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CHX Announces Board Of Governors Election Results

Date 13/04/2000

The Chicago Stock Exchange (CHX) yesterday announced the results of the 2000 Board of Governors election held on Tuesday, April 11. The Exchange members elected three new governors and re-elected six governors.

Under the Exchange's Constitution, its Board is composed of 24 governors: 12 non-industry or public governors, 10 member governors, and the CHX president and vice chairman. The vice chairman serves a two-year term. All other elected governors serve three-year terms unless the candidate is elected to fill a vacancy created by a governor who has left the Board prior to the end of the term.

The elected officials are as follows:

MEMBER GOVERNORS: Term Expires April 2002: Tilden S. Engelman (New Governor) is president of Engelman Securities, Inc., a Chicago-based firm that he founded in 1967. At various times during his 28-years as an Exchange member, Mr. Engelman has served as a member of the Board of Governors and on a number of Exchange committees. He currently acts as the vice chairman of the Strategic Planning Committee. Mr. Engelman is a former trustee and director of Weiss/University of Chicago Hospital. He earned a bachelor's degree from Dartmouth College and received a master's degree from the Amos Tuck School of Business Administration-Dartmouth.

MEMBER GOVERNORS: Terms Expire 2003: John H. Chapel serves as executive vice president of TD Waterhouse Group, Inc., and is responsible for all areas of the firm's U.S. brokerage operations. Mr. Chapel, who joined the firm in 1981 as an account executive in San Francisco, was appointed to his current position in 1998. He has held various senior-level positions at TD Waterhouse Group, Inc., including executive vice president, Branch Administration. Mr. Chapel is on the Board of Directors of the National Investors Services Corporation (NISC). He received a bachelor's degree in business administration from Boston University. Mr. Chapel was appointed to the Board in January 2000 to fill a vacancy.

John P. Kayser is a principal, CFO and oversees Finance, Administration and Operations at William Blair & Co., LLC, where he has been employed since 1978. Mr. Kayser serves as the chairman of the Finance Committee at the CHX. He is a member of the Board of Directors of the DuPage Children's Museum, King-Bruwaert and the University Club of Chicago. He received his bachelor's degree in political science from Princeton and a master's degree from Stanford.

Thomas R. Lavery (New Governor) is a partner of Chicago Securities Group and is the floor manager for its listed and OTC specialists operations. He is also a co-specialist on the CHX trading floor. Mr. Lavery has worked for Chicago Securities group (or its predecessors) since its inception in 1982. He has served on the Specialist Tech Sub-Committee for five years and is currently the vice chairman of that committee. Additionally, Mr. Lavery is a member of the Committee on Floor Procedures and the ITS Sub-Committee. He has been an Exchange member since 1982. Mr. Lavery attended Purdue University.

Anthony D. McCormick has served as a vice president, Derivative Products in the Capital Markets & Trading Group of Charles Schwab & Co., Inc., since April 1998. His responsibilities include managing Schwab's listed options and futures businesses, as well as new business development. Mr. McCormick's former positions include president and CEO of Harris Futures Corporation (Bank of Montreal), as well as roles as an independent floor trader, floor broker and customer representative on the Chicago Mercantile Exchange (CME). He also served on the CME Board from 1995 to 1997. Mr. McCormick currently represents Schwab on the Chicago Board Options Exchange's Managing Directors Committee, both the American Stock Exchange and Pacific Stock Exchange's Retail Advisory Committees and the Securities Industry Association's Options Committee. He received a bachelor's degree from the University of Virginia in 1975 and a master's degree from the Kellogg Graduate School of Management, Northwestern University in 1991.

NON-INDUSTRY OR PUBLIC GOVERNORS: Terms Expire 2003: Eugene B. Connolly is the retired chairman and CEO of USG Corporation, a holding company for several major subsidiaries in the building products industry, including U.S. Gypsum Company and USG Interiors. Mr. Connolly joined United States Gypsum Company in 1958 and served in a variety of management positions, including president and CEO, DAP Inc.; and president and COO, U.S. Gypsum Company. He is a member of the Board of Directors of Pepper Companies, Inc., and LaSalle National Bank. He also serves on the advisory boards of Kellogg Graduate School of Management, Northwestern University and Indiana University School of Business. He received both a bachelor and master's degree from Hofstra University.

Casey G. Cowell (New Governor) owns and oversees the management of several diversified private companies, operating principally through Durandal, Inc., a holding company of which he is chairman and principal owner. Mr. Cowell co-founded U.S. Robotics in 1976 and headed it from its inception until its combination with 3Com Corporation in June 1997. Mr. Cowell serves on the Board of Directors of 3Com Corporation and CDW Computer Centers, Inc. He is also a member of the Board of Trustees for the University of Chicago, the Illinois Institute of Technology and Northwestern Memorial Hospital. He received a bachelor's degree in economics from the University of Chicago in 1975.

David F. Goldberg is the chairman and director of Burling Bank in Chicago, which he founded in 1989. Until 1988, he was the chairman of Goldberg Brother Commodities, Inc., Goldberg Bros. Trading, Inc., and Goldberg Securities, Inc. He also has served as a member of the Board of Governors of the Chicago Board Options Exchange, the Chicago Board of Trade (CBOT), the Options Clearing Corporation and the Securities Investor Protection Corporation. Mr. Goldberg currently is a member of the CBOT, the Chicago Mercantile Exchange and the Union League Club of Chicago. He also serves as the director of Catholic Charities of Chicago.

David M. Kelly recently retired from the positions of president and CEO of the National Securities Clearing Corporation (NSCC), vice chairman of the newly created Depository Trust & Clearing Corporation, and CEO of Government Securities Clearing Corporation. Mr. Kelly joined NSCC in 1983 and served as CEO. Prior to that time, Mr. Kelly served as president and director of Execution Services, Inc., a broker subsidiary of Morgan Stanley, Inc., and was vice president of Mitchell Hutchins, Inc. He received his bachelor's degree in economics from Michigan State University and served in the U.S. Marine Corps. Mr. Kelly was appointed to the Board in March 2000 to fill a vacancy.

Governors who retired from the board are: Kenneth G. Lyall, vice president of the Pershing division of Donaldson, Lufkin & Jenrette Securities Corp., and Thomas T. Williams, president of K.W.S. Associates, Inc. David W. Fox also retired as chairman. The new Board will elect a new chairman at its first meeting on Friday, April 14.

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 4,500 NYSE, Amex, Nasdaq and CHX-exclusive issues, more than any other stock exchange in the world.