NEWS RELEASE 02/06/03

FASB Establishes User Advisory Council and Plans First Council Meeting for February 13

Norwalk, CT, February 6, 2003—To increase the investment community’s participation in the accounting standard setting process, the Financial Accounting Standards Board (FASB) has established a User Advisory Council. The FASB will host its first meeting of the User Advisory Council on Thursday, February 13, at the Grand Hyatt in New York City.

The Council will assist the FASB in raising awareness of how investors and investment professionals, equity and credit analysts and rating agencies use financial information. The Council will serve as a resource to the FASB both in formulating its technical agenda and on specific projects that the Board undertakes.

By reaching out to a long list of user groups and major financial institutions to establish the Council, the FASB has recruited more than 35 professionals, representing a variety of investment and analytical disciplines.

Council meetings will concentrate on major Board projects that could significantly change financial information currently available to users. The February 13 meeting will cover a range of issues from accounting for financial instruments, to revenue recognition, to pension accounting.

The February 13 meeting is open to the public. Because observation seating is limited, it is important to reserve a seat in advance by contacting the FASB at 203-847-0700, extension 304.

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.

The Financial Accounting Standards Board

Serving the investing public through transparent information resulting from high-quality financial reporting standards developed in an independent, private-sector, open due process.