BIOS/ MANAGEMENT

W. Clayton Stephens
CEO, Warren Capital Corporation and Executive Vice President, Wood, Warren & Co.

W. Clayton Stephens is the founder of Warren Capital Corporation and presently serves as the President and Director of the firm. Prior to founding Warren Capital Corporation, Mr. Stephens held various senior executive positions with Wheelabrator Frye, Inc. (a Fortune 500 public company) from 1972 to 1984, including Corporate Vice President and Treasurer as well as President of the finance subsidiary, Wheelabrator Financial Corporation (Signal Capital Corporation). His last position at Wheelabrator Frye was that of President and CEO of Trailmobile Finance Company, a Wheelabrator subsidiary with total loans and leases in excess of $300 million. From 1969 to 1972, Mr. Stephens was a Corporate Vice President of Genway Corporation, a major transportation leasing company and a founding investor in Warren Capital Corporation. Mr. Stephens started his business career in the management training program at Chase Manhattan Bank where he advanced to a Second Vice President in commercial lending.

Mr. Stephens' specialty fields include: corporate and project finance, asset based lending and equipment financing. Mr. Stephens is a graduate of the University of Notre Dame with a degree in Economics, and also holds an MBA in Finance from Stanford University. He is a member of the Advisory Board of Sonoma State University Graduate Business School and Sonoma National Bank. Mr. Stephens is a former Chairman of the Lessors Committee of the UAEL (United Association of Equipment Lessors) and a frequent speaker at their conferences and seminars.

J. Roger Wood
President, Wood, Warren & Co. and Executive Vice President, Warren Capital Corporation

Mr. Wood has spent 25 years in investment banking and corporate finance. His experience includes completion of a wide variety of investment banking transactions including public and private equity and debt offerings, initial public offerings, merger and acquisitions transactions and corporate advisory assignments. Mr. Wood has advised companies ranging from those in the start-up phase to some of the largest domestic based corporations. During his career, Mr. Wood has been a senior participant in over $6 billion of equity and initial public offerings, over $3 billion of debt financings, and over $4 billion in merger and acquisition transactions. Prior to investing in Warren Capital Corporation and forming Wood, Warren & Co., he was a Managing Director of Shearson Lehman Brothers, Inc. from 1986 to 1990 where he was in charge of the San Francisco regional office and had responsibility for the firm's corporate finance activities in Northern California, the Pacific Northwest, and the Mountain States. From 1978 to 1986, he was Vice President and Shareholder at Kidder, Peabody & Company in charge of the firm's corporate finance group in the West Coast area. From 1969 to 1978, Mr. Wood was Vice President of Dean Witter Reynolds, Inc. in New York City. Mr. Wood served as an aviation officer in the U.S. Navy during the Vietnam War. He is a graduate of the University of Utah and holds an MBA from New York University.

Ted Levinson
Assistant Vice President of Operations, Warren Capital Corporation

Mr. Levinson is Assistant Vice President at Warren Capital Corporation. He is responsible for operations, credit, debt placement and broker funding programs. He is on the Board of Directors of SofTECH, a regional trade association for the software and high-technology industries. In 1992 he received a Younger Scholars' Grant for the National Endowment for the Humanities. Mr. Levinson is a graduate of Tufts University with a degree in Economics.