The National Association of Active Investment Managers, Inc. ( “NAAIM” ), at their annual conference, elected Will Hepburn to their Board of Directors.

NAAIM is a professional organization of Registered Investment Advisors, mutual fund companies, and hedge fund managers who use active management of client’s assets in their practices. Formed in 1989, NAAIM includes more than 200 member firms nationwide, managing an estimated $14 billion. This trend-setting organization often acts as an incubator, helping develop new investment products and mentoring new investment managers. NAAIM has also played a key role crafting new legislation addressing the mutual fund industry. Hepburn, known for developing innovative strategies that Adapt to Changing Markets, owns Hepburn Capital Management, LLC, in Prescott, Arizona. He may be reached at 928.778.4000.

April, 2006