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The Options Clearing Corporation Announces Largest Ever Clearing Fee Refund

CHICAGO, March 5, 2008 - The Options Clearing Corporation (OCC) announced today that its Board of Directors recently approved a refund of $58,665,731 to Clearing Members for the year ended Dec. 31, 2007.

OCC annually refunds all revenues in excess of operational expenses. For the years ended Dec. 31, 2006, 2005 and 2004, this refund amounted to $45.2 million, $49.7 million and $47.4 million, respectively. OCC's cumulative refunds and discounts since 1974 total more than $724.5 million.

In addition to the refund, OCC also provided its members $120,736,944 in fee discounts in 2007. The resulting net cost per contract of 1.7 cents is the lowest in OCC's history. This is down from the 2006 net cost of 2.6 cents per contract and half the 2005 net cost of 3.4 cents. The discounted fee for the vast majority of options trades currently stands at 3 cents per contract.

"As options volume experiences exceptional growth—including the record 2.86 billion contracts traded last year—OCC continues to hold down costs," said Michael Cahill, OCC President and Chief Operating Officer. "The record volume resulted in a record refund even while our clearing fees were at a record low."

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, Pacific Exchange, Philadelphia Stock Exchange and Philadelphia Board of Trade. More information about OCC is available through its Web site at