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Doug Greenburg

From: Jean Cawley [jcawley@theocc.com]

Sent: Wednesday, March 17, 2004 11:01 AM
To: Doug Greenburg
Subject: Expiration

Doug,

I'm following up on our recent conversations regarding the expiration for listed options after the September 11 th
attacks.

My Member Services department has advised that we did not archive the contrary advice file as of the
September, 2001 expiration. The contrary advice file reflects notice by clearing members' of instances where
they or the market participants for whom they clear will exercise or not exercise in a manner that would override
OCC's exercise thresholds. Such notice is provided pursuant to exchanges' rules. Those rules permit OCC
clearing members to use a facility built by OCC for clearing members to provide such notice as required by the
exchanges' rules. OCC transmits this file to the options exchanges for their regulatory purposes. This file is not
used in the course of business by OCC. You may desire to follow up with the options exchange for additional
information regarding any contrary advices submitted for the expiration in question.

Member Services, however, confirms their general belief that there was no significant money "left on the table" for
that expiration. As a part of servicing our clearing members, Member Services will contact firms that have not
exercised positions that are significantly in the money to limit the possibility that there was a firm error in
processing exercise instructions. Member Services does not recall that firms left unexercised positions that were
significantly in the money.

Please call if you need additional information.

Jean Cawley

3/19/2004