San Francisco (January, 2005) — Glass, Lewis & Co., LLC, a leading independent proxy advisory and investment research firm, announced today the formation of an Advisory Board and the appointment of Arthur Levitt, the 25th Chairman of the Securities and Exchange Commission, as its Senior Adviser. In addition to Mr. Levitt, the other founding members of the Advisory Board are: Charles A. Bowsher, Comptroller General of the United States and head of the General Accounting Office (GAO) for 15 years; and Professor Lucian Bebchuk, a Director of the Harvard Law School’s Program on Corporate Governance.

Mr. Levitt and Mr. Bowsher served together on The Conference Board’s Commission on Public Trust and Private Enterprise. That Commission, which was convened in June 2002, addressed compensation, governance and accounting issues at public companies and issued best-practice guidelines on each topic. The Glass Lewis Advisory Board will provide an institutional framework for continuing their work on these important topics.

The Glass Lewis Advisory Board’s mission is to inform the firm on emerging trends and help it focus on issues of importance to institutional investors. The Advisory Board will provide unparalleled expertise on topics of corporate governance, accounting, financial transparency and integrity to the Glass Lewis’s research department — which is led by Lynn E. Turner, the former Chief Accountant of the Securities and Exchange Commission under Mr. Levitt. The Advisory Board will work with Glass Lewis to define a series of principles and best practices that will allow managers of mutual funds and pensions funds to thoughtfully and productively exercise their ownership rights.
“We are pleased to have these well respected leaders on our Advisory Board,” said Gregory P. Taxin, Chief Executive Officer of Glass Lewis. “We are certain that the keen understanding they bring of corporate issuers, disclosure regimes, economics and the global capital markets will benefit investors and help restore their confidence in our capital markets.”

About Glass Lewis
Glass, Lewis & Co. is a leading independent investment research and proxy advisory firm, serving institutions that collectively manage nearly $8 trillion. As the only global, conflict-free provider of analysis and recommendations on corporate proxies, Glass Lewis covers more than 6,200 companies worldwide.
Glass Lewis also develops independent investment research focused on identifying unrecognized business and financial risks at public companies.
For more information about Glass Lewis, visit /.
Contact: Loren Schaffzin, 415-678-4119, lschaffzin@glasslewis.com.

About the Members of the Glass Lewis Advisory Board
Arthur Levitt: Mr. Levitt was the 25th Chairman of the United States Securities and Exchange Commission. First appointed by President Clinton in July 1993, the President reappointed Chairman Levitt to a second five-year term in May 1998. On Sept. 9, 1999, he became the longest serving Chairman of the Commission. He left the Commission on Feb. 9, 2001. Before joining the Commission, Mr. Levitt served as the Chairman of the New York City Economic Development Corporation, and, from 1978 to 1989, was the Chairman of the American Stock Exchange. He is presently a Senior Advisor to The Carlyle Group and on the board of Bloomberg LLP as well as a member of the American Academy of Arts & Sciences.

Lucian A. Bebchuk: Professor Bebchuk is the William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School. He is also a Fellow of the American Academy of Arts and Sciences, a Research Associate of the National Bureau of Economic Research, and an Inaugural fellow of the European Corporate Governance Institute. Prof. Bebchuk holds a B.A. in Mathematics and Economics from the University of Haifa, an LL.B. from the University of Tel-Aviv, an M.A. and Ph.D in Economics from the Harvard Economics Department, and an LL.M. and S.J.D. from Harvard Law School
Charles A. Bowsher: Mr. Bowsher was Comptroller General of the United States and head of the General Accounting Office for 15 years. Prior to being appointed to that position by President Ronald Reagan in 1981, he was associated with Arthur Andersen & Co. for 25 years, except between 1967 and 1971 when he served as Assistant Secretary of the Navy for Financial Management, where his work earned him Distinguished Public Service Awards from both the Navy and the Department of Defense. Mr. Bowsher was also Chairman of the Public Oversight Board, an independent, private sector body that monitored and reported on the self-regulatory programs and activities of the SEC Practice Section of the Division for CPA firms of the American Institute of Certified Public Accountants.