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The American Stock Exchange® Announces The Appointment Of Richard T. Chase As Executive Vice President, Member Firm Regulation

Date 16/02/2001

The American Stock Exchange® (Amex®) announced that that Richard T. Chase has been appointed Executive Vice President, Member Firm Regulation.

"Richard Chase will bring significant industry and regulatory experience to the Amex as he fills this critical position," said Salvatore F. Sodano, Amex chairman and chief executive officer. "As we continue the progress we have made in reshaping the American Stock Exchange, our ability to attract individuals with the accomplishments and experience of Richard will continue to be a significant competitive advantage."

Mr. Chase joins the Amex from U.S. Bancorp Piper Jaffray, in Minneapolis, MN, where he has served as General Counsel since 1998. Prior to U.S. Bancorp, Mr. Chase’s experience includes nearly 20 years in the securities industry at the regulatory, self-regulatory and member firm level.

Mr. Chase joined the United States Securities and Exchange Commission in 1977, serving in a variety of increasingly responsible positions culminating in his appointment as Associate Director of the Office of Self-Regulatory Oversight from 1984 to 1986.

Mr. Chase left the SEC to join the Philadelphia Stock Exchange as its Executive Vice President, a position he held from 1986-1990. While at the PHLX, Mr. Chase oversaw the General Counsel’s Office and the Surveillance, Compliance, Securities and Internal Audit Departments.

Mr. Chase joined Lehman Brothers in New York in 1990. He held various positions in the General Counsel’s Office, serving primarily as the firm’s Senior Counsel in charge of Equity Capital Markets, Legal and Compliance, before leaving in 1997 to join Wessels, Arnold & Henderson, an investment bank located in Minneapolis, a post he held until joining U.S. Bancorp in 1998.

"Richard has the breadth of experience, ability, and vision to be an outstanding leader of member firm regulation at the Amex," said Tom Russo, Vice Chairman and Chief Legal Officer of Lehman Brothers Inc. "Owing to his previous exchange experience, SEC regulatory background, and thorough understanding of the member firm community, he will bring a well-rounded perspective to the Exchange."

"I am especially pleased to join the American Stock Exchange, an institution with a track record for innovation and solid prospects for continued success," said Mr. Chase.

The American Stock Exchange®, a subsidiary of the National Association of Securities Dealers, Inc. (NASD®), is the only primary exchange that offers trading across a full range of equities, Index SharesSM, including structured products and HOLDRSSM, and options. In addition to its role as a national equities market, the Amex is the leader in Index Share listings (DIAMONDS®,FORTUNE 500®Index Tracking Stock, FORTUNE e-50™ Index Tracking Stock, iSharesSM , MidCap SPDRs™, Nasdaq-100 Index Tracking StockSM, Select Sector SPDRs®, and SPDRs® and streetTRACKSSM) and is the second-largest options exchange in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, visit www.amex.com.

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