Cboe News Release

CBOE News Release Chicago Board Options Exchange 400 S. LaSalle Street Chicago, IL 60605

FOR IMMEDIATE RELEASE

CBOE S&P 500 PUTWRITE INDEX (PUT) WINS AWARD FOR MOST INNOVATIVE BENCHMARK INDEX; Fourth Award in Four Years At The Super Bowl of Indexing Conference CHICAGO, December 4, 2007 - The Chicago Board Options Exchange (CBOE) announced today that its CBOE S&P 500 PutWrite Index (ticker symbol PUT) won the award for the Most Innovative Benchmark Index at the Twelfth Annual Super Bowl of Indexing Conference in Scottsdale, Arizona. The Super Bowl of Indexing Conference is an annual conference developed by Information Management Network (IMN) and attended by more than 600 industry professionals and academics that seek in-depth information and analysis on a broad spectrum of financial instruments and concepts. The 2007 award for the CBOE S&P 500 PutWrite Index was one of only three 2007 product awards granted as part of the William F. Sharpe Indexing Achievement Awards. This is the fourth award that CBOE products have received during the four years of awards at the Super Bowl of Indexing Conference. Past CBOE Innovation awards include: the CBOE S&P 500 BuyWrite Index (BXM)(2004), and both futures (2004) and options (2006) on the CBOE Volatility Index (VIX). "During this decade, CBOE has pioneered the development of options-related benchmarks such as the CBOE PutWrite and BuyWrite indexes, and has worked vigorously to promote and develop these emerging new asset classes. We are gratified that the hard work and investment in innovation made by CBOE is recognized and held in such high regard by our peers. We thank Standard & Poor's for their partnership and continued support,” said CBOE Chairman and Chief Executive Officer, William J. Brodsky. The PUT strategy is designed to sell a sequence of one-month, at-the-money, S&P 500 Index (SPX) put options and invest cash in one- and three-month Treasury Bill rates. The number of put options sold varies from month to month, but is limited so that the amount held in Treasury Bills can finance the maximum possible loss from the final settlement of the SPX puts. Key points about the CBOE S&P 500 PutWrite Index for the period from June 1, 1988 through November 30, 2007: - Higher Returns. The PUT Index had an annualized return of 12.5% compared to 11.7% for the S&P 500 Total Return Index (SPTR). - Lower Volatility. The standard deviation of returns of the PUT Index was about 40% less than that of the S&P 500 Index. - Total Growth. The PUT Index was set to 100 at its base date of June 1, 1988, and it rose to 998.17 by November 30, 2007, an increase of 898%, compared to a 758% increase for the S&P 500 Total Return Index over the same time period. - more -

Page 2 of 2/ CBOE’s S&P 500 PutWrite Index Wins Award For Most Innovative Benchmark Index In the worst-case scenario, the amount at risk for the PUT investor is limited to the amount that was invested. The number of put options sold increases with Treasury Bill rates and the price of the put, and decreases with the strike price of the put. CBOE calculates the PUT Index value at the end of each trading day and disseminate it on the CBOE website and to options quote vendors. On any given date, the index represents the value of the initial $100 invested in the PUT strategy at inception. At the close of every business date, the value of the PUT is equal to the value of the Treasury Bill account, less the mark-to-market value of the puts. Historical values for the PUT are available dating back to June 1988 on the CBOE website. For more data and information about the PutWrite Index please visit http://www.cboe.com/PUT. CBOE, the largest U.S. options exchange and creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, access the CBOE website at www.cboe.com. Contacts: Debbie Baratz (312) 786-7123 [email protected]

Gary Compton (312) 786-7612 [email protected]

CBOE® and Chicago Board Options Exchange® are registered trademarks of Chicago Board Options Exchange, Incorporated. SPXSM, BXMSM, PutWriteSM and PUTSM are service marks of CBOE. The methodologies of the CBOE BuyWrite Indexes and the PutWrite Index are owned by CBOE and may be covered by one or more patents or pending patent applications. Standard & Poor's®, S&P®, and S&P 500® are registered trademarks of The McGraw-Hill Companies, Inc. and are licensed for use by CBOE. The CBOE S&P 500 PutWrite Index is designed to represent a proposed hypothetical short put strategy. Like many passive indexes, the PUT Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes. In the construction of the hypothetical PUT index, the SPX puts are assumed to be written at a certain price on the third Friday of the month. However, there is no guarantee that all investors will be able to sell at this price, and investors attempting to replicate the PUT Index should discuss with their brokers possible timing and liquidity issues. Transaction costs for a put writing strategy such as the PUT could be significantly higher than transaction costs for a passive strategy of investing in Treasury Bills. Past performance does not guarantee future results. Super Bowl of Indexing Conference® is a registered trademark of Information Management Network.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the proposed restructuring transaction, CBOE Holdings, Inc. ("CBOE Holdings") has filed certain relevant materials with the United States Securities and Exchange Commission (SEC), including a registration statement on Form S-4. Members are encouraged to read the registration statement, including the proxy statement/prospectus that are a part of the registration statement, because it contains important information about the proposed transaction. Members are able to obtain a free copy of the proxy statement/prospectus, as well as the other filings containing information about CBOE Holdings and the Chicago Board Options Exchange, Incorporated ("CBOE"), without charge, at the SEC's Web site, http://www.sec.gov/, and the companies' website, http://www.cboe.com/. In addition, CBOE members may obtain free copies of the proxy statement/prospectus and other documents filed by CBOE Holdings or the CBOE from CBOE Holdings by directing a request to the Office of the Secretary, CBOE Holdings, Inc., 400 South LaSalle Street, Chicago, Illinois 60605. # # #