American Century Invests in Leading ECN Archipelago; Economic Interest Purchased Through J.P. Morgan.

KANSAS CITY, Mo.--(BUSINESS WIRE)--June 10, 1999--

U.S.-based mutual fund group American Century Companies announced today that it has acquired a 5 percent indirect economic interest in Archipelago Holdings, LLC, a premier U.S. Electronic Communications Network (ECN), and its alternative trading system.

American Century's 5 percent interest in Archipelago is being purchased through J.P. Morgan & Co. Incorporated (NYSE: JPM) and is a portion of J.P. Morgan's 20 percent investment in Archipelago, which also was announced today. J.P. Morgan holds a 45 percent stake in American Century. Financial terms of the Archipelago investments weren't disclosed.

Archipelago's ECN provides investors in NASDAQ shares -- both individual and institutional -- with an alternative, lower-cost market in which they could meet and trade stocks. Kansas City-based American Century is a leading user of ECNs, with about 30 percent of its mutual fund trades conducted through ECNs.

"American Century's economic interest in Archipelago signifies our strategic intent to sponsor technology that will ultimately lower trading costs for our investors and generate higher investment returns," said Harold Bradley, senior vice president of American Century. "We believe the open architecture of the Archipelago system makes it a likely winner in the technology revolution sweeping U.S. capital markets."

"The investment in Archipelago by J.P. Morgan and American Century will further strengthen our position as a leader in the electronic trading market," said Gerald Putnam, CEO of Archipelago. "Archipelago's investors are the major players among institutional and retail investment services providers."

The consortium of investors in Archipelago also includes E

RADE
Group Inc. (NASDAQ: EGRP) and Goldman Sachs Group Inc. (NYSE: GS).

About Archipelago

     Archipelago, one of the four original approved ECNs, was
integrated into the NASDAQ marketplace on Jan. 20, 1997. Archipelago
serves a varied customer base that includes NASDAQ market makers,
online retail brokerage firms, institutional investors, proprietary
traders, and options market makers. Archipelago believes that
marketplace transparency, fair and expeditious access, and competition
are necessary to assure market quality and efficiency, which
substantially benefit investors. In support of these principles,
Archipelago was the first ECN to offer outbound order routing -- based
on a proprietary algorithm -- to allow its participants to access
external liquidity. Further, Archipelago is an active participant in
the marketplace policy formation process, which is conducted by the
SEC and the National Association of Securities Dealers Inc.

About American Century Investments

     American Century Investments is a mutual fund company serving
nearly 2 million individual and institutional investors. Through its
broad selection of nearly 70 mutual funds, American Century manages
approximately $88 billion in assets. James E. Stowers Jr. founded the
company in 1958 and serves as chairman. His son, James E. Stowers III,
is chief executive officer and William M. Lyons is president and chief
operating officer.

     NOTE TO EDITORS:  There is an asterisk between "E" and "TRADE" in
the sixth paragraph which may not appear properly in some systems.