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The Options Clearing Corporation Promotes Michael E. Cahill to President and Chief Operating Officer

CHICAGO, June 13, 2002 -The Options Clearing Corporation (OCC) today unveiled the arrival of a new management era as it announced the promotion of Michael E. Cahill, 44, to President and Chief Operating Officer, effective July 1. Cahill was most recently Executive Vice President, Chief Financial Officer and Treasurer. His promotion marks the realization of a long-term management succession plan at the world's largest clearing organization for options.

In making todays announcement, Wayne P. Luthringshausen, OCC Chairman and Chief Executive Officer, stated, "We are fortunate to have someone of Mikes character and ability to assume this important management position. Since he joined OCC in 1982, Mike has consistently demonstrated the type of leadership required for the evolving marketplace."

Cahill began with OCC as an analyst in OCC's Risk Management Department, and throughout his career has led that area, as well as Treasury Operations, Application Development, Accounting and Finance, and Administration. With his risk management insight and expertise, he was a key contributor to OCC becoming the first clearing corporation to receive a 'AAA' rating in 1993 from Standard and Poor's. OCC has consistently received this highest rating every year.

"I'm honored and excited about my new role at OCC. With new products on the horizon, such as single-stock futures, and the certainty of real-time trading just around the corner, we are at the verge of a new environment for clearing. I'm committed to upholding OCC's reputation as a world-class clearing organization that unremittingly meets the needs of the markets it serves," said Cahill.

Coinciding with this management transition, Paul Stevens, OCC President since 1989, will now serve as a Senior Advisor to OCC management and will continue as President of The Options Industry Council. Ralph Pfaff, Senior Executive Vice President and Chief Operating Officer since 2000, will remain Senior Executive Vice President and will also assume also a role as Senior Advisor. Cahill will retain his duties as Chief Financial Officer until a successor is named later this year.

Cahill is a member of the Securities Industry Association's Operations, Legal and Compliance and Credit Divisions, the Futures Industry Association's Operations Division, the Unified Clearing and Securities Clearing Groups, and the Operations Advisory Committee of DTCC.

He has an MBA in Finance from DePaul University and BBA degree from The University of Notre Dame. He is also a graduate of the Securities Industry Institute. He resides in Glen Ellyn, Ill.

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