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KBW Chairman & CEO John Duffy, Co-Founder Gene Bruyette
and members of the KBW Board of Directors ring the opening bell at the
New York Stock Exchange, marking the firm’s initial public offering on
November 9, 2006.

Catherine R. Kinne, President and COO of the NYSE
Group Inc., presents KBW Chairman & CEO John Duffy and Co-Founders Gene
Bruyette and Sally Stowe with commemorative statues honoring the firm’s
IPO on November 9, 2006.
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