THE WHITE HOUSE

Office of the Press Secretary

PRESIDENT CLINTON NAMES PIERRE ALEXANDER CHAO AS MEMBER TO THE NATIONAL

COMMISSION ON THE USE OF OFFSETS IN DEFENSE TRADE

The President today announced his intent to appoint Pierre Alexander Chao as a Member of the National Commission on the Use of Offsets in Defense Trade (UODT).

Mr. Pierre Alexander Chao, of New York City, New York, is Managing Director and Senior Aerospace/Defense Analyst for Credit Suisse First Boston (CSFB) Corporation. In this capacity, Mr. Chao is responsible for coverage of over 15 defense and commercial aerospace stocks, such as Boeing, Lockheed Martin, Raytheon, Northrop Grumman, General Dynamics, Litton, and BFGoodrich. Prior to joining CSFB in 1999, Mr. Chao was the Senior Aerospace/Defense Analyst at Morgan Stanley Dean Witter from 1995 to 1999 and the Senior Industry Analyst at Smith Barney during 1994. From 1986 to 1988 and from 1990 to 1993, Mr. Chao served as Director at JSA International, a Boston-Paris based management-consulting firm focused on the aerospace/defense industry. While at JSA, Mr. Chao conducted multiple studies for clients in the U.S., France, United Kingdom, Germany, and Asia. Mr. Chao was also a co-founder of JSA Research, an equity research boutique specializing in the aerospace/defense industry. Mr. Chao has been ranked the number one aerospace/defense analyst in the 1995-1999 Greenwich Associates polls, number one in the 1998-2000 Reuters Polls, and has been on the Institutional Investor All-America Research Team from 1996 to 2000. He is a member of the Aerospace Analyst Society, Air Force Association, The Navy League, Wings Club, Foreign Policy Association, as well as a Chartered Financial Analyst.

Mr. Chao earned a dual B.S. in Political Science and Management Science from the Sloan School at M.I.T.

Established by Congress in 1999, the National Commission on the Use of Offsets in Defense Trade (UODT) addresses all aspects of the use of offsets in international defense trade. The UODT is responsible for reviewing and reporting on the full range of current practices by foreign governments in requiring offsets in purchasing agreements and the extent and nature of offsets offered by United States and foreign defense contractors and shall review and report on the impact of the use of offsets on defense subcontractors and nondefense industrial sectors affected by indirect offsets.

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