The Orange Value Fund, LLC

Fund Directors

Steven W. Ballentine '83 BS,

Mr. Ballentine is the founder of the Ballentine Investment Institute. He is president and CEO of Ballentine Capital Management, an investment management firm he founded in 1989, Ballentine has been a portfolio manager and analyst for more than 20 years. He started his investment career at the Prudential Insurance Company of America (1983-1987), where he managed the $2 billion Prudential-Bache Utility Fund and the Prudential Equity Income Fund. Immediately prior to forming Ballentine Capital, Ballentine was a partner in a private investment management firm, specializing in long/short utility strategies (1987-1989).

Mr. Ballentine is a 1983 summa cum laude graduate of Syracuse University, where he now serves as a member of the Board of Trustees, sitting on the Board's Investment & Endowment Committee. In addition to wanting to give something significant back to his alma mater, Ballentine was motivated by a desire to "bring the markets alive to the students," which led to his generous gift in 1992 to SU's Martin J. Whitman School of Management to create a center with the ambitious, straightforward mission of offering an unparalleled investment education to Whitman students.

Professor Fernando Diz,

Dr. Diz is the Martin J. Whitman Professor of Finance and the Managing Director of the Fund. After earning his PhD from Cornell in 1989, Diz joined the Syracuse University faculty to offer courses on value, control and distress investing as well as in derivative securities. Dr. Diz is also the faculty advisor to the Orange Value Fund program. He is the co-author of Distress Investing Principles and Technique (Wiley 2009) & Modern Security Analysis: Understanding Wall Street Fundamentals (Willey 2013) with Martin J. Whitman

Professor Diz's research specialties are in the areas of value, control and distress investing as well as derivative securities. His work has been presented at academic as well as industry forums such as the American Stock Exchange (AMEX) Derivatives Colloquium, and the Forum for Managed Futures and Derivatives. Diz has been a Visiting Professor at the Cornell Johnson School of Management several times and was also a visiting Scholar at the Commodity Futures Trading Commission (CFTC). He has consulted with several utilities and power companies on issues related to trading electricity, as well as with global companies like the Spanish futures exchange MEFF and the Caixa de Catalunya, and served as a consultant to the consultants for UBS Securities and Bear Stearns under the Elliot Spitzer Global Settlement.

Darlene T. DeRemer ’77, ’79 MBA,

Mrs. DeRemer is a managing partner at Grail Partners LLC, an advisory merchant bank that she co-founded in 2005. She heads up the Boston office and is the senior banker focusing on the asset management industry. Prior to becoming an Investment banker at Putnam Lovell NBF in 2003, she was a leading adviser to the financial services industry for 25 years, specializing in strategic marketing, plan ning, product design and the implementation of innovative service strategies. She holds a bachelor's degree and an MBA from the Whitman School

Mrs. DeRemer serves on the board of directors for AARP Women's Leadership Circle Advisory Board on Financial Securities, is chairman of the board for AARP Services, Inc. and sits on the ING Clarion Real Estate Fund Board. She is a member of the Syracuse University Board of Trustees and was previously on the National Alumni Association Board of Directors. DeRemer is a member of the Whitman Women in Business Club, a frequent lecturer at Whitman and assists with the Orange Value Fund.

Michael Dritz '59

Mr. Dritz is chairman of Dritz Enterprises, LLC, a position he has held since 1997. His career on Wall Street has included serving as managing director of equity markets at Merrill Lynch, president and CEO of Smith New Court Inc. and CEO of Dritz Goldring Inc. In 2003, Dritz was selected to serve as independent research consultant to the investment clients of UBS under the global securities settlement agreed upon by the New York State Attorney General and the Securities and Exchange Commission.

Dritz serves on several boards and committees, including FieldPoint Private Bank and Trust, Win-Holt, Targe Energy LLC and Charter Realty. Since graduating from the Whitman School in 1959, Dritz has played an active role at Syracuse University. He received the Whitman School's Alumnus of the Year Award in 1993. He is a life trustee and former vice-chair of the Syracuse University Board of Trustees. Dritz is also a member and the former chair of the Investment and Endowment Commitee.

Professor Peter Koveos,

Dr. Koveos is a Managing Director of the Fund. He is a Professor of Finance and Kiebach Chair in International Business as well as the Director of the Kiebach Center for International Business.

Internal Auditor

Professor Joyce Zadzilka, CPA

Dr. Zadzilka is a Professor of Accounting Practice at the Whitman School of Management. She earned a bachelor's degree in accounting from Canisius College in Buffalo and worked in the Buffalo office of KPMG as an auditor in financial services, manufacturing, and not-for-profit markets. After earning her MBA at Whitman, she joined Carrier Corporation's Leadership Associate Program. After extensive traveling with the program, Zadzilka returned to the Syracuse site to work in manu- facturing operations. She taught accounting, business statistics, and finance courses at Morrisville State College from 2000-2007 and served as a Department Chair for four years. At Whitman, Joyce's primary teaching responsibilities include Managerial Accounting and Advanced Financial Accounting in the undergraduate accounting program, and Principles of Fraud Examination in the graduate accounting program.

External Auditor

Grossman St. Amour Certified Public Accountants, PLLC.

(Previously known as Greene and Seifert)

The Orange Value, LLC. is a private investment fund organized as a Delaware Limited Liability Company.

The Fund is an entity wholly operated by the students of the Martin J. Whiteman School of Management  at Syracuse University