CBOE Saddened By Loss Of Former Chairman, James R. Kipp

James (Jim) R. Kipp, former Chairman of the Board of the Chicago Board Options Exchange (CBOE), died January 27, 2000. Mr. Kipp was a founding member of the CBOE and also served as Chairman of the Board and Executive Committee in 1977. Kipp was a member and market maker on the trading floor from the time the Exchange began in 1973 until his recent retirement at the end of 1999. Kipp also served as a Governor at the Midwest Stock Exchange from 1970 to 1972. Jim Kipp was a veritable walking encyclopedia for the unwritten historical detail of the changing business landscape, and was often used as a consultant and resource for complex issues that arose. His career spanned four decades, starting with LaSalle Bank in 1958, Vice President at A. G. Becker and most recently, as a valued partner of the firm Options Funding Group from 1990 to 1999. Kipp also served on numerous Exchange Committees, most recently receiving special recognition for service to the 1999 Special Business Conduct Committee. Kipp's extensive experience in the securities business gave him unique perspective which he brought to the Heartland Institute, a free market public policy think tank for Midwest issues, where he was not only a founding member but also on the Board of Directors from 1984 to 1994. Kipp is survived by his wife Jeanne, who also recently retired as a math teacher at the Avery Coonley school in Downers Grove, IL and sons, James, Mark, and Robert, and grandchildren Andrew, Michael, Meredith and Stephan. CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE site on the World Wide Web at http://www.cboe.com.