OIC Adds "Taxes and Investing" Addendum to Reflect Impact of Tax Legislation on Options

Chicago—June 30, 2003

The Options Industry Council (OIC) announced today that an addendum to its Taxes and Investing brochure is now available on the OIC Web site at www.888options.com/store/taxguide_new.pdf. The new addendum, written by Richard J. Shapiro, Tax Partner, Ernst & Young LLP, explains the impact of the Jobs Growth Tax Relief Reconciliation Act (JAGTRRA) of 2003 on options.

New topics include:

• Reduction of Tax Rate on Capital Gains
• Reduction of Tax Rate on Dividends
• Accelerated Reduction of Individual Tax Rates

The addendum serves as a temporary update to OIC's Taxes and Investing brochure which provides a general discussion of the tax law affecting options investments. A comprehensive version of the brochure, incorporating topics covered in the addendum as well as additional information from JAGTRRA, will be completed shortly.

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. 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.