THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING THREE NEW OPTIONS ON SEPTEMBER 21

PHILADELPHIA — September 20, 2005 The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading three new options beginning September 21.

Refco, Inc. (option/stock symbol: RFX) will trade on the February expiration cycle with initial expiration months of October, November, February, and May. Position and exercise limits have been set at 75,000 contracts. The option was allocated to Citigroup Derivatives Markets, Inc.

Fairfax Financial HLDGS Ltd.(option/stock symbol: FFH) will trade on the January expiration cycle with initial expiration months of October, November, January, and April. Position and exercise limits have been set at 25,000 contracts. The option was allocated to Group One Ltd.

Frontline Limited (option/stock symbol: FRO) will trade on the February expiration cycle with initial expiration months of October, November, February, and May. Position and exercise limits have been set at 250,000 contracts. The option was allocated to Market Street Securities

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,703 equity options, 25sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com