President Signs Appointment for SIPC Chair, Two Additional Board Members

WASHINGTON, D.C. - April 22, 2003 - William R. Timken, Jr., of Canton, Ohio, Thomas W. Grant, of New York City, New York, and Noe Hinojosa, Jr., of Dallas, Texas were confirmed by the U.S. Senate on April 8, 2003, to serve as the newest directors of the Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. On April 10, 2003, President George W. Bush signed the appointments, clearing the way for Timken to assume his responsibilities as the new chairman of the SIPC board of directors.

William R. Timken, Jr., said: "As the incoming chair of the Securities Investor Protection Corporation, I look forward to overseeing its important mission of instilling confidence and fairness in the U.S. capital marketplace. My intention as chairman will be to work with our board and the SIPC associates to continue to fulfill the objectives of the Securities Investor Protection Act of 1970."

Thomas W. Grant stated: "It is an honor to have my nomination confirmed by the United States Senate as a director of SIPC. My background in the securities industry should assist me in contributing to what is essentially care of the individual investor. I feel certain that I can be a positive force in continuing the careful, watchful role SIPC plays in protecting investors, particularly in light of recent corporate and market difficulties."

Noe Hinojosa said: "I'm honored to have been nominated by President George W. Bush to serve as a director of the Securities Investor Protection Corporation. I am keenly aware of the important functions that agencies, such as the SIPC, provide and as such, I can assure this body that I will work hard to maintain and promote the vital role the SIPC plays as the first line of defense for investors when a securities firm fails or declares bankruptcy. I look forward to the opportunity to serve."

Grant, Hinojosa and Timken replace Charles L. Marinaccio, Marianne C. Spraggins and former SIPC board chair James Clifford Hudson, respectively. The SIPC board of directors consists of seven individuals, five of whom are appointed by the President of the United States subject to U.S. Senate approval, one by the Secretary of the Treasury and one by the Federal Reserve Board. No more than three directors may be from the securities industry.

Timken, a native of Canton, Ohio, is a graduate of Phillips Andover Academy at Andover, Massachusetts, Stanford University and the Harvard Graduate School of Business Administration. He first worked for The Timken Company in 1958 and has served as the chairman of its board of directors since 1975. The New York Stock Exchange-listed Timken is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion. Timken is a member of the U.S.-Japan Business Council, the Council on Competitiveness, the Executive Committee of the Ohio Business Roundtable and the Professional Football Hall of Fame board of trustees. He is also a trustee of The Manufacturing Institute and past chairman of the National Association of Manufacturers.

Grant has served as president and CEO of H.G. Wellington & Co., Inc., since 1991. The 76-year-old New York Stock Exchange member firm serves individual and institutional clients with a total of $600 million under management. Since 1996, he has been president and CEO of Pax World Funds, of Portsmouth, N.H. This mutual fund group founded in 1971 offered America's first socially responsible mutual fund. Pax World Funds manages $1.3 billion in four no-load funds with over 70,000 shareholders. Grant also is CEO of Pax World Capital Management, which manages separate accounts for individuals and institutions. From 1967-1991, he was managing director of Fahnestock & Co., Inc.

Hinojosa is the vice chairman and part owner of Estrada Hinojosa & Company, Inc., an investment banking firm that specializes in public finance. The company, based in Texas, is a member of the Municipal Securities Rulemaking Board, and the National Association of Securities Dealers (NASD). Since the firm's inception in 1992, Hinojosa has been its public finance manager. Currently, the firm maintains its headquarters office in Dallas, with additional branch offices in Houston and San Antonio, Texas, as well as Miami, Florida and San Diego, California. Estrada Hinojosa & Company, Inc., is a leader in public finance, and during its 11 years, has served either as underwriter or financial advisor on over $70 billion of municipal bonds. Some of the firm's clients include political subdivisions in Brownsville, Dallas, Fort Worth, Houston, Laredo, Miami, Phoenix, San Antonio, San Diego and Santa Fe.