Peter Welber is President and Chief Executive Officer of Chevy Chase Trust Company. He also is Chief Executive Officer of ASB Capital Management, and a Director of Chevy Chase Trust Company and ASB Capital Management.

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.

Thomas H. McCormick is Vice Chairman, General Counsel, and a Director of Chevy Chase Trust Company. He is also Senior Vice President, Chief Financial Officer and a Director of B. F. Saul Company, Senior Vice President and General Counsel of Saul Centers, Inc. and a Director of ASB Capital Management. Mr. McCormick is responsible for the audit, compliance, and legal functions of Chevy Chase Trust.

Prior to joining Chevy Chase Trust and its affiliates, Mr. McCormick was a senior partner with the law firm Shaw Pittman, LLP, now known as Pillsbury Winthrop Shaw Pittman LLP. He also served as the Chair of Shaw Pittman’s Board of Directors and its Corporate and Securities group.

He received his undergraduate degree in Chemical Engineering from Manhattan College and his Juris Doctor from Georgetown University.

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.

Diana Kalin is a Senior Vice President and Chief Information Officer of Chevy Chase Trust, responsible for Operations and Information Services. Her responsibilities include financial management, technology infrastructure, performance measurement, securities and cash operations and fund accounting.

Ms. Kalin has over thirty years of financial services experience. She spent fifteen years at American Security Bank where she first worked in Trust Operations in various capacities, and later assumed responsibility for budgeting and profitability analysis for the Trust Company and its institutional affiliate.

Subsequently, Ms. Kalin spent five years with FMB Trust/Allfirst Trust, with responsibilities for financial and strategic planning for the Institutional Bank, which included the Trust, Corporate Lending, and Commercial Real Estate Divisions.

Ms. Kalin holds a BS in Business Administration and Economics from the State University of New York, College at Oswego and an MBA from George Washington University.

Mrs. Panagos is Senior Managing Director and Chief Client Service Officer of Chevy Chase Trust. Her responsibilities include management of the Client Services Group which is comprised of the business development and trust administration teams, marketing and strategic planning of the firm. In addition, she also advises clients in the areas of investment management and wealth planning.

She has 23 years of experience in the financial services industry. Prior to joining Chevy Chase Trust in 1999, Mrs. Panagos spent twelve years at SunTrust Bank (formerly Crestar Bank) where she served as Vice President and Manager of the Institutional Trust Department of the Washington, DC office. In 1996, she was directly responsible for coordinating all aspects of the Crestar Bank Trust Department merger with Citizens Bank of Maryland.

She attended Pennsylvania State University majoring in Business Administration. Mrs. Panagos holds an NASD Series 65 license.

Ms. Smith has 28 years of experience in the trust and estate planning industry and is responsible for the financial planning services of the firm.

Prior to joining Chevy Chase Trust, Ms. Smith held the position of Managing Director at Citi Private Bank managing the Washington, DC office. Previous to Citi Private Bank, she was a Managing Director of U.S. Trust Company responsible for the management of the Washington, DC and Tysons Corner, Virginia offices. Her responsibilities at both organizations also included providing financial, estate planning and fiduciary services to clients.

Before moving into the wealth management industry, Ms. Smith spent 19 years at the law firm of Shaw Pittman Potts & Trowbridge (now Pillsbury Winthrop Shaw Pittman), where she headed the Trusts and Estates practice.

Ms. Smith received her undergraduate degree and Juris Doctor from the University of Georgia.

Mrs. Abdelmoty has 21 years in the financial services industry. She previously worked for BB&T Bank (formerly First Virginia Bank) in their Wealth Management Group. She attended the Berry College School of Business in El Salvador.

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 14 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.

Mrs. Barreto has over 11 years of experience in the financial services industry and provides support in the Client Services Group. She attended Towson State University and holds Series 6, Series 63, and Life and Health Insurance licenses.

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 25 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 35 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.

Ms. Crittenden has 7 years of experience in the financial services audit industry and is responsible for conducting operational and compliance audits of Chevy Chase Trust. She previously worked at Chevy Chase Bank in their Audit Department and is a graduate of Washington and Lee University.

Ms. Crowder has 29 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 16 years. She previously provided technical support for DuPont and MBNA America. She is a graduate of the University of Phoenix.

Mr. Dobranetski has 19 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 18 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 22 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 27 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.

Ms. Ferko is Chevy Chase Trust’s legal counsel, responsible for all regulatory and legal matters. She has 13 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 24 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 23 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 16 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.