Independent Directors

	Dianne Click has served on the board of the MicroCap Opportunities Fund since 1995 and on the board of the Emerging MicroCap Opportunities Fund since its inception. Ms. Click is a licensed Real Estate Broker in the State Of Montana. She has been a partner and a principal owner of a real estate sales company, Bozeman Broker Group, since April 2004. She has been licensed in the state of Montana since 1995. Dianne C. Click's experience as a partner and principal owner of a real estate sales company has provided her with a firm understanding of financial statements and the issues that confront businesses, enabling her to provide the Board of Directors valuable input and oversight.

	David Maglich has served on the board of the MicroCap Opportunities Fund since 1989 and on the board of the Emerging MicroCap Opportunities Fund since its inception. Mr. Maglich is a shareholder with the law firm of Fergeson, Skipper et al. in Sarasota, FL. He has been employed with Fergeson, Skipper et. al. since April 1989. As a partner in a law firm, David S. Maglich has extensive experience working with regulated industries, and a deep understanding of financial statements, making him a valuable source of information and insight.