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PHILADELPHIA-AREA OPTIONS INDUSTRY COUNCIL
FREE SEMINAR TO FEATURE
PHILADELPHIA STOCK EXCHANGE INSTRUCTOR

For more information, contact Barbara Sorid at 215-496-5200 or by e-mail

PHILADELPHIA — October 7, 2004 — The Philadelphia Stock Exchange announced today that Joseph Frey, of the Philadelphia Stock Exchange, will be the featured speaker at the Option Industry Council’s (OIC) free seminar to be held on Tuesday, October 12 at the Crown Plaza Hotel, 1800 Market Street, from 6:00 p.m. to 9:00 p.m.

The seminar will focus on understanding and trading options spread strategies. After mastering the basics, spread strategies take options traders to the next level. Learn the benefits of vertical spreads, straddles, strangles, and some spreads involving both stocks and options. First, learn how these strategies work and the profit and risk potential. Then, discuss why these strategies are appropriate for particular market forecasts. Price behavior and options mechanics are also explained.

Investors and brokers interested in attending this seminar can register through the OIC Web site at www.888options.com or by calling 1-888-OPTIONS. A nationwide schedule of all OIC seminars may also be found on OIC’s Web site.

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 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.

About The Philadelphia Stock Exchange
The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades more than 2,200 stocks, 1,016 listed equity options, 12 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.

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