Paul Y. Cheng

PAUL Y. CHENG is a vice president of Lehman Brothers’ U.S. Equity
Research division where he specializes in North American integrated oil
companies and independent refiners. Previously, he was associated with
Kidder, Peabody & Co., Inc. A Chartered Financial Analyst, Mr. Cheng
earned both his Bachelor’s degree in Computer Applications and his
M.B.A. in Finance and International Business from New York University.