S&P 500® Index Options - PM-Settled www.cboe.com/SPXpm

		SPXpm
		SPXPM 1315.99 20.77 VIX 22.01 -3.09 BXM 864.97 9.98 PUT 1147.04 13.13 VXTH 142.41 0.89 Delayed Quotes

S&P 500^® Index Options - PM-Settled

On October 4, 2011, C2 Options Exchange began trading p.m.-settled, electronically-traded S&P 500® Index options with the ticker "SPXpm."

Press Release re: SPXpm "Super Leaps" Options on March 1, 2012
Information Circular re: Listing of SPXpm LEAPS® on March 1, 2012

Key features of SPXpm options include:

1. FULLY ELECTRONIC MARKET MODEL
   • Listed on C2 Options Exchange, CBOE Holdings' all-electronic exchange
   • Point-and-click access
2. LARGE CONTRACT SIZE
   • 100 multiplier and a large notional size
   • Contract size is ten times larger than SPY (SPDR ETF) options making it more cost effective
3. PM-SETTLEMENT
   • Aligns with single-stock options and ETF options
   • Preferred by many investors including those with end-of-day reporting needs
   • The ability to trade in and out of positions on settlement day
4. CASH-SETTLEMENT, EUROPEAN-STYLE EXERCISE
   • Like SPX and most other index options, and unlike SPY and other ETF options
   • No risk of early assignment and loss of dividends, no portfolio disruption on assignment
   • CBOE Circulars (RG99-09 and RG00-171) allow SPX options to be written on a "covered" basis against SPY or IVV ETF shares in a margin account, provided the investor's brokerage firm has such policies in place
5. TAX TREATMENT
   • Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including SPX and SPXpm, are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the investor involved and the strategy employed satisfy the criteria of the Tax Code*
6. COMPLEMENTS EXISTING PRODUCTS
   • SPX options will continue with AM-settlement at CBOE
   • SPX Quarterlys and Weeklys will continue as distinct pm-settled contracts traded at CBOE

Expiring SPXpm Options Now Cease Trading at 4:00 p.m. Eastern Time on Their Last Day of Trading

On their last day of trading, all expiring SPXpm options listed cease trading at 4:00 pm (Eastern time) / 3:00 p.m. (Chicago time). All non-expiring SPXpm options will continue to trade until 4:15 p.m. (Eastern time) / 3:15 p.m. (Chicago time). For additional information please refer to the following circular: http://www.c2exchange.com/publish/RegCir_C2/C2RG11-040.pdf.

Comparison of Key Options Products Based on the S&P 500 Index

* Investors should consult with their tax advisors to determine how the profit and loss on any particular option strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.

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