We’d like to introduce you to the following members of our professional staff:

• Natalka O. Bukalo, President
• Richard D. Shaffer, Principal & Director of Research
• Irene Bukalo, Performance Measurement Analyst
• Marie Zolcinski, Performance Measurement Analyst

Natalka O. Bukalo – President

Ms. Bukalo has over fifteen years of experience in asset management consulting. Her investment career began at Kidder Peabody in 1982, where she was one of the founders and managing directors of the PRIME Asset Consulting Group.

In 1989, Natalka joined Noble Lowndes, a multinational employee benefits and actuarial consulting firm, to originate and manage their North American asset consulting practice. While Managing Director of this business during her four years with Noble Lownes, the asset consulting practice grew to encompass over 80 client relationships.

The formation of Chartwell Consulting is the culmination of Natalka’s many years of consulting experience and reflects her desire to continue providing personal and highly specialized advisory services to institutional clients.

Natalka is a frequent speaker at industry conferences sponsored by the Investment Management Institute and the Institute for International Research. She has authored and published a number of articles in Corporate CASHFLOW.

Natalka graduated Magna Cum Laude from Rider University with a B.Sc. in Economics and a second major in Russian. She is a Trustee on the Business Advisory Board of Rider University.

Richard D. Shaffer – Principal & Director of Research

Mr. Shaffer has been associated with Chartwell since its inception in 1994. He is involved in targeted client assignments, particularly those calling for study, analysis, and advice regarding strategic asset allocation, asset/liability management, or manager search issues.

Richard is a Chartered Financial Analyst with over fifteen years of experience in the corporate finance and investment advisory fields. He was previously the Vice President for Corporate Marketing at Kidder Peabody Asset Management, where he specialized in helping firms deploy their retirement plan and liquid capital assets into low volatility, limited duration, investment strategies.

Immediately prior to joining Chartwell, Richard worked in the investment banking division of BZW/Barclays Group PLC, where he managed the division’s U.S. business in the energy and utilities sectors. He invested the firm’s $4 billion sector investment portfolio, and was responsible for each of the industry-dedicated corporate finance teams.

Richard graduated from Cornell University with a B.Sc. in business management and marketing and attended New York University’s Stern Graduate School of Business, majoring in international finance. He is a member of the Association for Investment Management and Research, and the New York Society of Security Analysts. Richard has spoken at various industry conferences sponsored by the University Conference Series, the Investment Management Institute, and the Institute for International Research.

Irene Bukalo – Performance Measurement Analyst

Irene joined Chartwell Consulting in January of 1994. Her primary responsibility is supervising the production of client performance reports. This includes coordinating communications with custodian banks, analysis and entry of custodial data, and generation of the performance reports.

Irene has over ten years of experience in the corporate and financial community. She began her career with Hoffmann-La Roche in 1979, where she worked in the advertising and sales department. In 1986, she joined Merrill Lynch as an executive assistant in the Corporate Systems Division, reporting to the Managing Director. Among other responsibilities, Irene trained and supported department staff on various PC-based software applications. In 1989, she joined Chemical Bank’s Global Information Technology Division as a Systems Analyst.

Marie Zolcinski – Performance Measurement Analyst

Marie joined Chartwell Consulting in February of 2002. Her primary responsibility is the production of client performance reports, which include analysis and entry of custodial data, and generating performance reports. Marie also assists in analyzing quarterly reports and generating client executive summaries.

Marie has over 10 years experience in the corporate community. She began her career in accounting at Automatic Data Processing, where she became Senior Tax Accountant in the tax accounting department. She continued her specialization in tax accounting at AT&T Information Systems, General Instruments, and T. J. Lipton Co. At Lipton she set up the Local Area Network for the tax department, and became the Systems Administrator in addition to her Federal and State tax compliance responsibilities.

Marie graduated from Drake University with a B.Sc. in Business Administration with a major in Accounting.