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The Options Clearing Corporation Appoints New CFO, Treasurer

CHICAGO, January 30, 2003 - The Options Clearing Corporation (OCC) announced today the promotion of Andrew J. Naughton, 43, to Executive Vice President, Chief Financial Officer (CFO) and Treasurer, effective immediately. Naughton assumes these responsibilities from Michael E. Cahill, OCC President and Chief Operating Officer.

"Andy's skills and experience in both finance and risk management, and his comprehensive knowledge of the clearing industry make this a well-deserved promotion," said Cahill. "We look forward to the contributions he is sure to bring to this position."

Naughton, who has been serving as Senior Vice President, Risk Management and Treasury, will report to both Cahill and George Hender, OCC Management Vice Chairman. In his new role, Naughton will be responsible for the accounting and finance, human resources and administration departments. He will also retain all risk and treasury operations responsibilities.

He joined OCC in 1987 having worked previously at the Federal Reserve Bank of Chicago and the Chicago Board of Trade.

Naughton, who resides in Chicago, has a MBA in Finance from DePaul University, a BS in Business from Northern Illinois University and is a graduate of the Securities Industry Institute at the Wharton School of Business.

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