William J. Procasky, CFA, Ph.D. 316 Gateway Road New Wilmington, PA (724)

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1 William J. Procasky, CFA, Ph.D. 316 Gateway Road New Wilmington, PA (724) PROFESSIONAL SKILLS 20 years of practitioner experience in banking, corporate and structured finance, derivatives and trading Ph.D. in International Business (Finance) published in peer reviewed journals CFA Charterholder with MBA in Finance and BA in Mathematics Significant experience teaching university-level finance and economics courses EDUCATION TEXAS A&M INTERNATIONAL, Laredo, TX August December 2016 Ph.D, International Business Administration (Finance Concentration) Thesis: Three Essays on Systematic Information Flow between Credit Derivative and Equity Markets UNIVERSITY OF PITTSBURGH, Pittsburgh PA August July 1992 Joseph M. Katz School of Business Masters of Business Administration/concentration in Finance DICKINSON COLLEGE, Carlisle PA August May 1989 Bachelor of Arts Majors in Mathematics and German RESEARCH AREAS OF INTEREST Debt capital markets, credit derivatives, debt pricing, default risk, market efficiency, investments REFEREED PUBLICATIONS Procasky, William and Nacasius Ujah (2016), Terrorism and Its Impact on the Cost of Debt, Journal of International Money and Finance, 60, (also appeared in CFA Digest, April 2016, Volume 46 Issue 4) Procasky, William, Nacasius Ujah and Zubair Raja (2014), FFO to Total Debt: A More Efficient Proxy of Capital Structure, Journal of Accounting and Finance, 14(6), WORKING PAPERS Default Risk Based Heterogeneity in Systematic Information Flow between High Yield Credit Derivative and Equity Markets (Job Market Paper) The Cross-Market Efficiency of Systematic Investment Grade Credit and Equity Markets Differences in Cross-Market Information Flow between Systematic and Sector based Markets

2 Efficiency of Capital Markets: Is the Value Premium Dead? Revisiting the Day of the Week Anomaly using Style Indices (with Raja, Z. and R. Oyotode) TEACHING EXPERIENCE WESTMINSTER COLLEGE, New Wilmington, PA August 2017-Current Assistant Professor of Financial Economics Financial Markets and Institutions (BA/ECO 385) Principles of Corporate Finance (BA/ECO 350) Managerial Economics (ECO 310) Economic Reasoning (ECO 150) TEXAS A&M INTERNATIONAL UNIVERSITY, Laredo, TX August 2014-May 2017 Adjunct Finance & Economics Faculty/Ph.D. Graduate & Research Assistant Investments and Portfolio Management (FIN 3330), 2014 Managerial Economics (ECO 3320), 2014, 2016 Economic Development (ECO 4350), 2015, 2016 Average Student Evaluation: 4.9/5.0 INDUSTRY EXPERIENCE PROCASKY RISK MANAGEMENT ADVISORS LLC, Houston, TX March 2017-Current Principal Provider of risk management consulting and analytical services to financial institutions and commodity trading & supply companies, including corporate credit risk policies and underwriting standards, risk analytics reporting, complex risk mitigation solutions, cost of credit calculation methodologies, portfolio management strategies, credit analysis training modules and macroeconomic and credit market commentaries BP ENERGY CO., North America Gas & Power, Houston, TX July 2005-July 2012 Chief Credit Officer & Global Credit Liaison February 2010-July 2012 Supervised 30-person credit group supporting North America s largest energy derivatives dealer Managed portfolio of $23 billion in credit limits to over 2,000 counterparties Devised/implemented portfolio credit strategies, including buying and selling of CDS Oversaw implementation of potential future exposure and cost of credit methodologies Presented weekly portfolio and credit market updates to Executive Leadership Team Member of North American Enterprise Risk Committee Director, Financial Products Origination and Macroeconomist January 2008-Janaury 2010 Member of team ranked #1 global natural gas derivatives dealer by Energy Risk Magazine Generated gross margin via execution of financial energy derivatives Structured complex credit solutions, including risk-weighted asset arbitrage Developed Target E&P Credit VAR to optimize portfolio allocation of producer capital Advised executive management on economic, financial and credit market conditions Distributed daily macroeconomic and credit research, analysis and commentary

3 Credit Origination Manager & Deputy Chief Credit Officer July 2005 January 2008 Delegated highest credit approval authority in North America Managed day-to-day operations of 30-person credit group Developing/implemented credit policy for $17bn trading portfolio Utilized credit derivatives and lien structures to facilitate new business Presented Increasing Efficiency through EDF Credit Measures at 2006 KMV Conference Selected into high potential program (CAPS) for top 2% of organization ABN AMRO, New York Branch January 2004-June 2005 First Vice President & Senior Risk Manager, Energy & Chemicals Risk Management Functioned as member of North American Risk Management Committee ( NARM ) Analyzed creditworthiness and managed counterparty limits of $19 bn portfolio Advised business units on loan, derivative, ISDA and CSA structures Co-chaired derivatives task force focused on improving capital returns and efficiency DZ BANK AG, New York Branch* June December 2003 Left May 2000 due to pending merger; recruited by management to return once merger fell through Vice President & Originator, Energy Corporate Finance Launched reserve base structured finance initiative targeting mid-cap oil and gas credits Developed risk filters to manage credit risk and maximize RAROC Underwrote corporate credit transactions in the oil, gas and power industries BAYERISCHE HYPO-UND VEREINSBANK AG, New York Branch May 2000-May 2001 Director & Head of German Desk, European Corporate Banking Marketed traditional and structured products across $1 bn corporate loan portfolio Analyzed creditworthiness of US subsidiaries of European multinationals Analyzed prospective leveraged finance transactions for US Corporate Group DZ BANK AG, New York Branch November 1999 April 2000 Vice President & Financial Analyst, International Finance Underwrote credit facilities for U.S. subsidiaries of German corporate Structured $95 mln synthetic lease in conjunction with U.S. leasing partner Underwrote acquisition finance transactions PNC BANK CORP., Pittsburgh PA August 1992 October 1999 Assistant Vice President & Portfolio Manager, Corporate Banking March 1997-Oct Presented credit proposals to clients across $650 mln corporate loan portfolio Underwrote credit facilities and presented them to loan committee Performed lease vs. buy and tax lease vs. conditional sale lease analyses. Corporate Credit Officer & Senior Analyst, Leveraged Finance May February 1997 Assisted in underwriting LBO s, recapitalizations and debt-financed acquisitions Performed historical and pro-forma base case/sensitivity cash flow analyses Total Quality Management Coordinator, Corporate Operations August April 1995 Developed and implemented initiatives to improve back office functions

4 KEYSTONE OAKS SCHOOL DISTRICT, Dormont PA August July 1991 German/Math Teacher CONFERENCE PRESENTATIONS Procasky, William, 19 th Annual Western Hemispheric Trade Conference, Efficiency of Capital Markets: Is the Value Premium Dead? Texas A&M International University, Laredo, Texas, April Procasky, William, Southwestern Finance Association Conference, Efficiency of Capital Markets: Is the Value Premium Dead? Southwestern Finance Association, Houston, Texas, March Raja, Zubair (Author and Presenter), Renee Oyotode (Author) and William Procasky (Author), Southwestern Finance Association Conference, Revisiting the Day of the Week Anomaly in Financial Markets using Style Indices, Southwestern Finance Association, Houston, Texas, March Raja, Zubair (Author and Presenter), Renee Oyotode (Author) and William Procasky (Author), 19 th Annual Western Hemispheric Trade Conference, Revisiting the Day of the Week Anomaly in Financial Markets using Style Indices, Texas A&M International University, Laredo, Texas, March Procasky, William (Author and Presenter) and Nacasius Ujah (Author), Finance and Economics Conference 2014, Terrorism and Its Impact on the Cost of Debt, Lupcon Center for Business Research, Munich, Germany, August Procasky, William (Author and Presenter) and Nacasius Ujah (Author), Academy of International Business Conference, Terrorism and Its Impact on the Cost of Debt, Academy of International Business, Vancouver, Canada, June Procasky, William (Author and Presenter) and Nacasius Ujah (Author), 18 th Annual Western Hemispheric Trade Conference, Terrorism and Its Impact on the Cost of Debt, Texas A&M International University, Laredo, Texas, April Procasky, William (Author and Presenter) and Nacasius Ujah (Author), 18 th Annual Western Hemispheric Trade Conference, FFO to Total Debt: A More Efficient Proxy of Capital Structure, Texas A&M International University, Laredo, Texas, April Procasky, William (Author and Presenter), Ujah, Nacasius (Author), Southwestern Finance Association Conference, Funds from Operations to Total Debt: A More Efficient Measure of Leverage for Capital Structure Decision Making, Southwestern Finance Association, Dallas, Texas, March PROFESSIONAL ORGANIZATIONS CFA Institute Houston Society of Financial Analysts New York Society of Security Analysts (prior) FMA International

5 REFEREEING Journal of International Money and Finance, 2015, 2017 Journal of Financial Stability, 2017 International Trade Journal, 2014 LANGUAGES Fluent in written and oral German REFERENCES George Clarke, Ph.D. Distinguished Associate Professor of Economics Tel: William C Gruben III, Ph.D. (Retired) Professor of Economics and Finance williamcgruben@gmail.com Tel: Steven Sears, Ph.D. Dean/Killam Distinguished Professor of Finance steve.sears@tamiu.edu Tel: