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OCC Chairman Receives First Annual "Options Industry Appreciation" Award at 20th Annual Conference

LAQUINTA RESORT, CALIFORNIA, May 03, 2002 - The Options Clearing Corporation (OCC) announced today that Wayne P. Luthringshausen, OCC Chairman and Chief Executive Officer, received the First Annual Options Industry Appreciation Award. Luthringshausen received the award on behalf of the entire options industry at the 20th Annual Options Industry Conference in LaQuinta Resort, Calif. today.

"It is an honor to be the first recipient of this industry wide award from my peers," said Luthringshausen. "While I'm proud to receive this award, I am especially grateful to be part of the options community, which has perservered and remained strong for nearly 30-years."

Luthringshausen's career has paralleled the growth of the listed options market. In 1963, he began his career in the securities and futures industry at two regional brokerage firms in New Orleans, La. Luthringshausen joined the Chicago Board of Trade in 1970 to assume an active role in creating the Chicago Board Options Exchange (CBOE) In 1973, he was appointed Executive Vice President and Secretary of the Chicago Board Options Exchange Clearing Corporation (CBOECC) and later that year, he was named President and Chief Executive Officer. After receiving Securities and Exchange Commission approval, the CBOECC became OCC in 1975 and Luthringshausen was named Chairman and Chief Executive Officer.

Through Luthringshausen's leadership, OCC became the first clearing organization to earn a 'AAA' credit rating from Standard & Poor's because of the strength and stability it provides to the options market. Luthringshausen played an integral role in creating The Options Industry Council for educating investors and brokers, which celebrates its 10-year anniversary this year and is also credited with growth in the options marketplace. He also oversaw industry wide testing and preparation for monumental events such as the turnover to the Year 2000, decimalization and the pending introduction of security futures.

About OCC

OCC, founded in 1973, is the largest clearing organization in the world for options and was the first clearing house to receive a 'AAA' credit rating from Standard & Poor's Corporation. OCC's average daily volume is 3.2 million contracts and average daily premiums settlements are $1.05 billion. As of first quarter 2002, total collateral value at OCC was $43.8 billion. Operating under the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission, OCC is jointly owned by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and Philadelphia Stock Exchange. More information about OCC is available through its Web site at