Neil P. Brown, CFA, is a managing director and a global natural resources equity portfolio manager and research analyst. He joined Jennison Associates in November 2005. He worked on the North American oil and gas exploration and production team as an equity research associate/analyst at Deutsche Bank Securities from 2000 to 2005. Prior to joining Deutsche Bank, Neil worked at Donaldson, Lufkin & Jenrette as a research associate covering the exploration and production sector. Neil also worked as an analyst in Metropolitan Life Insurance Company's institutional finance department from 1997 to 2000. He received a BA in mathematics and history from Duke University and is a member of the New York Society of Securities Analysts.

Jay Saunders is a managing director and a global natural resources equity portfolio manager and equity research analyst. He joined Jennison Associates in October 2005. Previously, he was on the global oil team as a vice president at Deutsche Bank Securities from 2000 to 2005, covering North American integrated oils, independent refiners, and exploration and production companies. From 1997 to 2000, Jay worked at the Energy Intelligence Group and became the managing editor for the Oil Market Intelligence newsletter, reporting on a broad range of energy topics. From 1994 to 1997, Jay was with Hart Publications/The Oil Daily Co. where he was an associate editor responsible for oil-related publications. He received a BA from the College of William and Mary and a masters in communication, print journalism from American University. Jay was ranked the number one refiners analyst by Zacks Investment Research in 2005.