Bullard, McLeod and Associates, Inc.

	Geoffrey S. Bullard has been the President of Bullard, McLeod & Associates, Inc. since its formation in 1983. Dr. Bullard has managed investments for individuals and institutions since 1975. He began his investment career after a decade as a university professor, by creating and directing the research department of First Albany Corporation. He then became Vice President and Research Director at Shearson Loeb Rhodes and subsequently joined Lehman Management Company as First Vice President. Dr. Bullard is a graduate of Cornell University and has an M.P.A. and Ph.D. from the Maxwell Graduate School of Syracuse University. He has also been a post-doctoral fellow and visiting scholar at Princeton.
	Timothy Briney joined BMA in 1992. Mr. Briney is Bullard, McLeod's Chief Investment Officer. He works with clients to craft personal investment policies and reviews and manages individual client portfolios. Mr. Briney earned his Certificate of Financial Planning through the International Board of Standards and Practices and the College of Financial Planning and has been providing financial planning since 1989. He also holds a B.A. in English from Yale College and a M.Ed. from the University of Massachusetts.
	Nancy Gardeneer joined BMA in 2000. With over 30 years of experience in the financial services industry, Ms. Gardeneer is a portfolio manager and the firm's trading supervisor and research analyst. Ms. Gardeneer began working in the financial services industry with First Albany Corporation's equity trading desk. There, she was involved in the execution of listed orders, the purchase and sale of over-the-counter securities and trading of mutual funds. In 1976 she joined the Research Department and in 1994 the Investment Strategy Group. In 1990, Ms. Gardeneer was elected First Albany's Associate Vice President of Research.
	Thessaly F. Bullard serves as BMA's Chief Executive Officer and Chief Compliance Officer. She is responsible for monitoring SEC regulations and overseeing daily company operations, as well as long-term strategic planning. In 1995, Ms. Bullard earned her BS at Cornell University and joined BMA as a research analyst. In 1998, she returned to Cornell, earned her Master's degree and subsequently taught in San Jose, California.
	Barnaby D. Bullard joined Bullard, McLeod as Director of Financial Planning in 2004. A Certified Financial Planner(TM) with over six years experience in the financial services industry, Mr. Bullard was previously a financial planner with The Hunter Group in San Diego, CA., and served as an officer with the U.S. Navy. Mr. Bullard holds a M.S. in Business Administration from San Diego State University and has passed the Series 7, 63 and 65 securities exams. He specializes in financial planning for business entities, individuals, and independent schools. Mr. Bullard is a graduate of the University of Rochester and the Albany Academy for Boys.

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