FOR IMMEDIATE RELEASE 99-29 Annette L. Nazareth Named Director of the Division of Market Regulation Washington, D.C., March 12, 1999 -- Securities and Exchange Commission Chairman Arthur Levitt today named Annette L. Nazareth Director of the Division of Market Regulation. Ms. Nazareth, who succeeds Richard R. Lindsey, will assume the position immediately. She currently serves as Senior Counsel to the Chairman. Simultaneously, Chairman Levitt announced that Robert Colby will continue as the Division's Deputy Director, and in addition will assume the added responsibilities of Senior Advisor to the Chairman for Market Issues. Chairman Levitt said, "I am pleased that Annette has accepted this important position. As Director, Annette will play a crucial role in maintaining the integrity of the securities markets and will provide the leadership and foresight necessary to guide the regulatory initiatives of the Commission into the next century. Annette and Bob will be a superb team. I look forward to working with them and I am certain that their combined expertise and industry knowledge will be of great value to the markets and to investors." Annette Nazareth said, "I am honored that Chairman Levitt has chosen me to serve the Commission in this most distinguished and challenging position. I look forward to working closely with him and the Commission. I am especially pleased to have the opportunity to work closely with Bob Colby and the remarkable Division staff." In her new position, Ms. Nazareth will be the principal regulator of the securities markets, clearance and settlement system and the investment banking community. Ms. Nazareth joined the Commission in September 1998 as a Senior Counsel to Chairman Arthur Levitt. She also served briefly as the Acting Director of the Division of Investment Management. From 1997 until joining the Commission, Ms. Nazareth was Managing Director and Deputy Head of the Capital Markets legal group at Salomon Smith Barney. In this capacity she focused on the legal issues involving the sales and trading of securities and derivatives and the origination of municipal, asset-backed, mortgage-backed and structured products. From 1994 to 1997 Ms. Nazareth was Senior Vice President at Lehman Brothers Inc., where she was responsible for the Fixed Income Trading group of the Legal and Compliance Department. From 1986 to 1994 she was Managing Director at Mabon, Nugent & Co., where she oversaw the legal, compliance and internal audit functions. She began her career in 1981 as an Associate at Davis Polk & Wardwell. --more-- Nazareth News Release March 12, 1999 Page 2 Ms. Nazareth, 43, is a Phi Beta Kappa graduate of Brown University and earned her J.D. at Columbia University School of Law where she was a Harlan Fiske Stone Scholar. She is married to Roger Ferguson, a Federal Reserve Board Member. They have two children. # # #