NEWS RELEASE 5/9/06

The Financial Accounting Foundation Appoints Christopher C. Allen as Director of Government Relations

Norwalk, CT, May 9, 2006—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation ("FAF"), today announced that Christopher C. Allen has been appointed Director of Government Relations.

In this capacity, Mr. Allen will represent the Foundation and its Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), for purposes of educating, informing, and responding to government policy makers about the mission and activities of the FAF and its Boards.

Mr. Allen has been Director, Office of Federal Relations, for the National Association of State Treasurers (NAST) since 1997. At NAST, Mr. Allen served as its principal representative before the legislative and executive branches of the federal government and for the College Savings Plans Network.

"We are very pleased that Chris Allen has joined the FAF as Director of Government Relations," said Mr. DeSantis. "Chris' extensive experience with the legislative and executive branches of government and familiarity with federal regulatory agencies will further the mission of the Foundation and its Boards to establish and improve financial accounting and reporting standards."

Prior to joining the NAST, Mr. Allen was at Morrison & Foerster where he worked with Members of Congress and staff regarding appropriations, tax, employee benefit, and environmental legislation.

He holds a bachelor's degree in political science from Loyola College and a master's degree in government from John Hopkins University.

Mr. Allen will join the FAF later this month.

About the Financial Accounting Foundation

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