KBW Announces Changes to KBW Bank Index (BKX)

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 announces upcoming changes to the KBW Bank Index (Index Symbol: BKXSM, ETF Symbol: KBESM).

Effective prior to the opening of business on Monday, April 19, 2010, First Niagara Financial Group, Inc. (NASDAQ: FNFG) will undergo an increase in shares to account for the completion of an all-stock acquisition.

The KBW indices that have tradable exchange-traded funds are: 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 Mortgage Finance Index (Index Symbol: MFXSM, ETF Symbol: KMESM), and KBW Regional Banking Index (Index Symbol: KRXSM, ETF Symbol: KRESM).

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.