Fiscal Year 2005 Board Members

Public Representatives

Darcy Bradbury [1]
The Blackstone Group, L.P.

Janice D. Davis
City of Atlanta

Thomas G. Doe
Municipal Market Advisors/Cutler

Steven Kaplan
Arnold & Porter LLP

Ian A. Mackinnon
The Vanguard Group of Investment Companies

Securities Firm Representatives

Amelia A.J. Bond
A.G. Edwards & Sons, Inc.

Francis J. Ingrassia (Chair)
Goldman, Sachs & Co.

John J. Lawlor
Merrill Lynch

Steven Milano
Lehman Brothers

Kenneth E. Williams
Stone & Youngberg

Bank Representatives

James A. Posthauer
Morgan Keegan & Co., Inc.

James M. Rogers
J.J.B. Hilliard, W.L. Lyons, Inc.

Michael Smale
LaSalle Financial Services, Inc.

Phillip D. Smith (Vice Chair)
Banc of America Securities LLC

Michael J. Wilk
Comerica Securities


[1] Resigned June 24, 2005.

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