OIC Announces Sixth Consecutive Month Of Increased Volume Equity open interest continues record-breaking numbers

Chicago—December 3, 2002

The Options Industry Council (OIC) announced today that for the sixth straight month, equity options volume increased over the previous year's volume. November equity options volume was 58,622,690 contracts (22,947,217 puts and 35,675,473 calls), a 1.19 percent increase over the 57,932,407 contracts (21,614,706 puts and 36,317,701 calls) in November 2001.

Equity open interest reached a new daily record on Nov. 15, with 102,354,274 contracts, surpassing the previous record set on Oct. 18 with 101,926,163 contracts. November month-end equity open interest also set a new record with 96,997,274 contracts. The previous record was set in October with 92,923,852 contracts.

Equity open interest is the total number of options contracts not yet exercised or allowed to expire.

"Six months of continuous equity options volume growth indicates that the options market is strong and adaptable during these challenging market conditions," said Paul Stevens, President, OIC. "The persistent expansion in equity open interest is evidence that investors are using options as a longer-term investment tool."

Average daily equity options volume for November was 2,931,135 contracts, a 6.25 percent increase over 2,758,686 contracts in November 2001. The highest trading day for equity options volume occurred on Nov. 21 when 4,455,851 contracts traded.

Year-to-date equity options volume is 661,040,685 contracts vs. 671,443,316 contracts during the same time period in 2001.

About OIC

OIC is a non-profit association funded by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange, Philadelphia Stock Exchange and The Options Clearing Corporation. In 2002, OIC is celebrating its 10-year anniversary of providing investors and brokers options education. OIC's resources include: The Options Industry Services call center at 1-888-OPTIONS, an educational Web site at www.888options.com, evening seminars throughout the continental United States and Canada, instructional videos and educational literature and software.

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