DEVOTION CAPITAL - Key Persons

Job Titles:

• Chief Investment Officer
• Founder
• Founder and Chief Investment Officer of Devotion Capital Management

Henry W. Schacht is the Founder and Chief Investment Officer of Devotion Capital Management, which was established in 2002. He has held the Chartered Financial Analyst designation since 1999. Henry earned an MBA from the University of Chicago Graduate School of Business with concentrations in finance, accounting, and economics in 2002. He graduated from the University of Notre Dame with a degree in finance and a minor in theology in 1995. Henry is a member of the CFA Institute (formerly the Association for Investment Management and Research - AIMR), the Investment Analysts Society of Chicago (IASC), and the National Association of Corporate Directors (NACD). Henry grew up in the Florida citrus industry in Vero Beach, Florida. The business was founded in 1950 by his grandfather, a serial entrepreneur, who had always nurtured the romantic idea of owning a farm and growing citrus from his earliest days. Growing up in agriculture taught Henry the value of hard work, but perhaps more importantly, incredible lessons about business. He learned the basics of price vs value, the dangers of extrapolating the recent past into the distant future, and the primary importance of cash flow. An early trip to Disney World got Henry thinking about the difference between commodity businesses and a franchise business with pricing power - that some businesses are inherently profitable, while others are at the mercy of forces outside management control. It turns out that growing up in a farming family was a perfect training for a future value investor. The path to Devotion Capital was paved by the early and kind mentorship of many. Several deserve special mention. Maternal grandmother Jeanette Riel was a successful investor and meticulous bookkeeper, who fired a fascination with all things financial. She also successfully ran a variety of businesses starting at a young age and encouraged Henry's entrepreneurial bent. Family friend and stockbroker Claude Lee Ives Jr. provided practical guidance in the early years. Henry spent many nights watching Wall Street Week with Louis Rukeyser with his father. This led to a discovery of Warren Buffett and by his early teens, Henry had read The Intelligent Investor and other value investing classics. After college graduation, Henry had the good fortune to meet industry veteran Phil Young whose guidance and support led to an early equity research position. Without these individuals, Devotion Capital would not exist. Outside of the investing world, Henry enjoys archery, reading, and travel, especially spending time and exploring with his 2 children. He is the owner of Michiana Archery, one of the Midwest's premier archery facilities. Henry is a USA Archery Level 4 Coach/Trainer and the Head Coach of the University of Notre Dame's Archery Club. Henry is an Eagle Scout and is involved with Scouting USA at the local level.