NYSE Euronext has filed a proposal with the Securities and Exchange Commission to amend its rules governing membership in order to waive into the Exchange members in good standing of the Amex following the merger with NYSE Euronext. Under the proposal, Amex Equities and Options trading systems will be migrated to the NYSE facility at 11 Wall Street, with Amex members receiving temporary permits to continue trading on existing Amex systems until the migration is complete. After the Equities systems migrate to NYSE Alternext systems, a holder of a temporary permit will only be able to trade products other than those that have relocated. Amex members that do not immediately qualify for membership under the NYSE Alternext Equities rules will be given a six-month grace period in which to come into compliance. Conforming rules changes will provide that an NYSE Alternext member organization is deemed qualified and approved as an NYSE member organization and is thus eligible to hold an NYSE trading license. The proposal also states that Exchange membership would be automatic for NYSE Alternext member organizations and that such NYSE Alternext member organizations would be exempt from the Exchange’s new member organization application fee.

In addition, NYSE Alternext will adopt NYSE Rules 1 to 1004, as applicable,as its rules.

Amex Equities will relocate to 11 Wall Street as soon as practicable after the acquisition. Amex Options will relocate to 11 Wall Street about February 2009. The Amex expects to discontinue listing and trading of exchange-traded funds and certain structured products, including index and currency warrants. These products will be listed and traded on NYSE Arca. There will be no cross-listing of NYSE listed securities or Amex listed securities.