NEWS RELEASE 09/22/05

Financial Accounting Foundation Appoints Robert J. DeSantis President and Chief Operating Officer

Norwalk, CT, September 22, 2005—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert J. DeSantis as President and Chief Operating Officer. Mr. DeSantis is a seasoned executive with extensive financial, legal and regulatory experience. He has held senior executive positions in large and small, public and private companies in both competitive and regulated environments.

The Financial Accounting Foundation (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).

"I am extremely pleased with the appointment of Bob DeSantis as President and Chief Operating Officer of the FAF," said Robert E. Denham, Chairman of the Financial Accounting Foundation. "I am confident that Bob's distinguished financial, legal, regulatory and business background will serve us well as he provides leadership for the FAF staff and supports the FASB and GASB in their mission to objectively establish and improve standards that result in credible, comparable, and conceptually sound information."

During the past five years, Mr. DeSantis served as Chief Financial Officer of DSL.net, Inc., a nationwide provider of broadband communications services, and as Executive Vice President of Tellium, Inc., which developed optical switching equipment for the telecommunications industry. Prior to his involvement with these entrepreneurial and competitive businesses, Mr. DeSantis held executive positions, including Chief Financial Officer, Vice President and Treasurer, with Citizens Communications Company for 15 years during that Company's transformation from a diversified utility to one of the nation's largest local telecommunications providers. Prior to that, he served in a number of financial and legal capacities with GTE Corp and KPMG Peat Marwick.

"I am delighted to join the Financial Accounting Foundation," said Mr. DeSantis. "I look forward to working with the FAF Trustees and staff to support the FASB and GASB and help advance their mission to set high quality financial reporting standards that serve investors and the public interest."

Mr. DeSantis holds bachelor's and master's degrees from the University of Pennsylvania, where he majored in accounting at the Wharton School, as well as a juris doctorate degree from Boston College Law School. He is licensed as a certified public accountant, a member of the Bars of several state and federal courts, a member of the Financial Executives International (FEI), the American Institute of Certified Public Accountants (AICPA), the Connecticut Society of Certified Public Accountants and the American and Connecticut Bar Associations.

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, funding and selecting the members of the FASB and the GASB. For more information on the organizations it oversees, visit the Foundation’s websites at www.fasb.org and www.gasb.org.