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OCC Appoints Two New Board Members

CHICAGO, December 10, 2002 - The Options Clearing Corporation (OCC) announced today the recent appointments of Mitchell J. Lieberman, Managing Director, Global Co-Head of Global Securities Services (GSS), Goldman Sachs & Co. (Goldman) and Gary E. Yetman, Managing Director, Co-Head of Global Equity Finance, Global Markets & Investment Banking Division, Merrill Lynch to its board of directors (Board). Their terms began in November.

Lieberman began his career at Goldman in 1980 in Global Operations. He moved to the Equities Division in 1992 as head of Prime Brokerage and in 1997, became a Managing Director. He was named Co-Chief Operating Officer of GSS in 1999. He serves as a board member for the Goldman Sachs Trust Company and Goldman Sachs Cayman Trust. Lieberman serves on the Advisory Board of Harpur College, the Arts and Sciences School at Binghamton University.

"I look forward to working with a team of well-respected industry professionals on OCC's Board of Directors," said Lieberman. "I believe my industry experience and expertise will be an asset to the Board."

Yetman joined Merrill Lynch in 1980 as part of Merrill Lynch's acquisition of Wagner Stott & Co.'s financing and clearing business (ML Professional Clearing). Yetman is Chairman and President of Merrill Lynch Professional Clearing and is responsible for Global Prime Brokerage, Global Stock Loan, Global Equity Swaps and ML Professional Clearing. Prior to Merrill Lynch, Yetman was a general partner of Wagner Stott and was responsible for Operations, Finance, Stock Loan and growing Wagner’s financing and clearing business.

"I welcome the opportunity to work with the distinguished board members of OCC," said Yetman. "This is an exciting and challenging time for our options industry with changes such as the introduction of decimal pricing, and the new products like single stock futures."

"The Board welcomes our two new distinguished board members," said Wayne Luthringshausen, OCC Chairman. "We look forward to working with each member whose wealth of industry knowledge and experience enhances our Board."

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 year-to-date average daily volume is 3.14 million contracts and average daily premium settlements are $1.1 billion. Year to date total collateral value at OCC is approximately $40 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