Board Announces Deputy Director in Office of Research and Analysis

Washington, DC, Sep. 13, 2006

The Public Company Accounting Oversight Board announced today that Martin F. Baumann has joined the Board’s Office of Research and Analysis as deputy director.

Mr. Baumann, 58, comes to the PCAOB from Freddie Mac where he served as chief financial officer since June 2003. He joined Freddie Mac in March 2003 as executive vice president for finance with responsibility for accounting, corporate planning, taxation and capital management. While at Freddie Mac, Mr. Baumann led the completion of the company’s earnings restatement and subsequent improvements in its financial reporting.

“Marty brings to our organization more than 30 years of experience that is directly relevant to the Board’s work,” said Phil Wedemeyer, director of the PCAOB’s Office of Research and Analysis. “Marty will manage the monitoring and analysis of accounting and auditing principles and related regulatory changes that impact specific companies and industries.”

Prior to joining Freddie Mac, Mr. Baumann had a 30-year-career at PricewaterhouseCoopers, where he served as partner, deputy chairman of the World Financial Services Practice, and as global banking leader.

“My decision to join the PCAOB reflects my view of the importance of the integrity of financial reporting to our capital markets” said Mr. Baumann. “I was committed to that for over 30 years at PwC, and I joined Freddie Mac to restore accuracy, integrity and reliability to its financial reporting. The PCAOB gives me an opportunity to meld that experience with public service.”

Mr. Baumann earned a B.A. degree in Accounting from Queens College, The City University of New York and an M.B.A. degree in Finance from Baruch College, The City University of New York. He is a certified public accountant in the state of New York.