An options hybrid marketplace offering trading of more than 1,900 options on equities, indexes and ETFs.

BOX is a fully automated equity options exchange.

The Chicago Board Options Exchange (CBOE), the first U.S. options exchange and the creator of listed options, is the world's largest options marketplace.

ISE is the world's largest and fully electronic equity options exchange.

The Pacific Exchange trades options on more than 1,800 stocks and ETFs with 2005 year-to-date average daily volume nearing 600,000 contracts. In September 2005, the Pacific Exchange was acquired by Archipelago Holdings.

The PHLX trades 2,000 stocks; 1,926 equity options; 26 sectors index options; and currency options and futures.

Equity, index, ETF, equity flex, index flex, ETF flex.

BOX presently lists 501 equity option classes. The exchange lists options on several ETF classes.

Equity options, index options, "weeklys" (short-term options), long-term equity anticipation securities (LEAPS), FLexible EXchange (FLEX) options, options on exchange-traded funds and HOLDRs, interest rate options, structured products options.

Equity, ETF and index options.

Stocks and ETFs.

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Average daily volume: 800,000 contracts.

Total volume for 2005*: 202 million.

Average daily volume for October 2005: 454,184 contracts.

Total volume for 2005*: 78 million.

Average daily volume: 1.9 million contracts.

Total volume for 2005*: 468 million.

Average daily volume: 2.1 million contracts.

Total volume for 2005*: 449 million.

Average daily volume for November 2005: 804,000 equity options contracts.

Total volume for 2005*: 145 million.

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Total volume for 2005*: 163 million.

Primary listing exchange for more than 600 equities. Creator and largest listing venue for ETFs, structured products and bonds.

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CBOE owns the CBOE Futures Exchange (CFE) and is a partner in OneChicago, trading single stock futures. CBOE offers China Index futures, Gas at the Pump futures, PowerPacks Index futures, Russell Index futures, DJIA Volatility Index futures, S&P 500 3-Month Variance futures, and Volatility Index (VIX) futures.

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The Pacific Exchange closed its equities floors and migrated stock trading to ArcaEx in 2002.

Stocks and futures.

The American Stock Exchange is not a fully electronic exchange.

BOX is fully electronic and has been so since inception.

Hybrid Trading System launched in 2003.

Fully electronic from inception.

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Inbound electronically delivered orders automatically match against bids and offers for up to size displayed. Brokers can work orders in open auction to improve screen market and/or execute complex multileg orders, including those tied to stock.

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CBOE's Hybrid enables point-and-click execution, and allows market makers to stream live quotes, post quotes with size and expedite order execution, and enables remote market making, while preserving the opportunities for price improvement.

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PCX Plus is the technology platform and enhanced market structure for the Pacific Exchange. It allows market makers to access our markets remotely. PCX Plus electronically integrates the Exchange's current floor- based participants and remote market makers.

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BOX employs NSC trading software licensed from ATOS-Euronext and operated under a facilities management agreement (using dedicated BOX hardware) by the Montreal Exchange. The open API allows participants to interface their order routing and trading software to the trading engine.

CBOEdirect, a highly adaptable trading engine built in-house. CBOE owns this technology, which is used as the trade engine for CBOE's Hybrid, CBOE Futures Exchange and OneChicago.

OMX CLICK exchange platform.

PCX Plus.

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Fixed return options (binary or digital options on equities or ETFs), Price Improvement Auction or PIA (the potential for price improvement for all inbound customer orders).

BOX currently plans to expand its list of classes to 600. In addition, BOX will release an updated version of its spread book.

Please visit www.cboe.com for announcements of new products as they are launched.

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In December 2006, Archipelago announced the creation of a new options platform, which will replace the PCX Plus trading system. It will be designed to offer significant improvements in trading system performance, functionality and reliability.

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In the equity and ETF business, a Reg NMS-compliant hybrid system, Auction and Electronic Market Integration (AEMI).

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The Hybrid Trading System is continually enhanced as technological advancements become available.

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The new trading system uses components and processes currently in use by ArcaEx's equity trading system and will integrate relevant functionality of the existing PCX Plus system.

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