Derivatives & Risk Management Experience Since 1973 Last revised: 6/28/00

William Margrabe's Consulting Experience since 1973

William Margrabe's consulting clients have included the Alcoa Properties, American Stock Exchange, Banque Paribas, Chase Bank, Duke Energy, Equitable Life Assurance Co., Fannie Mae, Freddie Mac, Goldman Sachs, ICM, Morgan Stanley, Schroeder Wertheim, and U.S. Federal Reserve Board.

Projects have included

• Producing, reviewing, and documenting algorithms for pricing Derivatives and the management of credit, market, and operational risk.
  - Underlying risk factors have included interest rates; prices of bonds, commodities, currencies, shares; indexes of each of the preceding; weather; mortality; and various combinations of the preceding.
  - Structures have included all vanilla, and many hybrid and exotic varieties.
• Assisting controllers and internal auditors in their interactions with Derivatives desks
• Helping design new products
• Reviewing business sales and employment contracts with embedded options
• Presenting advanced derivatives concepts in training courses for Executive Enterprises, ICM, Risk Magazine, and the Federal Reserve Board, at industry conferences, and to university students.
• Supervising development of C++, Java, and Visual Basic code, and .xll and .dll files for EXCEL add-ins.
• Consultation in development of Java applets.

William Margrabe's Previous Work Experience

• 1985-1994, with Morgan Stanley, Salomon Brothers, Bankers Trust, and Freddie Mac – developing Derivatives pricing models, risk management systems, and investment strategies.
• Presenting advanced Derivatives concepts in training courses for Salomon Brothers, trade meetings, and academic forums.
• 12 years teaching Derivatives and other financial topics to MBAs at Wharton, etc.
• Publishing articles about Derivatives in Journal of Finance, Journal of Derivatives, Derivatives Strategy, and for Bankers Trust and Salomon Brothers
• Coding Derivatives pricing and risk management applications in APL, C, Excel, FORTRAN, JAVA, Javascript, Javelin, Pascal, Visual Basic, VBScript, 1-2-3, etc.

Experience of Affiliates

We draw on our extensive contacts in the academic, business, and consulting worlds to put together a team that can solve your problems. The Group's contacts have a wealth of experience, including the following:

• Thirteen years trading and managing the risk of derivative products.
• Eight years analyzing and documenting the markets for underlying instruments and derivative products.
• Decades of coding financial and statistical applications in APL, Basic, C, C++, Fortran, Java, Pascal, etc.
• A Ph.D. in econometrics and years of practical multivariate experience.