FCM History

Fiduciary Capital Management, Inc. (FCM) was founded in 1987 and registered with the Securities and Exchange Commission to be responsive to the desire of a growing number of plan sponsors for discretionary stable value management. Since then, FCM has been dedicated to providing institutional clients with low risk, high performing stable value investment management services, and a spectrum of related services including insurance company credit evaluation, annuity purchases and advisory services incorporating stable value.

With an average of over 20 years of experience, the highly qualified and diversified FCM professional staff recognizes the challenges and complexities that are unique to the stable value market place and is well prepared to assist fiduciaries in fulfilling their responsibilities, particularly in using insurance industry products. High levels of personalized service, dedication, experience, and risk control are distinctive of FCM's services. FCM currently has 347 clients, including those in its pooled stable value fund, and $1.7 billion in assets under management.

In October of 1998, FCM became an affiliate of Ohio National Financial Services, Inc., an international diversified financial services firm with assets under management of over $25.6 billion, headquartered in Cincinnati, Ohio. This affiliation provides FCM and its clients with the assurance of a well-capitalized parent, providing legal, accounting, investment and compliance resources beyond those of FCM alone.

FCM's PROFESSIONAL BIOGRAPHIES

(Not Including Treasury, Legal, HR, IT and Administrative Staff)

Peter E. Bowles, CEBS, President and Chief Investment Officer

Peter Bowles is the founder of Fiduciary Capital Management and has more than 45 years of diversified pension, investment, trust and investment consulting experience, 23 years of it with FCM. He serves as a Senior Peer Reviewer and chairs FCM's Investment Committee. Prior to founding FCM, Mr. Bowles served as Principal, Senior Investment Consultant and National Director of Insurance Consulting Services with Meidinger Asset Planning and William M. Mercer, Inc. He has also served as Vice President at National Securities and Research Corporation, and as Vice President and Pension Investment Officer at Citytrust Bank, N.A. Mr. Bowles was previously with Connecticut General Life Insurance Company (CIGNA) as Assistant Director, Group Pensions. Mr. Bowles began his business career with Sterling Grace & Co. where he was a broker assistant on the trading floor of the New York Stock Exchange and served as an equity trader in OTC stocks. Mr. Bowles graduated from Hamilton College having earned a B.A. in Economics, and from Phillips Exeter Academy. He earned the Wharton School "Certified Employee Benefit Specialist" designation, is a past member of the Board of Directors of the Stable Value Investment Association, and the Profit Sharing/401(k) Council of America's Communications Committee. Mr. Bowles is a periodic commentator in the trade press and speaker at industry seminars.

Robert J. McEvitt, Executive Vice President and Portfolio Manager

Robert McEvitt has over 34 years of investment experience, 15 years of it with FCM, and is responsible for the investment of client assets, reporting, client relations, and accounting for certain discretionary portfolios. He serves as a member of the FCM Investment Committee. Mr. McEvitt was previously with The Travelers Insurance Co. Asset Management and Pension Services Department, where he served as Assistant Director of Account Management, Assistant Director of Group Pension Underwriting, and as a Manager in Contract/Legal and Regulatory Affairs. Mr. McEvitt is a graduate of Union College, NY having earned a B.A. in English.

David J. Molin, CFA, Senior Vice President and Director of Research

David Molin has 17 years of investment experience, including 10 years with FCM, and is responsible for managing FCM's proprietary credit assessment process and evaluating the investment merits of new and emerging GIC and synthetic products. He is a member of the FCM Investment Committee and actively contributes to the investment decisions made on behalf of FCM clients. Mr. Molin previously served with Fleet Boston as Audit Supervisor, and the FDIC as a Commissioned Bank Examiner. He graduated from Bentley College, having earned a B.S. degree in Finance and has attained his Chartered Financial Analyst designation from the Association of Investment Management and Research (AIMR).

Sandra A. Costa , Second Vice President and Portfolio Manager

Sandra Costa has 14 years of experience with FCM in providing client service and assisting in the portfolio management process for FCM Stable Value clients and participates in FCM Investment Committee meetings. She graduated from Post University with a B.S. Degree in Finance.

Kristine Pavelchak, Portfolio Analyst and Research Assistant

Kristine Pavelchak has over 7 years of investment experience, including 4 years with FCM. She works closely with Mr. Molin and participates in FCM Investment Committee meetings. ING Investment Management previously employed Ms. Pavelchak in their investment departments. She graduated from the University of Connecticut with a B.S. in Business Administration.