NEWS RELEASE 10/30/03

Robert E. Denham Elected Chairman of Financial Accounting Foundation; Edward V. Regan Named Trustee

Norwalk, CT, October 30, 2003—Robert E. Denham, Partner, Munger, Tolles & Olson LLP, has been elected Chairman and President of the Financial Accounting Foundation (FAF), effective January 1, 2004. The Foundation has oversight, funding and appointment responsibilities for the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB) and their advisory councils.

Mr. Denham will succeed Manuel H. Johnson, Co-Chairman, Johnson Smick International, who has served as FAF Chairman and President since 1997 and as a member of the Board of Trustees since 1996. His final term expires at the end of this year. Mr. Johnson headed up the Foundation during one of the most challenging periods in the history of accounting. Under his leadership, the FASB and GASB made important advances that have resulted in preservation of both Boards’ independence and neutrality.

Mr. Denham, a native of Abilene, Texas, is an attorney and former investment banking leader. Prior to returning to the Los Angeles-based law firm of Munger, Tolles & Olson LLP in 1998, he served as Chairman and Chief Executive Officer of Salomon Inc. in New York City from 1992 to 1997. Previous to this post, he was the firm’s General Counsel. Prior to joining Salomon, Mr. Denham was Managing Partner at Munger, Tolles & Olson. He joined that firm in 1971.

A 1966 graduate of the University of Texas, Mr. Denham also holds master’s and law degrees from Harvard University.

Among his many professional activities, Mr. Denham is a member of the Board of Directors of U.S. Trust Company and Lucent Technologies Inc., where he chairs both audit committees and a member of the Boards of Wesco Financial Corporation and Fomento Economico Mexicano, S.A. de CV (FEMSA).

“Mr. Johnson has left a legacy of leadership at the FAF that I want to follow and build upon,” said Mr. Denham. “I look forward to making continued progress for the Foundation and the broad constituencies it serves.”

In addition to Mr. Denham’s election, the FAF also has announced the appointment of Edward V. (Ned) Regan to its Board of Trustees, effective January 1, 2004. Since June 2000, Mr. Regan has been President of Baruch College, a senior college in the City University of New York. Previous to this post, he served as New York State Comptroller from 1979 to 1993 and later served as a member of several corporate and non-profit boards. Mr. Regan will be returning to the FAF Board where he formerly served as a Trustee from 1997 to 2000.

Mr. Regan is an alumnus of Hobart College and earned a law degree from the State University of New York School of Law. He is a trustee of the Oppenheimer Mutual Funds and chairs Oppenheimer’s audit committee.

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for funding, overseeing 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.