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CBOE S&P 500 BuyWrite Index (BXM) is Licensed to Connors Investor Services for Buy-Write Investment Product


CHICAGO- June 16, 2004 - The Chicago Board Options Exchange, Incorporated (CBOE) today announced that a license was granted giving Connors Investor Services, Inc. the right to use the CBOE S&P 500 BuyWrite Index (BXM) as the strategic basis for a new options investment vehicle. Connors Investor Services, Inc., is a registered investment advisor located in Wyomissing, Pennsylvania.

Created and introduced by CBOE in April 2002, the BXM is a benchmark index that measures the performance of a theoretical portfolio that sells (or "writes") covered Standard & Poor's 500 Index call options (SPX) against a portfolio of the stocks included in the Standard & Poor's 500 Index (S&P 500).

Connors' implementation of the CBOE BXM Index strategy, the Connors BXM Strategy, is designed to enable investors to conveniently participate in a broad-based, buy-write strategy with a licensed investment manager, and to achieve results that closely approximate the CBOE BXM.

A "buy-write," also referred to as a "covered call", generally is considered to be an investment strategy in which an investor buys a stock or a basket of stocks, and also sells call options that correspond to the stock or basket of stocks. This strategy can be used to enhance a portfolio's risk-adjusted returns and reduce volatility.

CBOE calculates and disseminates BXM at the end of each trading day. Historical values for the BXM are available dating back to June 1988. For more information about BXM, its updated methodology, and use as a portfolio management tool, please visit www.cboe.com/bxm.

About BXM:
- The BXM Index has outperformed the S&P 500 Index in four out of the last five calendar years.

- In the sixteen-year period from its June 1988 inception through May 2004, the annualized total return of the BXM Index was higher than that of the S&P 500 Index. In that period, the BXM return was 12.3%, compared to the S&P 500 Index return of 11.9%.

- During that same sixteen-year period, the volatility of the BXM Index was significantly less than the volatility of the S&P 500 Index. BXM had approximately two-thirds of the volatility of the S&P 500 Index.

About Connors
Connors Investor Services, Inc., founded in 1969, is a Registered Investment Advisor located in Wyomissing, Pennsylvania and manages investment portfolios for a wide range of institutional and private clients.

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