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OCC Appoints Amex Executive To Its Board

CHICAGO, January 30, 2003 - The Options Clearing Corporation (OCC) announced today the appointment of Michael J. Ryan, Jr., Executive Vice President and General Counsel, American Stock Exchange® (Amex®), to the OCC Board of Directors. He replaces Joseph B. Stefanelli, Executive Vice President, Derivatives Securities, Amex, who retired from his Board position in December.

Ryan's term is effective immediately. Ryan is currently responsible for all aspects of the legal function at the Amex and the day-to-day operations of the company as part of the office of the chairman. In this capacity, Ryan focuses on the long-term strategic direction of the Amex's three core business lines: equities, options, and exchange-traded funds. He joined the Amex in November 1998.

Prior to joining the Amex, Ryan served as counsel to the chairman of the National Association of Securities Dealers (NASD) between April 1997 and November 1998. He advised the chairman and senior executives in a broad range of areas, including federal securities laws and regulations and market structure focus. In addition, Ryan was significantly involved in the negotiations between the NASD and the Amex that resulted in the NASD's purchase of the Amex in 1998.

Ryan also worked at the Securities and Exchange Commission in the market regulation and corporation finance divisions for four years and as a senior accountant with Price Waterhouse & Co from September 1985 through July 1998.

He earned a J.D. degree from the Catholic University School of Law in 1991 and a B.S. degree in Accountancy from Villanova University in 1985. Ryan is a member of the bar in Maryland and a certified public accountant.

"We are pleased that Michael will be joining OCC's Board of Directors. Michael's industry experience and knowledge are a welcomed addition to our board," said Wayne Luthringshausen, OCC Chairman and Chief Executive Officer.

"The options industry has become one of the most successful growth stories of the American financial markets, and the OCC has played a leading role in the industry's development. I look forward to working with my colleagues from the industry and the entire OCC team on the many issues and opportunities that we will all face together," added Michael Ryan.

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.

About Amex

The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 122 ETFs to date. The Amex is also the second largest options exchange in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit www.amex.com.