PayPal Names Industry Veteran to Board of Directors

Silicon Valley Bank Chairman John C. Dean joins PayPal's Board

PALO ALTO, Calif. - December 28, 2001 - PayPal (www.paypal.com) today announced that John C. Dean, a veteran of the financial services industry, has joined the company's Board of Directors. Named by Forbes Magazine as one of the Fifty Most Powerful Dealmakers of 2001, Dean brings 25 years of industry experience to the eight-member board.

"With his impressive track record and invaluable banking experience, John is an excellent fit for our team," said Peter Thiel, PayPal Chairman and CEO. "He brings an important combination of experience with both financial institutions and the high-tech industry to PayPal's board."

Dean has served as the Chairman of Silicon Valley Bancshares and Silicon Valley Bank since May 2001. Dean was Chief Executive Officer and President of Silicon Valley Bank from April 1993 to April 2001. Recognized in 1997 by BusinessWeek as one of Silicon Valley's Top 25 Movers and Shakers, Dean is an advisor to and director of several U.S. and foreign venture capital firms and technology companies including the European Technology Fund, Authosis Inc., American Central Gas Companies Inc., Institutional Venture Partners, garage.com, grassroots.com, startups.com, United Overseas Bank (Singapore), Leapfrog Ventures LLC, Advanced Technology Ventures LLC, and ETF Group (Switzerland).

Dean is a graduate of Holy Cross College, a former Peace Corps volunteer, and a graduate of the Wharton School with an M.B.A. in finance.

PayPal
PayPal enables any business or consumer with an email address to securely, conveniently, and cost-effectively send and receive payments online. The online payments network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. PayPal offers its service to users in 37 countries including the United States. PayPal has more than 12 million registered users, including more than 2.1 million business accounts.

PayPal is a privately held company headquartered in Palo Alto, California. PayPal was a Webby Award nominee in both 2000 and 2001, and was named a Forbes Favorite Website in the magazine's May 2001 "Best of the Web" issue.

SOURCE: PayPal, Inc.