Jonathan Spencer
Gresham Investment Management LLC

President since August 1995, Mr. Spencer has been listed with the CFTC as a principal and associated person of Gresham since August 17, 1994. Mr. Spencer supervises the overall trading and portfolio management of the Fund and all other investment accounts. Mr. Spencer is responsible for Gresham's day-to-day operational and administrative matters, and he has managed Gresham's commodity investment portfolio since the inception of the Tangible Asset Program® (TAP®) in 1987. In December 1986, Mr. Spencer began working for The Falconwood Corporation, a family office that is affiliated with Gresham and that manages investments and affairs for the Jarecki family, and is currently a portfolio manager and an Executive Vice President of that office.

Since June 1999, Mr. Spencer served as President of Enhanced Index Management, LLC ("EIM"), a Delaware limited liability company formed in March 1999. He was listed as an associated person and principal of EIM from June 1999 to April 2005. EIM was formed to offer money management services, but has never actively engaged in that business. Prior thereto, Mr. Spencer was the President of KPQ Futures ("KPQ"), a futures commission merchant, from September 1991 to July 1995(principal and associated person of KPQ from December 1991 to July 1995). From August 1995 to August 1996,Mr. Spencer was Executive Vice President of Windham Futures Corporation ("Windham") (formerly Brody White & Company, Inc.), a futures commission merchant, and was listed as a principal of Windham during that same period.

Additionally, Mr. Spencer was listed as an associated person from July 1992 to April 1997 and principal from January 1993 to April 1997 of Gresham Asset Management Inc. ("GAM"), a registered commodity pool operator and commodity trading advisor. GAM was formed to raise money for managed future funds but never actively engaged in that business. Mr. Spencer received a Bachelor of Science Degree in Management Information Systems from the State University of New York at Buffalo in 1986.