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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 (GIC/funding agreement/MTN) investment management services, and a spectrum of related services including insurance company credit evaluation, annuity purchases and asset allocation portfolio management 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 251 clients, including those in its pooled stable value fund, and $1.85 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 $21 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
42 Yrs Experience:	- Fiduciary Capital Management, Inc. - William M. Mercer, Principal, National Director - Insurance Group - National Securities & Research, Vice President - Citytrust, Vice President and Pension Investment Officer - CIGNA, Assistant Director Group Pension Operation - Sterling, Grace & Co., NYSE Broker Assistant, Equity Trader
Education:	- Hamilton College, B.A., Economics - Wharton School, CEBS - NASD Registered Principal - Phillips Exeter Academy
Memberships:	- Past Member of Stable Value Investment Assoc. Board of Directors - Past Member of Profit Sharing Council of America, Communications Committee
Specialty:	- Broad Market Perspective
Robert McEvitt, Senior VP and Portfolio Manager
32 Yrs Experience:	- Fiduciary Capital Management, Inc. - Travelers Insurance Company, Assistant Director
Education:	- Union College, B.A. - Wilbraham & Monson Academy
Specialty:	- Portfolio Management
Kathryn Roach, Senior VP and Portfolio Manager
20 Yrs Experience:	- Fiduciary Capital Management, Inc. - Travelers Insurance Company, Senior Analyst
Education:	-Trinity College, M.A., Economics -Central Connecticut State University, B.A.
Specialty:	- Portfolio Management
David J. Molin, CFA, Vice President and Director of Research
13 Yrs Experience:	- Fiduciary Capital Management, Inc. - FleetBoston Financial, Audit Supervisor - Capital Markets - FDIC, Division of Supervision, Commissioned Bank Examiner
Education:	- Bentley College, B.S. - CFA Charterholder
Memberships:	- Association of Investment Research - Hartford Society of Financial Analysts
Specialty:	- Fixed Income/New Product Research
Sandra A. Costa , Second Vice President and Portfolio Manager
11 Yrs Experience:	- Fiduciary Capital Management, Inc.
Education:	- Teikyo Post University, B.A..
Specialty:	- Client Services
Kristine Pavelchak, Portfolio Analyst
4 Yrs Experience:	- Fiduciary Capital Management, Inc. - ING Investment Managment
Education:	- University of Connecticut
Specialty:	-Fixed Income Research and Client Services