Biographies of the Members of the Advisory Group on Best Practices for Fund Directors

John J. Brennan
Chairman, Investment Company Institute
Chairman and CEO, The Vanguard Group, Inc.
Mr. Brennan joined Vanguard in 1982. Previously, he served with S.C. Johnson & Son and the New York Bank for Savings. He is a member of the Board of Trustees of the Financial Accounting Foundation, which is responsible for funding, overseeing, and selecting members of the Financial Accounting Standards Board. He is Chairman of the Board of Governors of the Investment Company Institute.

Dawn-Marie Driscoll
Independent Director, Scudder Funds
Ms Driscoll is President of Driscoll Associates, a consulting firm, and an Executive Fellow and Advisory Board member at the Center for Business Ethics at Bentley College in Waltham, Massachusetts, and a director of several private companies. She is a former Vice President of Corporate Affairs and General Counsel of Filene's, the department store chain, and a corporate law partner at Palmer & Dodge. She is a member of the Board of Governors of the Investment Company Institute and chairs its Director Services Committee.

Paul G. Haaga, Jr.
Executive Vice President, Capital Research and Management Company
Mr. Haaga joined Capital Research in 1985. Prior to joining Capital Research, he was a partner in the law firm of Dechert, Price and Rhoads in Washington, DC, and a senior attorney for the Securities and Exchange Commission. He is a member of the Board of Governors of the Investment Company Institute.

Dr. Manuel H. Johnson
Independent Director, Morgan Stanley Dean Witter Family of Funds
Dr. Johnson is Chairman of the Board of Trustees and President of the Financial Accounting Foundation, which is responsible for funding, overseeing, and selecting members of the Financial Accounting Standards Board. He also serves as co-Chairman of Johnson Smick International. He is a former Vice Chairman of the Board of Governors of the Federal Reserve System and former Assistant Secretary of the Treasury.

William M. Lyons
President and COO, American Century Companies, Inc.
Mr. Lyons joined American Century in 1987. Previously, he served as an attorney with McCutchen, Doyle, Brown, Enersen in San Francisco, and as a law clerk to Judge Mary M. Schroeder of the U.S. Court of Appeals for the Ninth Circuit in Phoenix. He is a member of the Board of Governors of the Investment Company Institute.

Gerald C. McDonough
Independent Trustee, The Fidelity Funds
Mr. McDonough has served as an independent trustee of The Fidelity Funds since 1989. He also is a member of the board of directors of Associated Estates Realty Corporation, Commercial Intertech Corporation, CUNO, Inc., and York International Corporation. He served as Chairman and CEO of Leaseway Transportation Corporation between 1982 and 1988. He has been a certified public accountant since 1963.