THE TELLEFSEN CONSULTING GROUP NAMES JOHN RAPA PRESIDENT AND CHIEF EXECUTIVE OFFICER; JACK MCCARTHY EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER

Leading management consultancy announces new leadership

New York, NY (January 21, 2003) - The Tellefsen Consulting Group, Inc. (TCG), a leading Wall Street management consulting practice, today announced the immediate appointments of: John J. Rapa to President and Chief Executive Officer and Jack McCarthy to Executive Vice President and Chief Operating Officer.

According to Jerry Tellefsen, Chairman, and Wayne Rosen, Chief Financial
Officer and co-founders of TCG, "John and Jack have been key contributors to
TCG for several years and to the growth of the firm. They both bring a
broad background of experience and knowledge in the Financial Services and
Derivatives industries to the firm and our clients. We are delighted that
they have been appointed senior officers and shareholders of the Tellefsen
Consulting Group. We are confident that under John and Jack's leadership
that we will continue our rapid and continued growth in the Financial
Services and Derivatives industries," commented Tellefsen and Rosen.

A veteran in the technology and consulting field, John Rapa was previously
Segment Manager for IBM's Capital Markets industry, responsible for sales
and marketing to exchanges and electronic markets in the Americas. Prior to
that, he was Worldwide Manager for Industry Marketing for Stratus Computer's
Capital Markets practice.

Jack McCarthy has over 20 years of diversified business experience, with more than 12 in Financial Services. His background includes experience in both front and back office environments of equity and options exchanges, information vendors, and securities broker dealers. McCarthy previously worked at Optimark Technologies and was also employed in various technology and consulting capacities at IBM Global Services and the Philadelphia Stock Exchange.

Mr. Tellefsen has assumed the role of Chairman of TCG, and Mr. Rosen will continue in his role as the Chief Financial Officer.

Contact: Lynn Tellefsen, Tellefsen Consulting Group: 201-222-0026

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