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Philadelphia Stock Exchange Elects Board of Governors

Date 29/03/2000

The Philadelphia Stock Exchange (PHLX) announced today the results of its annual Board of Governors' election.

The results are as follows: Kevin Foley was elected to serve as off-floor governor for a term expiring in March 2003. Mr. Foley is currently Chief Executive of Bloomberg Tradebook LLC, an electronic broker of equities for institutional investors and for other brokerage firms, and manages U.S. transaction products at Bloomberg Financial Markets.

Christopher Nagy was elected to serve as off-floor governor for a term expiring in March 2003. Mr. Nagy is Trading Manager of Advanced Clearing Inc., where he is responsible for overseeing order flow routing decisions for Ameritrade Holding Corporation and affiliated entities.

R. James Woolsey has been appointed to serve as a public governor for a term expiring in March 2003. Mr. Woolsey is currently a partner at the law firm of Shea & Gardner in Washington, D.C. Previously, he served for two years as Director of Central Intelligence Agency (CIA).

Kevin J. Kennedy was re-elected to serve as on-floor options specialist governor for a term expiring in March 2003. Mr. Kennedy, who has served on PHLX's Board since 1997, is currently the Head Specialist for Oppenheimer, Noonan, Weiss, L.P.

Thomas W. Wynn was re-elected as on-floor equity governor for a term expiring in March 2003. Mr. Wynn is President of Wynncroft, Inc., and had previously served as a governor on PHLX's Board from 1980 to 1983 and 1986 to 1988.

"The combination of industry experience, energy, and integrity of our new governors reflects PHLX's leadership role within the industry and marks the continuation of PHLX's innovative spirit," said Meyer (Sandy) Frucher, PHLX Chairman and CEO.

Other members of PHLX's Board of Governors include the following: Meyer (Sandy) Frucher, Chairman and CEO, Philadelphia Stock Exchange; John F. Wallace, President, Wallace Securities Corp., Vice Chairman, PHLX; Ambassador Adrian A. Basora, President Eisenhower Exchange Fellowships; John L. Cantwell, Jr., Manager, George Weiss & Company, LLC; Albert S. Dandridge, III, Esq., Chairman, Corporate Finance Group, Meirov, Gelman, Jaffe, Cramer & Jamieson, LLP; Peter C. Erichsen, Esq., Vice President and General Counsel, University of Pennsylvania and University of Pennsylvania Health Systems; Antoine C. Kemper, Jr., First Vice President, Prudential Securities, Inc.; Carolyn Boone Lewis, President, The CBL Group; Lance Liebman, Esq., William S. Beinecke Professor of Law, Columbia Law School ; Robert H. Miller, II, General Partner, KRJ Securities ; Eleanor W. Myers, Esq., Associate Professor, Temple University Law School; Constantine Papadakis, Ph.D., President, Drexel University; Charles P. Pizzi, President, Greater Philadelphia Chamber of Commerce; Edward G. Rendell, Esq., Partner, Ballard Spahr Andrews & Ingersoll, LLP PHLX's Board of Governors is comprised of 11 public and non-industry governors, 10 industry governors, and one Chairman.

The PHLX is the first securities exchange in the U.S. and the nation's fastest growing sectors index options exchange. Founded in 1790, PHLX is a market leader in the trading of over 2600 stocks, 950 equity options, 12 sectors index options, and 100 currency pairs.