Mr. Deering is Chairman of Exeter Capital, LLC, a private investment firm. Mr. Deering serves as an independent director of both the Mercantile Bankshares Corporation and the T. Rowe Price mutual funds as well as a Governor of the Investment Company Institute. He previously served as Chairman of the Board and Chief Executive Officer of The Rouse Company, a large public national real estate company, which merged with General Growth Properties in November, 2004. With The Rouse Company since 1972, Mr. Deering was previously Vice President and Treasurer, Senior Vice President and Chief Financial Officer, and President and Chief Operating Officer.