NEWS RELEASE 03/06/06

Leslie F. Seidman Reappointed to Financial Accounting Standards Board

Norwalk, CT, March 6, 2006—The Financial Accounting Foundation (FAF) today announced that the FAF Board of Trustees has approved the reappointment of Leslie F. Seidman to a five-year term as a member of the Financial Accounting Standards Board (FASB).

Ms. Seidman was initially appointed to the FASB in 2003. Prior to joining the Board, she managed a financial reporting consulting firm that served global corporations and other concerns. A certified public accountant, Ms. Seidman also served the FASB in various capacities in the late 1990s as an Industry Fellow, Project Manager and as Assistant Director of Research.

From 1987 to 1996 she held executive positions at J.P Morgan & Company, including serving as that firm’s Vice President, Accounting Policy.

"We are delighted with the reappointment of Leslie Seidman to the FASB," said Robert E. Denham, Chairman of the Financial Accounting Foundation. "Leslie’s tremendous background and expertise have been significant contributors to the Board as it tackles complex issues intended to improve financial reporting, including fair value measurement, financial instruments, pensions, and many others."

Ms. Seidman started her career in accounting at Arthur Young & Company in New York, after graduating from Colgate University with a B.A degree in English. She later earned an M.S. degree in Accounting from New York University.

Robert J. DeSantis, President and Chief Operating Officer of the FAF noted that Ms. Seidman’s new term will become effective on July 1, 2006 and run through June 30, 2011.

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.