News Release

NASD Regulation Elects New Board Members

Washington, D.C.--NASD Regulation, Inc., today announced the election of a new Chairman and Vice Chairman of the Board. The annual election of the new Chairman and Vice Chairman occurred during NASD Regulation's November Board meeting and was announced this afternoon.

The NASD Regulation Board also elected a new Chairman and Vice Chairman of the National Business Conduct Committee.

NASD Regulation President Mary Schapiro noted that with these elections, the vice chairmen of both boards of directors are non-industry representatives. The newly elected individuals will take office following NASD Regulation's January 1997 Board meeting.

Todd A. Robinson will be Chairman of the NASD Regulation Board of Directors. Mr. Robinson is currently Chairman and CEO of Linsco/Private Ledger Corp. He became CEO of Linsco Financial Group, Inc., in 1985 and merged it with Linsco/Private Ledger Corp. in 1989. He was Chairman of the NASD Business Conduct Committee for District 11, and a member of the NASD Continuing Education Task Force. He is also a member of the Securities Industry Association's Independent Contractor Firms Committee and Government Relations Committee. He holds a B.A. from Bates College.

Robert R. Glauber will be Vice Chairman of the NASD Regulation Board of Directors. Mr. Glauber is Adjunct Lecturer at the Center for Business and Government of the Kennedy School, Harvard University, which he joined after serving as Under Secretary of the U.S. Treasury for Finance in the Bush Administration from 1989 to 1992. Prior to joining Treasury, Bob was a Professor of Finance at the Harvard Business School. In 1987, he served as Executive Director of the Task Force (Brady Commission) appointed by President Reagan to study the October 1987 stock market break. He joined the School's Finance Faculty in 1964, specializing in corprate finance and investment banking. During 1975-76 and 1981, he was a member of the faculty at Harvard's International Senior Managers Program in Vevey, Switzerland. He received a B.A. from Harvard College and Doctorate from Harvard Business School.

Richard F. Brueckner will be Chairman of the National Business Conduct Committee. Mr. Brueckner is Managing Director of Donaldson, Lufkin and Jenrette's (DLJ) Financial Services Group and its Pershing Division. He joined DLJ in 1978 and has previously served as Treasurer of DLJ Securities Corporation and Chief Financial Officer of Pershing. Mr. Brueckner has been a member of the Executive Committee at Pershing since 1980 and is currently responsible for Institutional and International Marketing, Corporate Communications, and Pershing's individual brokerage services including its PC Financial Network business. He currently serves as Trustee for the Frontier Trust Company in Fargo, as Trustee and Chairman of the Securities Industry Foundation for Economic Education, and as a Trustee of the SIA New York District Economic Education Foundation. He is also Chairman of the SIA Clearing Firms and Membership Committees and of their New York District. Mr. Brueckner graduated from Muhlenberg College with a B.A. in Economics. He is also a CPA.

Ellyn L. Brown will be Vice Chairman of the National Business Conduct Committee. Ms. Brown practices securities and financial services law in Baltimore, Maryland. She taught securities and business law at the University of Maryland School of Law prior to returning to the private sector in 1994. From 1987 to September 1992, Ms. Brown was the Securities Commissioner for the State of Maryland. She holds an undergraduate degree from Vasser College, a master's degree from The John Hopkins University, and a law degree from the University of Maryland.