THOMAS J. SAAL is a Senior Vice President for Hencorp Becstone Futures, LC where he provides risk management and trade execution in energy futures and options. Previously, Mr. Saal held senior-level positions with Commercial Brokerage and Pioneer Futures where he provided full-service brokerage services for his clients in the natural gas and oil markets. In 1991, Mr. Saal founded Merrill Lynch's first natural gas futures trading desk and served as a senior financial consultant. Prior to the position with Merrill, Mr. Saal cut his teeth on the physical side of the industry as a fuels analyst, fuel planner and rate analyst for Florida Power & Light Company from 1986 to 1991. He started his career in 1983 as a financial analyst with Natomas North America, Inc./Diamond Shamrock, and was comptroller of public accounts-Texas, economist, from 1984 to 1986. He holds a Masters degree in Economics from the University of Houston.

EDWARD KENNEDY is a Senior Vice President for Hencorp Becstone Futures, LC where he provides risk management and trade execution in energy futures and options. For 39 years he has been helping to develop and execute trading and hedging programs for his clients across various commodities and exchanges. He began his professional career as a Nymex and Comex floor broker working through the ranks of companies such as Aspinwall Associates, Dean Witter Reynolds and Calcaterra Inc. In 1991 he left the floor to co-found the first natural gas trading desk for Merrill Lynch. In this position with Merrill, as with similar positions held more recently with Pioneer Futures and Commercial Brokerage Corp., Mr. Kennedy has provided trading advice and brokerage services for a wide array of energy market clients including: natural gas producers, marketers, end users, ldcs, utilities and managed money funds. He holds a Masters in Philosophy from Georgetown University.