User acknowledges that it has reviewed the User Agreement and the Privacy Policy governing this site, and that continued use constitutes acceptance of the terms and conditions stated therein.

OCC Announces New First Vice President, Technology Services Group

CHICAGO, June 18, 2003 - The Options Clearing Corporation (OCC) announced today that Scott J. Everhart, 42, recently joined the company as First Vice President - Technology Services. Everhart was previously a Director of Global Architecture and Technology with Motorola Inc. He replaces Dave Engaldo, who was recently promoted to First Vice President, Business Continuity.

In his role as First Vice President - Technology Services, Everhart will report to Michael E. Cahill, OCC President and Chief Operating Officer, and will be responsible for the OCC Technology Services organization, including Network Services and other Technical Services departments.

"We are thrilled that Scott has joined OCC. His extensive information technology experience is an excellent addition to OCC in a critical area of service to our constituencies," said Cahill.

Everhart is a 20-year information technology professional. For the past 15 years, he worked at Motorola Inc. and ran various information technology infrastructure and technology architecture organizations. Everhart brings extensive experience to OCC in overall data center infrastructure, high availability, disaster recovery, technology architecture, Middleware, and e-business infrastructure services.

"I'm looking forward to utilizing my knowledge and experience at OCC to help further leverage the technology and business value OCC brings to its participant exchanges and clearing members," said Everhart. "The OCC has earned a reputation for being at the forefront of clearing technology; I'm glad to be a part of that and look forward to the new challenges and opportunities I will face, as well as provide the thought leadership necessary to help insure continued future successes of the organization."

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. In 2002, OCC's average daily options volume was 3.14 million contracts and average daily premium settlements were $1.1 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