Stephen J. Sanders

STEPHEN J. SANDERS, Vice President, joined Stephens Inc. in September
1996 as an Associate Analyst covering the insurance industry, developing
expertise in the property and casualty and life insurance areas. He was
promoted to Analyst in January 1999 and focused on the specialty
insurance industry. In early 2000, Mr. Sanders initiated coverage on the
energy technology subsector. Prior to joining Stephens, he was an
Analyst with Dun & Bradstreet for three years. He graduated from
Westminster College with a BA in economics in 1987.