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, CFA 111 Apple Lane Briarcliff Manor, New York 10510 Phone (914) 815-0842 Email: SUMMARY Accomplished finance professional with substantial upper management experience in investment finance. Extensive background in risk management, asset allocation, portfolio management, asset / liability modeling, performance attribution and actuarial science. Expertise in analyzing and evaluating issues concerning pension defined benefit plans, defined contribution plans, and welfare benefit VEBAs. EXPERIENCE PHILIPS ELECTRONICS NORTH AMERICA CORPORATION, New York, NY Pension Finance Manager - 2004-2008 Determine the appropriate criteria for choosing and terminating investment managers within the Philips DB and DC plans. Responsible for risk management, strategic and tactical asset allocation, and asset / liability studies relating to the Philips pension funds valued at $3 billion. Derive liability driven investment (LDI) strategies to quantify the impacts of swaps and other derivatives used to hedge interest rate liability risk on the pension plan funded status. Determine appropriate rebalancing and liquidity targets to ensure proper asset allocations and benefit payouts. Establish and monitor the return and risk profiles of the Philips macro hedge funds and market neutral active investment managers. * Established, implemented, and communicated investment policies that have placed the pension fund in the top quintile of performance during the last three and five year periods. * Through the use of risk and return attribution analyses reduced pension surplus downside risk for the Philips defined benefit plan, thereby limiting the probability of contributions. * Generated benchmarks, guidelines and compliance standards for selecting both fixed income and equity investment managers based on rigorous statistical analysis and advanced knowledge of portfolio theory. * Determined currency hedging targets for our international equity accounts. VERIZON INVESTMENT MANAGEMENT CORPORATION, Stamford, CT Managing Director of Risk Management - 2000-2003 Responsible for all risk management activities relating to market, credit, operations, and liquidity risk for the Verizon pension and VEBA funds currently valued at $45 billion. Determine appropriate strategic asset allocation and risk budgeting policies based on the funded status and liability impacts affecting corporate cash flow, net income and tax policies. * Created appropriate contingency planning investment policies which

have precluded pension contribution cash flow requirements during adverse market and interest rate environments. * Derived risk metrics modeled on the Basel risk framework that monitors all company market, credit, operations and liquidity positions. This greatly limited downside risk to counterparty bankruptcy events and weak economic conditions. * Prepared statistical risk management tools for ensuring investment manager compliance of alpha risk and return objectives. BELL ATLANTIC/NYNEX ASSET MANAGEMENT COMPANY, New York, NY Vice President of Asset Allocation - 1996-2000 Direct asset allocation activity in connection with the investment strategies for the Bell Atlantic pension and welfare benefit funds valued in excess of $40 billion by analyzing the complex relationships between pension liabilities and the pension asset class returns. Quantify the appropriate criteria for conducting successful investment manager searches. * Derived strategic asset allocation plans for the Bell Atlantic master pension trust fund that kept the pension fund in a significantly over-funded position. * Determined a monthly rebalancing process to reach asset allocation targets and expected returns. Vice President of Research and Planning - 1992-1996 Responsible for all pension and VEBA fund quantitative studies dealing with style management, currency hedging and tax issues. Integrated the pension fund performance and attribution process. Determined the financial, accounting and tax impacts of prefunding medical and life insurance trusts. * Prepared statistical and financial reviews of the determinants of equity returns for various growth and value management styles, limiting downside economic risk potential. * Established medical post-retirement prefunding options for the NYNEX medical plans and life insurance programs. Director of Actuarial Matters - NYNEX Corporation - 1989-1992, White Plains, NY Managed the development of net income, balance sheet, and cash flow and funding requirements for employee benefit plans (pension, medical, life insurance) for 150,000 retired and active employees. Supervised all actuarial special projects relating to health care retirement benefits and pension incentives. * Headed project team to coordinate and develop the financial and economic impacts of establishing trust funds valued in excess of $400 million to pay for retiree medical benefits. Previous Experience Chief Economist - NYNEX Corporation Conducted presentations to the Chief Executive Officer concerning the national and northeast economies leading to reliable telecommunications revenue and cost forecasts. Researched and

developed the microeconomic theory that justified telecommunications price regulation. LICENSES Life, Accident, and Health Insurance Broker License EDUCATION Chartered Financial Analyst Ph.D. in Public Administration New York University Master of Public Administration SUNY at Albany Bachelor of Arts, Political Science SUNY at Buffalo PROFESSIONAL Association for Investment Management and Research ASSOCIATIONS New York Society of Security Analysts