David F. Denison, James P. Gorman, And Seth Waugh To Fill SIA Board Vacancies - Stephen Lessing Named Vice Chairman Of Board

The Securities Industry Association has named three industry executives to fill vacancies on its board of directors. Stephen Lessing, managing director, Lehman Brothers Holdings Inc., who is currently on the board, will assume the vice chairmanship, which was vacated by E. Stanley O’Neal, president and chief operating officer, Merrill Lynch & Co., Inc.

Filling two vacancies for the term concluding in 2002 are:

David F. Denison, president, Institutional Brokerage Group, Fidelity Investments David F. Denison joined Fidelity in November 1995 as chief operations officer for Fidelity Canada (FICL), where he oversaw areas within FICL such as transfer agency operations and control, information systems, finance and legal services, treasury, human resources, fund accounting, distribution services, and facilities. He was named president of FICL in April 1998, and was responsible for all activities of Fidelity’s mutual fund distribution and service operations in Canada. He became president of Fidelity’s Institutional Brokerage Group in November 2000. He is responsible for three main business lines in this group: Capital Markets, Correspondent Service, and Registered Investment Advisors Services.

James P. Gorman, executive vice president and president, U.S. Private Client Group, Merrill Lynch James P. Gorman is a member of the Executive Management Committee of Merrill Lynch & Co. Gorman joined Merrill Lynch in July 1999 as chief marketing officer, in May 2000 was named head of the client relationship group for U.S. Private Client, and in September 2001 was named president of the group.

Filling the vacancy for the term concluding in 2003 is:

Seth Waugh, CEO, Corporate and Investment Banking - Americas, Deutsche Bank Securities Seth Waugh joined Deutsche Banc Alex. Brown Inc. in April 2000 as regional head of Global Markets for North America. He was named regional head of Global Markets and Equities for the Americas in June 2000 and served as vice chairman of the Americas Executive Committee. In February 2001, Waugh was named CEO of the Americas region for the Corporate and Investment Banking (VIB) Division.

These executives will fill board positions vacated by O’Neal, Robert P. Mazzarella, president, Fidelity Brokerage Service, Inc., and Mayo Shattuck, chairman of Deutsche Banc Alex. Brown.

The Securities Industry Association brings together the shared interests of nearly 700 securities firms to accomplish common goals. SIA member-firms (including investment banks, brokerdealers, and mutual fund companies) are active in all U.S. and foreign markets and in all phases of corporate and public finance. The U.S. securities industry manages the accounts of nearly 80million investors directly and indirectly through corporate, thrift, and pension plans. In the year 2001, the industry generated $198 billion in U.S. revenue and $358 billion in global revenues. Securities firms employ approximately 750,000 individuals in the United States.