Clarence Davis - Gdl Closed Independent Trustee

Mr. Clarence A. Davis, CPA, serves as the Independent Trustee of The GDL Fund since 2006. Mr. Davis was the Chief Executive Officer of Nestor, Inc. until January 2009 and was a director of the company until it went into receivership in June 2009. He is a member of the Funds Audit Committee and also serves on comparable or other board committees with respect to another fund in the Fund Complex. Mr. Davis formerly served as the Chief Operating Officer and Chief Financial Officer of the American Institute of Certified Public Accountants. Mr. Davis also has served as an audit committee member and Director of Oneida Ltd., Telephone Data Systems, Inc., Pennichuck Corporationration, and Sonesta International Hotels Corporationration Mr. Davis founded Clarence A. Davis Enterprises, Inc., which provided financial and organizational consulting, due diligence for acquisitions and forensic accounting for various industries for eight years. Mr. Davis was a Senior Audit Partner for twelve years, which encompassed a career of twentythree years in public accounting for Spicer Oppenheim. He is a former Chairman of the Accountants for Public InterestSupport Center of New York and the American Institute of Certified Public Accountants Minority Recruitment Committee. Mr. Davis was appointed to the American Red Cross Liberty Fund and September 11 Recovery Oversight Commission the New York State Board of Public Accountancy, and the Future Issues Committee of the American Institute of Certified Public Accountants. He has served as a Consultant for the American Red Cross National Office. Mr. Davis was also a faculty member of the Long Island University Brooklyn Center, the New York Institute of Finance, and the Foundation for Accounting Education. Mr. Davis received a BS Degree in Accounting from Long Island University