Leadership - Stable, experienced leaders provide multiple perspectives.

Gary Jarrett

Gary Jarrett is a founding Principal of Black River and is ultimately responsible for all final investment and trading decisions and risk management.

Mr. Jarrett joined Cargill in 1976, working for their metal trading subsidiary, C. Tennant Sons and Co. in Belgium. From 1978 to 1983 he held various merchandising desk head positions in Minneapolis before moving to London to become Managing Director of Cargill Metals, overseeing all non-Americas trading.

In 1986 he returned to Minneapolis to join the Financial Markets Group, managing international fixed income trading. In 1988 he became head of all Capital Markets trading activities, a position held until 1995, when he became co-head of the newly merged global financial trading business encompassing Emerging and Developed Markets. In 1997 he became President of Cargill's global energy business overseeing oil, natural gas and electricity trading. He rejoined the financial business in 1999 as President of Global Capital Markets, the forerunner to Black River.

He graduated from Oxford University in England in 1976 and has a masters degree in Metallurgy and the Science of Materials.

Eric Larson

Eric Larson is a founding Principal of Black River Asset Management. He serves as Chief Operating Officer, and co-head of Private Equity, which focuses on commodities and emerging markets.

Mr. Larson joined Cargill in 1993 and served as Managing Director for the Financial Markets Group in Asia until 1998 and as the Managing Director – Asia for Global Capital Markets until 2001, based in Singapore. He was appointed Senior Vice President in 1999.

Upon his return to the United States in 2001, he assumed the lead role in establishing the asset management business for Global Capital Markets. Before joining Cargill, Mr. Larson held several credit and management positions with Norwest Bank from 1982 to 1993, including Brazil Desk Head, Vice President and Manager of the New York International Office and Managing Director for Asia based in Hong Kong. Before joining Norwest, he was employed with the Leuthold Equity Research Group in Minneapolis, Minnesota from 1980 to 1982.

He graduated from the University of Minnesota in 1980 with a bachelor's degree in International Relations and Economic Development.

Jeff Drobny

Jeff is a Founding Principal of Black River who has oversight responsibility for a substantial portion of Black River's relative value and arbitrage trading businesses. He has a career dedicated to trading and risk management.

Mr. Drobny joined Cargill in 1994 as a Senior Trader in the Financial Markets Group. He spent the first few years of his career in Cargill's European headquarters in Cobham, England, managing directional and relative value risk in the G7 Fixed Income markets. In 1998 he moved back to the United States where he was made Vice President of the Financial Markets Group and given the mandate to build the North American Fixed Income Arbitrage business. This business was the cornerstone from which Black Rivers Fixed Income Relative Value fund was built and launched. His trading oversight includes Fixed Income (Government Bond Arbitrage, Municipal Bond trading , and Global Convertible Bonds), Equities (Global Equity Relative Value), and Systematic (Quantitative and CTA).

Prior to joining Cargill, Jeff worked at HBI Financial Futures in Chicago as Vice President in the Managed Futures Group. Mr. Drobny graduated from Union College, Schenectady, New York in 1988 with a Bachelor's Degree in Economics.

Jeremy Llewelyn

Jeremy Llewelyn is a founding Principal of Black River and the Chief Executive Officer of Black River Asset Management UK Ltd. He has oversight responsibility for Black River's activities in East Europe, Middle East, Africa ("EMEA") and Asia and oversees Black River's offices in London, Singapore, Moscow, Istanbul, Geneva, India and China. He also is co-head of private equity, which focuses on commodities and emerging markets.

Mr. Llewelyn joined Cargill in 1983 as a broker with Cargill Investor Services. In 1986 he began working with Cargill's Sugar Trading Team and was Worldwide Raw Sugar Trading Manager from 1987 to 1991, located in Geneva, Switzerland. In 1991 he transferred to the Financial Markets Group and assumed the role of Trading Manager Eastern Europe. In 1996 he returned to London as the Trading Manager for Financial Markets in EMEA. In 2001, in addition to his EMEA responsibilities, he assumed the role of Manager for the Asia region. He was responsible, along with Guilherme Schmidt, for the development of Black River's commodity trading activities.

Mr. Llewelyn graduated with honors from Bristol University in England in 1982 with a Bachelor of Science Degree in Geography.

Guilherme Schmidt

Guilherme Schmidt is a founding Principal of Black River and is responsible for Black River's global commodities trading including agriculture, energy, and equities. He is co-head of the global emerging markets trading business, focusing in Latin America, including, corporate credit, fixed income, equities and currency markets in the region.

Mr. Schmidt joined Cargill in 1989 as a junior trader in Cargill's Brazil office, trading local instruments. He moved to Minneapolis in 1991 as an Emerging Markets Debt Trader. He became the Brazil Local Markets Manager in 1993, Head Trader for Latin America Local Markets in 1996, and Head Trader for Global Local Markets in 1997. In 2004 he became one of the founding Principals of Black River.

Mr. Schmidt graduated from Fundação Armando Álvares Penteado, São Paulo, Brazil in 1989 with a Bachelor's Degree in Finance and Management and from the University of Minnesota in 2000 with a Masters of Business Administration degree.