FOR IMMEDIATE RELEASE 98-4 Barry D. Miller Selected Associate Director in the Division of Investment Management Washington, D.C., January 15, 1997 -- Arthur Levitt, Chairman of the Securities and Exchange Commission, announced today that Barry D. Miller has been appointed Associate Director for Legal and Disclosure in the Commission's Division of Investment Management. He was most recently an Assistant Director in the Division's Office of Disclosure and Review and succeeds Heidi Stam, who left the Commission last Fall to take the position of Principal in charge of securities regulation at the Vanguard Group. Mr. Miller is a long time Commission employee who has held various positions over a period of close to 12 years. As an Assistant Director in the Division's Office of Disclosure and Review for the past two years, he has had a central role in implementing the Commission's important and well-publicized initiative of improving mutual fund prospectuses. He has taken a particularly active role in working with fund groups to rewrite prospectuses to make them more understandable and useful to investors. Barry Barbash, Director of the Division of Investment Management said of Mr. Miller's promotion, "Barry brings a wealth of knowledge and experience to the job of Associate Director. He is well known, well liked and well respected by the Commission staff and the fund industry. I am sure he will be a success and look forward to working closely with him." Mr. Miller graduated with a B.S. from Wake Forest, an M.B.A. from the University of Maryland and a J.D. from George Washington University. He is a member of the Bar in the District of Columbia and Pennsylvania. # # #