Court rules on CBOE exercise rights

CBOE membership circular

TO: Membership

FROM: Office of the Chairman

DATE: June 3, 2009

SUBJECT: Approval of Exercise Right Litigation Settlement

We are pleased to inform you that the Delaware Chancery Court has approved the

settlement of the exercise right litigation. In approving the proposed settlement, the Court overruled all of the objections to the terms of the settlement and found that the settlement is fair and reasonable. The decision approving the settlement is posted on CBOE's website at https://www.cboe.org/Legal/Default.aspx .

The Court's decision remains subject to potential appeal to the Delaware Supreme Court. Any appeals must be filed within thirty days following the entry by the Court of an order of approval and final judgment, which we expect to occur in the near future. Following the conclusion of the appeal period, we will inform the membership whether any appeals have been filed.

We are extremely gratified to have reached this important milestone on the path to

CBOE's demutualization and plan to move forward with the demutualization process once the Delaware court proceedings are satisfactorily concluded.

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