THE PHILADELPHIA STOCK EXCHANGE ANNOUNCES
PRELIMINARY RESULTS OF SELF-TENDER OFFER

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

Philadelphia – October 27, 2005 – The Philadelphia Stock Exchange (PHLX) today announced the preliminary results of its self-tender offer that expired yesterday at 5:00 p.m., Philadelphia time. In the tender offer, PHLX offered to purchase for cash up to 16,700 shares of its Class A common stock at a price per share of $900.00.

Based on a preliminary count by StockTrans, Inc., the depositary for the tender offer, approximately 3600 shares were properly tendered and not withdrawn. Because stockholders tendered fewer than 16,700 shares, PHLX anticipates that tendered shares will not be subject to the Priority of Purchase provisions set forth in the PHLX’s Offer to Purchase, dated September 22, 2005. As a result, PHLX expects to accept for purchase all shares of common stock that were properly tendered and not withdrawn.

The shares of common stock expected to be purchased represent approximately 3.5% of PHLX’s 101,000 shares of common stock issued and outstanding as of October 27, 2005. As a result of the completion of the tender offer, immediately following payment for the tendered shares of common stock, PHLX expects that approximately 97,400 shares of common stock will be issued and outstanding. As previously announced, PHLX will fund the payment for the shares of common stock validly tendered and accepted under the tender offer from available cash of approximately $3,240,000.

The number of shares of common stock tendered and not withdrawn is preliminary and subject to verification by StockTrans. The actual number of shares of common stock validly tendered and not withdrawn will be announced promptly following the completion of the verification process. Promptly after such announcement, the depositary will issue payment for the shares of common stock validly tendered and accepted under the tender offer and will return all other shares of common stock tendered.

About the PHLX
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,700 equity options, 26 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offering, solicitation or sale would be unlawful.

This press release contains or may contain statements which are forward-looking within the meaning of applicable securities laws. These statements include or imply projections of future performance that are based upon the PHLX’s current expectations and assumptions. These expectations and assumptions, as well as the PHLX's future performance, are subject to a number of risks and uncertainties. Factors that could cause actual results to differ from projected results are discussed in the PHLX’s Offer to Purchase.

###

Back to News


Products + Marketplace + Exchange + News + Publications + Calendar +
Educational + Site Map + Home + Contact Us + Emergency Info