Joseph M. Velli is Chairman and Chief Executive Officer of ConvergEx Group (“ConvergEx”). Prior to the formation of ConvergEx, Mr. Velli served as Senior Executive Vice President of The Bank of New York and Chief Executive Officer of BNY Securities Group. During his tenure with the Bank of New York, Mr. Velli’s responsibilities also included heading Global Issuer Services, Global Custody and related Investor Services, Consumer Banking and Global Marketing and Sales. Mr. Velli joined The Bank of New York in 1984 as an Assistant Vice President, where he established the bank’s Depositary Receipt business. He was promoted to Vice President in March l985 and Senior Vice President in 1988. In 1990, he was named Sector Head of Global Issuer Services. Mr. Velli was elected an Executive Vice President in May l992, the youngest executive in the bank’s history to attain this position. In September 1998, Mr. Velli was promoted to Senior Executive Vice President, assuming responsibility for Consumer Banking in addition to Global Issuer Services and was also named a member of the bank’s Senior Policy Committee. In 1997, Mr. Velli established the bank’s institutional brokerage business. In August 2001, he was named head of the Brokerage and Clearing Sector, a newly formed unit that combined the bank’s trade execution and clearing businesses, which was later branded as BNY Securities Group. Under Mr. Velli’s leadership, Pershing LLC, the world’s largest correspondent clearing firm, was acquired in 2003 and integrated into BNY Securities Group. Prior to joining The Bank of New York, Mr. Velli was head of Citibank’s Depositary Receipt business. Mr. Velli currently serves on the board of E*TRADE Financial Corp. and Paychex, Inc. Mr. Velli holds an M.B.A. in Finance from Fairleigh Dickinson University and a B.A. in accounting from William Paterson University of New Jersey.