Philadelphia Stock Exchange elects Board Of Governors - non-industry and Public Governors also appointed

The Philadelphia Stock Exchange (PHLX) announced today the results of its annual Board of Governors' election. The results are as follows: Antoine C. Kemper, Jr. was elected to serve as off-floor governor for a term expiring in March 2001. Mr. Kemper is currently First Vice President at Prudential Securities, Inc. where he manages the Special Situation Trading Desk. Mr. Kemper replaces J. Carter Beese, Jr., President of Riggs Capital Partners, who recently resigned from the Board. William R. Harts was reelected to serve for a 3-year term as off-floor governor. Mr. Harts, who is currently the Managing Director of the Portfolio Trading Strategies Department at Solomon Smith Barney Inc., has served as off-floor Vice Chairman of PHLX's Board since March 1995. James J. Bloom was elected to serve as on-floor equity governor for a term of 3 years. Mr. Bloom, Chairman of Bloom Staloff Corporation, replaces John L. Cantwell, Jr. whose term expires this month. In addition, the Board also announced today that it has approved the appointments of the following non-industry and public governors: Peter C. Erichsen, Vice President and General Counsel, University of Pennsylvania and University of Pennsylvania Health System, was appointed to serve for a three-year term as a non-industry governor. He replaces Bruce Foerster, Founder, President and CEO of South Beach Capital Markets Advisory Corporation, whose term expires this month. Carolyn Boone Lewis, former Assistant Director, Securities and Exchange Commission's Division of Investment Management, was re-appointed to serve for a three-year term as a non-industry governor. Jack Quinn, Partner in the law firm of Arnold & Porter, was re-appointed to serve for a three-year term as a non-industry governor. PHLX's Board of Governors is comprised of 11 public and non-industry governors, 10 industry governors, and one Chairman. PHLX is the nation's first securities exchange and is a market leader in the trading of over 2,600 equities, 880 equity options, 14 sector index options, and 100 currency pairs.