Howard Butcher IV is a private investor and a Vice
President, Director & Secretary of Butcher Energy, a privately held energy
development company active in wind farm development, solar energy and oil & gas
exploration & development. He also serves as Vice President & Director of
Philadelphia Bourse, Inc., a privately owned holding company. He has been active
in the financial services industry for more than50 years. He was a general
partner in Butcher & Singer, the leading investment banking, brokerage firm
headquartered in Pennsylvania prior to its merger in 1988 with Wheat, First
Securities of Richmond, VA, another leading regional firm. Wheat First Butcher
was sold in 1998 to what is now Wachovia Securities for over $ 450 million. His
last position was with Butcher & Company, the holding company which owned
venture capital funds, a private bank, and was active in real estate, oil & gas, radio & TV and leasing prior to its winding down in 1991. He was Executive Vice President of Butcher Resources, Inc., a company that specialized in energy and other natural resource corporate finance. Mr. Butcher has served or serves on several private company boards and on the boards of numerous educational and charitable institutions.