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OCC Announces Officer Promotion

CHICAGO, July 22, 2003 - The Options Clearing Corporation (OCC) announced today that Karen Glad, 40, has been promoted to Vice President, Testing and Deployment from Director, Business Development.

In her new role as Vice President, Glad will be responsible for testing and deployment of new system applications at OCC, including OCC's new clearing system, ENCORE. She reports to Jim Kustusch, First Vice President Business Development and ENCORE Project Manager.

Since joining OCC in 1990, Glad has played a lead role in numerous development efforts in the Application Development and New Products areas. She coordinated several successful industry initiatives including Y2k industry certification, decimalization systems changes and has been a driving force in the ENCORE system design and testing teams.

Glad graduated from Indiana University with a bachelor's degree in Quantitative Business Analysis.

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 FuturesTrading Commission, OCC is jointly owned by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, PacificExchange and Philadelphia Stock Exchange. More information about OCC is available through its Web site at www.optionsclearing.com.