Our Board has adopted a code of ethics with strong safeguards to prevent actual or apparent impropriety. Notably, directors and staff generally must absent themselves from deliberations about vendors with whom they or family members have a relationship. The code supplements this recusal duty by requiring public disclosure of these relationships when they entail significant transactions. The list below sets forth the relationships that have been active since the start of 2004.

• Christine Downton, a director and investment committee member, was a founding partner and vice chairman of Pareto Partners, a leading currency manager. Atlantic had approximately $54 million in assets under management with Pareto as of 31 December 2004. Ms. Downton stepped down as vice chairman in 2004 and became a director of Standish Mellon Asset Management Company, LLC. Pareto and Standish Mellon are affiliates of Mellon Financial Corporation, whose subsidiaries provide custodial and banking services to Atlantic.
  
• David Salem, an investment committee member, is the president and chief executive officer of The Investment Funds for Foundations (TIFF). As of 31 December 2004, Atlantic had approximately $65 million in assets under management in three TIFF funds, and an additional committment to invest approximately $42.5 million.
  
• Also, staff members have invested in some of the same hedge funds as Atlantic. Atlantic regulates these co-investments to align staff interests with its own interests, and so these staff members participate in deliberations about these funds. Mr. Erskine, an investment committee member and the former chief investment officer, is an investor in and an investment advisory committee member of two of the funds, European Capital Holdings and Trading Capital Holdings. As of 31 December 2004, Atlantic had approximately $137.5 million in assets under management with the two funds.

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