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January 20, 2012

Dear Friends,

We are very pleased to announce that on January 30, 2012 H. David Kotz, the current
Securities and Exchange Commission (SEC) Inspector General, will be joining Gryphon
Strategies as a managing director. David will head our new Washington, D.C. office,
where he will use his experience in leading complex internal investigations and
audits to focus on corporate fraud investigations, litigation support and a variety
of other investigative matters.

While Inspector General of the SEC, David personally led several of the most complex,
high profile investigations and audits ever conducted, including a comprehensive
investigation of the SEC's failures to uncover Bernie Madoff's $50 billion Ponzi
scheme. David also examined the collapse of Bear Stearns, the SEC's failures to
uncover Robert Allen Stanford's $8 billion alleged Ponzi scheme, and the circumstances
surrounding the SEC's decision to lease office space at a cost to taxpayers of over
$500 million, among a number of other cases both large and small.

We feel very fortunate that David has decided to join us here at Gryphon. David's
overall experience, particularly over the last four years leading internal investigations
at the SEC, will make him a great addition to our management team and a great resource
for our clients. He has been involved in matters ranging from sophisticated financial
frauds to more routine cases, involving issues such as employee misconduct. His
ability to thrive in such a demanding environment has prepared him well for work
on sensitive and high profile cases in the private sector.

David's career and background prior to joining the SEC are equally impressive. He
has served as Inspector General for the Peace Corps and the U.S. Commission on Civil
Rights. Before entering government service, he worked for nearly 10 years for the
international law firms of Graham & James in New York City and Pepper Hamilton LLP
in Washington, D.C. David received his law degree from Cornell Law School and is
a Phi Beta Kappa, cum laude graduate of the University of Maryland.

If you would like to speak with David or arrange a meeting, please do not hesitate
to get in touch. As always, we are happy to hear from you to discuss your investigative
needs and our services.

Sincerely,

Tom Willingham Jay Dawdy

Chief Executive Officer President

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