IPE Chief Ward Becomes Vice Chairman Following Successful Adoption Of All-Electronic Trading - Peniket Promoted To President

Richard Ward, formerly Chief Executive Officer of the International Petroleum Exchange (IPE), will assume the new role of Vice Chairman of the Exchange for the next six months, after which he will become a consultant to the Exchange, following the transition to electronic trading that was completed this year. Assuming day-to-day oversight of the IPE is David Peniket, who has been promoted to President in addition to his role as Chief Operating Officer.

Dr. Ward will leave the Exchange in April and will assume a consulting role, as he embarks on new pursuits. As Vice Chairman through April, he will help provide management continuity and oversee industry relationships.

In a letter to members Dr. Ward said: "Now that the IPE has successfully completed its transition to all-electronic trading, I am beginning a transition of my own….I am very proud of our achievements as Europe’s largest energy exchange and of the smooth conversion which so many of you made to electronic trading. With your support, we have experienced significant volume growth and enviable market share."

IPE Chairman Sir Bob Reid said: "We are all grateful to Richard for the integral role he has played over the last six years as Chief Executive. He leaves an organization much stronger for his contribution."

ICE Chairman and CEO Jeffrey C. Sprecher said: "Richard has led the IPE through a period of great change, including demutualization, the acquisition by ICE and the transition to fully electronic trading. We are pleased that we will continue to benefit from his experience and relationships over the next year and wish him the best as he pursues new endeavors."

ICE acquired the London-based energy futures and options exchange in 2001 and completed the transition from open-outcry to electronic trading in April 2005.