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The Options Clearing Corporation Announces 2006 Clearing Fee Refund As Net Cost Reaches Record Low

CHICAGO, February 14, 2007 - The Options Clearing Corporation (OCC) announced today that its Board of Directors recently approved a refund of $45,229,389 to Clearing Members for the year ended Dec. 31, 2006.

In addition to the refund, OCC also provided its members $126,819,454 in fee discounts in 2006. The result of the fee refund and discounts was a net cost per contract of 2.6 cents, the lowest in OCC's history. This is down from the 2005 net cost of 3.4 cents per contract and less than half the 6.2 cents net cost in 2003.

OCC annually refunds all revenues in excess of operational expenses. For the years ended Dec. 31, 2005 and 2004, this refund amounted to $49.7 million and $47.4 million, respectively. OCC's cumulative refunds and discounts since 1974 total more than $665.8 million.

"We continue to take pride in our ability to provide our customers world-class risk management, clearance and settlement services while holding the line on costs. As options trading volume keeps rising—including last year's record of more than 2 billion contracts—OCC keeps pace by lowering the net cost of clearing," said Michael Cahill, OCC President and Chief Operating Officer.

About OCC

OCC, founded in 1973, is the world's largest derivatives clearing organization and was the first clearinghouse to receive a 'AAA' credit rating from Standard & Poor's Corporation. 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, CBOE Futures Exchange, International Securities Exchange, OneChicago, NYSE Arca, Philadelphia Stock Exchange and Philadelphia Board of Trade. More information about OCC is available through its Web site at www.optionsclearing.com.