Investment Policy Committee

Alan D. Bush, Chairman, Chief Executive Officer

University of Missouri, B.A. Finance
University of Missouri, M.B.A. Finance

Alan Bush served eleven years as Chairman/CEO of his own New York Stock Exchange firm. Eight years with Dominick & Dominick, Inc., as President of DDPS, a managed account division. One year as President of Dominick Management Corporation, a New York based money management firm, and three years as a member of the NASD District Business Conduct Committee. From 1993 through 2001, Alan served as a Senior Vice President Investments with the Advest, Inc. Portfolio Services Division. Beginning in 2002, Alan served as the President of Independent Portfolio Consultants, Inc., an SEC registered investment adviser established as a wholly owned subsidiary of The Advest Group, Inc. In March 2006, The Advest Group sold IPC to the employees of IPC. Alan serves as Chairman and Chief Executive Officer of IPC.

Bruce J. (Buzzy) Tabatchnick, National Sales Manager, Managing Director, IPC

University of Miami, B.B.A. Finance

Bruce Tabatchnick’s experience spans various firms, including Paine Webber, J.B. Hanauer, and Gruntal and Company. Having developed a specific expertise in municipal bonds, Buzzy enjoyed fifteen years as a Partner and Senior Vice President of A.F. Best Securities, Inc., a Florida-based municipal bond broker-dealer servicing high net worth individuals. Buzzy joined the IPC/Advest team in 2002. In March 2006, The Advest Group sold IPC to the employees of IPC. Buzzy serves as the National Sales Manager of IPC and is directly responsible for all aspects of the marketing and consulting services as delivered by IPC.

David Koburger, Director, IPC

University of South Florida, B.A. Accounting

For eight years, David was the Director of Compliance and Vice President of Operations for Alan Bush Brokerage Company, a regional member firm of the New York Stock Exchange. He also served as Vice President and Branch Manager of Dominick & Dominick, Inc. for seven years. In 1993, David joined the Advest, Inc. Portfolio Services Division as a Senior Vice President and Branch Manager. In 2002, Advest established Independent Portfolio Consultants, Inc., a wholly owned subsidiary of The Advest Group, Inc. and an SEC registered investment adviser. In March 2006, The Advest Group sold IPC to the employees of IPC. David serves as Vice President and Director of IPC.

Fred Joyce, CIMA^®, CIMC^®, Chief Compliance Officer, Director, IPC

University of Florida, B.A. Liberal Arts & Sciences
University of Florida, M.B.A. Finance and Accounting

Certified Investment Management Consultant^®
Certified Investment Management Analyst^®

For seven years, Fred was employed as a Financial Analyst at J.W. Charles Capital and a Manager of the Retirement Plans Department for the Florida-based NYSE-member firm Alan Bush Brokerage Company. He spent two years as Vice President—Administration for the New York-based money management firm Dominick Management Corporation. For four years, Fred served as a Senior Vice President of Portfolio Management Services, Inc., an SEC registered investment adviser. In 1993, Fred joined the Advest, Inc. Portfolio Services Division as Senior Vice President—Investments. In 2002, Advest established Independent Portfolio Consultants, Inc., a wholly owned subsidiary of The Advest Group, Inc. and an SEC registered investment adviser. In March 2006, The Advest Group sold IPC to the employees of IPC. Fred currently serves as the Chief Compliance Officer, Secretary, Treasurer and Director of IPC.

Irene Nigen, Managing Director, IPC

New York University University , B.A. Education

For three years, Irene was a Sales Assistant to three Investment Executives in a Main Line office of Advest, Inc. in the Philadelphia suburbs. After becoming a Registered Representative, she served as the Branch Administrator of the Rosemont, Pennsylvania office of Advest, Inc. from 1994 until 1996. In 1997, Irene joined the Advest, Inc. Portfolio Services Division and, in 1999, she was promoted to Manager of the Brokerage/Client Services Department. In 2002, Advest established Independent Portfolio Consultants, Inc., a wholly owned subsidiary of The Advest Group, Inc. and an SEC registered investment adviser. In March 2006, The Advest Group sold IPC to the employees of IPC. Irene serves as Manager—Brokerage/Client Services and a Managing Director of IPC.

Kevin Bush, CFA, Senior Portfolio Manager, IPC

Amherst College, B.A. Economics and Political Science

Chartered Financial Analyst ® charterholder

Kevin joined the Advest, Inc. Portfolio Services Division in 2002 as Portfolio Analyst, responsible for providing in-depth analysis of client portfolios. That same year, Advest established Independent Portfolio Consultants, Inc., a wholly owned subsidiary of The Advest Group, Inc. and an SEC registered investment adviser. In 2004, Kevin was promoted to lead Overlay Portfolio Manager for IPC’s Multiple Strategy Portfolio (MSP) offering, where he designed and formalized IPC’s process for combining different money managers’ investment strategies into a comprehensive total client allocation. In addition to serving as Blue Shores Senior Portfolio Manager, Kevin continues to serve IPC as lead Overlay Portfolio Manager for its MSP program and oversees the management of more than $100 million in client assets.