Natural Resources >> Analyst Interviews >> May 6, 2002

Outlook For Natural Gas: D. Fleischer – Goldman Sachs & Co / C.launer – Credit Suisse First Boston

David N. Fleischer is a Managing Director with Goldman, Sachs & Company, where he is on the Investment Policy and Stock Selection Committees. He is responsible for coverage of natural gas companies and master limited partnerships. Prior to joining the firm, Mr. Fleischer spent 17 years as a Securities Analyst at several major financial institutions and investment firms. He earned a BA degree in Economics from the University of Pennsylvania and an MBA in Finance from The Wharton School. Mr. Fleischer is a CFA and was a Lieutenant in the U.S. Navy. Profile
Launer, Curt
Curt Launer is a natural gas and master limited partnership Analyst at Deutsche Bank Securities Inc., based in New York. Mr. Launer has more than 20 years of equity research experience and has achieved 19 appearances on the Institutional Investor All-America Research Team with 12 number one finishes in the natural gas sector. He recently was named to Institutional Investor's Best Analysts of All Time list and recently was inducted into the Institutional Investor Hall of Fame. Mr. Launer joined Deutsche Bank in 2010 as a Managing Director in the natural resources group focused primarily on the corporate coverage of the midstream energy and MLP sector. Profile
TWST: Curt, would you sum up for us how the natural gas stocks

have performed over the last year and so far in 2002?

Mr. Launer: Generally speaking the stocks have performed poorly,