On 23 September 2008, Valero Energy Corp. announced that Stephen M Waters, managing partner of Compass Advisers LLP, has been elected to the company’s board of directors. Mr Waters, who becomes Valero’s 11th board member, will serve on the board’s Finance Committee. Mr Waters is also a board member at Boston Private Financial Holdings, the Boston University School of Public Health, the United States Naval Institute and Harvard University’s Committee on Student Excellence and Opportunity. He is the Chief Executive of the Compass Partners European Equity Fund. Mr Waters has been the managing partner of Compass Advisers LLP since 1996 and the Chief Executive of Compass Partners European Equity Fund since 2005. From 1988 to 1996, he served in several capacities at Morgan Stanley, including Co-Head of the Mergers and Acquisitions department from 1990 to 1992, Co-Chief Executive Officer of Morgan Stanley Europe from 1992 to 1996 and as a member of the firm’s worldwide Firm Operating Committee from 1992 to 1996. From 1974 to 1988, he was with Lehman Brothers, co-founding the Mergers and Acquisitions department in 1977, becoming a partner in 1980 and serving as Co-Head of the Mergers and Acquisitions department from 1985 to 1988.