NEWS RELEASE 01/24/01

John K. Wulff Named to FASB

Norwalk, CT, January 24, 2001—John K. Wulff, Chief Financial Officer of Union Carbide Corporation, has been named to a five-year term as a member of the Financial Accounting Standards Board (FASB), effective July 1. Mr. Wulff will succeed outgoing FASB member Gaylen Larson, the former Group Vice President and Chief Accounting Officer of Household International, Inc. The appointment was made by the Financial Accounting Foundation's Board of Trustees, which oversees the activities of the FASB.

Manuel H Johnson, Chairman and President of the Financial Accounting Foundation, commented that "The FASB is indeed fortunate to have John join its ranks. John's impressive credentials and experience in both industry and public accounting will make a significant contribution to the FASB team. His background as the CFO of a Fortune 300 company with domestic and international operations will be invaluable to the FASB."

During Mr. Wulff's distinguished 12-year career at Union Carbide, he has been the Chief Financial Officer since 1996 with responsibility for directing the company's global financial control operations, including its internal and external audits and corporate financial reporting. From 1989 to 1995, he was Vice President and Principal Accounting Officer. Prior to joining Union Carbide, Wulff, a certified public accountant, was a partner with KPMG Main Hurdman in Stamford, Connecticut, from 1980 to 1987 and, previous to this position, was a partner with Hurdman and Cranstoun in New York City.

Active in professional organizations, Mr. Wulff is a past Chairman of the Financial Executives International's Committee on Corporate Reporting and is a member of the American Institute of Certified Public Accountants.

Mr. Wulff earned a B.S. degree from the Wharton School of the University of Pennsylvania.


About the Financial Accounting Standards Board and
the Financial Accounting Foundation

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 heavily on credible, transparent, and comparable financial information.

The Financial Accounting Foundation is responsible for funding, overseeing and selecting the members of the FASB and the Governmental Accounting Standards Board (GASB). For more information on the organizations it oversees, visit its Web sites at www.fasb.org and www.gasb.org.