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OCC Announces Officer Promotions

CHICAGO, February 6, 2004 - The Options Clearing Corporation (OCC) announced today that Geri Love, 50 and Mike McClain, 35, have been promoted to First Vice President from Vice President and Dan DeWaal, 46 has been promoted to Vice President from Director.

In her role as First Vice President, Member Services, Love, will assume responsibility for National Operations in addition to overseeing Member Services. Together, these two areas provide support for the majority of OCC's users: the clearing members and the exchanges.

McClain, as First Vice President, Application Development, will be responsible for all application development, application production support, and application architecture. He will also lead the investigation and analysis of OCC's ongoing corporate wide technology direction.

In DeWaal's new position as Vice President and Chief Security Officer, he will be responsible for setting OCC's security policies and overseeing security efforts across the company, including information technology, human resources, communications, facilities management and other groups, to identify security initiatives and standards.

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 2003, OCC's average daily options volume was 3.6 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 provides clearing and settlement services for the American Stock Exchange, the Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, One Chicago, NQLX, Pacific Exchange and Philadelphia Stock Exchange. More information about OCC is available through its Web site at www.optionsclearing.com.