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Corporate Governance

• Mr. William (Packy) Jones Chairman Mr. Jones continues a family legacy as the third generation working in the securities business. His grandfather, George Sr., co-founded Mitchum, Jones & Templeton in the early 1900's and his father, George Jr., started Jones & Associates in 1975. Mr. Jones started in the securities business in 1978 working for Jefferies & Co., Inc. as a trader focusing on 144 transactions, insider transactions and corporate issuer buybacks. In 1980, Mr. Jones went to work for Newhard Cook selling research to institutions. In 1982, he joined Jones & Associates where he has worked in every trading position in the firm, including National Sales Manager and Head Trader. Mr. Jones is currently the Firm's Chairman and has served on the Board of Directors since 1992. Mr. Jones recently oversaw the firm's $50MM private placement with an institutional investor. Mr. Jones has a BA from the University of California in Santa Barbara and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Mike Hornbuckle Vice Chairman Mr. Hornbuckle joined the firm in the Westlake Village office in 1989. Throughout his career here at JonesTrading, he has served in a variety of roles of increasing responsibilities from trader to President. In 2008, Mr. Hornbuckle became vice chairman and assumes the responsibilities of training and managing trading protocol for the entire firm. Prior to joining JonesTrading, he was a trader with LH Friend and Company, Oppenheimer, and Newhard Cook. Mr. Hornbuckle has a BS in Business Administration from the University of Redland and has his Series 7, 24, 55, and 63 industry licenses

• Mr. Will Geyer President and CEO Mr. Geyer joined JonesTrading in April 2007 as President and COO. In April 2008, Mr. Geyer assumed the title of CEO in addition to that of President. Mr. Geyer's experience spans 15 years of global, electronic and high-touch sell side and buy side trading experience. Prior to his appointment at JonesTrading, Mr. Geyer managed a number of Citigroup's global execution businesses including algorithms, DMA, program trading, transition services, the EMS platform and connectivity. Before joining Citigroup, Mr. Geyer managed US equity trading for Barclays Global investors. Mr. Geyer has a BA from the University of Southern California and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Steve Chmielewski General Counsel and COO Mr. Chmielewski began his career as a stockbroker with Hibbard Brown & Co. In 1992, he joined Fidelity Investments as a trader in the discount brokerage division. Mr. Chmielewski then moved on to Fidelity's Corporate Compliance Department where he managed the Surveillance Department and later served as Principal Compliance Advisor to the retail brokerage and investment advisory businesses. In 1997, Mr. Chmielewski left Fidelity to become General Counsel and Director of Compliance for Jones & Associates, Inc. He achieved the additional title of Chief Operating Officer in 2002, and has served on the board of Jones & Associates, Inc. from 2000 through 2007 and the board of JonesTrading Institutional Services LLC from 2005 through 2007. He currently serves on the boards of JonesTrading International Limited and JonesTrading Canada. Mr. Chmielewski has a BA from Colby College, a JD cum laude from the New England School of Law, and a LLM from the Morin Center at Boston University School of Law. Mr. Chmielewski is admitted to practice law in California and Massachusetts and has taught business law at Emmanuel College.

• Mr. Alan Hill CFO Mr. Hill joined JonesTrading in July 2006 as Chief Financial Officer. Mr. Hill's immediate responsibility at JonesTrading was to manage its $50MM private placement. Previously, Mr. Hill was Vice President of Finance and Corporate Controller at Korn/Ferry International where he had day-to-day responsibility over the company's finance, tax and accounting operations across 35 countries, in addition to SEC public financial reporting and Corporate Development roles. Mr. Hill previously served as Vice President of Finance at Jefferies where he participated in spinning off ITG Inc. and worked on Jefferies' private placement of $60MM senior secured debt. As the Senior Director of Finance at Guidance Solutions, a privately held consulting firm, Mr. Hill managed their $52MM private placement. Mr. Hill began his career at KPMG LLP. Mr. Hill earned an MBA with honors from the Anderson School at UCLA and a BS in Accounting from Loyola Marymount University. Mr. Hill is qualified as a CPA in the State of California, and has his Series 7, 24, 27, 55, and 63 licenses.

• Mr. Steve Tullar National Sales Manager Mr. Tullar is the National Sales Manager at JonesTrading. Previously, he was Director of Global Trading. He joined the Executive Committee and became a Managing Director in 2000. He has worked in several JonesTrading regional offices around the country, starting in Los Angeles working under Mr. Mike Hornbuckle and Mr. Packy Jones. Mr. Tullar then went to the New York office and was later instrumental in the opening of the Florida office. Currently, Mr. Tullar heads up new hiring, account management for the firm, and runs the Sales Trader Training Center in Aspen for all trading personnel. Mr. Tullar is an all-season, outdoor enthusiast with a passion for mountain biking, motor crossing and downhill skiing. He resides in Aspen, Colorado with his wife and three children. Mr. Tullar is a 1991 graduate of the University of California, Los Angeles, majoring in Economics and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Ron Spaeth Head Trader Mr. Spaeth is Head Trader at JonesTrading and supervises all sales traders regarding day-to-day trading. He joined in 1994 and is based in our Westlake Village office. Mr. Spaeth received a BS in Finance in 1994 from Arizona State University and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Kevin Callahan Managing Director and Head of Investment Banking In addition to leading the Investment Banking team, Mr. Callahan is a member of the JonesTrading Executive Committee with responsibility for heading up the Firm's strategic expansion. Mr. Callahan began his career as a consultant at McKinsey & Co. and has held senior management positions in the energy, IT, and healthcare industries. Mr. Callahan holds a BA from Yale University and an MBA from the MIT Sloan School of Management. He has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Adam Graves CIO/CTO Mr. Graves joined the firm in 1999. Prior to joining JonesTrading, he was an MIS consultant. Mr. Graves is a Certified Cisco Design Associate (CCDA), CNE and ITIL. Mr. Graves also has a BS in Business Administration and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Brian Pears Senior Vice President Mr. Brian Pears is a Senior Vice President at JonesTrading in Westlake Village, CA. He is responsible for the launch and management of an electronic negotiation tool designed to introduce new clients to the JonesTrading Active Crossing Network. Prior to joining JonesTrading, Mr. Pears served in a variety of roles at NYFIX in New York, including president of NYFIX Transaction Services. His primary role was buy side transactions sales and strategy. Before that, Mr. Pears was the managing director of equity trading at Victory Capital Management in Cleveland, OH, from June 2001 to 2005. In 1991, he joined Wells Capital Management in San Francisco as an equity trader and was promoted to head of the trading desk in 1996. Mr. Pears has served on the Institutional Traders Advisory and Market Performance Committees at the New York Stock Exchange and the NASDAQ's Quality of Market Committee. Mr. Pears graduated magna cum laude from the University of Notre Dame in 1991 with a bachelor's degree in business and government. He was a member of the board of the National Organization of Investment Professionals and has been a frequent guest on CNBC, Bloomberg TV, and Bloomberg radio. He has his Series 4, 7, 24, 55 and 63 industry licenses.

• Mr. Kerry Stein Managing Director, Head of Fixed Income Mr. Stein joined JonesTrading in 2008 with over 25 years experience. In 1985, Mr. Stein began his career with Drexel Burnham Lambert as Vice President, International Bond Trading. In 1992, Mr. Stein joined Kidder Peabody/Paine Webber as Managing Director, Head of New York Euro Bond and Emerging Market Trading Desk. By 2003, he was working for Morgan Joseph as Managing Director, Head of High Yield. Mr. Stein holds a BS in Finance from Franklin Pierce College and is married with two children. He has his Series 7, 24, and 63 industry licenses.

• Mr. Sholmo Cohen Managing Director, Capital Markets Mr. Cohen joined JonesTrading as Managing Director, Head of Capital Markets. Prior to joining JonesTrading, Mr. Cohen was Vice President, Head of Capital Markets Trading at Cantor Fitzgerald from May 2002 through May 2006. During Mr. Cohen's tenure at Cantor, he structured underwritten equity offerings and was Head Trader for underwritten equity offerings in "at-the-market". Mr. Cohen also managed the syndicate process on Cantor-led traditional IPO's and secondary offerings. Mr. Cohen has a BA from Boston University and has his Series 7, 24, 55, and 63 industry licenses.

• Mr. Lawrence Harasym Chief Compliance Officer Mr. Harasym joined the firm in May 2006 as Chief Compliance Officer. Previously, Mr. Harasym was Vice President, Director of Compliance with Imperial Capital, LLC. Prior to this, he spent four years (2000-2004) with NASD as a Compliance Examiner. From 1996 to 2000, Mr. Harasym was the principal attorney of his own law firm in Westwood, CA, with an emphasis in transactional matters. Mr. Harasym received his JD from the Thomas Jefferson School of Law in San Diego, CA and his BA from Loyola Marymount University. He is admitted to practice law in California and has his Series 4, 7, 24, 53, 55, and 63 industry licenses.