Dain Rauscher to Acquire Chicago Private Client Brokerage Office From ABN AMRO Incorporated.

Business Editors

CHICAGO--(BUSINESS WIRE)--Oct. 30, 2000

Dain Rauscher Corporation (NYSE: DRC) has entered into an agreement with ABN AMRO Incorporated, an investment banking, advisory and brokerage firm, to acquire its Chicago-based private client brokerage office, announced Ron Tschetter, president of Dain Rauscher's Private Client Group. The terms of the transaction were not disclosed.

As part of the transaction, 41 employees, including 24 registered investment executives, will join Dain Rauscher's downtown Chicago office, doubling the size of the current office.

"Chicago is a market which holds huge potential for Dain Rauscher," said Charley Grose, Dain Rauscher Midwest regional director. "We've wanted to grow our Chicago presence for some time, and this combination will give us a tremendous boost in our ability to serve the Chicago area."

Peter Wendell, manager of ABN AMRO's Chicago-based private client office, will become managing director of Dain Rauscher's Chicago branch office, reporting to Jim Chapman, Illinois district director for Dain Rauscher. The combined office will be located at 500 West Madison Avenue in Chicago.

"Both ABN AMRO and Dain Rauscher are client-focused organizations with similar cultures and values," said Wilbert Thiel, president and CEO of ABN AMRO Incorporated. "We believe this deal is good for both our employees and their clients as Dain Rauscher offers a broad platform and extremely competitive toolset within the securities industry."

ABN AMRO Incorporated is a unit of ABN AMRO Bank N.V., one of the world's largest banks with total assets of $511 billion and more than 3,500 locations in over 70 countries and territories. In North America, ABN AMRO is headquartered in Chicago and has $171 billion in assets and more than 18,000 employees with wholesale banking offices in 13 cities in the U.S., Canada and Mexico. Major North American subsidiaries include ABN AMRO Incorporated, an investment banking, advisory and brokerage firm; ABN AMRO Asset Management (USA) Inc.; LaSalle Bank in Chicago; Standard Federal Bank in Michigan and EAB in New York.

Dain Rauscher Incorporated, Dain Rauscher Corporation's broker-dealer, is one of the nation's largest full-service securities firms with 1,200 investment executives and 3,800 employees. Dain Rauscher Incorporated serves individual investors and small business owners through offices predominantly in the western half of the United States, and capital markets and correspondent clients in select U.S. and European markets. Founded in 1909, Dain Rauscher Incorporated is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are at Dain Rauscher Plaza, 60 S. Sixth St., Minneapolis, 55402-4422.