degree in Near Eastern Archaeology, and a Ph.D from the University of Tennessee in Anthropology. She is a member of numerous organizations, including the Society for Competitive Intelligence, and has served previously on the Board of Directors for the American Chamber of Commerce Executives and the American Economic Development Council.

Job Titles:

• Vice President, Pathway Lending / Nashville, Tennessee

Job Titles:

• CEO, Outdoor Venture Corporation

Job Titles:

• Manager of Entrepreneurial Development

Job Titles:

• Manager, Business Resources

Job Titles:

• President, the F. B. Heron Foundation / New York, New York

Job Titles:

• Vice President, NMTC Asset Manager / Tax Credit Investment Group / PNC Center / Pittsburgh, Pennsylvania

Job Titles:

• Resolution and Receivership Specialist, FDIC

Job Titles:

• Member of the Board of Directors for Southern Appalachian Management Company
• President and CEO of Technology 2020

Mr. Rogers is a member of the Board of Directors for Southern Appalachian Management Company, LLC. Since 1996, Mr. Rogers has been the President and CEO of Technology 2020, a non-profit organization engaged in activities to stimulate economic growth throughout Tennessee and the Appalachian Corridor by leveraging technology resources throughout Tennessee and the Appalachian corridor with emphasis on job creation for underserved communities. The organization has assets in excess of $5 million and an annual operating budget of $1.2 million. Since 2001, he has also been the planner and organizer of the Tennessee Valley Venture Forum.