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Thursday, December 5, 2002 Nancy A. Condon 202-728-8379

NASD Members Elect Eight Governors to Board

Washington, D.C. — NASD today conducted its Annual Meeting during which the membership of the NASD voted to elect eight members to the NASD Board of Governors. Seven of the individuals were elected to a second term on the NASD Board and one individual was elected for the first time. The terms of the eight Governors begin today.

The NASD Board consists of 24 Governors, a majority of whom are from outside the securities industry. Each year the terms of approximately one third of the Governors expire. Governors are eligible to serve up to two terms on the NASD Board. The Governors elected by vote of the members and their terms of office are as follows:

In addition to those elected today, the following individuals also serve on the NASD Board of Governors: William C. Alsover, Jr., Chairman, Centennial Securities Company, Inc.; John W. Bachmann, Managing Partner, Edward D. Jones & Company; Anthony J. Boglioli, President, Whitehall Brokerage Services, Ltd. and Vice Chairman, The American Stock Exchange, LLC; Brian T. Borders, Esq., Mayer, Brown, Rowe & Mawe; Richard F. Brueckner, Chief Executive Officer, Pershing Division of Credit Suisse First Boston; James E. Burton, Chief Executive Officer, World Gold Council; Sir Brian Corby, Chairman (retired) Prudential Assurance Company; Harry P. Kamen, Retired Chairman and Chief Executive Officer, Metropolitan Life Insurance Company; Raymond A. Mason, Chairman and Chief Executive Officer, Legg Mason Wood Walker, Inc.; John Rutherfurd, Jr., President and Chief Executive Officer, Moody’s Corporation; Sharon P. Smith, Dean, College of Business Administration, Fordham University; and Arvind Sodhani, Vice President and Treasurer, Intel Corporation.

Staff Board members include: Robert R. Glauber, Chairman and Chief Executive Officer; Mary L. Schapiro, Vice Chairman and President, Regulatory Policy and Oversight; and Salvatore F. Sodano, Chairman, Chief Executive Officer and Chief Operating Officer, The American Stock Exchange LLC and Vice Chairman of NASD.

NASD is the leading private-sector provider of financial regulatory services, dedicated to bringing integrity to the markets and confidence to investors through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business – from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and member firms. For more information, please visit our Web site at www.nasd.com.