Summary

Mr. Masters is a director of the Trading Advisor and a director and shareholder of GA Holdings. He is registered with the NFA as a Principal, an Associated Person and an NFA associate member of the Trading Advisor and is approved as a Principal Person of the Trading Advisor by the JFSC. From February 1994 to February 1999 Mr. Masters was employed by Morgan Guaranty Trust Company (“MGT”) in New York. His last position there was head of the global energy trading business. In this capacity he directed trading strategies and was responsible for risk management for a group of some 30 individuals. Mr. Masters’ business mandate spanned all actively traded energy bases including physical markets, forward transactions, swaps, options and exotic derivative products. Mr. Masters was also responsible for directing research into methods of profiting systematically from the price, political and fundamental information available in the energy markets. From July 1987 to January 1994, Mr. Masters was employed by the Phibro Energy Division of Salomon, Inc. (“Phibro”). Latterly, his responsibilities at Phibro included several trading and risk management functions. He was involved in the establishment of the UK natural gas and electricity markets, transacting some of the first electricity forward agreements and some newly structured options-related physical natural gas deals. Prior to this, Mr. Masters held a senior trading position in the Zug, Switzerland, office of Phibro, where Mr. Masters ran a speculative forward, physical and futures book focused on the Atlantic Basin region, including Brent, WTI, Dubai and several other physical grades. He also was an original and subsequently very active participant in the Contract for Difference (“CFD”) market in Europe, trading based on price relationships between physical crude and corresponding futures. Mr. Masters’ first employment, from September 1985 to June 1987, was with Shell International Trading Company in London, UK, one of the largest physical oil trading companies in the world. During this period he had experience as a physical oil trader in the European and Mediterranean region, an energy risk manager and a coordinator of a portfolio of physical North Sea crude oils. Mr. Masters earned a Bachelor of Science (Honours) in Physics from Exeter University, UK in 1984, and followed that with a Masters in Management Science and Operational Research from Imperial College, London, UK in 1985.