Federated Investors Inc.

J. Christopher Donahue has served as director, president and chief executive officer of Federated since 1998. As such, he determines and develops the firm's long-term strategies and goals. Donahue joined Federated in 1972, and served as president and chief operating officer from 1993 to 1998.

John B. Fisher is president and chief executive officer of Federated Advisory Companies. In that capacity, he provides overall leadership to Federated's investment management operation. He joined the company in 1979 and has served in various sales and sales management positions in the firm, including president of the Institutional Sales Division of Federated Securities Corp.

Mr. Denis McAuley III has served as Vice President of Federated since 1998 and as Principal Accounting Officer of Federated since 2001. He also serves as President of Federated Investors Trust Company, as President of Federated Shareholder Services Company and as Senior Vice President, Treasurer or Assistant Treasurer for various subsidiaries of Federated. Mr. McAuley is a Certified Public Accountant.

Gordon J. Ceresino is president of Federated International Management Limited and executive director for international distribution. He is responsible for leading, developing and executing the firm's global business and distribution plan. He also continues to serve as vice chairman of Federated.

Thomas E. Territ is president of Federated Securities Corp. In that capacity, he is responsible for Federated's overall sales efforts. He leads Federated's four sales units-broker/dealer; wealth management and trust; global and institutional; and separately managed accounts-while overseeing the efforts of the 180-member sales force. Territ is a 25-year veteran of the company who served most recently as national sales director for several of Federated's sales divisions.

Thomas R. Donahue currently serves as the company's chief financial officer. He joined the firm in 1993 as vice president. Prior to joining Federated, Donahue was in the venture capital business, and from 1983 to 1987 was employed by PNC Bank in its Investment Banking Division.

Brian P. Bouda is vice president and chief compliance officer. He is responsible for the compliance oversight of all Federated activities, including investment management, distribution and shareholder servicing functions. He has been with Federated since 1999 and is also responsible for interaction with state and federal regulatory authorities, including the Securities and Exchange Commission and FINRA.

John W. McGonigle has been a director of Federated since 1998. He serves as Vice Chairman, Executive Vice President and Secretary of Federated. McGonigle is also Chairman of Federated International Management Limited. He has been Chief Legal Officer of Federated since 1998. McGonigle is also Executive Vice President and Secretary of forty-four investment companies managed by subsidiaries of Federated.

Eugene F. Maloney serves as executive vice president of Federated. He joined the company in 1972 and since that time has provided certain legal, technical and management counsel to Federated's sales divisions. His expertise includes regulatory and legal requirements relating to a bank's use of mutual funds in both trust and commercial environments. Maloney is an adjunct professor of law at Boston University School of Law.

Senior Vice President. Chief Investment Officer, Taxable Money Markets, Senior Portfolio Manager with additional responsibility for the Tax-Exempt Money Market and Municipal Investment Groups

Dave joined Snow Capital Management in 2003 and is responsible for the sales and marketing of the firm's investment management services to institutions. He has more than 25 years experience as an institutional marketing professional. After spending several years with Federated Investors as an Account Executive, he moved on as Assistant Vice President at Mellon Bank's financial services division where he marketed Mellon's services to institutions in the early 1980's. Then the aura of Wall Street and the New York Stock Exchange persuaded Dave to take on the position of Regional Director of Marketing at the Big Board calling on the Fortune 500. He returned to his Pittsburgh roots in 1989 serving as Vice President at Advanced Investment Management for 14 years. Dave received his BA from Westminster College and his MBA in Finance from the University of Pittsburgh.

David W. Tice, Federated?s chief portfolio strategist for bear markets, has been at the forefront of bear market investing for more than 20 years. Mr. Tice has long taken the role of a Cassandra to warn investors about the dangers of investing near the end of a secular bull market and has debated nearly every bullish Wall Street strategist. He gained national recognition through articles he wrote for Barron's and as the subject of numerous business journal and television interviews beginning at the time when he was among just a handful of courageous people who dared to short the market. Today he shares his views of the market and bear market investing approaches with both Federated investment personnel and clients alike. Prior to his career as an investment manager and strategist, Mr. Tice held financial analyst positions with Atlantic Richfield Company and ENSERCH Corporation, a diversified energy company. He then joined Concorde Financial Corporation where he served as director of investments and was responsible for launching an equity mutual fund. He launched his firm, David W. Tice & Associates, LLC, in 1988 to provide clients with hedging and sell discipline perspectives and recommendations through his "Behind the Numbers" publication and research service. This effort formed the origins of Federated Prudent Bear Fund in 1995 and Federated Prudent Global Income Fund in 2000. Mr. Tice holds an undergraduate degree in accounting as well as an MBA from Texas Christian University. He is a Chartered Financial Analyst.

John F. Donahue has served as director and chairman of Federated since Federated's initial public offering in May 1998. A co-founder of Federated in 1955, Donahue remains involved in civic and community activities.

Richard B. Fisher is chairman of Federated Securities Corp. and vice chairman of Federated Investors, Inc. He co-founded the firm in 1955. He was a trustee of the firm from 1989 to 1998. Fisher is primarily responsible for promoting Federated funds to broker/dealers, bank broker/dealer firms and trust departments.