CBOE To Launch Credit Default Options On Five Companies On Tuesday, June 19, 2007

The Chicago Board Options Exchange (CBOE) today announced that it plans to launch Credit Default Options on five individual companies: General Motors Corporation (GM), Ford Motor Company (F), Lear Corporation (LEA), Hovnanian Enterprises, Inc. (HOV) and Standard Pacific Corp. (SPF) on Tuesday, June 19, 2007. CBOE received regulatory approval yesterday from the Securities and Exchange Commission (SEC) to list and trade Credit Default Options such as these, and approval for CBOE's Credit Default Baskets is expected soon. CBOE's Credit Default Options offer the opportunity to hedge or speculate on the risk of credit events such as bankruptcy and failure to pay.

"We are very pleased to receive SEC approval for these products which we first proposed last June. Investors can now take advantage of the synergies between options prices, volatility and credit risk, hedging all three on one electronic platform, CBOEdirect," said CBOE Chairman and CEO William J. Brodsky. "Credit Default Options are a natural extension of CBOE's product line and will bring great benefits and tremendous cost savings to a market that has exploded into a $26 trillion business."

"CBOE's credit products will provide investors with the advantages of a standardized, exchange-traded options contract, including triple-A rated clearing, price transparency and reduced trading costs," said CBOE Vice President of Product Development Joe Levin. "CBOE's Credit Default Options will trade on the highly regarded Hybrid Trading System, offering sub-second electronic executions combined with the flexibility of open-outcry trading. "

Jane Street Specialists, LLC., a global, well-capitalized market making firm, has been appointed to be the Designated Primary Market Maker (DPM) in the initial five Credit Default Options. Liquidity may also be provided by Market Makers and Remote Market Makers.

CBOE's Credit Default Options are cash-settled binary call options that pay $100,000 when the Exchange confirms that a credit event, such as default on specified payment obligations, has occurred. If no such credit event occurs, the option expires with no value. Special procedures apply in the event of a succession or redemption. Trading hours are 8:30 a.m. to 3:00 p.m. C.T. Contract specifications and additional details are available at www.cboe.com/CREDIT.

CBOE, the largest options marketplace in the U.S. and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: www.cboe.com/.

Equity Ticker Symbol	Company Name	Credit Default Option Ticker Symbols
		Expiration: Sept. 2008	Expiration: Sept. 2013
GM	General Motors Corp	GCB	GCY
F	Ford Motor Co	FDE	FDW
LEA	Lear Corp	MUG	MUP
HOV	Hovnanian Enterprises Inc	CKA	CKJ
SPF	Standard Pacific Corp	JSV	JSW