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Introducing Five Board Members

SVIA is pleased to introduce the five individuals who will be joining SVIA's Board of Directors. These individuals: John Axtell, Richard Cook, and Nathaniel Duffield, Aruna Hobbs, and Michael Norman are briefly provided in this issue. Three: Cook, Duffield and Hobbs, will be serving their second term on the Association Board.

John D. Axtell, Jr.
Managing Director
Deutsche Asset Management

John Axtell is a Managing Director and Head of the Stable Value Management Group at Deutsche Asset Management. John's responsibilities include the management of the group's portfolio managers and the oversight of the investment process and philosophy for the group's $23 billion in Stable Value investment portfolios as of June 30, 2003. John is also a portfolio manager of the PreservationPlus Income Fund, a mutual fund employing a Stable Value investment strategy offered to individuals investing through an IRA account and participant directed employee benefit plans.

John joined the investment management group at Bankers Trust Company in 1990 (which became Deutsche Asset Management after being acquired by Deutsche Bank in 1999) where he spent three years managing structured fixed income portfolios prior to joining the Stable Value management group as a portfolio manager in 1994.

John has an MBA degree from the University of Michigan (1989) and a BS degree in Electrical Engineering from Purdue University (1985). Prior to joining Bankers Trust Company in 1990, John worked at Hewlett Packard Company and Drexel Burnham Lambert fixed income research department.

Richard F. Cook
Manager, Marketing & Sales, ISVG
GE Financial Assurance

Rick has been actively involved in the Stable Value marketplace since 1986. He is currently Manager, Marketing & Sales for the Institutional Stable Value Group of GE Financial Assurance.

Rick's experience in the Stable Value marketplace includes expertise in market assessment and the design and sale of GICs, Funding Agreements and other Stable Value products. In recent years, Rick has helped GE Financial Assurance expand its presence and become a primary participant in the Stable Value marketplace.

Rick has spoken on Stable Value topics at various national and local conferences and has served on various subcommittees of the American Council of Life Insurance.

Prior to his present position, Rick was a Trust Officer for a regional bank where he worked with individual and corporate customers.

Rick is a member of the Senior Operating Committee of the Wealth and Income Management Group of GE Financial Assurance. He holds a JD degree from the Marshall-Wythe School of Law of the College of William & Mary. He is a member of the Virginia State Bar and The Florida Bar. He also holds the professional designation of Certified Employee Benefit Specialist.

Nathaniel Duffield
Director, Trust Investments
Halliburton Company

Nathaniel Duffield serves as Halliburton's Director of Trust Investments and Chairman of the Trust Investment Committees in the U.S. and Board of Trustees in the United Kingdom. In these various roles, he is responsible for the day-to-day management and investment of the assets for the following company-sponsored plans:

• All qualified retirement plans including both defined benefit and defined contribution plans;
• All non-U.S. funded retirement plans;
• All non-qualified retirement plans;
• All VEBAs; and
• Halliburton's Foundation.

He is responsible for total worldwide retirement plan assets in excess of $6.5 billion.

Nat is active in many professional associations in addition to SVIA. He is a member of the Association of Financial Professionals, the Committee on Investment of Employee Benefit Assets, the Dallas/Fort Worth Metroplex Pension Professional Sponsors Group and the Society of Pension Professionals' Dallas Chapter.

Nat holds a BBA in Finance from the University of Oklahoma and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University.

Aruna Hobbs
Director, Head of Pension & Savings Group
AEGON Institutional Markets

Aruna Hobbs heads AEGON Institutional Markets' Pension & Savings Group, which encompasses approximately $43 billion in Stable Value business and covers the Defined Contribution, Defined Benefit and College Savings markets. AEGON's Pension & Savings Group manages multiple institutional client relationships, new business and market development. AEGON Institutional Markets has been a leader in Stable Value for nearly two decades.

Hobbs has more than 17 years of experience in financial markets, including research, asset/liability and risk management, corporate debt management, and marketing. She joined the AEGON organization in corporate finance in 1992 and has been with the Institutional Markets group since 1995. Prior to joining AEGON, Hobbs held financial positions at Chase Manhattan Bank and the Funding Corp. for Farm Credit Bank in New York City.

She is a returning board member of the Stable Value Investment Association, serves on the editorial committee, and is an active contributor to Stable Times. Hobbs and her team have been in the forefront of industry issues, actively contributing their time and efforts via industry task forces, national forums, publications, and speaking engagements.

Hobbs earned her Master of Science degree in Economics from Oklahoma State University; a Bachelor of Arts in Economics from St. Xavier College, India; and a graduate degree in International Trade from the Indian Institute of Foreign Trade.

Mike Norman
Principal & Director of Client Service
Galliard Capital Management, Inc.

As Director of Client Service for Galliard, Mike is responsible for client and consultant relationship management. Mike is also involved in new business and product development initiatives for Galliard's Stable Value services, including expanding the presence of Stable Value into new markets. He has over 10 years of investment management experience and has been involved in Stable Value since 1996. Mike has worked with a number of boards and associations, including sitting on the finance committee for the National Association of Government Defined Contribution Administrators (NAGDCA) and serving on both the Notre Dame Club of Minnesota's Alumni Schools Committee and the Saint Thomas Academy Alumni Board of Directors. Mike holds a BA degree from the University of Notre Dame and an MBA from the University of Minnesota.

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