Pricelock Names Naveen Agarwal as Chief Executive Officer

Leads Expansion of Innovative Platform to Control Fuel Costs

Founder Robert Fell Named Co-Chairman

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the leading online provider of fuel price protection and budget predictability for businesses in the US, announced today that Naveen Agarwal has been appointed chief executive officer and a member of the Board of Directors. Agarwal has been the company’s chief operating officer since 2009. Founder and former CEO Robert Fell has been named co-chairman along with Michael Bonsignore.

“One of Naveen’s many talents is his ability to attract and retain superior employees, whose focus and creativity have driven Pricelock’s success.”

Agarwal will be leading the expansion of Pricelock’s innovative platform, which empowers small and medium-sized business to take control of their fuel costs in ways previously available only to America’s largest companies. Additionally, he is spearheading the development of new opportunities in the energy space, where Pricelock’s technology can be leveraged to create value for businesses and consumers.

“Naveen’s extensive background in growing and managing multi-billion-dollar businesses in the online financial solutions space, combined with his expertise in risk management, has been invaluable to our company,” said Robert Fell, Founder. “One of Naveen’s many talents is his ability to attract and retain superior employees, whose focus and creativity have driven Pricelock’s success."

Prior to joining Pricelock, Agarwal was the president of E*TRADE Capital Management, where he was responsible for managing and growing E*TRADE's highest revenue customer segment. He holds an MBA degree from the Haas School of Business, UC Berkeley, and a B.Tech in Computer Science from IT-BHU, Varanasi, India.

Pricelock’s investors include Goldman Sachs, Artiman Ventures, Barclays, RenaissanceRe Ventures, Ltd., a subsidiary of RenaissanceRe Holdings Ltd., and Travelers Insurance.

About Pricelock

Pricelock, headquartered in Redwood City, Calif., offers online fuel hedging and price protection that makes fuel costs predictable for small, medium and large companies in the US. By aggregating demand, Pricelock is empowering small and medium businesses to control fuel costs in ways that were previously only available to large fuel buyers. Pricelock has been awarded the 2010 Rising Star Award of Excellence by Platts Global Energy Awards and the 2010 Risk Innovator™ Award by Risk & Insurance. A full suite of Pricelock’s solutions can be found at www.pricelock.com.