NYSE Statement Regarding Investigation, April 17, 2003

Protecting investors is of paramount importance to the New York Stock Exchange. Throughout our history, the NYSE has surveilled the marketplace and monitored its member firms and individuals to ensure that all investors, small and large, can be assured a fair and level playing field. As part of that commitment, the NYSE's regulatory group, more than one-third of the Exchange's employees, conducts ongoing surveillance of trading practices. While Exchange policy precludes us from commenting on regulatory matters, the NYSE does confirm that, as part of its ongoing commitment to surveilling the marketplace, it is conducting a review of trading practices at several specialist firms. Consistent with our policy, if wrongdoing is found, the Exchange will release that information publicly once the investigation and the prosecutorial process is completed.