TO: EDITORS, NEWS DIRECTORS

DATE: October 17, 2000

FOR: IMMEDIATE RELEASE

State Securities Chief Appointed to Continent-Wide Securities Post

PHOENIX - W. Mark Sendrow, head of the Arizona Corporation Commission's (ACC's) Securities Division was just selected to serve on the Board of Directors of the North American Securities Administrators Association (NASAA). NASAA is the governing association of securities regulators for the 50 states as well as Canada and Mexico.

"Mark's reputation in the Arizona securities industry is well-deserved," ACC Chairman Carl Kunasek said of this latest honor for Sendrow and the Securities Division. "He continues to exhibit the experience and skills necessary to lead the Securities Division in its mission to encourage an active securities marketplace while at the same time protecting the Arizona investor." Commissioner Jim Irvin added, "Mark has proven his talents as a leader and manager with several high-profile cases that have come through his division. I am pleased to see him recognized by his peers with a position on the NASAA board."

In commenting on this achievement, Commissioner Bill Mundell stated, "The selection of an Mark Sendrow assures that Arizona's Securities Division will continue to be highly respected throughout the country. Mark will bring his professionalism, competency and extensive securities knowledge to the NASAA board which will be a great asset to the organization."

Sendrow was appointed to Director of the Arizona Corporation Commission's Securities Division in January 1999. Previously, he was an assistant attorney general in Arizona for 21 years, litigating many cases for the Securities Division. Active on NASAA's Enforcement Section Committee, he chaired the organization's 2000 Enforcement Conference, held in January in San Diego. Sendrow holds a bachelor's degree from Georgetown University and a law degree from the University of Pennsylvania. He will replace David Jonson, South Carolina's Deputy Securities Commissioner on the NASAA board.