December 29, 2005

Federal Reserve Bank of San Francisco Announces New Members
to the 2006 Advisory Council

San Francisco, December 29, 2005—The Federal Reserve Bank of San Francisco announced today that three new members will join the Bank's Advisory Council in 2006: Grace Evans Cherashore, president and CEO of the Evans Hotel Group in San Diego, Cathy Luke, president of Loyalty Enterprises in Honolulu, and Roderick Wendt, president and CEO of JELD-WEN Inc. in Klamath Falls. The San Francisco Fed's Advisory Council represents diverse industries and regions in the Twelfth District. In this role the three new council members will provide important grassroots information to the Federal Reserve System on current and pending economic developments for their respective industries and locations.

Grace Evans Cherashore is president and CEO of Evans Hotels as well as an active member of the San Diego community, particularly in areas concerning job training, education, and economic development. Among her numerous professional and civic affiliations, she is a current board member for the San Diego Regional Economic Development Corporation, and trustee and treasurer for The Bishop's School. She has held board positions with the San Diego Regional Chamber of Commerce, San Diego State University School of Business, and the UCSD Economics Roundtable. Ms. Cherashore began her career in the Real Estate Industries Group of Wells Fargo Bank.

Cathy Luke is president of Loyalty Enterprises, LTD, a property management and investment firm in Honolulu, and sits on the Advisory Boards for Hawaii National Bank and for Punahou School's Luke Center for Public Service. She is also on the Board of Governors of the Hawaii Community Foundation, a public, statewide grant making organization and is a member of the Mayor of Honolulu's Economic Development Committee.

Roderick C. Wendt is president and CEO of JELD-WEN Inc., the largest privately held company in Oregon. Mr. Wendt oversees the company's principal business of manufacturing and distribution of doors and windows, as well as its additional interests in resort properties, a title insurance company, a hotel chain, and several other service related businesses. JELD-WEN has over 20,000 employees in over 30 states. Mr. Wendt started with JELD-WEN in 1980.

Thomas Cleveland, chairman and chief executive officer of Access Business Finance and Stephen Brophy, president of Page Land & Cattle Co. will serve as the newly appointed chairman and vice chairman for the Advisory Council.

The balance of the Twelfth District Advisory Council includes: Roberto Barragan, Valley Economic Development Center, Inc., Manuel Cunha, Jr., Nisei Farmer's League, and Jack H. Gleason, ComPlan Advisors LLC.

The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.

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