Peter Welber is President and Chief Executive Officer of Chevy Chase Trust Company. He also is Chief Executive Officer of ASB Capital Management, Executive Vice President of Chevy Chase Bank, and a Director of Chevy Chase Trust Company, Chevy Chase Financial Services, ASB Capital Management, and the Callander Funds, a Luxembourg-based mutual fund complex.

Prior to joining Chevy Chase Trust, Mr. Welber was President of Wachovia Trust Company and, before that, First Union Trust Company in Charlotte, North Carolina. Earlier, Mr. Welber was President and Chief Executive Officer of CoreStates Asset Management in Philadelphia, Pennsylvania, and Chief Operating Officer of Meridian Asset Management in Valley Forge, Pennsylvania.

Mr. Welber began his career in the Trust Department of The Riggs National Bank, and spent twenty-one years with Riggs, the last seven years as the Senior Vice President and Senior Trust Officer for the Company.

Mr. Welber received his undergraduate degree in Mathematics from Bucknell University and his Juris Doctor from Case Western Reserve University School of Law. He is also a graduate of the National Graduate Trust School at Northwestern University. Mr. Welber is a member of the Economic Club of Washington and is Board Chairman of the Montgomery County Community Foundation.

Shep Burr is Senior Vice President of Chevy Chase Trust, where his responsibilities include strategic positioning, product development, and marketing. He also serves as Senior Vice President of ASB Capital Management, LLC, an institutional investment management firm with over $9.5 billion in assets under management.

Prior to joining Chevy Chase Trust, Mr. Burr was Senior Vice President of Landon Butler & Company (LBC), a Washington, D.C. investment management firm. During his tenure at LBC, Mr. Burr was co-chairman of the Operating Committee of the Multi-Employer Property Trust, an equity real estate fund with $4.5 billion in assets. In addition, he co-founded five private equity real estate partnerships and a venture capital fund with total assets of over $700 million.

Before working with Landon Butler & Company, Mr. Burr was a Division Partner in Philadelphia with Trammell Crow Company, a national real estate development and services firm. He began his career in the brand management division of The Procter and Gamble Company in Cincinnati. Mr. Burr graduated from Dartmouth College, and is a member of Leadership Greater Washington and the Advisory Board of The Salvation Army, Washington, D.C.

Mr. Adler has 11 years of experience in equity research, investment banking, and portfolio management, including positions with Legg Mason and Friedman, Billings & Ramsey. He is a graduate of Denison University.

Mrs. Barnette has over 12 years of equity research, analysis, and systems support experience, including positions with Atlantis Investment Co., Inc. and Rochdale Securities. She is a graduate of Old Dominion University.

Mr. Bishoff has specialized in the network support, data security, application, and web development needs of financial organizations for over 20 years. He previously provided technical support for IBM, NYNEX, and the FBI, and attended the University of Maryland.

Mr. Bowen provides information technology applications support. His experience includes loan administration with Fleet Boston Financial. Mr. Bowen is a graduate of Bowling Green State University and earned a Masters degree at American University.

Mr. Breznay has 23 years of banking, trust, operations, and tax experience, and has been with Chevy Chase Bank since 1997. He is a graduate of Kings College and has an MBA from Wilkes University.

Ms. Byrne provides support to the senior client service managers. She previously worked with Wells Fargo Financial and UBS Financial Services, and is a graduate of the University of Alabama.

Mr. Calkin provides analysis support to the senior investment portfolio managers. He is a graduate of Miami University and is completing his MBA at George Washington University.

Mr. Cholis has 31 years of trust, estate, and investment experience, including positions with FMB Trust, Crestar Bank, and Security Trust. He is a graduate of the University of Notre Dame and Georgetown University Law Center and was a U. S. Army Officer.

Mr. Cohen has managed investment portfolios for 9 years, prior to which he practiced law. He is a graduate of the University of Michigan, and received a JD/MBA degree from the University of Buffalo.

Ms. Crowder has 26 years of experience in Trust operations and administration, including positions at M&T Bank and First American Bank. She has completed Trust course work at the American Institute of Banking.

Ms. Dennis has specialized in Information Technology technical support for 13 years. She previously provided technical support for DuPont and MBNA America. She is a graduate of the University of Phoenix.

Mr. Dobranetski has 16 years of investment experience, encompassing trading, analysis, and portfolio management. He previously was a portfolio manager with BB&T Asset Management, and is a graduate of Grove City College.

Mr. Duncan has 16 years of audit and compliance experience in the banking, securities, and fiduciary industries. He is a graduate of Albright College and earned his MBA at George Mason University.

Mr. Edwards has 19 years of experience managing investment portfolios for individuals, organizations, and mutual funds. He previously worked with GIT Investment Funds and First Virginia Bank, and earned his undergraduate and MBA degrees at the University of Maryland.

Ms. Fabi has 21 years of experience in the financial industry, the last 16 years in the Trust field. She previously worked with NationsBank. Ms. Fabi is a graduate of Maryknoll College and is fluent in Tagalog.

Mr. Fatzinger previously served as President of American Security Bank and First National Bank of Maryland’s Greater Washington Region. A graduate of George Washington University, Mr. Fatzinger received his law degree from American University.

Ms. Ferko is Chevy Chase Trust’s legal counsel, responsible for all regulatory and legal matters. She has 10 years of experience in the Trust and investment fields. Ms. Ferko is a graduate of Florida State University and Creighton University School of Law.

Mrs. Foo has 21 years of experience in the financial industry, including positions at Allfirst Trust Company and NationsBank. Her experience includes administration and service of investment management and custody relationships. She is a graduate of Mary Washington College.

Mr. Frank has 20 years of experience in the investment business, including positions with Salomon Smith Barney and Philip Tucker Investment Management. He is a graduate of Tufts University.

Ms. Fullmer has 13 years of experience in the financial industry, including positions at BB&T Bank and Merrill Lynch. She is a graduate of the University of Delaware and earned an MBA from American University.