Charles Schwab Executive Vice President and Chief Information Officer Joins Keynote's Board of Directors; Geoffrey Penney Elected to Board.

Business Editors/High-Tech Writers

SAN MATEO, Calif.--(BUSINESS WIRE)--July 31, 2002

Keynote Systems (Nasdaq:KEYN), The Internet Performance Authority(R), today announced that Mr. Geoffrey Penney, executive vice president and chief information officer for The Charles Schwab Corporation (NYSE:SCH), has been elected to Keynote's Board of Directors.

The election of Penney to Keynote's board underscores Keynote's commitment to serving the demanding Web performance management needs of financial services customers. Mr. Penney joined Charles Schwab in 1997 to head up Financial Products and International Technology. He was promoted to EVP in 1998, and established the Client Technology Group in 2000, before becoming CIO in 2001.

Previously, Mr. Penney served as senior vice president at Fidelity Investments in Boston, 1994 to 1997, and as senior vice president and managing director at Bankers Trust Company in London and New York, 1976 - 1993. Born and educated in England, Mr. Penney earned his B.A. degree, as well as a Ph.D. in Inorganic Chemistry at Cambridge University.

"I'm very pleased to be joining Keynote's board at this time," said Mr. Penney. "Keynote's customers are leaders in their industries, and I look forward to working with the company as it grows its range of testing, diagnostic and performance management service solutions for e-business."

"We are honored to have Geoff serve on Keynote's board of directors. He will be a tremendous asset to the Board and to executive management at Keynote because of his depth and breadth of knowledge and experience regarding the IT needs of the financial services industry, an extremely important customer base for Keynote, said Umang Gupta, chairman and CEO of Keynote. "We look forward to his valuable participation as we continue to grow and transform Keynote into a mission-critical supplier of Internet performance management services."

About Keynote

Keynote Systems (Nasdaq:KEYN), The Internet Performance Authority(R), is the worldwide leader in Internet performance management services that improve the quality of e-business. Keynote's services enable corporate enterprises to benchmark, diagnose, test and manage their e-business systems both inside and outside the firewall. More than 2,400 corporate IT departments and 18,000 individual subscribers rely on the company's easy-to-use and cost-effective services to optimize revenue and reduce downtime costs without requiring additional complex and costly software implementations.

Keynote Systems, Inc. was founded in 1995 and is headquartered in San Mateo, Calif. The company can be reached at www.keynote.com or by phone in the U.S. at 650-403-2400.

The Internet Performance Authority is a registered trademark of Keynote in the United States and/or other countries.

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