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Pacific Exchange Names Schwab Director As Internal Auditor

Date 03/10/2003

The Pacific Exchange announced today that it has named Gary Y. Lee as its new Vice President, Internal Audit.

Lee, 36, was Director, Trust Company Operations at Charles Schwab & Co., Inc. in San Francisco. He was previously Director, Internal Audit at Schwab, and a Manager of In-control Consulting Services at Coopers & Lybrand, L.L.P.

"We are delighted to have Gary join our senior management team," said PCX Chairman and CEO Philip D. DeFeo. "He has strong skills and extensive experience in the securities industry. We are looking forward to the contributions he will make to our strategic initiatives."

Lee holds a B.A. in business from the University of California, Santa Barbara.