Cavanaugh Capital Management Specializing in Active Fixed Income and Passive Equity Investments

Personnel Overview

Personnel

Bennett B. Carroll

John F. Cavanaugh

Jack Cavanaugh is Chief Executive Officer and principal stockholder of Cavanaugh Capital Management (CCM). He directs all firm operations and serves as CCM's Chief Compliance Officer. He is also a member of the firm's investment committee.

Cavanaugh began his investment career at Morgan Stanley Investment Management in 2000. He worked in the Marketing Department specializing in the firm's fixed income product line. Cavanaugh joined CCM in 2002. Prior to Morgan Stanley, he spent nine years in brand development and sales management for AOL Time Warner, the New York Times Co., and Young & Rubicam, all in New York.

Cavanaugh received a BA in Political Science and History from Duke University in 1991 and an MBA from Columbia University in 1999. He is Chairman of the Stella Maris Advisory Board, which entity is part of the Mercy Medical System in Baltimore. He serves as Chairman of Annual Giving and member of the Board of Trustees for Gilman School in Baltimore. He is a member of the Board of Trustees for St. Mary's Seminary & University in Baltimore. He serves on the Investment Committee of the Associated Catholic Charities of Baltimore. In addition, he serves as President of the Cavanaugh Financial Group Charitable Foundation. He holds a Series 65 License.

A Balanced Approach for Long-term Investors

501 Fairmount Avenue, Suite 300 • Baltimore, MD 21286 • tel 410.769.6124 fax 410.427.4544 • www.cavcap.com

Copies of Form ADV are available upon request. Disclosure Statement