Stuart W. Ray, Managing Director of Old Fort Consultants Limited, was formerly a Partner and Managing Director of Bankers Trust Company, New York. While at Bankers Trust, Mr. Ray was a Managing Director of BT Wolfensohn, the merger and acquisition advisory arm of Bankers Trust, and the Head of Bankers Trust's Global Energy Group, based in Houston, Texas. Mr. Ray joined Bankers Trust when it acquired Wolfensohn & Co., the boutique investment bank where he was a partner. Mr. Ray is a Senior Advisor to Sonenshine Pastor LLC, a New York based investment banking and private equity firm.

Mr. Ray has over thirty years of experience in the financial services industry. His clients have included Daimler-Benz A.G., AEG A.G., Baxter International Inc., Johnson & Johnson, the Perkin-Elmer Corporation, Shell Oil Company, the American International Group (AIG), Magnum Hunter Resources, Panaco, and the Monteiro Aranha Group. Mr. Ray is a registered broker with the NASD, a Chartered Financial Analyst (CFA) and member of the American Institute for Management and Research, a member of the New York Society of Security Analysts. Mr. Ray has served on a number of corporate boards, including most recently, Millicom International Cellular, S.A., the Luxembourg based operator of mobile telephone services.

Mr. Ray is also actively involved in a number of charitable activities and is member of the Boards of the Lyford Cay Foundation, the Byrd-Hoffman Foundation, and the Metropolitan Opera Association of New York.