Mr. Roy is Director of Research of Jacobs Asset Management, a New York based financial services investment fund manager whose managing general partner is Sy Jacobs. In February of 2002, Mr. Roy joined Merrill Lynch as an equities research analyst responsible for covering the mortgage finance and thrift industries. Mr. Roy has fifteen years of experience working as a financial services analyst and portfolio manager for TCW and Arco Investment Management. Mr. Roy holds a Bachelor of Science degree from California Polytechnic University, Pomona, and is a Chartered Financial Analyst (CFA) and a member of both the Los Angeles Association of Financial Securities Analysts and the Association of Investment Management and Research.