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OCC Elects Pershing Executive to Its Board

CHICAGO, May 07, 2002 - The Options Clearing Corporation (OCC) announced today the election of Ted H. Baker, Managing Director of Pershing, a division of Donaldson Lufkin & Jenrette Securities Corporation, a Credit Suisse First Boston company, to the OCC Board of Directors. He was elected effective April 23 and his term expires in April 2005.

Baker is currently responsible for Pershing's Trading Services business unit, and is a member of the Pershing Executive Committee. From 1999 through 2001, he was President of Pershing Trading Company, and he has served as a Director of Pershing's London subsidiary, Pershing Limited.

Prior to joining Pershing, Baker's vast industry experience included management roles in institutional equity trading, marketing and operations. He has a B.S. degree in Business Administration from Carroll College.

"We are pleased that Ted Baker will be joining OCC's Board of Directors, and look forward to working with someone with such diverse experience and knowledge," said Wayne Luthringshausen, OCC Chairman and Chief Executive Officer.

"OCC plays a critical, highly respected role in the U.S. financial markets, and I look forward to making a significant contribution to this world-class organization's Board of Directors," Baker said.

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 www.optionsclearing.com.