News Release

NASD Appoints Two Senior Executives-Salvatore F. Sodano Named CFO Robert D. Leahy Named Senior Vice President, Corporate Communications

Washington, D.C.--The National Association of Securities Dealers, Inc., (NASD) today announced the appointment of two senior executives. Salvatore F. Sodano was appointed Chief Financial Officer and Robert D. Leahy was named Senior Vice President of Corporate Communications.

As CFO, Sodano will report to NASD Chief Operating Officer Richard Ketchum and will be responsible for directing all corporate financial matters.

"We are delighted to have someone of Salvatore's caliber and experience on board for this crucial position," said Frank Zarb, NASD Chairman, Chief Executive Officer and President. "He will be responsible for operating and maintaining all corporate financial systems." Sodano will work closely with senior management to ensure that the financial implications of key business and regulatory decisions are carefully considered.

Sodano joins the NASD from Westpac Banking Corporation, where he served in a number of positions. As Senior Vice President, Chief Manager and Principal Operating Officer at Westpac, Sodano was responsible for management of financial issues, compliance, corporate tax and information technology for the bank.

From 1983-1989, Sodano was a Vice President of Bankers Trust Company in New York, where he held three positions. In his final position as Vice President and Group Head, Corporate Controllers Department, he was responsible for management of the worldwide functional controllership network, international accounting, the regulatory accounting division and the corporate accounting division. From 1979-1983, he was the Assistant Treasurer for Morgan Guaranty International Finance Corporation.

The NASD also announced the appointment of Robert D. Leahy as Senior Vice President of Corporate Communications. Leahy replaces Douglas Parrillo, who is retiring after 31 years with the NASD.

"Considering the major changes occurring at the NASD now and in the foreseeable future, communicating with investors, broker/dealers, and issuers is more important than ever before. Our communications efforts are a vital link between us and our constituents, requiring the leadership and experience that Bob brings to the NASD. I think he will serve this organization well," said Ketchum.

Leahy joins the NASD from Bowater Incorporated, the nation's largest newsprint manufacturer and a major forest products manufacturer, where he was Vice President, Corporate Relations since 1993. At Bowater, Leahy directed the company's government relations, issues management, media relations, advertising, employee communications and community affairs.

Prior to joining Bowater Incorporated in 1993, Mr. Leahy served as Director, Media Communications for International Paper in Purchase, New York. Earlier, he held the position of Vice President, Corporate Communications for Andal Corp. in New York City. Prior to this, he held senior positions with the International Telecommunications Satellite Organization (Intelsat) in Washington, D.C., as well as Manhattan- and Washington, D.C. based government and public relations agencies representing both domestic and international clients.