Directors



George W. Connell

President, Drexel Morgan & Co


John A. Fry

Emeritus President, Drexel University


John F. McGill, Jr.

Director


Bruce A. Rosenfield, Esq.

Partner, Schnader Harrisson Segal & Lewis LLP


Advisory Board



J. William Knot

Private Investor


Lynda M. Mc Feeley

Senior Vice President and Treasurer, Drexel Morgan & Co


Henry B. Smith

Director & Co-Chief Investment Officer, The Haverford Trust Company


Paul S. Rovner

Senior Vice President & Chief Financial Officer, Drexel Morgan & Co.


Nancy Kneeland

Member


Investment Management



Drexel Morgan & Co.’s standard annual fee for advisory services is as follows:


On the first $2,000,000 1.00%


On the next $3,000,000 0.75%


On the next $5,000,000 0.50%


The fee for accounts in excess of $10 million will be negotiated.



Legal Counsel



Stevens & Lee


Preferred Custodian



JPMorgan Chase Bank, N.A.


Regulatory Authority



United States Securities and Exchange Commission*

*Registration with the United States Securities and Exchange Commission does not imply a certain level of skill or training.