Angelica to Head Top Pension Fund Group of the Association for Financial Professionals

BETHESDA, MD – February 7, 2001 – Robert E. Angelica, chairman and chief executive officer of the AT&T Investment Management Corporation, was elected chairman of the Committee on the Investment of Employee Benefit Plan Assets (CIEBA) of the Association for Financial Professionals (AFP). Angelica previously served as vice chairman of CIEBA of AFP and was instrumental in its formation, including helping to position CIEBA as a resource on fiduciary and investment issues for ERISA-governed corporate pension plan sponsors.

Angelica replaces outgoing chairman Allen Reed, president of the General Motors Investment Management Corporation, GM's pension management subsidiary, whose term expired at the end of 2000.

CIEBA was formed in 1985 to provide a nationally recognized forum and voice in Washington exclusively for corporate financial officers who administer and manage, as fiduciaries, the investment of funds for employee pension benefit plans. The organization is composed of more than 100 of the largest corporate pension funds in the U.S. with over $1.3 trillion in retirement plan assets under management on behalf of more than 15 million plan participants and beneficiaries.

CIEBA became affiliated with AFP in June of 2000 and serves as AFP's voice on employee benefit plan asset management and investment issues. AFP assists efforts to further strengthen CIEBA's highly respected voice in the legislative and regulatory arena, and provides administrative and logistical support for CIEBA's operations, including development and maintenance for CIEBA's Web site, educational opportunities and information sharing among members.

Angelica's Expertise

In his current position with AT&T, Angelica is responsible for the investment and administration of more than $40 billion in funded employee benefit plan assets for AT&T Corp. He began his career with AT&T in 1978 as district manager in the Investment Management division. In 1980, he was promoted to division manager, in 1982 to director, and in 1990 to investment vice president. In July 1992, he became president of the newly created AT&T Investment Management Corporation. He assumed his current position in July 1999. Prior to joining AT&T, he worked as an analyst in the Securities Investment department of Mutual Benefit Life Insurance Company for six years.

He previously served as a member of the Pension Managers Advisory committee to the board of directors of the New York Stock Exchange, the Board of Governors of the Association for Investment Management and Research (AIMR) and the Advisory Board of the Rodney White Center for Financial Research at Wharton. He is also past director of the Institute of Chartered Financial Analysts (ICFA), director of the Financial Analysts Federation (FAF) and the Institute for Quantitative Research in Finance (Q Group).

Angelica currently sits on various corporate and fund boards, including those of Simon Property Group, Inc. and Batterymarch Global Emerging Markets Fund.

He graduated magna cum laude from Rutgers University in 1971 with a B.A. in economics and was elected to Phi Beta Kappa. In 1976, he received his M.B.A. with distinction in finance from New York University. He earned the CFA designation of the Institute of Chartered Financial Analysts the following year.

The Association for Financial Professionals in Bethesda, Maryland, formerly the Treasury Management Association, has grown in the past 20 years into a community of more than 14,000 individuals representing a broad spectrum of financial disciplines. AFP turns knowledge into performance by supporting members throughout all stages of their careers with research, continuing education, career development, professional certifications, publications, representation to key legislators and regulators, and the development of industry standards.

# # #