Accela Capital Management LLC

William Alexander Spies, the Advisor’s managing member, was born August 3, 1961. Mr. Spies has been the sole trading principal since April 2004 and an associated person of the Advisor since May 2004. Mr. Spies is responsible for the day-to-day supervision of the company and makes all trading decisions for clients’ accounts. <br><br> William Alexander Spies received a B.A. in Economics from the University of Colorado, Boulder in 1983. After graduating from college, Mr. Spies worked for Drexel Burnham Lambert as a senior vice- president of investments until May 1989, at which time he joined Smith Barney. He left Smith Barney in November 1995 to co-found Annapolis Capital Management, a commodity trading advisor where he oversaw research and trading, and PortfolioLogic, a software company which makes analytical investment software for institutions. In October of 1999 Mr. Spies began working for a large commodity trading advisor who was a user of the software. Mr. Spies worked in their employ as an analyst until 2002, at which time he co-founded Monarch Capital Management in January 2004. Monarch privately managed money for a principal of his previous employer, where he oversaw research and trading. He founded Accela Capital Management in March of 2004 and left Monarch in August 2004.