Alleghany Corp.

David J. Bugatto, 43; Director. Mr. Bugatto is President and Chief Executive Officer of Alleghany Properties, LLC ("APLLC"), which is a subsidiary of Alleghany Corporation, a publicly traded corporation on the New York Stock Exchange. Mr. Bugatto also serves as a director of APLLC. Prior to joining Alleghany Properties, Mr. Bugatto was Vice President of the real estate investment division of Sacramento Savings Bank. Mr. Bugatto has been directly involved with the development and management of various types of real estate for the past 20 years. He is an active member of the Urban Land Institute. He is a graduate of California State University, Sacramento, with a B.S. degree in Business.

From March 2003 until February 2005, Mr. Hicks, who chairs the Compensation Committee, served as chairman of the Board of Directors. Mr. Hicks did not receive any compensation for his service as chairman of the Board of Directors and, as President and chief executive officer of Alleghany, does not receive compensation for his service as director of the Company. Aside from Mr. Hicks prior service as chairman of our Board of Directors, none of the members of the Compensation Committee and none of our executive officers has had a relationship that would constitute an interlocking relationship with executive officers or directors of another entity or insider participation in compensation decisions.

Vice President, Controller and Assistant Secretary since 1989 and Treasurer since January 1995, he joined Alleghany in 1988 as Controller and Assistant Secretary. Previously he was Vice President of E.F. Hutton Group Inc. He is a member of the American Institute of Certified Public Accountants. Mr. Sismondo is a graduate of Princeton University and the Rutgers Graduate School of Management.

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