KCE SPDR S&P Capital Markets

Keefe, Bruyette & Woods, Inc., a full service investment bank that specializes in the financial services sector, and a wholly-owned subsidiary of KBW, Inc. (NYSE: KBW), today announced upcoming changes to the KBW Capital Markets Index (Index Symbol: KSXSM, ETF Symbol: KCESM). Effective prior to the opening of business on Monday, August 11, 2008, Merrill Lynch & Co., Inc. (NYSE: MER), a component of the KSX, will undergo a share increase due to a recently completed equity offering. The KBW family of indices and exchange traded funds include: KBW Bank Index (Index Symbol: BKXSM, ETF Symbol KBESM); KBW Capital Markets Index (Index Symbol: KSXSM, ETF Symbol KCESM); KBW Insurance Index (Index Symbol: KIXSM, ETF Symbol KIESM); KBW Regional Banking Index (Index Symbol: KRXSM, ETF Symbol: KRESM) KBW Mortgage Finance Index (Index Symbol: MFXSM); KBW Property & Casualty Index (Index Symbol: KPXSM); and KBW Premium Yield Equity REITs Index (Index Symbol: KYXSM). About KBW KBW, Inc. is the parent of Keefe, Bruyette & Woods, Inc., Keefe, Bruyette & Woods Limited and KBW Asset Management. Keefe, Bruyette & Woods, Inc. is a full service investment bank specializing in the financial services industry. Founded in 1962, it is widely recognized as a leading authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors. The firm has established industry-leading positions in the areas of research, corporate finance, mergers and acquisitions, as well as sales and trading for financial services companies.