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OIC Announces Management Changes Paul G. Stevens, Jr. to retire as President

Chicago—December 16, 2004

The Options Industry Council (OIC) announced today that George S. Hender, Management Vice Chairman, The Options Clearing Corporation (OCC) will assume responsibilities as President, OIC. Gina McFadden, Senior Vice President, Options Industry Services, OCC has been named Executive Director, OIC.

Paul G. Stevens, Jr. President, OIC, will retire, effective Dec. 31. Stevens has served as OIC's president since its inception in 1992. During Stevens' tenure, equity options volume grew 679 percent.

"We're looking forward to working with George, whose involvement and experience in the industry will be a great addition to OIC," said McFadden.

"OIC plays an important role in educating investors about the options market," said Hender. "The options industry has seen tremendous growth this year and we're encouraged this trend will continue. I look forward to working with OIC to expand their resources and offerings."

Hender joined OCC in 1987. Previously Hender was Executive Vice President and Director of BancAmerica Options, Inc., and Tague Securities Corporation. He has been a member of the Board of Governors of the Philadelphia Stock Exchange, the Board of Directors of OCC and the Stock Clearing Corporation of Philadelphia. This fall, Hender was elected Vice Chairman of Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security and appointed to the board as Vice Chairman of the Financial Services Information Sharing and Analysis Center, Inc. (FS-ISAC).

About OIC

OIC is a non-profit association funded by the American Stock Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange, Philadelphia Stock Exchange and The Options Clearing Corporation. OIC's resources include: The Options Industry Services call center at 1-888-OPTIONS, an educational Web site at, evening seminars throughout the continental United States and Canada, instructional videos and educational literature and software.

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