CONSULTANTS

Stephen B. Traicoff, Principal

Mr. Traicoff has (17) years of experience in risk management, structured finance and commercial trading. His special expertise is in originating, structuring, negotiating and closing complicated and unique financial and trading transactions that have strategic focus. Recognized for creative proposals that meet party needs, Mr. Traicoff has led capital investment efforts in energy intensive industries for a company that provided over $4 Billion of investment capital worldwide.

Professional Achievements

Enron Capital & Trade, Director, Energy Finance - While at Enron, Mr. Traicoff originated, structured, negotiated, and closed over $50 MM of equity investments in new and existing enterprises as part of group that provided over $400 MM in investment capital between 1996 and 1999. Highlights of these deals include a multi-year financial derivative and commodity transactions totally over $300MM in revenue, resulting in over $15MM in income. In addition, Mr. Traicoff originated, structured, and closed a multi-year 150,000 MMBtu/day natural gas supply deal involving a first-of-a-kind pricing structure, resulting in $2MM in mark-to-market income and $6MM of accrual income.

Lyondell Petrochemical, Manager Refined Products - Mr. Traicoff exercised all commercial responsibility, for $2 Billion /year sales of gasoline, diesel, and jet fuel production, including managing refinery operating margins and income volatility by using both cash instruments and NYMEX futures contracts. Planned and executed all risk management for products and basis spreads. Managed operating margins and income volatility by using both cash instruments and NYMEX futures contracts. Increased sales from $55MM to $150MM/year after analysis of market and manufacturing capabilities. Mr. Traicoff was twice awarded the President's Club Awards for outstanding commercial performance.

Certifications:
SEC/NASD Series 7 and Series 63

Education:
Ohio State University, BS in Chemical Engineering