CBOE Purchases "Exercise Rights" From Chicago Board Of Trade Members

In response to its previously announced tender offer, the Chicago Board Options Exchange (CBOE) today said it has purchased sixty-eight CBOE exercise rights held by Chicago Board of Trade (CBOT) Full Members for $100,000 each.All tender offers were accepted and the aggregate of 68 offers represent approximately 5% of the total number of CBOT Full Members' exercise right privileges.Since CBOE's inception in 1973, the exercise right has entitled each of the 1,402 Full Members of the Chicago Board of Trade to become members of CBOE without having to acquire a separate CBOE membership.

The purchase was executed through a modified Dutch Auction process that had a price range of $60,000 to $100,000 for each "exercise right privilege," which is a transferable interest representing the CBOE exercise right component of a CBOT Full Membership.CBOT Full Members who chose to sell their exercise right were able to offer to sell their exercise right privilege for any price within that range.The 30-day offer period began on April 26, 2005 and concluded at 4:00 p.m. on Wednesday, May 25th.At the conclusion of the offer period, CBOE determined both the clearing price in the auction and the number of exercise right privileges it would purchase.All CBOT members who tendered their exercise right privileges at or below the clearing price received the same $100,000 price for their exercise right privileges.

CBOE looks forward to the purchase of additional exercise right privileges.Toward that goal, with the auction process now concluded, CBOE will establish a bid for $100,000 to purchase additional exercise right privileges from CBOT Full Members.CBOE's bid will be available to Chicago Board of Trade Full Members through the CBOT seat market in accordance with CBOT rules.

CBOE, the world's largest options marketplace and the creator of listed options, is regulated by the SEC.For additional information about the CBOE and its products, access the CBOE website at: http://www.cboe.com/