Comdisco Names Norman P. Blake Jr Chairman, President and Chief Executive Officer.

Business Editors

ROSEMONT, Ill.--(BUSINESS WIRE)--Feb. 28, 2001

Comdisco, Inc. (NYSE:CDO) today announced that Norman P. Blake, Jr., has been appointed chairman, president and chief executive officer of the company, effective immediately. Philip A. Hewes, who has served as interim president and chief executive officer since December 2000, will step down from these positions.

"Norm Blake is that rare individual who combines leadership skills, managerial talent, and sheer energy," said Phil Hewes. "These qualities make him a perfect choice to build on Comdisco's heritage, effectively deploy our resources and develop our businesses to generate value for our shareholders. His record of success over several decades at major corporations speaks for itself. Our Board has made clear its view that Comdisco needs strong, seasoned leadership and Norm was our unanimous choice. We look to the future with great enthusiasm under his leadership."

"Comdisco has the elements of continued success in its three strong businesses and its talented people," Blake said. "I am excited to have the opportunity to provide leadership that will enable Comdisco to build on this foundation, move it to a new stage of profitable growth and create value for shareholders. My immediate priorities are to focus intensely on delivering the highest value to our customers and to capitalizing on those market opportunities where we can most effectively deploy our strengths."

Hewes assumed the duties of president and chief executive officer in December 2000, as the company conducted a comprehensive search for a permanent chairman and chief executive officer. He has served with Comdisco for 23 years and will continue as both a member of senior management and of the Board.

Blake, 59, has over three decades of senior management experience at leading corporations. From December 1998 to December 1999, he was chairman, president and chief executive officer at Promus Hotel Corporation, until its merger with the Hilton Hotel Corporation. From 1990 to 1997, he held the same positions at USF&G Corporation. During his tenure, USF&G's market capitalization increased 320% and net income grew 57% annually over the last five year period. USF&G merged with the St. Paul Companies in 1997.

Beginning in 1984, Blake served for six years as chairman, president and chief executive officer at Heller International Corp., a Chicago-based, wholly owned subsidiary of The Fuji Bank , Ltd. of Tokyo, which provides commercial and industrial financing in the U.S. and internationally. Previously, he served for fifteen years in various management positions at the General Electric Company, including executive vice president of financing operations for General Electric Credit Corporation. Blake has also served as president of Top, Inc. a Detroit-based diversified financial services company. In addition, he recently resigned as chief executive officer and secretary-general of the United States Olympic Committee. He served in that role from February to October 2000.

Blake has bachelor's, master's and honorary doctor's degrees from Purdue University. He is the recipient of the Ellis Island Medal of Honor award. He also serves as a member of the board of directors for Enron Corporation and Owens Corning Corporation, both since 1991. Married for 35 years, he and his wife Karen are the parents of three children, Kimberly, Kellie and Adam.

About Comdisco

Comdisco (www.comdisco.com) provides global technology services to help its customers maximize technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, (IL) company offers a complete suite of information technology services including business continuity, managed web hosting, storage, and IT Control and Predictability Solutions(SM). Comdisco offers equipment solutions to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, biotechnology and manufacturing. Through its Ventures division, Comdisco provides equipment leasing and other financing and services to venture capital backed companies. The company's revenue for the 12 months ended December 31, 2000 was $3.9 billion.

Safe Harbor 

The foregoing contains forward-looking statements regarding Comdisco that are based on current expectations and assumptions, and which involve risks and uncertainties that could cause results to differ. The words "will enable Comdisco" and similar expressions identify forward-looking statements. The company intends that such forward-looking statements be subject to the safe harbor created by Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The following are some of the factors, which could cause results to differ from expectations: fluctuations in earnings contributions from Comdisco Ventures group, remarketing activities and services; economic conditions and variations in the financial mix of leases written; failure to anticipate or adapt to new technological developments or to recognize changing market conditions which would adversely affect the Company's lease volume, leasing revenue and earnings contributions from leasing; the Company's ability to continue to introduce new services and to control and/or reduce costs on existing services. In the present economic climate, Comdisco Ventures group's customers may not be able to complete securities offerings and Comdisco Ventures group may not be able to generate gains or receive proceeds from the sale of equity holdings.

For a detailed discussion of these and additional factors that would cause results to differ please refer to the company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended 9/30/00 and its latest Quarterly Report on Form 10-Q for the Quarter ended 12/31/00 and the company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.