Financial Accounting Foundation Appoints Edward E. Nusbaum and Luis M. Viceira to Its Board of Trustees

Norwalk, CT, August 26, 2009—The Financial Accounting Foundation (FAF) today announced that Edward E. Nusbaum and Luis M. Viceira have been appointed to the FAF Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

Edward E. Nusbaum is currently the chief executive officer and executive partner of Grant Thornton LLP. He was recently named chief executive officer of Grant Thornton International Ltd, a position he will assume on January 1, 2010. Before becoming Grant Thornton LLP chief executive officer, Ed served as the firm’s national managing partner of professional services, managing partner of the Philadelphia office and national director of assurance services based in New York. In addition to having served on the SEC’s Advisory Committee on Improvements to Financial Reporting (CIFiR), Mr. Nusbaum is a member of the Board of Governors for the Center for Audit Quality (CAQ). He also previously served on the FASB’s primary advisory group, the Financial Accounting Standards Advisory Council, as well as on its Small Business Advisory Committee.

Luis M. Viceira is the George E. Bates Professor at the Harvard Business School, where he teaches investment management and capital markets in the MBA and doctoral programs. An award-winning researcher, he focuses on the analysis of asset allocation strategies for long-term investors, both individuals and institutions, in the face of changing interest rates, risk premia, and risk. He has authored multiple articles published in leading academic finance journals, as well as Harvard Business School cases. He is a faculty research fellow for the National Bureau of Economic Research in Cambridge, Massachusetts, a research affiliate for the Centre for Economic Policy Research in London, a fellow of the TIAA-CREF Institute in New York, and a member of the Scientific Council of NETSPAR, the network for research on the economics of pensions, aging, and retirement in Tilburg University in The Netherlands.

Ed Nusbaum and Luis Viceira bring a broad spectrum of business, accounting, and capital markets knowledge and experience to the FAF Board of Trustees,” said FAF Chairman John J. Brennan. “On behalf of the Trustees, I am pleased to welcome these highly distinguished professionals to the Board as they embrace the important mission of the Foundation and its standard-setting boards.”

Each of the appointments is for a five-year term.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.