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OCC Appoints Two New Public Directors to its Board

CHICAGO (February 24, 2015) - OCC announced today that Thomas R. Cardello and Robert R. Litterman were appointed to its Board of Directors, increasing the number of public directors on OCC's Board from 3 to 5.

Mr. Cardello is the owner of Venice Group, LLC, a conventional and alternative energy company with affiliates that develop and manage quantitative investment strategies for commodity, and commodity derivative assets. Previously, he was a managing partner of Sunrise Capital Partners, a pioneering alternative asset management firm. Prior to that, Mr. Cardello served as Managing Director, Global Electronic Equity Derivatives Market Making at Morgan Stanley where he led the Global Electronic Equity Derivatives Market Making business into a position of recognized leadership. He has also served as Executive Director at hedge fund Paloma Partners, responsible for investment strategy analysis and development, fund-wide risk analysis, and management of a foreign exchange fund. In addition, Mr. Cardello was a Principal at Timber Hill Group LLC (now Interactive Brokers). Earlier in his career he held positions at Bank of America, Standard Chartered Bank and Goldman Sachs Group, Inc. Mr. Cardello received a B.S. in Mathematics from Cooper Union for the Advancement of Science and Art in 1976, and a M.Phil., Physics in 1979 and Ph.D., Physics in 1983 from Yale University.

Mr. Litterman is Chairman of the Risk Committee at Kepos Capital, a registered investment adviser and globally focused asset management firm. Before this, he built a successful career and developed risk management expertise at Goldman Sachs where most recently, he was Advisory Director and Chairman, Quantitative Investment Strategies for Goldman Sachs Asset Management. Previous positions include Partner and Head, Firm-Wide Risk Department and Vice President and Co-Director, Fixed Income Research Department. In the latter role, he co-headed the Research and Model Development Group with Fischer Black. During his tenure at Goldman, he researched and published a number of groundbreaking papers in asset allocation and risk management, earning the reputation as an industry leader in risk management. Prior to that, Mr. Litterman worked in the research department of the Federal Reserve Bank of Minneapolis and was an Assistant Professor in the Economics Department at Massachusetts Institute of Technology. Mr. Litterman received an A.B. in Human Biology from Stanford University in 1973 and a Ph.D. in Economics from the University of Minnesota-Twin Cities in 1980.

"It is a pleasure to welcome Mr. Cardello and Mr. Litterman to OCC's Board of Directors," said Craig S. Donohue, OCC Executive Chairman. "As public directors, they will broaden the mix of viewpoints represented on our board. Their deep understanding of the derivatives industry and exceptionally strong experience in risk management will benefit OCC as we further our efforts to enhance our resiliency and meet the heightened expectations of our regulators and market participants," he added.

About OCC

OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 16 exchanges and trading platforms for options, financial futures, security futures and securities lending transactions. More information about OCC is available at