DAVID JOHNSON JOINS CLEARING CORPORATION BOARD OF DIRECTORS

Chicago, March 8, 2005 - The Clearing Corporation ("CCorp") announced today that David Johnson, recently retired managing director of Morgan Stanley's futures and options division, has been appointed to its Board of Directors.

A U.S. Navy veteran, Mr. Johnson spent 22 years with Morgan Stanley. He has been a member of the American Stock Exchange ("AMEX"), the Chicago Board Options Exchange ("CBOE"), the Chicago Mercantile Exchange ("CME"), the Chicago Board of Trade ("CBOT"), the Chicago Stock Exchange ("CHX"), the National Stock Exchange ("NSX"), and the Pacific Exchange ("PCX"). Mr. Johnson also served on CCorp's Board of Directors from February, 1991 to February, 1997 and was Chairman from 1994-96.

Prior to joining Morgan Stanley, Mr. Johnson was 1st Vice President in charge of operations and marketing at the CBOE and previously was a vice president of DLJ/Pershing, where he was responsible for options trading and U.S. trading floors.

Michael Dawley, Chairman of the Board of Directors, said: "We are very fortunate to have Dave Johnson as a member of the Board. He is well-known and well-respected in the industry and brings tremendous experience to the table."

Mr. Johnson is active in many philanthropic organizations and is presently on the board of the Chicago Area Council of the Boy Scouts of America and the Illinois Council of Economic Education. He attended New York Institute of Finance and Wagner College.

His appointment fills a vacancy on the Board of Directors.

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