Mr. Worley is the founder and Managing Partner of Permit Capital, LLC. Prior to his current position, from 1996 to 2001, Mr. Worley held a number of strategic senior management positions for Morgan Stanley Investment Management. These include guiding the initiatives in alternative investments for Morgan Stanley Investment Management while acting as a Managing Director and the Chief Strategic Officer of Morgan Stanley Investment Management. Mr. Worley was also Chairman of Morgan Stanley Investment Management's Investment Management Committee during this time period. Prior to joining Morgan Stanley's alternative investments team, Mr. Worley was President and CEO of Morgan Stanley Investment Management and a leader of its Fixed Income team. Just before its acquisition in 1996 by Morgan Stanley, Mr. Worley was Chairman of Miller Anderson & Sherrerd, LLP. Mr. Worley was an economist and Director of Fixed Income Research at Goldman, Sachs & Co. from 1970 to 1978. Mr. Worley holds a Bachelor of Sciences degree from the University of Tennessee and pursued graduate economics studies at the University of Texas. Currently, Mr. Worley is the Chairman of the Philadelphia Orchestra, serves on the Investment committee of Mount Holyoke College, is a Director at Neuberger Berman Group and is a trustee at the Independence Seaport Museum. Mr. Worley is a former Chairman of the Investment Committee of the Robert Wood Johnson Foundation and the Colonial Williamsburg Foundation. He has held the position of Independent Director on the mutual funds board of Putnam Investments and he has served on the executive committee of the University of Pennsylvania Medical Center, as well as a trustee at the National Constitution Center and the University of Pennsylvania.