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The following executives have been elected as directors of the board of SIFMA.

Directors elected for three-year terms concluding in 2010:

• Samir Assaf, Deputy Head of Global Markets, Corporate, Investment Banking and Markets, HSBC Bank plc
• Walter W. Bettinger II, President and COO, Charles Schwab & Co.
• Kent Christian, Managing Director and President, IBG Independent Brokerage Group, Wachovia Securities, LLC
• G. Douglas Edwards, President and Chief Executive Officer, Morgan Keegan & Company, Inc.
• Michele Faissola, Managing Director, Global Head of Rates, Deutsche Bank AG
• John R. Gidman, Executive Vice President and Director, Loomis, Sayles & Company, L.P.
• David B. Heller, Managing Director, Goldman Sachs & Co.
• Abigail Johnson, President, Fidelity Investments
• William A. Johnstone, President and CEO, Davidson Companies
• Olivier Khayat, Global Head of Fixed Income  Currencies and Commodities, Société Générale
• Sallie Krawcheck, Chairman and CEO Citi Global Wealth Management
• Ellyn McColgan, President/COO of GWMG, Morgan Stanley
• Daniel Sontag, SVP – Head of Americas Wealth Management, Merrill Lynch
• Thomas G. White, Chief Executive, MD, Head of Global Markets, Banc of America Securities LLC

Directors elected for two-year terms concluding in 2009:

• Bernard B. Beal, CEO, M.R. Beal & Co.
• Symon Drake-Brockman, CEO and President, RBS Greenwich Capital
• Shigesuki Kashiwagi, President and CEO, Nomura Holding America Inc.
• Alexandra Lebenthal, President & CEO, Alexandra & James Co.
• Bart McDade, Global Head of Equities, Lehman Brothers Inc.
• Paul Purcell, President & CEO, Robert W. Baird & Co. Incorporated
• John Taft, President & CEO, RBC Dain Rauscher
• James Weddle, Managing Partner, Edward Jones
• Richard Weil, COO and Managing Director, PIMCO
  

Directors elected for one-year terms concluding in 2008:

• James Allen, Chairman & CEO, Hilliard Lyons
• Richard Brueckner, CEO, Pershing, LLC
• Deborah Castiglioni, CEO & Chief Compliance Officer, Cutter & Company Brokerage, Inc.
• Jerry del Missier, Co-President, Barclays Capital
• Arthur Grant, President, Cadaret, Grant & Co., Inc
• Chet Helck, President & COO, Raymond James Financial, Inc.
• Noe Hinojosa Jr., President & CEO, Estrada Hinojosa & Company, Inc.
• Marten Hoekstra, Head of Wealth Management Americas, UBS
• Peter Madoff, Senior Managing Director, Bernard L. Madoff Investment Securities, LLC
• Blythe Masters, Head of Global Commodities, JPMorgan Chase & Co.
• Craig Overlander, Senior Managing Director & Co-Head of Global Fixed Income, Bear Stearns & Co. Inc.
• Suzanne Shank, President & CEO, Siebert Brandford Shank & Co., LLC

2008 Chairman and officers of the board of directors include:

• Chairman: Blythe Masters, Head of Global Commodities, JPMorgan Chase
• Chair-Elect: G. Douglas Edwards, President and CEO of Morgan Keegan & Company, Inc.
• Vice Chairs: Bernard B. Beal, CEO of M.R. Beal & Company
  
• Treasurer: John R. Gidman, Executive Vice President and Director of Loomis, Sayles & Company, L.P.
• President & CEO: T. Timothy Ryan, Jr., Securities Industry and Financial Markets Association
• Secretary: Ira Hammerman, Securities Industry and Financial Markets Association