DAVID R. CARR, JR.,
Chairman and
Chief Investment Officer
Sr. Portfolio Manager
Co-Manager, Oak Value Fund

David R. Carr, Jr., Chairman and Chief Investment Officer, cofounded Oak Value in 1986 and has spent his entire professional career since that time researching companies and implementing the firm's investment philosophy. David is a member of the firm's decision making Investment Committee, serves on Oak Value's Board of Directors and is one of the Co-Managers of the Oak Value Fund.

David has served in board of trustee and officer positions for the Tuscarora Investment Trust (currently Oak Value Trust), as a director on the boards of several public company financial institutions and on the investment or finance committees for several charitable organizations.

He received his Juris Doctor degree in 1986 from the University of North Carolina (UNC) Law School in Chapel Hill and his BS in Accounting from UNC in 1982.

LARRY D. COATS, JR.,
President and Chief Executive Officer
Sr. Portfolio Manager
Co-Manager, Oak Value Fund
President, Oak Value Trust

Larry D. Coats, Jr., President & Chief Executive Officer, has spent much of his career pursuing and implementing the disciplined investment approach Oak Value executes for clients. He dedicates most of his time to investment research and portfolio decision making and maintains oversight responsibility for the various functional areas of the firm.

Larry is a member of the firm's decision making Investment Committee, serves on Oak Value's Board of Directors and is one of the Co-Managers of the Oak Value Fund. He is also President of the Board of Trustees of the Oak Value Trust and serves on the boards of several charitable organizations.

Larry joined Oak Value in 1994 after beginning a successful career in the investment business in 1986 with Carolina Securities, Thomson McKinnon, and Legg Mason Wood Walker. He began his professional career performing business and systems analysis as a Senior Consultant at Arthur Andersen (the predecessor to consulting firm Accenture) in Charlotte, North Carolina in 1983. Larry received his BS and MBA degrees in 1981 and 1983 from the University of South Carolina.

CHRISTY L. PHILLIPS,
Sr. Vice President and Director of Research
& Portfolio Manager
Co-Manager, Oak Value Fund

Christy L. Phillips, Sr. Vice President, Director of Research & Portfolio Manager, received her BS in Business Administration from the University of Tennessee at Knoxville. Christy's credentials stretch back to her 1986 entry into the investment business as a research analyst, where she has primarily served in a senior analyst capacity. Her employment background includes significant experience with securities and investment firms including Wachovia, Lehman Brothers, Equitable Securities, Smith Barney, Indepth Research, LLC, and Coker, Palmer, Phillips, & Mullens, Inc. Christy's research experience has included industry concentration and generalist responsibilities.

Christy joined Oak Value in 2003 as a Vice President and Senior Analyst, was promoted to Director of Research in March 2005 and has been a shareholder of the firm since 2006. In March 2006, she joined the firm's decision making Investment Committee, and in November 2008, she was made a Portfolio Manager of the Oak Value Fund.