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David Lupia

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Mr. Lupia combines an exceptional knowledge of finance with rigorous analysis and broad energy experience.  He is an expert in financial policy and planning, a strategic thinker and creative problem solver, who moves easily between “details” and the “big picture”.  He maintains collaborative relationships with experts in other disciplines to best serve the needs of his clients.

Education

• AB Rutgers College; Phi Beta Kappa, Henry Rutgers Scholar, graduated with highest honors in economics.
   
• MBA (Finance) Wharton Graduate School, University of Pennsylvania; 4.0/4.0 GPA in Finance.

Exxon Mobil Corporation

After graduating from Wharton, Mr. Lupia joined Exxon (now Exxon Mobil Corporation), where he held a series of international and domestic corporate finance positions of increasing responsibility.

Exxon is the largest publicly owned energy company in the world, operating in approximately 80 countries on a scale designed to drive efficiencies and leverage technology leadership. Principal businesses are crude oil and natural gas exploration, production and transportation, manufacturing, distribution and marketing of petroleum products and petrochemicals.

• From 1974 – ‘78, Mr. Lupia held various analyst and senior analyst positions at Exxon’s global headquarters in New York and Latin American headquarters in Coral Gables, FL. Many of his initial assignments involved structured financings and risk mitigation.
   
• As treasurer of Exxon’s Caribbean affiliate from 1978 – ‘80, he was responsible for financing downstream operations in nine countries during a period of significant political and economic turmoil caused in part by record-high oil prices. He was also Exxon’s primary interface with the U.S. State Department, and International Monetary Fund regarding economic and political developments in the region.
   
• Mr. Lupia transferred to Sydney, Australia in 1980, where he managed the treasury and corporate finance operations for one of Exxon’s largest group of foreign affiliates.
   
• Mr. Lupia moved to Houston, Texas in 1983 to manage the corporate finance division of Exxon’s U.S. treasury operations. This group arranged financing for all of Exxon’s domestic operating affiliates and joint ventures and was responsible for financial policy, competitor analysis and acquisition analysis for these affiliates.
   
• Mr. Lupia returned to Exxon’s New York headquarters in 1985, where he was responsible for strategic planning, policy and analysis for Exxon’s worldwide treasury interests. He was also the senior finance representative on acquisition teams and other special projects, including major divestments and financing the Arctic gas transportation system.

Lehman Brothers

Mr. Lupia resigned from Exxon in 1987 after being recruited to join Lehman’s Investment Banking Group as a Senior Vice President in the Energy & Natural Resources Department.

Lehman raises debt and equity capital for corporate clients in public and private markets, provides M&A advice, research, asset management and private client services, employing 510 finance professionals in 19 offices around the world. Mr. Lupia’s department was a leader in serving energy and mining companies with 32 bankers, many with significant prior industry experience. His department consistently ranked first in equity-related underwritings for energy and natural resource companies and first or second in M& A and restructuring.

Principal Responsibilities

• Manage client relationships and develop new business.
• Manage project teams and execute transactions.
• Support other relationship bankers and project teams with finance expertise and energy knowledge.
• Member of firm-wide new products committee, leveraged ESOP and post-retirement benefits teams.
• Recruit, train and develop new professionals.

Representative Transactions

• Structured and lead-managed IPO for oil services company.
• Led M&A advisory team for the state oil company of Venezuela.
• Reduced after-tax borrowing costs for major client, leading to multibillion-dollar M&A assignment.
• Developed tax-efficient borrowing strategies for U.S. companies with excess foreign tax credits.
• Developed tax-advantaged ADRs and variable conversion rate preferred stock for leveraged ESOPs.
• Public debt and equity offerings and private placements.
• Structured limited recourse debt for standalone projects.
• Various restructuring assignments, including partnership roll-ups, spin-offs, underwritten calls, stock buy-backs and debt recapitalizations.

David T. Lupia, Inc.

Research

• An Empirical Analysis of the Effects of Inflation on Real and Nominal Rates of Interest; unpublished honors thesis developed under the direction of Roger Hinderliter, Professor, Rutgers College.
   
• Investment Opportunities on the Chicago Board Options Exchange; Advanced Study Project developed under the direction of Marshall Blume, Professor, Wharton Graduate School.
   
• Risk, Return and Project Financing; confidential analysis developed at the direction of Jack F. Bennett, Chief Financial Officer, Exxon Corporation. This work demonstrated that non-recourse project financing does not expand a firm’s financing capacity, contrary to the view of many finance professionals at that time.
   
• Index Fund for Australian Pension Assets; confidential research directed by the Board of Esso Australia. This work was the basis for creating the first passively managed index fund in Australia.
   
• The Use of Master Limited Partnerships to Finance Upstream Development Projects; confidential research that successfully argued against using public partnerships to finance upstream production assets.
   
• Tax Optimized Financing Alternatives Under the Tax Reform Act; this work dealt with ways of reducing the cost of regulations that require U.S. companies to allocate their U.S. interest expense between domestic and foreign source income.
   
• U.S. Downstream Profitability: Benchmarking Financial Performance; first published jointly with Purvin & Gertz, Inc. and sold by subscription.