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Boston Stock Exchange Elects Two New Members To 2003 Board

Date 12/03/2003

Kenneth R. Leibler, Chairman and Chief Executive Officer of the Boston Stock Exchange (BSE), today announced the election of two new Governors to the Board. The new Governors elected to serve two-year terms are: Nicholas Bonn, Executive Vice President, State Street Corporation; and Arthur R. Hogan III, Chief Market Analyst, Jefferies & Company, Inc. They replace outgoing Governors Nicholas A. Lopardo and Joseph M. Marinaro.

"Nick and Art's expertise in the securities industry make them outstanding additions to the Board of the Boston Stock Exchange," said Leibler. "The growth of the Exchange is of utmost importance to us, and they are ideally qualified to help us reach the next level."

New BSE Governor Profiles

Nicholas Bonn, Executive Vice President, State Street Corporation. Bonn is head of securities trading for State Street's Global Markets business and provides leadership for the company's equities and fixed income business units. Before joining State Street in 1992, he worked at the National Association of Securities Dealers and Fidelity Investments. Bonn currently serves on the Board of Directors of Bel Air Investment Advisors, LLC; State Street Global Markets, LLC; and Elkins McSherry, LLC. He is also a member of the Securities Industry Association brokerage committee and the executive management group of State Street Corporation.

Arthur R. Hogan III, Chief Market Analyst, Jefferies & Company, Inc. Hogan is manager of the Boston office of Jefferies & Company and heads up its equity trading division. Prior to joining Jefferies in 1998, Hogan was a senior executive for the institutional equity trading departments at Morgan Stanley & Co., Inc. and Dean Witter Reynolds, Inc. Previously, as Vice President of Fidelity Investments' Capital Markets Group, Hogan led the firm's floor brokerage operation at the Boston Stock Exchange. Hogan is a frequent contributor for CNBC, CNN, CNNfn, Bloomberg-TV, and Reuters-TV, as well as The Wall Street Journal, The New York Times and Financial Times.

About the BSE Board of Governors

Additional members of the BSE Board are as follows: Kenneth R. Leibler, Chairman of the Board and Chief Executive Officer, Boston Stock Exchange; Bruce K. Newell, Vice Chairman of the Board and Vice President, Pershing Trading Company, L.P.; Stephen D. Barrett, Executive Vice President, H.C. Wainwright & Co., Inc.; Neil W. Conary, Principal, Ward, Conary, & Murphy, Inc.; S. James Coppersmith, Vice Chairman, The Rasky/Baerlein Group; David F. Denison, President, Institutional Brokerage Group, Fidelity Investments; William F. Devin, Director/Trustee, SunAmerica Asset Management, Inc.; Deborah C. Jackson, Chief Executive Officer, American Red Cross of Massachusetts Bay; Daniel M. Joyce, President & COO, Moors & Cabot, Inc.; Kenneth M. King, Principal, K & S, Inc.; Andrew W. Lo, PhD., Professor of Finance, MIT Sloan School of Management and Director, MIT Laboratory for Financial Engineering; Richard F. Lynch, Senior Vice President and Director of Equity Trading, Prudential Securities, Inc.; Mary McDermott-Holland, Senior Vice President of Trading, Franklin Portfolio Associates; W. Robert Mudge, Regional President of New England, Verizon Communications, Inc.; Brian L. Riddell, Principal, Riddell International Consultancy; Linda M. Sarkisian, Principal, Sarkisian Securities, Inc.; William J. Shea, President, Conseco, Inc.; Leo J. Smith, Managing Director, Director of Investment Operations, Putnam Investments, Inc.; and Grady G. Thomas, Jr., President, The Interstate Group, Division o f Morgan Keegan & Company, Inc.

About the Boston Stock Exchange

Founded in 1834 as the third oldest exchange in the United States, the Boston Stock Exchange (BSE) has, from its beginnings, played a vital role as a leading regional exchange within the strongest capital market system in the world. Today, the BSE offers exceptional market quality, specialized trading services, innovative technology and outstanding customer service to broker-dealers, investment institutions and listed public companies. The BSE trades more than 11 billion shares of listed securities on an annual basis. Additional information can be found at www.bostonstock.com.