Background and Qualifications

Charles W. Hornsby, Jr.

President. Mr. Hornsby has thirty plus years experience in the securities industry with involvement in the energy futures complex since the time of its inception in 1978. Former Director of the Energy Futures and Derivatives Unit of Kidder, Peabody & Company from 1984 to 1994, with operations in Houston, New York and London. Mr. Hornsby was with Paine Webber, Inc. from 1973 to 1984, where he was involved in the establishment of their primary energy futures risk management capability following the initiation of oil futures trading on the NYMEX. He is a graduate of Furman University with a Bachelors degree in Economics and Business Administration.

William H. Brown, III

Hornsby & Company’s fundamental research product is provided through an alliance with William H. Brown, III. Mr. Brown, a former colleague of Mr. Hornsby at Kidder Peabody, Inc. has over 25 years experience in the international petroleum industry. A former senior economist with Walter J. Levy consultants in New York, Mr. Brown also started the Energy Service at Chase Econometrics and served as the international oil analyst at Kidder Peabody & Company. Mr. Brown received a BA from Brown University and an M.A. in international economics from Columbia University.