Former Philadelphia Stock Exchange General Counsel Joins Saul Ewing's Philadelphia Office.

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PHILADELPHIA--(BUSINESS WIRE)--July 7, 2003

William W. Uchimoto to Fill Void in Philadelphia by Positioning Saul Ewing to Serve Market Regulation Needs of the Securities Industry

Saul Ewing Managing Partner Stephen S. Aichele announced today that former Philadelphia Stock Exchange General Counsel William W. Uchimoto, has joined the Business Department as a partner in Saul Ewing's Philadelphia office, effective immediately.

"With Bill's experience at the Philadelphia Stock Exchange, the SEC and a NASD member firm, we are confident he will add tremendous depth to Saul Ewing's Business and Securities Practices - and serve a securities market that needs us here in the greater Philadelphia area," remarked Aichele.

Mr. Uchimoto joins Saul Ewing as a partner in the Business Department. With his experience in setting up new investment instruments and trading systems, he makes Saul Ewing the source in Philadelphia for integrated service to the securities industry - from transactions and regulation to compliance and litigation. Mr. Uchimoto brings an established client base and strong personal relationships within the financial services industry.

"With seven full-service offices and solid Business and Litigation Practice Groups, Saul Ewing is the Firm best positioned to step up and serve the securities industry in Philadelphia. We will eliminate the need for the local financial community to rely on New York and Washington for regulatory advice," said Uchimoto.

"Saul Ewing has a strong securities practice," stated David S. Antzis, Chair of the Firm's Business Department. "Bill Uchimoto extends our reach by providing a valuable bridge between securities transactional work, enforcement proceedings and securities litigation."

Mr. Uchimoto comes to Saul Ewing from his position of Executive Vice President and General Counsel at Vie Financial Group, a public company which develops electronic trading systems. Before joining Vie, he was Senior Vice President and General Counsel of the Philadelphia Stock Exchange, advising the Exchange and its member firms of all rules and regulations regarding the Exchange's stock, stock option, index option, and foreign currency option market segments. He served as the Exchange's representative to joint industry associations relating to National Market System facilities such as the Consolidated Tape Association, the Intermarket Trading System and the Options Price Reporting Authority. Mr. Uchimoto also successfully sought on behalf of the Exchange and its clearing agency subsidiaries exemptive, interpretive, and no-action relief from all federal and state regulatory agencies. Previously, he was an attorney in the SEC's Division of Market Regulation assigned to implementing the congressionally mandated National Market System.

Mr. Uchimoto is a frequent conference speaker on best execution and market regulation topics and a lecturer to the International Law Institute in Washington, D.C. Mr. Uchimoto periodically has been on the adjunct faculty of several Philadelphia area law schools, teaching courses in securities regulation.

Mr. Uchimoto earned his bachelor's degree in economics from the University of California at Davis and his law degree from the University of California, Hastings College of Law.

Founded in 1921, Saul Ewing LLP is a full-service, diversified law firm of 240 attorneys in seven offices located in Pennsylvania, Maryland, New Jersey, Delaware and New York. For more information about Saul Ewing LLP, visit www.saul.com.

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