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Joe Grills has been director of the Company since January 1997. During this period of time he held various positions in financial management in both IBM's domestic and international businesses. From 1986 to 1993 he was an IBM Assistant Treasurer and served as Chief Invesmtent Officer of the IBM Retirement Funds. In his role as chief Investment Officer Mr. Grills had responsibility for the investment management of $34 billion of assets in ERISA plans and in addition monitored the investment activities of IBM's international subsidiary funds which had $14 billion in assets. Mr. Grill's present activities include serving as a member and Co-Chairman of the Board of Directors of a cluster of Merrill Lynch Mutual Funds. He was a Director and Vice Chairman of the Duke University Management Company from 1992-2004 and is currently a Director Emeritus. He was a member of the Board of Directors of both the LaSalle Street Fund (1995-2001) and the Mercury HW Mutual Funds (1996-2002). He is also a Director and Vice Chairman of the Montpelier Foundation which manages the former home of President James Madison and Dolley Madison. He is a member of the Investment Advisory Committees of the State of New York Common Retirement Fund the Virginia Retirement System and Vice Chairman thereof the Investment Committees of the Woodberry Forest School the National Trust for Historic Preservation and the Individual Investors Advisory Committee of the NYSE. He served on the Investment Advisory Committee of the Howard Hughes Medical Institute from 1997 to 2000. He is an ex-officio member and former Chairman of the Committee on Investment of Employee Benefit Assets of the Associaiton of Financial Professionals. He was a member of the Editorial Board of Investment Policy Magazine from 1997-2001. Mr. Grills has done consulting for a management consulting firm and for research firms and plan sponsors.
Mr. Grills also participates in research/study sponsored by Russell 20/20 and The Conference Board Research Group.
Mr. Grills holds a B.A. Degree from Duke University and an M.B.A. from the University of Chicago. | 