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Statement From American Stock Exchange Board Of Governors

Date 14/01/2005

The Board of Governors of the American Stock Exchange (Amex) issued the following statement today in connection with Salvatore F. Sodano's announcement, yesterday, of his decision to retire:

The Board of Governors of the American Stock Exchange LLC wishes to express its gratitude and appreciation for Mr. Sodano's leadership over the past five years and acknowledges his leadership in what was a challenging period for the nation's capital markets.

During his tenure, Mr. Sodano guided the Amex through formidable challenges and, as a newly independent securities exchange, it is now poised to take advantage of the many promising opportunities that lie ahead.

The Board looks forward to working collaboratively with Mr. Sodano to effect a smooth transition in leadership.