NEWS RELEASE 01/20/06

FASB Member Katherine Schipper Will Not Seek Reappointment

Norwalk, CT, January 20, 2006—Robert E. Denham, Chairman of the Financial Accounting Foundation Board of Trustees (FAF) today announced that Katherine Schipper, Ph.D., Financial Accounting Standard Board (FASB) member, will not seek reappointment to the Board. The FAF Trustees, and FASB members and staff had been previously informed of Ms. Schipper’s decision. Her term as a Board member ends on June 30, 2006.

“Katherine Schipper is one of the most respected accounting minds in the country and we are disappointed by her decision not to seek reappointment to the FASB,” said Robert E. Denham, Chairman of the FAF Trustees. “However, we respect her decision not to seek reappointment to the FASB. Katherine has served the FASB and the capital markets incredibly well.”

FASB Chairman Robert H. Herz, commented, “Katherine’s contributions to the FASB and our standard setting activities have been nothing short of tremendous. I will miss her as both a colleague and a long-time friend and I wish Katherine the absolute best for continued success.”

Robert J. DeSantis, President and Chief Operating Officer of the FAF noted that the FAF Trustees have commenced a search for Dr. Schipper’s replacement. “As with all FAF appointments, our Trustees will consider appointments that best reflect the interests of the capital markets,” DeSantis said.

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, administering, and funding the FASB and the GASB and selecting its members. For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.