Management Manager

Michelle J. Chalmers

**** ***** ***** ******

Waddell, AZ 85355

Cell phone: 602-***-****

Work phone: 602-***-****

e-mail: ************@*****.***

EXPERIENCE

November 2001 ARIZONA PUBLIC SERVICE COMPANY - APS Marketing and Trading

Present (Arizona Public Service Company is a subsidiary of Pinnacle West

Capital Corporation)

Research, Risk Control and Credit Strategies, Manager

Develop and implement credit risk mitigation strategies, including

the use of credit default swaps.

Conduct the examination of counterparties from both a financial and

marketing perspective (this function is in addition to the

independent Credit Risk Department analysis). Evaluation focuses on

creditworthiness, counterparties' reception in the broader financial

markets, regulatory environments, trading and risk management

strategies, and developments that could provide business

opportunities for APS's marketing personnel and risk mitigation

opportunities to Energy Risk Management.

Monitor and report on energy-related Congressional actions to

provide information/analysis on legislative initiatives that may

impact the energy industry.

Monitor and report on energy-related regulatory actions - both at

the state and federal level - that impact the energy industry.

Monitor and report on energy-related technological developments and

their potential to play an integral role in compliance programs.

Establish and maintain a centralized database of all NERC

Reliability standards including individual standard requirements,

applicable entities, violation risk factors and violation severity

levels.

Develop and present user-friendly yet comprehensive briefings on

relevant NERC compliance issues to appropriate levels of management.

June 2000 PINNACLE WEST CAPITAL CORPORATION - Financial Control

November 2001 Trading Floor Control Manager

Spearheaded the creation of a centralized control reporting process

for PWCC's trading operation. Primary objective: ensure seamless

trading operations via ongoing monitoring, reporting and enforcement

efforts between different desks on the trading floor, and between

trading personnel and risk management departments (credit, market,

legal and operational).

Developed risk management intranet website for PWCC trading

operations, including Guidelines, Procedures, Best Practices Portal

and Directory.

Coordinated strategic implementation of risk control standards

across trading and trading-support activities to ensure they meet or

exceed best practices standards.

Monitor trading personnel's compliance with various risk management

limits, including credit, market, book and transaction limits.

Monitored non-trading personnel's compliance with procedures to

ensure risk management controls are consistently enforced.

Authored improvements to trading and trading-support guidelines and

procedures on a quarterly basis.

Coordinated review of electronic trading systems from an

operational, risk management and reputational perspective.

February 1999 PINNACLE WEST CAPITAL CORPORATION - Enterprise Risk Management

May 2000 Counterparty Risk Manager

Established credit risk management process at the unit and

enterprise levels;

Managed Counterparty Risk Group charged with all credit risk

management and documentation responsibilities;

Authored guidelines for the establishment, measurement and reporting

of MTM, settlement and volumetric risk limits;

Authored guidelines for rating methodology across all counterparty

types;

Established product matrix that determines which assets are to be

traded with each counterparty rating category;

Michelle J. Chalmers

6702 North 183rd Avenue

Waddell, AZ 85355

Cell phone: 602-***-****

Work phone: 602-***-****

e-mail: ************@*****.***

EXPERIENCE

(con't)

February 1999 PINNACLE WEST CAPITAL CORPORATION - Enterprise Risk Management

May 2000 Counterparty Risk Manager (con't)

(con't)

Established and ensured adherence, at both the Counterparty and

Group levels, to overall settlement and global trading limits,

including allocation across commodities and suballocations across

time-buckets;

Implemented modifications to existing exposure to a given

counterparty to reduce credit risk while maintaining or improving

profitability (i.e. recommend trading out of highly volatile trades

which consume large percentages of the MTM limit into longer-dated

less volatile ones); and

Implemented, as appropriate, credit enhancements to support exposure

to a given counterparty or to a group of counterparties (i.e.

collateral, margin or structured vehicles).

May 1997 UBS AG (successor to Swiss Bank Corp.) - Risk Control, The Americas

January 1999 Credit Officer/Director- Latin American Offshore Hedge Funds & PICs

Supervised all credit-related aspects of UBS's trading relationships

with Latin American offshore hedge funds and personal investment

companies, including establishing related credit policies and

procedures, coordinating all client contact; executing trading floor

control, assisting the sales and trading desks in structuring

transactions to minimize credit risk, monitoring daily margin

requirements, and preparing/reviewing credit risk counterparty

analysis;

Developed risk control mechanisms to ensure appropriateness of

collateral, pricing accuracy and adherence to trading limits and

guidelines;

Negotiated credit terms contained in various trading agreements

executed with counterparties throughout Latin America; and

Monitored sovereign developments for potential impacts on portfolio

values.

May 1995 SWISS BANK CORPORATION - Risk Control, The Americas

April 1997 Credit Officer/Director/Senior Analyst - Brazilian Banks

Prepared financial analysis/commitment reports of Brazilian banks;

Developed financial ratio analysis matrix that tracked 28 key ratios

of SBC's Brazilian banking universe going back five years (analysis

was updated quarterly);

Monitored and developed risk management strategies and policy

guidelines for sovereign/industry developments as they related to

both credit-specific issues and SBC's overall strategy in Brazil;

In conjunction with SBC Capital Markets, prepared due diligence

reports - including issuer history/background, financial analysis,

industry analysis and sovereign analysis - for public offering

memorandums;

In conjunction with SBC-Latin America Structured Group, prepared

internal due diligence reports, and assisted in deal structuring and

documentation;

Co-developed, with the Latin America Private Banking Group,

strategies to leverage private banking relationships with Brazilian

clients into full-service corporate/investment banking relationships

with the primary operating companies of those clients; and

Sourced and evaluated Brazilian credit tools - including spreading

services, credit agency reports and industry statistics - for use in

SBC's credit management database.

- continued on next page -

Michelle J. Chalmers

6702 North 183rd Avenue

Waddell, AZ 85355

Cell phone: 602-***-****

Work phone: 602-***-****

e-mail: ************@*****.***

EXPERIENCE

(con't)

April 1992 BofA CAPITAL MANAGEMENT, INC. (a subsidiary of Bank Of America, NT &

April 1995 SA)

Vice President/Senior Securities Analyst - Corporates and Sovereigns

- Fixed Income

Evaluated credit quality of issuers under area of responsibility to

ensure they presented minimal risk to the Funds' shareholders;

Developed user-friendly formats for such credit analysis reporting -

all of which were selected by senior management to become BACMI's

standard;

Provided weekly written issuer and industry commentary to Portfolio

Managers including buy/sell/hold recommendations, market outlooks,

regulatory issues and suitability of issuer type;

Ensured research compliance standards exceeded SEC and other

audit/legal requirements; and

Maintained contact with investment and NRSRO analysts, broker-dealers

and issuer representatives to obtain research resources related to

assigned sectors or industries.

February 1989 SECURITY PACIFIC NATIONAL BANK - Global Trading Credit

April 1992 Assistant Vice President/Research Analyst - Corporates, Sovereigns

and Municipals

Foreign Exchange/Swaps/Government Securities Trading

Prepared financial analysis/commitment reports for presentation to

senior management;

Liaised with foreign exchange and government securities traders, in

addition to other credit areas of Security Pacific Corporation, to

ensure prompt execution of credit requests;

Monitored legislative and FASB developments related to

existing/potential counterparty base; and

Prepared special reports on unfamiliar industries, products and

operational procedures;

Analytic expertise (by counterparty type): Fortune 500 (all

industries, except electric utilities), domestic and offshore mutual

funds, limited partnerships, pension funds, futures commission

merchants, sovereigns, supranationals, and private/public

universities.

Municipal Project Finance (unit disbanded 12/89)

Performed credit analysis and assisted in deal structuring and

documentation;

Liaised with audit/ compliance units to ensure proper adherence to

internal/external regulations; and

Monitored legislative and other developments related to municipal

leasing industry.

August 1987 MANUFACTURERS HANOVER TRUST COMPANY

January 1989 Brazil Desk Analyst and Loan Officer

Prepared financial analysis/commitment reports for presentation to

senior management;

Structured the sale of cross-border investments for approval at the

CEO level;

Marketed and serviced a full range of credit, noncredit and

investment banking products;

Advised customers on their daily funding requirements; and

Ranked in top 5% of Credit Training Program (courses included

accounting, money and banking, corporate tax and finance, business

law, statement and risk analysis and credit investigation).

EDUCATION Bachelor of Arts, International Business - California State

University, Fullerton - 1987

Awarded Highest Honors at Graduation; GPA: 3.97

LANGUAGES Portuguese (fluent)

OVERSEAS Brazil (5 years), Portugal (3 years)

EXPERIENCE

PASSPORTS U.S., British

HONORS Golden Key National Honor Society

Phi Beta Delta, Honor Society for International Scholars

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