Cboe, CBSX, & CFE Press Releases


CBOE ELECTS TEN INDIVIDUALS TO BOARD OF DIRECTORS; Public Directors Robert Birnbaum, Janet Froetscher, R. Eden Martin and Roderick Palmore Re-Elected

CHICAGO, November 15, 2007 - The Chicago Board Options Exchange (CBOE) announced that in its annual election held today, Thursday, November 15, the membership elected ten individuals to the CBOE board of directors to fill expired and vacant positions. The new terms will begin on January 1, 2008.

Among the ten individuals elected to the CBOE board of directors, four were incumbent Public Directors re-elected to serve three-year terms: Robert Birnbaum, Janet Froetscher, R. Eden Martin and Roderick Palmore.

Robert Birnbaum is the former President and Chief Operating Officer of the New York Stock Exchange (NYSE) and the former President and Chief Operating Officer of the American Stock Exchange (AMEX).

Janet Froetscher is the President and Chief Executive Officer of the United Way of Metropolitan Chicago.

R. Eden Martin is the President of The Commercial Club of Chicago and is of counsel at the law firm Sidley Austin LLP.

Roderick Palmore is the Executive Vice President, General Counsel and Secretary of Sara Lee Corporation.

Three individuals were elected to the board of directors to serve as Off-Floor (industry) Directors: David Fisher, Anthony McCormick and Kevin Murphy.

David Fisher, Chairman of the Board, optionsXpress, Inc., was newly elected and will serve a two-year term.

Anthony McCormick, Vice President, Equities and Options, Charles Schwab & Co., Inc., was re-elected and will serve a three-year term.

Kevin Murphy, Managing Director and Head of U.S. Broker Dealer Sales, Citigroup Global Markets, Inc., was re-elected and will serve a three-year term.

Two individuals, Bradley Griffith and John Smollen, were each elected to the board of directors to serve as Floor (industry) Directors. Paul Kepes was elected to the board of directors as an At-Large (industry) Director.

Bradley Griffith, Principal, Specialists DPM, LLC, was re-elected to serve a three-year term. Mr. Griffith also currently serves as CBOE's Vice Chairman, the highest member elected position at the Exchange.

John Smollen, Managing Director, Goldman Sachs & Co., was re-elected and will serve a three-year term.

Paul Kepes, Co-Founder, Senior Partner and Managing Director, Chicago Trading Company (CTC) LLC, was newly elected to a three-year term as an At-Large (industry) Director on the Board.

"I am pleased to welcome our new and returning directors to CBOE's board," said CBOE Chairman and Chief Executive Officer, William J. Brodsky. "CBOE will be well-served by the collective experience these talented business leaders bring to the Exchange. I look forward to working with them as we implement the initiatives that are critical to CBOE's business in 2008 and beyond."

CBOE's board of directors consists of 22 members, equally balanced between 11 public (independent, non-industry) and 11 industry (member) directors, plus the chairman and chief executive officer of CBOE.CBOE's governance structure also includes a Lead Director -- a public director who acts as a liaison between the Board and Exchange management. CBOE's Governance, Audit and Compensation Committees are each chaired by a public director, and the Regulatory Oversight Committee is composed solely of public directors.

In other election results, six individuals were elected to the Nominating Committee. Richard Fuller, DPM/Partner, G-Bar Limited Partnership, was elected to serve a three-year term as a floor member. Robert Hocking, Vice President, Index Volatility Trading, Goldman Sachs & Co., was elected to a one-year term as a floor member. Aaron Leider, Director, Merrill Lynch Global Markets, Inc., was elected to serve a three-year term as a firm member. Martin O'Connell, President, O'Connell & Piper Associates, Inc., was elected to serve a three-year term as a lessor member. Joseph Perona, President, JPE Options, Inc., was elected to serve a three-year term as a floor member. Pamela Strobel, former Executive Vice President and Chief Administrative Officer, Exelon, was elected to serve a three-year term as a public member.

The Nominating Committee is a ten-person committee, comprised of a cross section of the CBOE membership and public representatives, and is charged with nominating candidates for the board of directors and the Nominating Committee.

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.

Debbie Baratz
(312) 786-7123

Gary Compton
(312) 786-7612

CBOE® and Chicago Board Options Exchange® are registered trademarks of Chicago Board Options Exchange, Incorporated.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

In connection with the proposed restructuring transaction, CBOE Holdings, Inc. ("CBOE Holdings") has filed certain relevant materials with the United States Securities and Exchange Commission (SEC), including a registration statement on Form S-4. Members are encouraged to read the registration statement, including the proxy statement/prospectus that are a part of the registration statement, because it contains important information about the proposed transaction. Members are able to obtain a free copy of the proxy statement/prospectus, as well as the other filings containing information about CBOE Holdings and the Chicago Board Options Exchange, Incorporated ("CBOE"), without charge, at the SEC's Web site, http://www.sec.gov/, and the companies' website, http://www.cboe.com/. In addition, CBOE members may obtain free copies of the proxy statement/prospectus and other documents filed by CBOE Holdings or the CBOE from CBOE Holdings by directing a request to the Office of the Secretary, CBOE Holdings, Inc., 400 South LaSalle Street, Chicago, Illinois 60605.

CBOE Holdings, the CBOE and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of CBOE Holdings and of the CBOE is available in the prospectus/proxy statement.

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