CBOE Introduces New Crude Oil Volatility Index (OVX) - New Benchmark Applies VIX Methodology To Options On The United States Oil Fund (USO)

The Chicago Board Options Exchange (CBOE) announced today that beginning on Tuesday, July 15, 2008, the Exchange will be publishing the CBOE Crude Oil Volatility Index (ticker symbol OVX).The OVX, or "Oil VIX," measures the market's expectation of 30-day volatility of crude oil prices by applying the well-known CBOE Volatility Index (VIX) methodology to options on the United States Oil Fund, LP (ticker symbol USO), spanning a wide range of strike prices.Information on OVX will be disseminated daily through CBOE's website, as well as through all major data vendors.

The United States Oil Fund is an exchange-traded security designed to track changes in crude oil prices.By holding near-term futures contracts and cash, the performance of the Fund is intended to reflect, as closely as possible, the spot price of West Texas Intermediate light, sweet crude oil, less USO expenses.

CBOE began trading USO options on May 9, 2007.In just over a year, USO options have grown to become one of the most actively traded options contracts, averaging more than 50,000 contracts per day, industry-wide, in the most recent calendar quarter.At CBOE, year-to-date volume through the first six months of 2008 was one million contracts traded.

With the introduction of OVX, the first commodity-based Volatility index, CBOE embarks on the next generation of Volatility benchmarks, extending the Exchange's franchise to new, non-equity asset classes.In the coming months, CBOE plans to develop Volatility indexes based on other commodities (e.g., gold) and foreign currencies.CBOE currently publishes data on nine different Volatility-related benchmarks and strategies, including: the CBOE Volatility Index, which is based on the S&P 500 Index, (VIX), the CBOE DJIA Volatility Index (VXD), the CBOE Nasdaq Volatility Index (VXN), the CBOE Russell 2000 Volatility Index (RVX), the CBOE S&P 100 Volatility Index (VXO), the CBOE S&P 500 3-Month Volatility Index (VXV), the CBOE VIX Premium Strategy Index (VPD), the CBOE Capped VIX Premium Strategy Index (VPN), and the CBOE S&P 500 VARB-X Strategy Benchmark (VTY).

For a complete overview of the CBOE Crude Oil Volatility Index, including methodology and historical prices dating back to May 10, 2007, visit www.cboe.com/OilVIX.

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, access the CBOE website at: www.cboe.com/.