President:

DAVID W. MUNVES, CFA is a Divisional Managing Director in Moody's Analytics, and is in charge of the Capital Markets Research Group. The group manages and researches applications of the firm's suite of markets-based signals, principally EDF™ (Expected Default Frequency) metrics for public firms and the Market Implied Ratings service, as well as the Capital Markets Economics group. David joined Moody's in December 2004. Prior to joining Moody's David worked for nine years in Lehman Brothers' Fixed Income Research Group in London. At Lehman he headed the European Credit Strategy Group for seven years before taking responsibility for the European Fixed Income Index Group. He began his sell side career at Kidder Peabody and PaineWebber. David also worked for 10 years at Standard & Poor's Ratings Group, where he held a variety of analytical and managerial positions in New York, Stockholm, and London. Prior to joining S&P David was a lending officer with Swiss Bank Corporation in New York. A Chartered Financial Analyst, David holds a Bachelor of Arts degree from Kenyon College and a Masters Degree in International and Public Affairs from Columbia University.

Vice President:

MARK HOWARD, CFA was most recently at Barclays Capital, where he was a Managing Director and held the roles of Co-Head of Global Research and Head of Credit Analysis. Based in New York, he was responsible for the firm's global fundamental credit research team which covered investment grade, high yield, emerging market credit and asset-backed bonds. He was also jointly responsible for the firm's US credit strategy and Asian research teams. At Barclays, he was active in a range of firm-wide initiatives as a member of the firm's Management, Recruitment and Diversity committees. Prior to joining Barclays Capital in April 2004, Mr. Howard was at Lehman Brothers, where he was a Managing Director and Global Credit Strategist. In that capacity, he was responsible for the firm's high grade, high yield, emerging market and credit derivative strategy teams. He also oversaw the firm's US quantitative credit research effort, as well as its Japanese and European credit strategy teams. As an active researcher, Mr. Howard was recognised as a fixed income 'All American' by Institutional Investor magazine eleven times, including first place rankings in seven of those years. Mr. Howard received his MBA in Finance from New York University and his bachelor's degree in Economics from Colby College. He is an Overseer of the Board of Trustees of Colby College and serves on the Board as well as the Finance and Investment Committees of Village Community School in New York City. Outside of work, Mr. Howard and his wife have been active supporters of institutions dedicated to children's education and women's health issues.

Treasurer:

MARK HOCHBERG has worked at BlackRock, Inc. in a variety of management, information technology and project management roles. Prior to BlackRock, Mark managed application development and system engineering teams at Credit Suisse First Boston. Mark received an S.B. in Computer Science and Engineering from M.I.T. Outside of work, Mark contributes time and effort to a number of organizations, primarily those focusing on the promotion of the sciences and performing arts, the ongoing health and prosperity of New York and Finance.

Secretary:

HENRY SHILLING is a Senior Vice President with Moody's Investors Service. With Moody's since 1992, Henry is a member of the New York-based Global Managed Investments Group. He has responsibility for research, analysis and ratings of money market and bond mutual funds, various other pooled investment vehicles, pension funds, debt like instruments issued by closed-end funds as well as asset (fund) management companies. Earlier in his career he was a vice president with a firm specializing in tracking and evaluating the performance of mutual funds and an officer in the employee-benefit trust and asset management divisions of several large banks. Henry is the author of The International Guide to Securities Market Indices which was published in 1996 by International Publishing Corp., Chicago, Illinois. Also, a chapter entitled "Investing in Index Mutual Funds," which he authored, appears in Frank Fabozzi's Information Management Network's Perspectives on Equity Indexing: Updated and Expanded Second Edition. He earned a B.A. in economics from Lehman College, City University of New York in 1971.

Members-at-Large:

WILLIAM CASSIDY is a Managing Director and a member of the BlackRock Solutions Aladdin Portfolio Services Group and is responsible for managing the Data Services area. This area oversees all aspects of market data collection and management within Aladdin, BlackRock's enterprise investment system, including data operations, client support, and software development. Prior to joining BlackRock in 2000, Mr. Cassidy worked at Goldman Sachs and Western Asset Management Company where he managed software development teams building solutions for all aspects of transaction processing, risk value generation, and books and records support. Mr. Cassidy earned a BS degree in computer mathematics from Long Island University in 1992.

RALPH DECESARE, CFA is Vice-President and Director and head of research for TD Asset Management USA, headquartered in New York. As part of the Toronto-based TD Bank Financial Group, one of the largest banks in North America, TDAM manages over US$130 billion in assets under management on behalf of pension, insurance, endowment/foundation and corporate clients, as well as for high-net worth individuals and retail mutual funds. Prior to joining TDAM, Ralph was a director of fixed income research at Merrill Lynch Investment Managers from 1990 to 2006. Responsibilities included leading a team of fixed income analysts that helped manage over $150 billion in fixed income assets including mutual funds, money market and institutional accounts. Ralph also has had two separate terms at Standard & Poor's Corp. as a debt ratings analyst, covering multiple industries including electric utilities, natural gas and financial institutions. Ralph earned an MBA in finance from Fordham University, and a B.S. in finance from the University of Arizona. Ralph is a member of the Fixed Income Analyst Society, Inc. and the New York Society of Security Analysts. Ralph is a CFA charterholder and Chartered Alternative Investment Analyst.

DIANE VAZZA is Managing Director and Head of Global Fixed Income Research at Standard & Poor's. Ms. Vazza has worked on Wall Street for over 25 years, holding various positions around the globe in credit research, banking and trading at Drexel Burnham Lambert, Citibank and Chase. Ms. Vazza is a past President of FIASI for the fiscal year '04-'05

MARIAROSA VERDE is a managing director and head of Credit Market Research at Fitch Ratings. Her responsibilities include examining rating and credit quality trends, conducting default and recovery studies, and commenting on developments in the capital markets. Mariarosa has published articles on default risk and other credit topics in professional magazines and books. Credit Market Research data and analysis is often cited in national and trade publications. Prior to joining Fitch in 1998, Mariarosa worked as a high yield analyst at the Chase Manhattan Bank. Mariarosa earned a BS and an MBA, magna cum laude, in finance and economics from New York University's Stern School of Business.