OIC President Receives "Options Industry Achievement" Award

Chicago—May 5, 2004

The Options Industry Council (OIC) announced today that Paul Stevens, President, OIC recently received the third annual Joseph P. Sullivan Options Industry Achievement Award. Stevens received the award on behalf of the entire options industry at the 22nd Annual Options Industry Conference in Phoenix, Ariz. on May 3.

"I am honored to receive an award that comes from my options industry peers," said Stevens. "Seeing the tremendous growth in equity options volume over the last 11 years have been very rewarding and encouraging. It has been a privilege to work in and be honored by an industry that constantly exudes innovation, change and growth."

Stevens has been an avid proponent of the options product for over 30 years. His career began before options were a listed market, when he worked as a put/call dealer in 1968 for Saul Lerner and Company. In 1975 after the listed options market had been established, Stevens joined the newly created American Stock Exchange (Amex) Options Division. During his 14-year career at Amex, he oversaw the exchange's options division and eventually became Executive Vice President of Amex. Stevens continued his career in the industry and joined The Options Clearing Corporation (OCC) in 1989 as President and Chief Operating Officer. As president, Stevens promoted the need for options education and became in 1992 the inaugural and to date, sole president of OIC.

During Stevens' tenure at OIC, options volume has grown by more than 600 percent. Stevens has relentlessly helped demystify the options product to the press, investors and brokers. His actions have helped create a better understanding and acceptance of options to make the product more mainstream.

The Joseph P. Sullivan Options Industry Achievement Award was established in May 2002 to recognize individuals who have made outstanding contributions to the growth and integrity of the U.S. options market. Joseph P. Sullivan, a former Chicago Board of Trade executive, provided the vision and leadership to make listed options a reality. He was the Chicago Board Options Exchange's founding President from 1972-1979.

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 free 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.

Press Contacts

Debbie Baratz
312-322-6267
dbaratz@theocc.com

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