Management Team

Mr. Carl Elsamack - Senior Executive - Fund Management. Carl started his career on a bond floor at Lehman. From this he moved to a Commodity Trading Advisor as part of Commodities Corporation with $160 million AUM, and later to another CTA with nearly $500 million, focusing on execution, research, and trade idea generation and working beside many of the successful trading groups CC spawned. From here Carl leveraged the experience he gained in options trading to a position on Bank of America’s FX option desk in New York as a trader where he exceeded his budgeted revenue by over 50% each year. Later Carl moved to Prudential to establish and run the Asian FX options desk. He helped to build this desk from nearly $0 to over $6 million in annual revenue in less than 3 years. In 1999 he recognized the direction institutional FX desks were taking and decided to move to the emerging retail side holding Senior Trader and Director of Business Development roles. Carl holds a degree in Finance from Albright College and is personally registered as a CTA having held a Series 3

Mr. William R. Egan, Jr - Trader - Bill began his career at Lehman Brother Inc as a Treasury Analyst projecting currency balances and initiating currency swaps to mitigate Lehman Brothers Inc.’s market exposure, monitoring the settlement of foreign exchange transactions exceeding $35 billion daily, and preparing weekly foreign currency volume and exposure report for senior management. From here he joined Goldman Sachs & Co as a member of the Foreign Exchange team. While At Goldman he assumed in many roles, one of which was an Associate Manager with responsibilities across foreign exchange spot, forward, option, and proprietary trading desks, including risk analytics and daily funding requirements. Later he assumed a role as a Senior Manager and Trader on Goldman’s fledgling Foreign Exchange Prime Brokerage desk. Bill attended NYU’s Stern School of Business, receiving his MBA with a concentration in finance. Currently Bill operates his own business managing money dedicated to the foreign exchange and is NASD Series 7 and Series 3 registered.

Geoffrey N. Gowey - Senior Associate - Geoffrey N. Gowey has had a very successful career in the foreign exchange market spanning 30 years as a trader and manager. He has successfully and profitably managed the trading operations for some of the largest banks in the world, including Societe Generale and Banque National de Paris. He has also had the opportunity to successfully set-up and manage the FX desks of two regional banks: M&T bank and Key bank, both were virtual unknowns prior to his arrival. He was the treasurer of a major Arab bank, Arab Banking Corp., where he chaired the Assets/Liabilities committee, managed both the money market and foreign exchange areas. He was seconded to Hong Kong, for several months, to overhaul the treasury dept. of Sun Hung Kai Bank, newly acquired by ABC. Mr. Gowey has, in 2000, established his own foreign currency consultancy and trading firm, International Corporate Foreign Exchange (I.C.F.X.), to utilize the vast experience and expertise he has accumulated to provide trading and management services to small and medium corporate accounts as well as trade managed currency accounts. He is currently serving as Vice-President of the Financial Markets Association (Forex USA), the US foreign currency association after having been elected and re-elected to that board. He has served as President of Forex Meeting Planners, Inc. an event-planning arm of Forex USA and has managed numerous educational and trading conferences throughout the US from 1986 through 2000. Mr. Gowey was educated at Baruch College and Montclair State College.

John Hanly - Trader - Rutgers University New Jersey, Honors Degree in Economics. Twenty five years experience trading and managing foreign exchange desks and advising major FX clients. Manager FX desk Bank Austria NY for 5 years generated consistent profits in excess of $3 million per year. Manager Treasury Department National Commercial Bank of Saudi Arabia NY for 4 years, generated consistent profits in excess of $10 million per year. Assets under my management at times exceeded $20 billion. Manager Treasury Department Bank Of New Zealand NY for 5 years, generated consistent profits in excess of $3 million per year. Built BNZ into a major market maker in Australian and New Zealand Dollars. Chief FX Trader West Deutsche Landesbank NY for 4 years. Was consistently ranked among the top ten Dollar/Deutsche Mark traders in NY, promoted to FX manager after first year. Chief Dealer FX at Security Pacific Bank NY for 4 years. Active and profitable trader in all major currencies. Has advised and executed currency trades for major corporations ranging from Ford Motor Co. AIG, and Kerr McGee in the USA, to SAVOLA, and SAMA in Saudi Arabia and to The Dairy Board, and New Zealand Lamb Board in New Zealand. has extensive contacts with senior dealers at major international banks and corporations. John is a NFA member and hold series 3 and 30 licenses. Leading trading technology

Mr. Scott Busch - Trader - Career began in 1981 as a runner / phone clerk on the Chicago Mercantile Exchange. This led to a long tenure at Oppenheimer & Co. from 1981-1996 as a Vice President / Sr. Foreign Exchange Trader. Specialized in the currency arbitrage of the British pound along with proprietary trading of all the major currencies. Total profits at Oppenheimer amounted to approximately 30 million dollars in those 15 years. Following the sale of Oppenheimer, desk was disbanded. Scott then leased a seat on both the Comex and Cotton Exchanges trading as a local for his personal account for 2 years. From 1998 through 2000, was employed as a Sr. Foreign exchange trader at Prudential in a very risk averse situation. After leaving Prudential, Scott made his living successfully trading his own account.