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FTSE Mondo Visione Exchanges Index:

The Philadelphia Stock Exchange To Begin Trading Options On The SIG Investment Managers Index<SUP><SMALL>TM</SUP></SMALL> (SMQ<SUP><SMALL>SM</SUP></SMALL>) On Monday, March 24

Date 21/03/2003

The Philadelphia Stock Exchange announced today that it will begin trading options on the newly created SIG Investment Managers IndexTM (SMQSM) at the start of trading on Monday. Susquehanna Investment Group, LLP will act as specialist in this new product.

SIG is one of the nation's leading liquidity providers in index options, participating in approximately 15% of all industry specific index option volume. SIG is a specialist in nearly 40 index products and has been the creative force behind some of the industry's most widely cited and actively traded products. SIG developed the Investment Managers Index to allow institutional and retail investors to isolate and hedge the performance of managers of public and private assets.

The SMQSM, the latest addition to the 12 existing PHLX sectors index options, is a modified capitalization-weighted index that reflects the performance of 19 publicly traded investment management companies. The composition includes managers of mutual funds, trust banks, and broker-dealers with substantial asset management components.

Time after time, the PHLX has introduced products ahead of investor need, having both recognized untapped market segments and anticipated investor need for quality investment and hedging instruments. The roster of such products is long: the PHLX Oil Service SectorSM (OSXSM); the PHLX Defense SectorSM (DFXSM); the PHLX Gold/Silver SectorSM (XAUSM); the PHLX Housing SectorSM (HGXSM); and the PHLX Semiconductor SectorSM (SOXSM) to name a few.

Susquehanna International Group, LLP (SIG), a leading institutional sales and market making firm, offers renowned execution expertise in listed, NASDAQ, Exchange-Traded-Funds (ETFs), options and American Depositary Receipts (ADRs). In addition, SIG encompasses a New York Stock Exchange specialist in over 150 listings, a NASDAQ market making operation in nearly 3,000 stocks, is the nation's largest option market maker and specialist in over 725 option classes, and is the leading sector index options trading firm. SIG is also one of the largest liquidity providers in ETFs. SIG is active in the markets of over 20 countries on 5 continents, including offices in Bala Cynwyd, Boston, Chicago, Dublin, New York, Philadelphia, San Francisco, and Sydney. For more information about SIG, please visit www.sig.com.

The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades more than 2,200 stocks, 1,016 listed equity options, 12 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.