THE PHILADELPHIA STOCK EXCHANGE LAUNCHES INITIAL OPTIONS TRADING ON S&P GLOBAL ISHARES EXCHANGE TRADED FUNDS
“ Products trading for the first time in the marketplace”

For more information, contact Barbara Sorid at 215-496-5200 or by e-mail

PHILADELPHIA - May 25, 2005 - The Philadelphia Stock Exchange (PHLX) announced today that it will launch options on eight S&P iShares Exchange Traded Funds. This will be the first time these products will be traded in the marketplace. S&P iShares options listings cover international markets. They have been allocated to LaBranche Structured Products, LLC.

Four of the options on S&P iShares Exchange Traded Funds are scheduled to begin trading on Wednesday, June 1 (not Tuesday, May 31 as previously announced). They are:

iShares S&P Global 100 Index (IOO)
iShares S&P Global Energy Sector Index (IXC)
iShares S&P Global Financial Sector Index (IXG)
iShares S&P Global Healthcare Sector Index (IXJ)

The additional four options on S & P iShares Exchange Traded Funds will begin trading on Wednesday, June 1. They are:

iShares S&P Europe 350 (IEV)
iShares S&P Global Information Technology Sector Index (IXN)
iShares S&P Global Telecom Sector Index (IXP)
iShares S&P TOPIX 150 (ITF)

Options on iShares ETFs and Sector SPDRs will trade on PHLX XL, the Exchange’s electronic trading platform, along with 22 other PHLX proprietary indexes and more than 1,700 equity options.

“PHLX is leading the expansion of options trading on global ETF products,” said PHLX Vice President of New Products, Daniel Carrigan. “PHLX customers can position trades on US equities against Europe or Japan. Additionally, Super Sector plays are possible via SPDR options on U.S. Healthcare Equities versus options on Global Healthcare, said Carrigan.

About the PHLX
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,700 equity options, 22 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.

“List of S&P Marks” are trademarks of The McGraw-Hill Companies, Inc. Neither Standard & Poor’s nor its index compilation agent makes any recommendation concerning the advisability of investing in options on [specify the particular S&P- Indexed Fund], or such other similar language as may be approved in advance by S&P.

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