Noble Financial Analysts

Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment
mkupinski@noblefinancialgroup.com

Michael Kupinski joined Noble Financial in 2007 as Director of Research and Media & Entertainment senior research analyst. Before joining the company, he was Vice President, Media & Entertainment analyst for A.G. Edwards for 23 years. He is a member of the National Cable Television Society Foundation and the National Association of Broadcasters. He was a columnist for the Pulse of Radio, a broadcast radio trade publication, and a trustee of the National Television Academy. The Wall Street Journal selected Mr. Kupinski as a “Best on the Street” All Star Analyst in 1996, 1997, 1999, 2001, 2003, and 2004 for his stock picking skills. Mr. Kupinski is widely quoted in national publications such as USA Today, Wall Street Journal, and the New York Times and is a frequent guest on cable news networks CNBC, CNN, and Bloomberg TV.

Michael M. Friedman – Senior Research Analyst, Consumer Discretionary
mfriedman@noblefinancialgroup.com

Michael Friedman covers the consumer discretionary sector with specialty in casino gaming, distribution and manufacturing companies. Prior to joining Noble Financial, Michael held positions analyzing corporate equity valuation and credit worthiness while working in Boston. Mr. Friedman also held a senior equity research position in New York concentrating in the sports, leisure and entertainment industries. His previous coverage has included emerging small-cap growth companies such as WMS Industries and has also covered GARP and value companies, such as Bally Total Fitness, Churchill Downs, Courier Corporation and Banta Corporation, among others. Mr. Friedman has written, edited and published numerous financial research reports. He has appeared on CNBC and has been quoted in national and regional publications such as Investors Business Daily, Forbes Magazine and Bloomberg. Michael has achieved five-star status on StarMine. Mr. Friedman has been early to highlight emerging growth small-cap companies, most notably his recommendation on Shuffle Master - its share price has increased as much as five-fold since his initiation of coverage.

Michael received a joint MBA/Graduate Diploma in Professional Accounting from Boston’s Suffolk University.

Mark Jordan, CFA – Senior Research Analyst, Information / Defense Technology
mjordan@noblefinancialgroup

Mark C. Jordan, CFA joined Noble Financial Group as a Senior Research Analyst following the Electronics, Communications Hardware, and Defense Industries. With over 30 years of investment analysis experience, he has received four annual “Best of the Street” stock selection designations in the Wall Street Journal and recognition by Forbes/Star Mine as a Top Analyst and holds a Chartered Financial Analyst® designation.

Matthew Crews – Research Analyst, Information / Defense Technology (working with M. Jordan)
mcrews@noblefinancialgroup

Matthew Crews is a research analyst following the Electronics, Communication Hardware, and Defense Industries. Prior to joining Noble Financial, he was an associate analyst at A.G. Edwards in St. Louis Missouri in the Defense and Communication Industries. Mr. Crews received his BA from Hendrix College. He has completed all three Chartered Financial Analyst examinations and is charter pending work experience.

Michael Diana - Senior Research Analyst, Financial Services
mdiana@noblefinancialgroup.com

Michael brings to Noble Financial more than 25 years experience as a senior research analyst and M&A investment banker with firms such as Citigroup, Bear Stearns, Prudential and First Boston. Michael offers broad coverage with emphasis on banks, thrifts and mortgage companies. His experience includes periods of real estate depression (late 80s, early 90s) and the subprime mortgage blowup (1998/1999). Michael has consistently ranked among the top analysts in his space and is widely recognized for his stock-picking strategies and successes.

Gabriel Lowy – Senior Research Analyst, Infrastructure & Enterprise Software
glowy@noblefinancialgroup.com

Located in the NYC office, "Gabe" brings more than 20 years experience to the Noble Financial research team. Consistently recognized as a leading analyst by Starmine, "Best of the Street" by the Wall Street Journal, and ranked in 2004 as the "Best Analyst in America" by Forbes, Gabe has gained a reputation for framing and articulating macro sector views in a way few other analysts have accomplished. Throughout his career as a technology-sector analyst, he has developed proprietary valuation models, advised managements on strategic market and financing options, and performed valuation analysis and opinions on M&A proposals and transactions. Over the years he has written and published more than 300 market and competitive research products to a distinguished international institutional client-base. Mr. Lowry received both his B.S. and MBA in Strategic Planning from NYU.

J. Brian McCarthy Ph.D. – Senior Research Analyst, Biotechnology
bmccarthy@noblefinancialgroup.com

Dr. McCarthy brings to our NYC office more than 15 years experience in the Biotechnology industry as a scientist, professor, consultant, and research financial analyst. His educational background with degrees from Cornell University Medical College, Fellow in Ophthalmology; Yale University School of Medicine, Fellow in Cellular Physiology; State University of NY Stony Brook, Ph.D. in Neurobiology; University of Maryland, MS in Molecular Biology; and Juniata College, BS in Biology & Chemistry, all offer an insightful, straightforward, scientific perspective to the industry. Prior to joining Noble Financial, Dr. McCarthy was with Merriman Curhan Ford & Co. as Senior Biotechnology Analyst & Senior Vice President.

Vincent A. Colicchio, CFA – Senior Research Analyst, Business Services and Technology
vcolicchio@noblefinancialgroup.com

Vincent Colicchio has 14 years experience in equity research. Vincent joined Noble Financial Group in early 2006 to cover the business services and technology industries. Prior to coming to Noble, he was a senior equity analyst covering these industries. Before that, Vincent worked as a Portfolio Manager at US Global Investors. During his tenure, Mr. Colicchio co-managed a large capitalization equity fund and a China-region equity fund, both of which outperformed their benchmarks. Vincent was also a senior equity analyst covering information technology and business services stocks at Southwest Securities.

Vincent has an MBA in Finance from New York University’s Stern School of Business, has done graduate studies in Economics at the University of Texas in San Antonio, has a BA in Economics from Rutgers College, and holds a Chartered Financial Analyst® designation.

Ms. Hoggatt covers the medical technology industry. Prior to Noble Financial, Ms. Hoggatt worked at Variant Research and Hibernia Southcoast Capital, where she was also a Medical Technology Analyst. Before her tenure at Hibernia, Ms. Hoggatt was an associate equity analyst at Morgan Keegan & Company covering medical devices. Ms. Hoggatt’s professional career has been focused on the healthcare sector and has included in-depth coverage of over sixteen different companies in the Medical Technology and Medical Device industries, allowing her to share a wealth of knowledge and insight with our clients. Ms. Hoggatt received her Bachelors of Business Administration and Master of Accountancy from Millsaps College in Jackson, Mississippi.

Michael Petusky, CFA - Senior Research Analyst, Healthcare Services
mpetusky@noblefinancialgroup.com

Michael Petusky is Noble Financial's Senior Research Analyst covering the healthcare services sector. Prior to joining the company, Michael covered healthcare stocks for Thompson Davis & Co. (2002-2007), Branch Cabell and its successor firms (1995-2002). His areas of professional interest include disease management, surgery centers, and rehabilitation. Michael has been quoted in national publications such as Business Week, Investor’s Business Daily, Smart Money Magazine, and The Washington Post. In 2002, he was recognized as a Zack’s All Star Analyst. Michael has a B.B.A. (Finance-concentration) from the University of Richmond and also and holds a Chartered Financial Analyst® designation.

Francisco Penafiel - Research Analyst, Special Situations
fpenafiel@noblefinancialgroup.com

Francisco Penafiel joined Noble Financial in 2002 after gaining his Master of Science in Economics, with concentrations in Finance and International Economics from Florida Atlantic University. He obtained his undergraduate degree from Escuela Superior Politecnica in Ecuador, where he double majored in Statistics and Computing Science. At Noble, Francisco is responsible for the research department’s computer modeling analysis and statistical review as well as report issuance and compliance. He is also a member of the Company’s Investment Policy Committee. Although Mr. Penafiel is a generalist in his capacity of research analyst, he is gaining specialization in the communications and retail industries. Francisco holds various NASD licenses and is a candidate in the CFA program.

Updated October, 2008. These analyst profiles are for informative purposes only. Under no circumstances are they to be construed as an offer to sell or a solicitation to buy any security.


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RESEARCH MAIN
Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment mkupinski@noblefinancialgroup.com Michael Kupinski joined Noble Financial in 2007 as Director of Research and Media & Entertainment senior research analyst. Before joining the company, he was Vice President, Media & Entertainment analyst for A.G. Edwards for 23 years. He is a member of the National Cable Television Society Foundation and the National Association of Broadcasters. He was a columnist for the Pulse of Radio, a broadcast radio trade publication, and a trustee of the National Television Academy. The Wall Street Journal selected Mr. Kupinski as a “Best on the Street” All Star Analyst in 1996, 1997, 1999, 2001, 2003, and 2004 for his stock picking skills. Mr. Kupinski is widely quoted in national publications such as USA Today, Wall Street Journal, and the New York Times and is a frequent guest on cable news networks CNBC, CNN, and Bloomberg TV. Michael M. Friedman – Senior Research Analyst, Consumer Discretionary mfriedman@noblefinancialgroup.com Michael Friedman covers the consumer discretionary sector with specialty in casino gaming, distribution and manufacturing companies. Prior to joining Noble Financial, Michael held positions analyzing corporate equity valuation and credit worthiness while working in Boston. Mr. Friedman also held a senior equity research position in New York concentrating in the sports, leisure and entertainment industries. His previous coverage has included emerging small-cap growth companies such as WMS Industries and has also covered GARP and value companies, such as Bally Total Fitness, Churchill Downs, Courier Corporation and Banta Corporation, among others. Mr. Friedman has written, edited and published numerous financial research reports. He has appeared on CNBC and has been quoted in national and regional publications such as Investors Business Daily, Forbes Magazine and Bloomberg. Michael has achieved five-star status on StarMine. Mr. Friedman has been early to highlight emerging growth small-cap companies, most notably his recommendation on Shuffle Master - its share price has increased as much as five-fold since his initiation of coverage. Michael received a joint MBA/Graduate Diploma in Professional Accounting from Boston’s Suffolk University. Mark Jordan, CFA – Senior Research Analyst, Information / Defense Technology mjordan@noblefinancialgroup Mark C. Jordan, CFA joined Noble Financial Group as a Senior Research Analyst following the Electronics, Communications Hardware, and Defense Industries. With over 30 years of investment analysis experience, he has received four annual “Best of the Street” stock selection designations in the Wall Street Journal and recognition by Forbes/Star Mine as a Top Analyst and holds a Chartered Financial Analyst® designation. Matthew Crews – Research Analyst, Information / Defense Technology (working with M. Jordan) mcrews@noblefinancialgroup Matthew Crews is a research analyst following the Electronics, Communication Hardware, and Defense Industries. Prior to joining Noble Financial, he was an associate analyst at A.G. Edwards in St. Louis Missouri in the Defense and Communication Industries. Mr. Crews received his BA from Hendrix College. He has completed all three Chartered Financial Analyst examinations and is charter pending work experience. Michael Diana - Senior Research Analyst, Financial Services mdiana@noblefinancialgroup.com Michael brings to Noble Financial more than 25 years experience as a senior research analyst and M&A investment banker with firms such as Citigroup, Bear Stearns, Prudential and First Boston. Michael offers broad coverage with emphasis on banks, thrifts and mortgage companies. His experience includes periods of real estate depression (late 80s, early 90s) and the subprime mortgage blowup (1998/1999). Michael has consistently ranked among the top analysts in his space and is widely recognized for his stock-picking strategies and successes. Gabriel Lowy – Senior Research Analyst, Infrastructure & Enterprise Software glowy@noblefinancialgroup.com Located in the NYC office, "Gabe" brings more than 20 years experience to the Noble Financial research team. Consistently recognized as a leading analyst by Starmine, "Best of the Street" by the Wall Street Journal, and ranked in 2004 as the "Best Analyst in America" by Forbes, Gabe has gained a reputation for framing and articulating macro sector views in a way few other analysts have accomplished. Throughout his career as a technology-sector analyst, he has developed proprietary valuation models, advised managements on strategic market and financing options, and performed valuation analysis and opinions on M&A proposals and transactions. Over the years he has written and published more than 300 market and competitive research products to a distinguished international institutional client-base. Mr. Lowry received both his B.S. and MBA in Strategic Planning from NYU. J. Brian McCarthy Ph.D. – Senior Research Analyst, Biotechnology bmccarthy@noblefinancialgroup.com Dr. McCarthy brings to our NYC office more than 15 years experience in the Biotechnology industry as a scientist, professor, consultant, and research financial analyst. His educational background with degrees from Cornell University Medical College, Fellow in Ophthalmology; Yale University School of Medicine, Fellow in Cellular Physiology; State University of NY Stony Brook, Ph.D. in Neurobiology; University of Maryland, MS in Molecular Biology; and Juniata College, BS in Biology & Chemistry, all offer an insightful, straightforward, scientific perspective to the industry. Prior to joining Noble Financial, Dr. McCarthy was with Merriman Curhan Ford & Co. as Senior Biotechnology Analyst & Senior Vice President. Vincent A. Colicchio, CFA – Senior Research Analyst, Business Services and Technology vcolicchio@noblefinancialgroup.com Vincent Colicchio has 14 years experience in equity research. Vincent joined Noble Financial Group in early 2006 to cover the business services and technology industries. Prior to coming to Noble, he was a senior equity analyst covering these industries. Before that, Vincent worked as a Portfolio Manager at US Global Investors. During his tenure, Mr. Colicchio co-managed a large capitalization equity fund and a China-region equity fund, both of which outperformed their benchmarks. Vincent was also a senior equity analyst covering information technology and business services stocks at Southwest Securities. Vincent has an MBA in Finance from New York University’s Stern School of Business, has done graduate studies in Economics at the University of Texas in San Antonio, has a BA in Economics from Rutgers College, and holds a Chartered Financial Analyst® designation. Julie Schumacher Hoggatt – Senior Research Analyst, Medical Technology jhoggatt@noblefinancialgroup.com Ms. Hoggatt covers the medical technology industry. Prior to Noble Financial, Ms. Hoggatt worked at Variant Research and Hibernia Southcoast Capital, where she was also a Medical Technology Analyst. Before her tenure at Hibernia, Ms. Hoggatt was an associate equity analyst at Morgan Keegan & Company covering medical devices. Ms. Hoggatt’s professional career has been focused on the healthcare sector and has included in-depth coverage of over sixteen different companies in the Medical Technology and Medical Device industries, allowing her to share a wealth of knowledge and insight with our clients. Ms. Hoggatt received her Bachelors of Business Administration and Master of Accountancy from Millsaps College in Jackson, Mississippi. Michael Petusky, CFA - Senior Research Analyst, Healthcare Services mpetusky@noblefinancialgroup.com Michael Petusky is Noble Financial's Senior Research Analyst covering the healthcare services sector. Prior to joining the company, Michael covered healthcare stocks for Thompson Davis & Co. (2002-2007), Branch Cabell and its successor firms (1995-2002). His areas of professional interest include disease management, surgery centers, and rehabilitation. Michael has been quoted in national publications such as Business Week, Investor’s Business Daily, Smart Money Magazine, and The Washington Post. In 2002, he was recognized as a Zack’s All Star Analyst. Michael has a B.B.A. (Finance-concentration) from the University of Richmond and also and holds a Chartered Financial Analyst® designation. Francisco Penafiel - Research Analyst, Special Situations fpenafiel@noblefinancialgroup.com Francisco Penafiel joined Noble Financial in 2002 after gaining his Master of Science in Economics, with concentrations in Finance and International Economics from Florida Atlantic University. He obtained his undergraduate degree from Escuela Superior Politecnica in Ecuador, where he double majored in Statistics and Computing Science. At Noble, Francisco is responsible for the research department’s computer modeling analysis and statistical review as well as report issuance and compliance. He is also a member of the Company’s Investment Policy Committee. Although Mr. Penafiel is a generalist in his capacity of research analyst, he is gaining specialization in the communications and retail industries. Francisco holds various NASD licenses and is a candidate in the CFA program. Updated October, 2008. These analyst profiles are for informative purposes only. Under no circumstances are they to be construed as an offer to sell or a solicitation to buy any security.



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