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For Immediate Release:

For additional information contact:
Tedd M. Alexander III
Managing Member
410.244.6200
www.credocm.com

ICMA Retirement Corporation Hires Credo Capital Management

Baltimore, Maryland, March 21, 2006 — Credo Capital Management, an investment management firm serving institutional investors, announced today that ICMA-RC hired the company to manage a portion of its corporate assets. Credo will manage assets for ICMA-RC in its U.S. Equity Mid Cap Growth strategy.

“We look forward to utilizing ABACUS, our proprietary forward-looking investment tool, as a means of controlling risks and discovering opportunities,” said founder and portfolio manager, Tedd Alexander. “We seek to consistently deliver outstanding performance to our clients over time – through all economic and market climates. We are proud of ICMA-RC’s selection of us as it gives us further recognition as a best-in-class U.S. equity manager.”

“During our due diligence process, we were impressed by Credo’s investment philosophy and process,” said Joan McCallen, ICMA-RC’s president and chief executive officer. “We look forward to building our relationship with this equity manager.”

About Credo Capital Management

Founded in 2004, Credo Capital Management provides investment advisory services to institutional clients. Headquartered in Baltimore, Maryland, Credo Capital Management, LLC is registered as an Investment Advisor under the Maryland Securities Act. For more information on Credo Capital Management, visit www.credocm.com.