Board Selects Grant as New CIO

RICHMOND, Va., August 18, 2005—The Virginia Retirement System (VRS) Board of Trustees announced today the selection of Charles W. Grant for the position of chief investment officer (CIO).

Most recently, Grant served as acting CIO at VRS after the departure of the former chief investment officer in March. Grant joined VRS in 1995 as the chief fixed income officer. Prior to joining VRS, Grant was the senior vice president at Commonwealth Investment Counsel in Richmond.

“Charles brings an impressive blend of demonstrated leadership, investment skill and personal integrity to the position of CIO. Clearly, he has had a major role in assembling one of the most highly qualified and successful investment staffs in the country. VRS and the Commonwealth of Virginia are fortunate to have someone of his caliber to oversee the system’s $44 billion investment portfolio. The board looks forward to a long and fruitful relationship with Charles,” said Board Chairman Paul W. Timmreck.

“I am honored that the board has placed its trust in me, and I look forward to working closely with the board and our talented investment team as we carry out the important mission of managing VRS assets,” commented Grant.

The board made its selection after a nationwide search. About 70 candidates were considered for the position. The search committee interviewed six, and the board interviewed three finalists.

VRS is the 27th largest public or private pension system in the United States.

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