Mr. Bishop brings over 25 years of fixed-income experience to Kestrel's operations. He participates extensively in the design and marketing of the Company's trading systems. Before founding Kestrel, Mr. Bishop was president of Berkeley Investment Technologies ("BIT"), a software development company. Prior to that, he was the Director of Fixed-Income Arbitrage Trading for Drexel Burnham Lambert.

Mr. Bishop earned a Bachelor of Science Degree in Mechanical Engineering and Economics from Washington and Lee University. He also received an MBA in Corporate Finance from the Wharton School at the University of Pennsylvania. Mr. Bishop spent 22 years as a fighter pilot with the US Navy and the Marine Corps Reserve, retiring with the rank of Colonel, USMC. He was twice awarded the Distinguished Flying Cross in addition to numerous other decorations for service in the Vietnam War. He is a trustee of Washington and Lee University, a trustee of the George C. Marshall Foundation, a trustee of the Henry S. McNeil Trust, and a member of several private corporate boards and investment trusts.

Christian Kennedy, Executive Vice President, Chief Technology Officer

Mr. Kennedy brings 20 years of experience in the design and implementation of large-scale, high-performance mission-critical distributed computing systems to Kestrel's engineering organization. The n-tier architecture of Kestrel's products are direct descendants of Mr. Kennedy's research on distributed persistent object systems which he began in the late 1980's and which, in additional to financial markets, have been applied to such diverse fields as rational drug design and large-scale real-time wargaming.

Mr. Kennedy's expertise also includes the fields of security and privacy (having served as architect for both the first B3-secure distributed operating system and as staff engineer for trusted systems at Sybase) and formal verification methods (which were utilized in his capacity as director of verification for the CPU core of the SCE PlayStation II and in the development of formal verification tools in conjunction with Siemens ZT).

Graham M. Freckleton, Executive Vice President, Software Engineering

Mr. Freckleton is Kestrel's senior software engineer and the leader of Kestrel's programming staff. He is responsible for the architectural design of RAPTr and all associated software development work. Before joining Kestrel, Mr. Freckleton worked for Barclays de Zoete Wedd, where he developed a Program Trading System for equity securities on the Tokyo Stock Exchange and the Osaka Futures Exchange. Prior to that, Mr. Freckleton worked for Honeywell, Inc. Mr. Freckleton earned a Bachelor of Science degree in Computer Science from the New South Wales Institute of Technology in Sidney, Australia in 1987.

Norman Zawisza, Vice President, Software Development

Mr. Zawisza is Kestrel's chief database architect and lead programmer of RAPTr's infrastructure team. Before joining Kestrel, Mr. Zawisza worked at United Engineers, where he designed and developed statistical process control programs for automated manufacturing systems. Prior to that, Mr. Zawisza worked at Cincinnati Bell and Martin Marietta, where he designed and developed automated telephone switches and inventory management systems. Mr. Zawisza holds a Bachelor of Science Degree in Computer Science from the State University of New York.