CyBerCorp Renamed CyberTrader, Inc.

Business/Internet Editors

AUSTIN, Texas--(BUSINESS WIRE)--April 16, 2001

Schwab's Direct Access Brokerage Subsidiary Enhances Trading Software and Services; Introduces New Tiered Pricing for Active Traders

The Charles Schwab Corporation, one of the nation's largest financial services providers, today announced the renaming of its direct access brokerage subsidiary to "CyberTrader, Inc." from CyBerCorp. Simultaneously, CyberTrader, Inc. announced a number of enhancements to its trading platforms and services - as well as new tiered pricing that reduces commissions and fees for many CyberTrader clients.

Jim Hackley, CEO of CyberTrader, said the change of brand reflects the role that CyberTrader has assumed in the broad array of Schwab electronic brokerage services since its acquisition in March 2000. Schwab recently announced a major integration of CyberTrader direct access technology in its new StreetSmart Pro(R) electronic trading platform, due for full rollout in late Q2.

"At CyberTrader, we are committed to continuing our innovation and implementation of state-of-the-art information and trading technology, Hackley said. "As the markets continue to evolve technologically, CyberTrader, Inc. intends to be front and center with the best-of-breed technology and services for the broad range of clients at CyberTrader and Schwab."

Hackley also announced several software enhancements to CyberTrader's two direct access-trading platforms, as well as new educational resources and tiered pricing. CyberTrader's platforms - CyberX2 and CyberTrader Pro -- utilize direct access and intelligent order routing technology. Effective April 16 both platforms are being upgraded with the following enhancements:

- Streaming News - Live streaming news is now integrated into the CyberTrader
Pro platform. Clients can stay on top of the markets with real-time news from
Dow Jones Newswire, a leading source of electronic news for global market
professionals.

- Remote Web Trading - clients can trade away from their primary PC with the
speed and power of Intelligent Order Routing through an easy-to-use web browser
system accessible from most desktop computers.

- Options Trading - CyberTrader introduces covered call writing capabilities in
addition to the ability to buy and sell puts and calls - along with streaming
options data. CyberTrader is one of the only brokerage firms to offer traders
the ability to electronically direct an options order to the options exchange
of their choice.

- Amplified firewall and proxy server functionality - CyberTrader Pro works
within most proxy servers and firewall systems, increasing the platform's
flexibility and versatility.

CyberTrader's new tiered pricing (effective May 1) includes:

- For CyberX2: $9.95 each for 100 or more trades per month

(formerly 500+ trades per month), up to $12.95 for 50-99

trades per month (formerly 1-249 trades per month), and $14.95

for those executing less than 50 trades a month. No data fees

are charged for 20 or more trades per month; data fees for

less than 20 trades per month are reduced to $79.95 from

$99.95.

- For CyberTrader Pro (formerly CyberTrader 3.0): $9.95 for 500

or more trades per month (unchanged); $12.95 for 250-499

trades per month (formerly $14.95) and $14.95 for 1-249

(formerly $17.95) or more trades per month. No data fees are

charged for 50 or more trades per month.

- For options (either platform): $9.95 + $2 per contact (minimum

$19.95 per trade).

Expanding its broad range of training, support and services for clients, CyberTrader is also launching CyberTrader U, which features both live online classes hosted daily for beginning and intermediate traders, as well as self-paced classes on topics such as Nasdaq Level II data, direct access brokers, ECN's and CyberTrader software. CyberTrader is also upgrading its website (www.cybertrader.com) and client center to deliver these enhancements along with an industry news center, updated with new market information and developments (such as decimalization).

Greg Ferris, President and Chief Operating Officer of CyberTrader, said CyberTrader, Inc. has been a technological leader in the rapidly changing securities brokerage market since the mid-1990s by staying abreast of market changes, such as the expanding ECN market, decimalization and Intelligent Order Routing for options.

"Our clients demand state-of-the-art trading technology, which in turns fuels our research and development commitment at CyberTrader, Inc.," Ferris said. "The enhancements announced today reflect the latest improvements in stock and options technology for the highly active trader market."

Gideon Sasson, President of Schwab's Electronic Brokerage enterprise, added:

"Schwab and CyberTrader have successfully combined advanced online trading technology for the first time within a full-service brokerage, giving our clients the flexibility and range of choices they expect from one of the world's leading financial services providers. CyberTrader, with its new brand and upgraded products and services, will continue to maintain its strong focus on innovation in the direct access brokerage arena, in addition to serving as a technology incubator for Schwab."

For more information about CyberTrader, Inc., please visit www.cybertrader.com or call 1-888-76-CYBER.

About Charles Schwab

The Charles Schwab Corporation, through Charles Schwab & Co., Inc. (member SIPC/NYSE), U.S. Trust Corporation and CyberTrader, Inc. and its other operating subsidiaries, is one of the nation's largest financial services firms. Schwab provides a full-service investing experience to clients through branch offices, regional client telephone service centers, the Internet, automated touch-tone telephone, automated voice recognition, e-mail, wireless technologies and multi-lingual and international offices. The Charles Schwab, U.S. Trust and CyberTrader Web sites can be reached at http://www.schwab.com, http://www.ustrust.com and http://www.cybertrader.com respectively.