FOR IMMEDIATE RELEASE

Contact:   Elissa Ruffino (NIAF) 202/939-3106 or elissa@niaf.org

* Mozilo, Salibello and Zizza added as Officers*

(WASHINGTON, DC – March 13, 2002) National Italian American Foundation (NIAF) Chairman Frank J. Guarini, a former United States Congressman from New Jersey, and NIAF President Joseph R. Cerrell, founder, chair & CEO of Cerrell Associates Inc. in Los Angeles, were elected to their second three-year terms as chairman and president, respectively. The elections for the 2002-2005 term were held Friday, March 8 at the New York Stock Exchange (NYSE) Board Room in New York City.

The new NIAF executive committee members are: Angelo R. Mozilo, chairman and CEO of Countrywide Credit Industries Inc., as NIAF treasurer; Salvatore M. Salibello, managing partner of Salibello & Broder LLP, as NIAF executive vice president for fund development; and Salvatore J. Zizza, chairman of Zizza & Company Ltd., as NIAF vice chairman. Also reelected to the executive committee are: A. Kenneth Ciongoli, vice chairman; Dick Grasso, vice chairman; Matthew J. DiDomenico, Sr,, executive vice president; Hon. Constance A. Morella, secretary; and Joseph V. Del Raso, general counsel.

The Foundation has also added 10 new members to the board of directors including: Salvatore Balsamo, chairman, TAC Worldwide Companies; Rose Cali, president, Yogi Berra Museum & Learning Center; Jeffrey M. Capaccio, partner, Carr & Ferrell LLP; Robert (Bob) S. Cuillo, president and CEO, Cuillo Enterprises; Louis Freeh, sr. vice chairman for administration & legal affairs, MBNA ; Mark P. Frissora, chair, president & CEO, Tenneco Automotive; Arthur J. Furia, partner, Holtzman, Equels, & Furia, P.A.; Susan Molinari, president & CEO, Ketchum’s the Washington Group; Patricia F. Russo, president & CEO, Lucent Technologies Inc.; and Vincent J. Trosino, Sr., president, vice chairman of the board, & COO, State Farm Mutual Automobile Insurance Company.