THE BOARD OF GOVERNORS OF THE PHILADELPHIA STOCK EXCHANGE FILLS THREE VACANT POSITIONS

PHILADELPHIA – Sept. 1, 2005 - The Philadelphia Stock Exchange (PHLX), upon recommendation of the Nominating and Elections Committee, recently appointed three people to fill vacant positions that would terminate in March 2006.

Michael Juneman was appointed as an off-floor industry governor. He is responsible for U.S. options exchange operations for Citadel Investment Group, L.L.C. He is filling the position held by Kevin Foley.

Ambassador Richard Sklar was appointed as a non-industry governor. He is President of the Public Utilities Commission of San Francisco. He has served as U.S. Ambassador to the United Nations. He is replacing Isaac Hunt.

Gary E. Yetman was appointed as an off-floor industry governor. He is Managing Director of Merrill Lynch, Pierce, Fenner & Smith Inc. He is replacing Christopher Nagy.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, more than 1,700 equity options, 25 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com