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Brandywine Management Services, Inc

D. Ellen Shuman, Consultant.  Ms. Shuman is Vice President and Chief Investment Officer of the Carnegie Corporation of New York.
 
     A graduate of Bowdoin College and the Yale School of Management, Ms. Shuman worked in the Yale University Investments Office from 1986 to 1998.  She reported to the Chief Investment Officer and was active in all areas of the portfolio, in particular the development of its real estate program.  She was a lecturer at Yale College and the Yale School of Management from 1994 to 1998.
 
     Ms. Shuman became Carnegie’s Chief Investment Officer in 1999.  In that position she is responsible for investment of its $2.4 billion endowment, including asset allocation, portfolio risk analysis and manager selection.  She has overseen the expansion of the Corporation’s traditional portfolio into alternative assets, including absolute return, private equity and real estate.
 
     Ms. Shuman is a trustee of Bowdoin College and a member of its investment committee.  She is a director of the The Investment Fund for Foundations, serves as an investment advisor to the Edna McConnell Clark Foundation, and is a director of General American Investors (NYSE:GAM), one of the oldest closed end funds in the United States.

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