Selection of CEO Announced for New Canadian Venture Exchange

On November 16, 1999, in a joint news conference held today in Calgary and Vancouver, a Steering Committee representing the boards of governors of The Alberta Stock Exchange and The Vancouver Stock Exchange announced their selection of William L. Hess, Q.C., as President and Chief Executive Officer of the proposed Canadian Venture Exchange. Mr. Hess has been Chair of the Alberta Securities Commission since September 1992. On Friday, November 26, 1999, members of the two stock exchanges will meet to vote on the proposed merger of the ASE and VSE to form Canadian Venture Exchange Inc. The boards of governors of the two exchanges have recommended their respective members approve the merger. The appointment of Mr. Hess will become effective November 29th, 1999, the formal date of the proposed merger. At the November 26th meeting, 14 member directors, six independent directors and the President & CEO will be appointed to the board of directors of the proposed new exchange. Mr. Hess was appointed Chair of the Alberta Securities Commission in 1992. In his seven years at the Alberta Securities Commission, he led the Commission through significant change, including its transformation to an industry-funded provincial corporation with significantly enhanced fiscal, managerial and operational authority. At the national level, Mr. Hess worked to improve securities regulation and played a leadership role in the development of the new Canadian Securities Regulatory System, which offers market participants a more efficient regulatory regime. As a result of an accord between the Alberta Securities Commission and the BC Securities Commission, Mr. Hess sat as a de facto member of the BC Securities Commission. Mr. Hess received his law degree from the University of Ottawa and was called to the bar in Ontario in 1979 and in Alberta in 1981. Prior to being appointed Chair of the Alberta Securities Commission, he practiced with a major law firm in Calgary where he was managing partner and headed the firm's corporate finance department.