Thomas J. Mackell, Jr., Chairman of Federal Reserve Bank of Richmond, Elected to National Investment Managers Board of Directors

Business Wire, Oct 4, 2005

NEW YORK -- Dr. Thomas J. Mackell, Jr., Chairman of the Board of the Federal Reserve Bank of Richmond, has joined the board of directors of National Investment Managers Inc., (OTCBB: NIVM), a nationally-operated and regionally-based retirement plan administration and investment management business, the company announced today.

"Tom's extensive experience in our industry is unparalleled and his exemplary service on the boards of diverse organizations, White House ERISA Advisory Councils, and numerous employee benefit associations will prove invaluable to our organization," said Richard E. Stierwalt, president, chief executive officer and director of National Investment Managers. "Needless to say, we are delighted to have Tom on board."

Dr. Thomas J. Mackell, Jr. has been a prominent figure in the employee benefits and investment management industries for over three decades. Notably, he was a White House appointee to the ERISA Advisory Council to the Secretary of Labor, where he served as Vice Chair in 1999, Chair of the Council's 1998 Small Business Working Group and Vice Chair of the Council's 1997 Defined Contribution/Defined Benefit Plan Working Group.

Currently, Dr. Mackell is the Chairman of the Board of Directors, Federal Reserve Bank of Richmond, where he has been a board member since 2003. He is also a member of the Employee Benefits Committee of the Federal Reserve System. He is President of the Association of Benefit Administrators and Publisher/Editor of its newsletter, Insights. He is a member of the Ethics Committee of the Investment Management Consultants Association and has been a member of the Investment Management Committee of the International Foundation of Employee Benefit Plans.

Dr. Mackell's current board memberships include: the Labor Advisory Board of the Development Corporation for Israel, the National Association of Corporate Directors and a trustee of the New York Foundation and the Union Mutual Pension, Welfare and Vacation Funds. He serves on the Corporate Advisory Board of the Committee for Hispanic Children and Families, Inc. He is Chairman of the Officers Defense Service (a legal defense fund) of the American Maritime Officers. He is a member of the Council on American Politics of the Graduate School of Political Management of George Washington University, a member of the Board of the Foundation for Fiduciary Studies and the Advisory Board of the Women's Institute for a Secure Retirement.

From 2002 to September 2005, Mackell was a Principal and member of the Investment Committee of RCG Capital Partners, LLC, an investment management firm. Dr. Mackell has also served as Managing Director for The Kamber Group, a public affairs and political consulting firm, and as a professor at C.W. Post Center, Long Island University's School of Health and Public Affairs. He also spent 14 years with the Marine Engineers Beneficial Association as the Administrator of its jointly-administered trust funds.

Dr. Mackell was a Director of the Association of Investment Management Sales Executives and was a member of the Board of the American Benefits Council, a corporate trade association. Throughout his career, he has served as a mediator and arbitrator on the National Employee Benefit Claims Panel of the American Arbitration Association, the New York State and New Jersey State Mediation Boards and as permanent arbitrator in various industries' collective bargaining agreements. Previously, he was a member of the Government Finance Officers' Association, the National Conference on Public Employee Retirement Systems, the National Association of State Retirement Administrators, the Public Safety Employees Association, the National Council on Teacher Retirement, the International Personnel Management Association, the Industrial Relations Research Association, the National Association of State Treasurers and the Council of Institutional Investors.

Dr. Mackell earned a B.A. Degree from Seton Hall University in Modern Languages and Communications, and his Masters Degree in Health Care Administration from Long Island University. His Doctorate Degree in Labor Studies is from Rutgers University. He also holds NASD Series 6 and 63 licenses.

About National Investment Managers Inc.

National Investment Managers, Inc. is a holding company that is creating a regionally based and nationally operated pension plan administration and investment management business. The strategic business plan includes acquiring and integrating regional pension plan administration and investment management companies with stable cash flows and high operating margins as well as retirement planning and insurance businesses. Acquisitions will retain their autonomy and benefit from being able to cross-sell other related financial services within the National Investment Managers umbrella.

Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about the Company's future prospects. They are based on the Company's current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether the Company is able to raise capital, identify and complete acquisitions, integrate the acquired businesses, improve upon the operations of the acquired business units, and generate cash and profits. Further information about these and other relevant risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.