NEWS RELEASE 02/12/09

John J. Brennan Elected Chairman of the Financial Accounting Foundation

Norwalk, CT, February 12, 2009—The Financial Accounting Foundation (FAF) today announced the election of John J. Brennan as the new Chairman and a member of its 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).

Mr. Brennan succeeds outgoing FAF Chairman, Robert E. Denham, a senior partner at the law firm of Munger, Tolles & Olson LLP, who has served as Chairman since 2004 and as a member of the FAF Board of Trustees since 2003.

“Jack Brennan’s leadership and vision will be tremendous assets to the FAF and its constituents during these challenging times,” said Mr. Denham. “Jack is superbly equipped to guide the Foundation during an era of sweeping reforms to the financial system, when an independent standard-setting process that fosters transparency and reliability in financial reporting is more critical to investors than ever.”

Mr. Brennan is the first to serve as FAF Chairman under the revised governance structure approved by the Board of Trustees in 2008. The Chairman’s role has been expanded to reflect the additional responsibilities resulting from the increasing strategic needs of the organization. The Chairman will focus primarily on strategic initiatives, provide vision and leadership to the Board of Trustees in achieving the FAF’s enhanced oversight activities, consult regularly with the FASB and GASB Chairs, and work closely with the FAF President.

Mr. Brennan currently serves as Chairman of Vanguard Group, Inc., and each of the Vanguard mutual funds, a position he has held since 1998. Mr. Brennan served as Vanguard’s Chief Executive Officer from 1996 until August, 2008. Mr. Brennan previously served as an FAF Trustee from 1998 to 2003. Among other investment industry activities, Mr. Brennan was Chairman of the Investment Company Institute, a trade organization representing mutual fund companies, and is a governor of the Financial Industry Regulatory Authority (FINRA). A graduate of Dartmouth College, Mr. Brennan also holds an MBA from Harvard University.

Commenting on Mr. Denham’s service, FAF President Teresa S. Polley stated, “Bob Denham served the FAF with distinction during his tenure and was instrumental in strengthening the independence, integrity and financial stability of the FASB and GASB as the nation’s financial accounting and reporting standard setters. We at the FAF, FASB and GASB, thank Bob for his legacy of integrity, leadership and vision.”


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.