Federal Reserve Bank of New York

Mr. Kegler began his career in the capital markets in 1971. He has worked for regional, national and international investment banks in key management positions. He specializes in U. S. Treasury, Federal Agency securities and money market investments and has developed innovative funding and investment strategies. Mr. Kegler has made presentations to over fifty central banks, 500 major institutional investors and numerous public and private investor forums including appearances on CNBC (Asia) and guest lectured at the Federal Reserve Bank of New York's annual Foreign Central Bank Portfolio Managers Seminars. He has been quoted in numerous financial publications and has addressed Congressional and governmental committees on topics concerning Government Securities Markets legislation. Prior to founding Cassian Consultants he was an Executive Vice President and member of the management committee of Sanwa Securities, a Senior Vice President of A. Webster Dougherty & Co., Inc. in Philadelphia and Vice President of J. P. Morgan in New York. His consulting work has included innovative debt issuance programs, retirement planning and financial education programs and educational writing on debt securities markets. He is a 1969 graduate from The Pennsylvania State University with a B.A. in History and Economics.

Miklos Koren is an economist in the International Research Function of the Federal Reserve Bank of New York. His research interests are in international economics and economic development. His current research focuses on the impact of sectoral specialization and technology choice on GDP volatility and on analyzing the export- and import-market behavior (for example, entry, exit, and pricing) of firms using structural models on micro-level data. Miklos holds a Ph.D. in economics from Harvard University (2005) and an M.A. in economics from Central European University, Budapest (2000).

Peter G. Humphrey has been President and Chief Executive Officer of FII since 1994. Chairman of the Board of FII from 2001 to 2006. Director of the New York Bankers Association since 1999. Director of the Buffalo Branch of the Federal Reserve Bank of New York from 2001 to 2006. Chairman and Director of the Board of Wyoming County Bank from 1994 to 2005. Chairman of the Board of National Bank of Geneva from 2003 to 2005. Chairman of the Board of Bath National Bank from 2003 to 2005. Chairman of the Board of First Tier Bank & Trust from 1989 to 2005. Chairman and Director of Five Star Investment Services, Inc. since 1999. Director of Burke Group, Inc. from 2002 to 2005. President, Chief Executive Officer and Director of Five Star Bank since 2005.

Pierre Collin-Dufresne is a Vice President in the Quantitative Strategies Group of GSAM which he joined in July 2005. After obtaining his Ph.D. in 1998 from the HEC School of Management, Paris, France, he started as an Assistant Professor of Finance at the Graduate School of Industrial Administration of Carnegie Mellon University, where he became Associate Professor in 2003. In 2004 Pierre joined the Haas School of Business of U.C. Berkeley, where he remained on the faculty as Associate Professor of Finance until 2007. Pierre's research interests include Asset and Contingent Claim Pricing, Fixed Income Securities, Default Risk, Emerging Markets, International Finance, and Real Estate Economics. His research has been published in refereed journals such as Econometrica, Journal of Finance, Stochastic Processes and their Applications, Journal of Banking and Finance and Journal of Derivatives. He is a member of the NBER and of the Advisory Research Board of Moody's. He has served as associate editor for the Journal of Quantitative Financial Analysis, the Review of Financial Studies and Mathematics & Financial Economics.

Indra Nooyi is Chairman and Chief Executive Officer of PepsiCo. Mrs. Nooyi leads one of the world’s largest convenient food and beverage companies, with 2007 annual revenues of more than $39 billion. The company operates in nearly 200 countries, and employs more than 185,000 people worldwide. Its principal businesses include: Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 18 brands that generate $1 billion or more each in annual retail sales. PepsiCo’s commitment to sustainable growth, defined by Mrs. Nooyi as Performance with Purpose, is focused on generating healthy financial returns while giving back to communities the company serves. This includes meeting consumer needs for a spectrum of convenient foods and beverages, replenishing the environment through water, energy and packaging initiatives, and supporting its employees through a diverse and inclusive environment that recruits and retains world-class talent. The company is listed on the Dow Jones North America Sustainability Index. Mrs. Nooyi was named President and CEO on October 1, 2006, and assumed the role of Chairman on May 2, 2007. She has directed the company's global strategy for over a decade and was the primary architect of PepsiCo's restructuring, including the divestiture of its restaurants into the successful YUM! Brands, Inc., the spin-off and public offering of company-owned bottling operations into anchor bottler Pepsi Bottling Group (PBG), acquiring Tropicana, and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo. Recently, she has been driving critical cross-business initiatives to enhance operations and enable PepsiCo to meet the changing needs of consumers and retailers. Prior to becoming CEO, Mrs. Nooyi served as President and Chief Financial Officer since 2001, when she was also named to PepsiCo's board of directors. In this position, she was responsible for PepsiCo’s corporate functions, including finance, strategy, business process optimization, corporate platforms and innovation, procurement, investor relations and information technology. Between February 2000 and April 2001, Mrs. Nooyi was Senior Vice President and Chief Financial Officer of PepsiCo. Between 1996 and 1999, Mrs. Nooyi was Senior Vice President of Corporate Strategy and Development. Before joining PepsiCo in 1994, Mrs. Nooyi spent four years as Senior Vice President of Strategy, and Strategic Marketing for Asea Brown Boveri. She was part of the top management team responsible for the company's U.S. business as well as its worldwide industrial businesses, generating about one-third of ABB's $30 billion in global sales. Between 1986 and 1990, Mrs. Nooyi worked for Motorola, where she was Vice President and Director of Corporate Strategy and Planning, having joined the company in 1986 as the business development executive for its automotive and industrial electronic group. Prior to Motorola, she spent six years directing international corporate strategy projects at the Boston Consulting Group. Her clients ranged from textiles and consumer goods companies to retailers and specialty chemicals producers. Mrs. Nooyi began her career in India, where she held product manager positions at Johnson & Johnson and at Mettur Beardsell, Ltd., a textile firm. In addition to being a member of the PepsiCo board of directors, Mrs. Nooyi serves as a member of the boards of the Federal Reserve Bank of New York, the International Rescue Committee and Lincoln Center for the Performing Arts in New York City. She is a Successor Fellow of Yale Corporation, member of the Board of Trustees of Eisenhower Fellowships, a member of the Executive Committee of the Trilateral Commission and currently serves as Chairman of the US-India Business Council. She holds a BS from Madras Christian College in Madras, an MBA from the Indian Institute of Management in Calcutta and a Master of Public and Private Management from Yale University.

Mr. Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer and President of JPMorgan Chase since December 31, 2005. He had been President and Chief Operating Officer since JPMorgan Chase ’s merger with Bank One Corporation in July 2004. At Bank One he had been Chairman and Chief Executive Officer since March 2000. Prior to Bank One, he had held various senior executive positions at Citigroup Inc., its subsidiary, Salomon Smith Barney, and its predecessor company, Travelers Group, Inc. Mr. Dimon is a graduate of Tufts University and received an MBA from Harvard Business School. He is a director of The College Fund/UNCF and serves on the Board of Directors of The Federal Reserve Bank of New York, The National Center on Addiction and Substance Abuse, Catalyst and Harvard Business School and is on the Board of Trustees of New York University School of Medicine.

Jeffrey R. Immelt is the ninth chairman of GE, a post he has held since September 7, 2001. Mr. Immelt has held several global leadership positions since coming to GE in 1982, including roles in GE's Plastics, Appliance, and Medical businesses. In 1989 he became an officer of GE and joined the GE Capital Board in 1997. A couple years later, in 2000, Mr. Immelt was appointed president and chief executive officer. Mr. Immelt has been named one of the "World's Best CEOs" three times by Barron's, and since he began serving as chief executive officer, GE has been named "America's Most Admired Company" in a poll conducted by Fortune magazine and one of "The World's Most Respected Companies" in polls by Barron's and the Financial Times. Mr. Immelt is also a member of The Business Council, and he is on the board of the New York Federal Reserve Bank. Mr. Immelt earned a B.A. degree in applied mathematics from Dartmouth College in 1978 and an M.B.A. from Harvard University in 1982. He and his wife Andrea have one daughter.

Jill M. Considine has been Chairman and Chief Executive Officer of The Depository Trust & Clearing Corporation since November 1999. The Depository Trust & Clearing Corporation is a holding company that is the parent of various securities clearing corporations and The Depository Trust Company. The Depository Trust Company is a large securities depository limited purpose trust company and clearing corporation. She has been Chairman and Chief Executive officer of The Depository Trust Company since January 1999. Ms. Considine was President of the New York Clearing House Association from 1993 to 1998. She is a trustee of Atlantic Mutual Insurance Companies. She is also a director of Ambac Financial Group, Inc. Considine has been a director of Interpublic since February 1997.

Array

Chairman of the Board since 1993. CEO of the Corporation since 1994 and President from 1991 to January 2009. Chairman of the Bank since 1993 and CEO since 1989. President of the Bank from 1985 to 2004. Chairman and CEO of Popular North America, Inc. and other direct and indirect wholly-owned subsidiaries of the Corporation. Director of the Federal Reserve Bank of New York since January 2008. Chairman of the Board of Trustees of Fundación Banco Popular, Inc. since 1982. Chairman and Director of Banco Popular Foundation, Inc. since 2005. Member of the Board of Directors of Verizon Communications, Inc. since 1995.