San Mateo, CA, October 1, 2003 – Keynote Systems (Nasdaq: KEYN), The Internet Performance Authority®, today named Peter J. Maloney to the position of ...

San Mateo, CA, October 1, 2003 – Keynote Systems (Nasdaq: KEYN), The Internet Performance Authority®, today named Peter J. Maloney to the position of chief financial officer. Prior to today’s announcement, Mr. Maloney has been Keynote’s vice president of finance. Mr.Maloney’s promotion is the final step in a planned transition announced earlier this year in July,2003. John Flavio, Keynote’s previous CFO, who joined the company in July 1999, resigned from the CFO position to spend more time with his family. Mr. Flavio will be available to Keynote to sign all year-end reports and certifications when completed, and will provide service to Keynote over the next few months as requested.

“John helped Keynote transition from a private company to a public company, built a strong accounting and financial reporting organization and guided us to six consecutive quarters of positive cash flow with GAAP profitability on the horizon in a difficult economic environment. I thank John very much for his many contributions to Keynote and wish him all the best,” said Umang Gupta, chairman and chief executive officer of Keynote. “Peter has contributed significantly to the success of our finance organization. I welcome him to the position of CFO as together we take Keynote to its next goal of meaningful top line financial growth and sustained profitability.”

Mr. Flavio said, “I hired Peter two years ago and worked closely with him, and others, to put Keynote on a solid financial footing. This is the perfect time for me to step down and spend some long-awaited time with my family and at some point in the future seek other opportunities to work with emerging private companies looking to take the same types of steps taken by Keynote over the past several years.”

“With John’s careful attention to managing Keynote’s balance sheet and creating a solid, scalable financial infrastructure, Keynote is now well positioned to begin to grow again as the economy picks up,” said Mr. Maloney, Keynote’s new chief financial officer. “I look forward to taking the leadership role and continuing to build a quality finance organization that is positioned to support Keynote’s future.”

Mr. Maloney joined Keynote in January of 2002 as vice president and controller of the company. He became vice president of finance shortly thereafter. Mr. Maloney, 40, is a seasoned executive with 14 years of finance, investor relations and corporate development experience. Prior to joining Keynote, Mr. Maloney was the senior vice president of finance and corporate development at Adaptive Broadband Corporation. Before that he served as vice president of investor relations at Republic Industries. In 1996 he was assistant corporate controller at Dole Food Company and previous to Dole, he was a manager with Arthur Andersen LLP.


About Keynote:
Keynote Systems (Nasdaq: KEYN), The Internet Performance Authority®, is the global leader in Web performance measurement, testing and management services that improve the quality of ebusiness. Keynote’s services enable corporate enterprises to benchmark,diagnose, test and manage their e-business systems both inside and outside the firewall. Approximately 2,300 corporate IT departments and 15,400 individual subscribers rely on the company's easy-to-use and cost-effective services to optimize revenues and reduce downtime costs without requiring additional complex and costly software implementations.

For more information on Keynote, please visit: www.keynote.com