Press Release

2/23/2001

CHICAGO STOCK EXCHANGE NAMES TWO TOP EXECUTIVES: A.D. FRAZIER, PRESIDENT AND CHIEF EXECUTIVE OFFICER; PAUL B. O’KELLY, CHIEF OPERATING OFFICER

CHICAGO (February 23, 2001)—The Chicago Stock Exchange, the second largest stock exchange in the U.S., announced that it had selected A.D. Frazier Jr. to be its new President and Chief Executive Officer, and Paul B. O’Kelly to be its Chief Operating Officer (COO).

Frazier joins the CHX from INVESCO Inc., where he was President and CEO with overall responsibility for all U.S.-based INVESCO institutional business, encompassing $90 billion of assets under management and over 700 people. Frazier will assume CEO responsibilities on March 15. He succeeds Robert H. Forney, who announced his retirement last September, and who had been President and CEO since 1995.

Frazier, 56 years old, has held a number of executive positions in Chicago and Atlanta—including a six-year stint as Chief Operating Officer for the 1996 Atlanta Olympic Games, and was awarded the Olympic Order in Gold, the highest service award given by the International Olympic Committee, at the Games’ conclusion. From 1982 to 1991, he was Executive Vice-President in charge of the North American Banking Group of First Chicago Corporation and First National Bank of Chicago, now Bank One. He has been involved with a number of civic and charitable organizations both in Atlanta and Chicago, and has been the recipient of a number of civic and leadership awards. Frazier, a native of North Carolina, holds a bachelor’s degree and law degree from the University of North Carolina in Chapel Hill, and attended Harvard’s Advanced Management Program.

O’Kelly was promoted to the new position of COO from his current position as Executive Vice-President of Market Regulation and Legal Affairs. O’Kelly, 51, joined the Exchange in 1998 after being with the Chicago Mercantile Exchange for eleven years. He was the CME’s Senior Vice-President and General Counsel at the time of his departure. He began his career at the CME as Vice-President of Compliance, then became Vice-President of Administration, with broad responsibilities for many of the business functions of the Exchange. Prior to the CME, O’Kelly spent thirteen years at the Chicago office of the Securities and Exchange Commission, where he ran the regional branches that regulate investment companies and corporate reorganizations. He holds a J.D. degree from Loyola University of Chicago School of Law.

Lee Mitchell, Chairman of the CHX, said, “A.D. is a top-notch executive who has enormous levels of experience, creativity and energy. We’re pleased to have such a qualified individual team up with the Board, members and senior management to chart the future of the organization. The Exchange has experienced six consecutive years of record growth, and we feel confident we have selected a chief executive to continue the success of the CHX and to capture new opportunities in a changing marketplace. Paul’s promotion is recognition of the important role he has played at the CHX, and expresses our confidence in his abilities. We feel A.D. and Paul are a potent leadership team for the CHX, and represent the highest caliber of management to be found at any exchange.”

Andrew Davis, CHX Vice-Chairman, speaking on behalf of the members, said, “We’re happy to welcome A.D. to the exchange community, and to congratulate Paul on his well-deserved promotion. We are very enthusiastic about these two decisions the Board has made. They complement each other and together pack a one-two punch that will continue the CHX’s recent tradition of innovation and market leadership.”

Frazier said, “I’m delighted to be selected by the CHX. It’s a fantastic organization, and I look forward to being part of it. Paul O’Kelly is a first-rate professional and I’m eager to begin working with him.” O’Kelly added, “A.D.’s experiences bring a new point of view to the Exchange, and he will be a terrific addition to the management group. I’m also pleased to be appointed to a position with increased responsibilities and opportunities.”

The Chicago Stock Exchange was founded May 15, 1882 and is the second most active stock exchange in terms of share and trade volume. The CHX is also the fastest-growing exchange, providing the strongest force for competition to all U.S. markets. The CHX trades more than 4,400 NYSE, Amex, Nasdaq and CHX-exclusive issues, more than any other U.S. stock exchange.

The Chicago Stock Exchange was aided in its search by Russell Reynolds Associates.