THE CBOE VOLATILITY INDEX - VIX

he powerful and flexble tradng and rsk management tool from the Chcago Board Optons Exchange HE CBOE VOLAILIY INDEX - VIX ACCEP NO SUBSIUE.

HE CBOE VOLAILIY INDEX HE CBOE NDEX - VIX In 993, the Chcago Board Optons Exchange (CBOE ) ntroduced the CBOE Volatlty Index, VIX, whch was orgnally desgned to measure the market s expectaton of 30- day volatlty mpled by at-the-money S&P 00 Index (OEX ) opton prces. VIX soon became the premer benchmark for U.S. stock market volatlty. It s regularly featured n the Wall Street Journal, Barron s and other leadng fnancal publcatons, as well as busness news shows on CNBC, Bloomberg V and CNN/Money, where VIX s often referred to as the fear ndex. en years later n 003, CBOE together wth Goldman Sachs, updated the VIX to reflect a new way to measure expected volatlty, one that contnues to be wdely used by fnancal theorsts, rsk managers and volatlty traders alke. he new VIX s based on the S&P 500 Index (SPX SM ), the core ndex for U.S. equtes, and estmates expected volatlty by averagng the weghted prces of SPX puts and calls over a wde range of strke prces. By supplyng a scrpt for replcatng volatlty exposure wth a portfolo of SPX optons, ths new methodology transformed VIX from an abstract concept nto a practcal standard for tradng and hedgng volatlty. VOLAILIY AS A RADABLE ASSE VIX FUURES & OPIONS On March 4, 004, CBOE ntroduced the frst exchange-traded VIX futures contract on ts new, all-electronc CBOE Futures Exchange SM (CFE ). wo years later n February 006, CBOE launched VIX optons, the most successful new product n Exchange hstory. In less than fve years, the combned tradng actvty n VIX optons and futures has grown to more than 00,000 contracts per day. he negatve correlaton of volatlty to stock market returns s well documented and suggests a dversfcaton beneft to ncludng volatlty n an nvestment portfolo. VIX futures and optons are desgned to delver pure volatlty exposure n a sngle, effcent package. CBOE/CFE provdes a contnuous, lqud and transparent market for VIX products that are avalable to all nvestors from the smallest retal trader to the largest nsttutonal money managers and hedge funds. BEYOND VIX VIX In addton to VIX, CBOE calculates several other volatlty ndexes ncludng the CBOE Nasdaq-00 Volatlty Index (VXN SM ), CBOE DJIA Volatlty Index (VXD SM ), CBOE Russell 000 Volatlty Index (RVX SM ) and CBOE S&P 500 3-Month Volatlty Index (VXV SM ). Currently, VXD and RVX futures are lsted on CFE; RVX optons trade on CBOE. In 008, CBOE poneered the use of the VIX methodology to estmate expected volatlty of certan commodtes and foregn currences. he CBOE Crude Ol Volatlty Index (OVX SM ), CBOE Gold Volatlty Index (GVZ SM ) and CBOE EuroCurrency Volatlty Index CBOE Propretary Informaton Copyrght 009, Chcago Board Optons Exchange, Incorporated. All rghts reserved.

(EVZ SM ) use exchange-traded fund optons based on the Unted States Ol Fund, LP (USO), SPDR Gold Shares (GLD) and CurrencyShares Euro rust (FXE), respectvely. HISORICAL PRICES FOR VIX AND OHER VOLAILIY INDEXES VIX Perhaps one of the most valuable features of VIX s the exstence of more than 0 years of hstorcal prces. hs extensve data set provdes nvestors wth a useful perspectve of how opton prces have behaved n response to a varety of market condtons. Prce hstory for the orgnal CBOE Volatlty Index (cker VXO ) based on OEX optons s avalable from 986 to the present. CBOE has created a smlar hstorcal record for the new VIX datng back to 990 so that nvestors can compare the new VIX wth VXO, whch reflects nformaton about the volatlty skew or smle. Hstorcal prces for VIX, VXO and CBOE s other volatlty ndexes may be found on the CBOE webste at http://www.cboe.com/mcro/indexstes.aspx under CBOE Volatlty Indexes. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

3 HE VIX CALCULAION SEP-BY BY-SEP VIX Stock ndexes, such as the S&P 500, are calculated usng the prces of ther component stocks. Each ndex employs rules that govern the selecton of component securtes and a formula to calculate ndex values. VIX s a volatlty ndex comprsed of optons rather than stocks, wth the prce of each opton reflectng the market s expectaton of future volatlty. Lke conventonal ndexes, VIX employs rules for selectng component optons and a formula to calculate ndex values. he generalzed formula used n the VIX calculaton s: WHERE HERE σ = R e Q( ) 0 F () σ s F 0 VIX VIX = σ 00 00 me to expraton Forward ndex level derved from ndex opton prces Frst strke below the forward ndex level, F Strke prce of th out-of-the-money opton; a call f > 0 and a put f < 0 ; both put and call f = 0. Interval between strke prces half the dfference between the strke on ether sde of : = + R (Note: for the lowest strke s smply the dfference between the lowest strke and the next hgher strke. Lkewse, for the hghest strke s the dfference between the hghest strke and the next lower strke.) Rsk-free nterest rate to expraton Q( ) he mdpont of the bd-ask spread for each opton wth strke. Please see More than you ever wanted to know about volatlty swaps by resmr Demeterf, Emanuel Derman, Mchael amal and Joseph Zou, Goldman Sachs Quanttatve Strateges Research Notes, March 999. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

4 GEING SARED VIX measures 30-day expected volatlty of the S&P 500 Index. he components of VIX are near- and next-term put and call optons, usually n the frst and second SPX contract months. Near-term optons must have at least one week to expraton; a requrement ntended to mnmze prcng anomales that mght occur close to expraton. When the near-term optons have less than a week to expraton, VIX rolls to the second and thrd SPX contract months. For example, on the second Frday n June, VIX would be calculated usng SPX optons exprng n June and July. On the followng Monday, July would replace June as the near-term and August would replace July as the next-term. In ths hypothetcal example, the near-term and next-term optons have 9 days and 37 days to expraton, respectvely, and reflect prces observed at the open of tradng 8:30 a.m. Chcago tme. For the purpose of calculatng tme to expraton, SPX optons are deemed to expre at the open of tradng on SPX settlement day - the thrd Frday of the month. he VIX calculaton measures tme to expraton,, n calendar days and dvdes each day nto mnutes n order to replcate the precson that s commonly used by professonal opton and volatlty traders. he tme to expraton s gven by the followng expresson: WHERE HERE = {M Current day + M Settlement day + M Other days }/ Mnutes n a year M Current day = mnutes remanng untl mdnght of the current day M Settlement day = mnutes from mdnght untl 8:30 a.m. on SPX settlement day M Other days = total mnutes n the days between current day and settlement day Usng 8:30 a.m. as the tme of the calculaton, for the near-term and next-term optons, and, respectvely, s: = {930 + 50 +,50) / 55,600 = 0.046575 = {930 + 50 + 5,840) / 55,600 = 0.03699 he rsk-free nterest rate, R, s the bond-equvalent yeld of the U.S. -bll maturng closest to the expraton dates of relevant SPX optons. As such, the VIX calculaton may use dfferent rsk-free nterest rates for near- and next-term optons. In ths example, however, assume that R = 0.38% for both sets of optons. Snce many of the nterm calculatons are repettve, only representatve samples appear below. he complete set of SPX opton data and calculatons may be found n Appendx. echncally, the expraton date for SPX optons s the Saturday followng the thrd Frday of the expraton month. In ths example, however, expraton s deemed to take place at the determnaton of the exercse settlement value of the SPX, whch s based on the openng prces of SPX component securtes. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

5 SEP Select the optons to be used n the VIX calculaton he selected optons are out-of-the-money SPX calls and out-of-the-money SPX puts centered around an at-the-money strke prce, 0. Only SPX optons quoted wth non-zero bd prces are used n the VIX calculaton. One mportant note: as volatlty rses and falls, the strke prce range of optons wth nonzero bds tends to expand and contract. As a result, the number of optons used n the VIX calculaton may vary from month-to-month, day-to-day and possbly, even mnute-tomnute. For each contract month: Determne the forward SPX level, F, by dentfyng the strke prce at whch the absolute dfference between the call and put prces s smallest. he call and put prces n the followng table reflect the average of each opton s bd / ask quotaton. As shown below, the dfference between the call and put prces s smallest at the 90 strke for both the near- and next-term optons. Strke Prce Near-erm Optons Call Put Absolute Dfference Strke Prce Next-erm Optons Call Put Absolute Dfference........ 900 48.95 7.5.70 900 73.6 5.8 0.80 905 46.5 9.75 6.40 905 70.35 54.7 5.65 90 4.55 3.70 0.85 90 67.35 56.75 0.60 95 40.05 33.55 6.50 95 64.75 58.9 5.85 90 37.5 36.65 0.50 90 6.55 60.55.00 95 33.30 37.70 4.40 95 58.95 63.05 4.0 930 3.45 40.5 7.70 930 55.75 65.4 9.65 935 8.75 4.70 3.95 935 53.05 67.35 4.30 940 7.50 45.30 7.80 940 50.5 69.8 9.65........ Usng the 90 call and put n each contract month and the formula, F = Strke Prce + e R (Call Prce Put Prce), the forward ndex prces, F and F, for the near- and next-term optons, respectvely, are: F = 90 + e (0.0038 0.046575) (37.5 36.65) = 90.50005 F = 90 + e (0.0038 0.03699) (6.55 60.55) = 9.00039 Next, determne 0 - the strke prce mmedately below the forward ndex level, F - for the near- and next-term optons. In ths example, 0, = 90 and 0, = 90. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

6 Select out-of-the-money put optons wth strke prces < 0. Start wth the put strke mmedately lower than 0 and move to successvely lower strke prces. Exclude any put opton that has a bd prce equal to zero (.e., no bd). As shown below, once two puts wth consecutve strke prces are found to have zero bd prces, no puts wth lower strkes are consdered for ncluson. Put Strke Bd Ask Include? 00 0.00 0.05 Not consdered 50 0.00 0.05 followng two 300 0.00 0.05 zero bds 350 0.00 0.05 No 375 0.00 0.0 No 400 0.05 0.0 Yes 45 0.05 0.0 Yes 450 0.05 0.0 Yes.... Next, select out-of-the-money call optons wth strke prces > 0. Start wth the call strke mmedately hgher than 0 and move to successvely hgher strke prces, excludng call optons that have a bd prce of zero. As wth the puts, once two consecutve call optons are found to have zero bd prces, no calls wth hgher strkes are consdered. (Note that the 50 call opton s not ncluded despte havng a nonzero bd prce.) Call Strke Bd Ask Include?.... 5 0.05 0.50 Yes 0 0.05.00 Yes 5 0.00.00 No 30 0.00.00 No 35 0.00 0.75 40 0.00 0.50 45 0.00 0.5 50 0.05 0.0 55 0.00.00... Not consdered followng two zero bds Fnally, select both the put and call wth strke prce 0. Notce that two optons are selected at 0, whle a sngle opton, ether a put or a call, s used for every other strke prce. he followng table contans the optons used to calculate the VIX n ths example. VIX uses the average of quoted bd and ask, or md-quote, prces for each opton selected. he 0 put and call prces are averaged to produce a sngle value. he prce used for the 90 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

7 strke n the near-term s, therefore, (37.5 + 36.65)/ = 36.90; and the prce used n the next-term s (6.55 + 60.55)/ = 6.05. Near-term Strke Opton ype Md-quote Prce Next-term Strke Opton ype Md-quote Prce 400 Put 0.5 00 Put 0.35 45 Put 0.5 300 Put 0.30 450 Put 0.5 350 Put 0.50...... 90 Put 3.70 90 Put 56.75 95 Put 33.55 95 Put 58.90 90 Put/Call Average 36.90 90 Put/Call Average 6.05 95 Call 33.30 95 Call 58.95 930 Call 3.45 930 Call 55.75...... 0 Call 0.75 50 Call 0.85 5 Call 0.75 55 Call 0.75 0 Call 0.55 60 Call 0.60 SEP Calculate volatlty for both near-term and next-term optons Applyng the VIX formula () to the near-term and next-term optons wth tme to expraton of and, respectvely, yelds: σ = R e Q( ) F 0 σ = R e Q( ) F 0 VIX s an amalgam of the nformaton reflected n the prces of all of the selected optons. he contrbuton of a sngle opton to the VIX value s proportonal to and the prce of that opton, and nversely proportonal to the square of the opton s strke prce. Generally, s half the dfference between the strke prces on ether sde of. For example, the for the next-term 300 Put s 75: 300 Put = (350 00)/. At the upper and lower edges of any gven strp of optons, s smply the dfference between and the adjacent strke prce. In ths example, the 400 Put s the lowest strke n the strp of near-term optons and 45 s the adjacent strke. herefore, 400 Put = 5 (.e., 45 400). CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

8 he contrbuton of the near-term 400 Put s gven by: 400 Put 400 Put e R 400 Put 400 Put e R Q(400 Put) 5.0038 (0.046575) Q(400 Put) = (0.5) 400 e = 0.000095 A smlar calculaton s performed for each opton. he resultng values for the near-term optons are then summed and multpled by. Lkewse, the resultng values for the next-term optons are summed and multpled by. he table below summarzes the results for each strp of optons. Near-term Strke Opton ype Md-quote Prce Contrbuton by Strke Next-term Strke Opton ype Md-quote Prce Contrbuton by Strke 400 Put 0.5 0.000095 00 Put 0.35 0.00088 45 Put 0.5 0.000073 300 Put 0.300 0.00050 450 Put 0.5 0.000039 350 Put 0.500 0.00053........ 90 Put 3.70 0.00094 90 Put 56.75 0.000348 95 Put 33.55 0.000004 95 Put 58.90 0.000359 90 Put/Call Average 36.90 0.00080 90 Put/Call Average 6.05 0.0003608 95 Call 33.30 0.000946 95 Call 58.95 0.0003446 930 Call 3.45 0.000876 930 Call 55.75 0.00034........ 0 Call 0.75 0.0000009 50 Call 0.85 0.000003 5 Call 0.75 0.0000009 55 Call 0.75 0.000007 0 Call 0.55 0.000008 60 Call 0.600 0.00000 e Q( ) R 0.477799 0.366897 Next, calculate F 0 for the near-term ( ) and next-term ( ): F 0 = 0.046575 90.50005 90 = 0.00000 F 0 = 0.03699 9.00039 90 = 0.00007 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

9 Now calculate σ and σ : σ = R e Q( ) F 0 = 0.477799 0.00000 = 0.477679 σ = R e Q( ) F 0 = 0.366897 0.00007 = 0.366880 SEP 3 Calculate the 30-day weghted average of σ and σ. hen take the square root of that value and multply by 00 to get VIX. VIX = 00 N σ N N N 30 N + σ N 30 N N N N 365 30 When the near-term optons have less than 30 days to expraton and the next-term optons have more than 30 days to expraton, the resultng VIX value reflects an nterpolaton of σ and σ ;.e., each ndvdual weght s less than or equal to and the sum of the weghts equals. At the tme of the VIX roll, both the near-term and next-term optons have more than 30 days to expraton. he same formula s used to calculate the 30-day weghted average, but the result s an extrapolaton of σ and σ ;.e., the sum of the weghts s stll, but the near-term weght s greater than and the next-term weght s negatve (e.g.,.5 and 0.5). Returnng to the example N = number of mnutes to settlement of the near-term optons (,960) N = number of mnutes to settlement of the next-term optons (53,80) N 30 = number of mnutes n 30 days (30,440 = 43,00) N 365 = number of mnutes n a 365-day year (365,440 = 55,600) VIX = 00 53,80 43,00 43,00,960 55,600 0.046575 0.477679 + 0.03699 0.366880 53,80,960 53,80,960 43,00 VIX = 00 0. 679986 = 6. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

0 NOES ON CALCULAING OHER CBOE VOLAILIY INDEXES CBOE BROAD-BASED ASED VOLAILIY INDEXES CBOE calculates volatlty ndexes on three other broad-based ndexes representng dfferent segments of the U.S. stock market: CBOE DJIA Volatlty Index (VXD) based on optons on the Dow Jones Industral Average (DJX); CBOE Nasdaq-00 Volatlty Index (VXN) based on Nasdaq-00 Index (NDX) optons; and CBOE Russell 000 Volatlty Index (RVX) based on Russell 000 Index (RU) optons. For each of these ndexes, the selecton of component optons and calculaton are dentcal to the method detaled n the prevous example. he CBOE S&P 500 3-Month Volatlty Index (VXV) measures the market's expectaton of 3-month volatlty mpled by SPX optons that bracket a 93-day maturty. Comparng VIX and VXV provdes nvestors wth nformaton about the SPX volatlty term structure n the four near-term contract months. COMMODIY & CURRENCY VOLAILIY IY INDEXES CBOE began calculatng two commodty volatlty ndexes and one currency volatlty ndex n 008: CBOE Crude Ol Volatlty Index (OVX) based on Unted States Ol Fund, LP (USO) optons; CBOE Gold Volatlty Index (GVZ) based on the, SPDR Gold Shares (GLD) optons; and CBOE EuroCurrency Volatlty Index (EVZ) based on CurrencyShares Euro rust (FXE) optons Each of these non-equty volatlty ndexes are calculated usng exchange traded fund, or EF, optons that trade lke optons on ndvdual stocks - they may be exercsed pror to ther expraton date; exercse results n the delvery of EF shares rather than cash; and they settle at the close of tradng rather than at the open. For each of the non-equty volatlty ndexes, the method of selectng component optons and the formula are dentcal to that used for VIX and other broad-based volatlty ndexes. However, there s a slght dfference n the methodology that accounts for the fact that USO, GLD and FXE optons expre at the close rather than at the open. As before, the tme to expraton s gven by the followng expresson: = {M Current day + M Settlement day + M Other days }/ Mnutes n a year CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

WHERE HERE M Current day = mnutes remanng untl mdnght of the current day M Other days = total mnutes n the days between current day and settlement day But now, adjustng for p.m. settlement M Settlement day = mnutes from mdnght untl 3:00 p.m. on expraton day = 900 mnutes As wth the prevous example, assumng near- and next-term optons wth 9 and 37 days to expraton and 8:30 a.m. as the tme of the calculaton, for the near-term and next-term optons, and, respectvely, s: = {930 + 900 +,50) / 55,600 = 0.053995 = {930 + 900 + 5,840) / 55,600 = 0.08 Specal Note: All CBOE Volatlty Indexes VIX, VXD, VXN, RVX, VXV, OVX, GVZ and EVZ are calculated usng opton prce quotes from CBOE exclusvely. Optons nvolve rsk and are not sutable for all nvestors. Pror to buyng or sellng optons, a person must receve a copy of Characterstcs and Rsks of Standardzed Optons, whch s avalable from your broker, by callng -888-OPIONS, or from he Optons Clearng Corporaton, One North Wacker Drve, Sute 500, Chcago, Illnos 60606. he nformaton n ths document s provded solely for general educaton and nformaton purposes and therefore should not be consdered complete, precse, or current. Many of the matters dscussed are subject to detaled rules, regulatons, and statutory provsons whch should be referred to for addtonal detal and are subject to changes that may not be reflected n ths document. he nformaton n ths document s not ntended and should not be construed to consttute nvestment advce or recommendatons to purchase or sell securtes. CBOE, Chcago Board Optons Exchange, CBOE Volatlty Index, OEX and VIX are regstered trademarks, and EVZ, GVZ, OVX, SPX, VXD, VXN and VXV are servcemarks of CBOE. CFE s a regstered trademark and CBOE Futures Exchange s a servcemark of CBOE Futures Exchange, LLC. he methodologes of the CBOE volatlty ndexes are owned by CBOE and may be covered by one or more patents or pendng patent applcatons. S&P 00 and S&P 500 are regstered trademarks of the McGraw-Hll Companes, Inc., and are lcensed for use by CBOE. DJIA and Dow Jones Industral Average are trademarks of Dow Jones & Company, Inc. and have been lcensed for use for certan purposes by CBOE. CBOE's fnancal products based on the Dow Jones ndexes are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representatons regardng the advsablty of nvestng n such products. Nasdaq-00 Index, Nasdaq-00 and Nasdaq are trademark or servce marks of he Nasdaq Stock Market, Inc. (wth whch ts afflates are the "Corporatons"). hese marks are lcensed for use by CBOE n connecton wth the tradng of products based on the Nasdaq-00 Index. he products have not been passed on by the Corporatons as to ther legalty or sutablty. he products are not ssued, endorsed, sold or promoted by the Corporatons. HE CORPORAIONS MAE NO WARRANIES AND BEAR NO LIABILIY WIH RESPEC O HE PRODUC(S). Russell 000 s a regstered trademark of the Frank Russell Company, used under lcense. CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

APPENDIX - COMPLEE SPX OPION DAA USED IN SAMPLE VIX CALCULAION Opton Seres ncluded n the VIX calculaton are hghlghted. Near-erm Optons Next-erm Optons Strke Calls Puts Calls Puts Strke Bd Ask Bd Ask Bd Ask Bd Ask 00 77.60 7.80 0.00 0.05 00 76.40 7.40 0.05 0.60 50 667.60 67.90 0.00 0.05 300 66.60 6.60 0.0 0.40 300 67.90 6.90 0.00 0.05 350 566.80 57.80 0.5 0.85 350 567.90 57.90 0.00 0.05 375 54.70 547.40 0.0 0.50 375 54.90 547.90 0.00 0.0 400 57.0 5.0 0.0 0.85 400 57.70 53.0 0.05 0.0 45 49.30 497.30 0.00.00 45 493.50 498.70 0.05 0.0 450 467.30 47.80 0.0.0 450 468.00 473.00 0.05 0.0 475 44.90 447.90 0.50.50 470 448.00 453.00 0.05 0.5 500 48.0 43.60.35.00 475 443.00 448.00 0.05 0.5 55 393.90 398.90.5.50 480 438.00 443.00 0.05 0.30 550 369.60 374.60.55.75 490 48.00 433.00 0.05 0.80 575 345.0 350.90.0 4.30 500 48.00 43.00 0.05 0.30 600 3.70 37.0 3.40 5.40 50 407.80 43.30 0.05 0.40 60 3.0 37.70 3.50 5.70 50 397.80 403.30 0.05 0.75 65 307.0 3.0 3.90 6.0 55 39.80 398.30 0.05 0.80 60 30.70 308.0 4.00 6.40 530 388.60 393.80 0.05 0.80 65 97.80 30.80 4.0 6.90 540 378.0 383.0 0.05 0.75 630 9.80 98.50 4.60 6.90 550 368.0 373.0 0.0 0.0 635 88.0 93.80 4.70 7.30 560 357.90 363.40 0.05 0.70 640 83.50 89.0 5.0 7.50 570 347.90 353.40 0.05 0.75 650 74.0 79.60 5.80 8.0 575 343.0 348.0 0.05 0.40 660 65.00 70.00 6.30 9.00 580 338.0 343.0 0.05 0.80 670 56.00 6.50 7.0 9.70 585 333.00 338.70 0.0 0.75 675 5.40 56.0 7.50 9.80 590 38.00 333.50 0.05 0.75 680 46.40 5.60 8.0 0.40 595 33.50 39.00 0.05 0.45 690 37.70 43.0 8.80.40 600 38.30 33.30 0.5 0.50 700 8.70 33.70 9.40.40 605 33.0 38.80 0.0 0.80 70 9.30 4.90 0.00 3.60 60 308.0 33.60 0.0 0.80 70 0.40 6.00.00 4.70 65 303.40 308.40 0.0 0.85 75 06.40.0.70 5.90 60 98.0 303.70 0.0 0.85 730 0.80 06.80.0 6.0 65 93.70 99.0 0.40 0.90 740 9.90 98.50 3.0 7.60 630 88.50 93.50 0.0 0.90 750 84.70 89.90 5.00 8.80 635 83.30 88.80 0.0 0.95 760 76.00 8.40 6.0 9.90 640 78.60 83.60 0.30.05 770 67.40 7.50 7.90.00 645 73.40 78.90 0.0.0 775 63.0 68.40 8.30.90 650 68.50 74.0 0.50.0 780 59.00 64.0 9.0 4.00 655 63.80 68.80 0.0.5 790 50.90 56.0 0.80 6.00 660 58.60 64.0 0.30.30 800 4.80 46.00.70 8.00 665 53.70 59.40 0.0.30 805 38.80 44.00 3.70 8.90 670 49.00 54.00 0.40.45 80 34.90 40.00 5.00 9.70 675 44.0 49.0 0.50.50 85 30.90 36.0 5.90 30.50 680 39.0 44.0 0.55.55 80 7.0 3.0 6.90 3.90 690 9.40 34.40 0.70.85 85 3.0 8.40 7.80 33.30 700 9.40 5.0.30.70 830 9.40 4.60 9.30 34.50 CBOE Propretary Informaton Copyrght 009, Chcago Board Optons Exchange, Incorporated. All rghts reserved.

3 70 09.90 4.90.0.40 835 5.60 0.80 30.30 35.40 70 00.00 05.70.0 3.00 840.90 7.0 3.80 36.90 75 95.0 00.90.00 3.00 845 08.0 3.40 3.90 38.00 730 90.60 95.60.40 3.50 850 07.00 09.70 34.0 39.60 740 80.80 86.50.80 4.00 855 0.30 06.30 35.90 39.00 750 7.30 77.00 3.0 3.90 860 97.40 03.00 37.40 4.50 760 6.0 67.0.85 5.00 865 94.80 99.50 38.60 43.70 770 5.80 57.80 4.00 5.60 870 9.30 96.00 40.00 45.0 775 48.0 53.0 3.90 5.90 875 87.90 9.60 4.70 47.0 780 43.60 48.60 4.0 6.70 880 83.60 88.90 43.30 48.70 790 34.60 40.0 4.90 7.50 885 80.30 85.80 44.80 50.30 800 5.60 3.0 6.0 7.50 890 77.50 83.00 47.00 5.0 805.00 6.00 6.40 9.0 895 74.00 79.50 48.60 53.80 80 6.50.50 7.0 9.50 900 70.80 76.40 50.0 55.40 85.0 7.0 7.50 0.30 905 67.60 73.0 5.0 57.0 80 07.60 3.0 8.0 0.80 90 64.60 70.0 54.00 59.50 85 03.70 08.90 8.90.50 95 6.40 67.0 56.30 6.50 830 99.0 04.30 9.00 3.00 90 59.0 64.00 57.80 63.30 835 95.30 00.30 9.80 3.70 95 56.0 6.70 60.30 65.80 840 90.90 95.90 0.60 4.30 930 53.00 58.50 6.90 67.90 845 86.70 9.90.50 5.0 935 50.30 55.80 64.60 70.0 850 8.60 88.00 3.50 6.00 940 47.60 5.70 67.00 7.60 855 78.70 83.90 3.50 7.50 945 45.70 50.40 69.50 75.00 860 74.90 79.90 4.50 8.70 950 44.80 47.70 7.0 76.60 865 70.90 76.0 5.50 9.90 955 40.40 45.30 74.70 79.70 870 67.0 7.30 7.0 0.90 960 38.0 43.0 77.30 8.30 875 63.80 68.60 8.0.0 965 35.60 40.70 79.80 85.30 880 59.80 65.30 9.0 4.00 970 33.40 38.90 8.60 87.90 885 56.60 6.60 0.30 5.40 975 3.40 36.0 85.70 90.70 890 53.70 58.40.0 6.80 980 8.90 34.00 88.60 93.40 895 50.30 55.00 3.90 9.00 985 7.00 3.00 9.60 96.80 900 46.0 5.70 5.50 9.00 990 5.40 30.30 94.70 99.80 905 43.40 48.90 7.0 3.30 995 3.0 8.60 97.80 03.00 90 40.00 45.0 9.0 34.0 000 3.00 6.40 0.00 06.0 95 37.30 4.80 30.80 36.30 005 0.00 4.70 04.30 09.50 90 35.0 39.0 35.0 38.0 00 8.40 3.30 07.70.90 95 3.40 35.0 35.0 40.30 05 7.0.0.0 6.30 930 3.00 33.90 37.40 4.90 00 8.00 9.80 4.60 9.80 935 6.00 3.50 40.30 45.0 05 4.40 8.0 8.0 3.40 940 6.00 9.00 4.50 48.0 030 3.0 6.90.90 7.0 945.60 6.40 45.30 50.60 035.80 5.80 5.60 30.60 950.60 4.40 47.60 53.0 040 0.70 4.70 8.80 34.30 955 7.0.50 5.30 56.50 045 9.30 3.60 33.0 38.60 960 5.50 9.60 54.40 59.40 050 0.80.00 37.30 4.30 965 3.90 8.00 57.50 6.50 055 8.0 0.60 40.90 46.60 970.00 6.40 60.80 66.00 060 8.0 9.80 45.0 50.70 975.50 4.80 64.30 69.50 065 6.50 9.00 48.90 54.40 980 9.30 3.0 67.80 73.00 070 5.60 8.0 53.40 58.60 985 8.00.90 7.50 76.70 075 5.0 7.60 57.40 6.90 990 7.40 9.90 75.0 80.50 080 4.40 6.80 6.40 67.40 995 6.40 8.70 79.0 84.0 085 3.80 6.0 66.40 7.0 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

4 000 6.50 7.50 8.50 88.00 090 3.30 5.50 7.30 76.30 005 4.40 6.80 86.90 9.50 095.90 4.90 75.80 80.80 00 3.60 6.00 9.0 96.50 00 3.30 4.50 80.0 85.60 05 3.0 5.0 95.40 0.0 05.00 4.0 84.0 89.70 00 3.50 4.60 99.80 05.40 0.00 3.60 89.30 94.80 05.00 4.0 04.70 09.70 5.65 3.30 94.0 99.0 030.60 3.50 08.50 4.00 0.45 3.00 98.90 03.90 035.0 3.0 3.60 9.0 5.00.40 0.90 08.40 040.5.50 8.50 3.50 30 0.90.0 08.40 3.40 045 0.85.0 3.0 8.0 35 0.70.90.70 8.40 050.30.80 7.70 33.0 40.00.75 8.00 3.00 055 0.40.65 3.50 38.00 45 0.50.50.80 7.80 060 0.90.40 37.60 4.60 50 0.35.30 7.40 3.90 065 0.0.5 4.0 47.70 55 0.5.0 3.30 37.80 070 0.5.5 47.30 5.30 60 0.0.0 36.70 4.0 075 0.50.00 5.0 57.0 65 0.00.00 4.60 47.0 080 0.40 0.95 56.90 6.40 70 0.00 0.90 47.00 5.50 085 0.0 0.90 6.80 67.30 75 0.30 0.85 5.90 57.40 090 0.30 0.85 67.00 7.00 80 0.00 0.85 57.0 6.0 095 0.0 0.75 7.70 77.0 85 0.00 0.80 6.30 66.50 00 0.30 0.45 76.90 8.90 90 0.00 0.50 67.00 7.00 05 0.0 0.75 8.60 87.0 90 0.00 0.00 0.00 0.00 0 0.0 0.35 86.80 9.80 95 0.00 0.75 7.0 76.40 5 0.05 0.80 9.80 96.80 00 0.30 0.60 76.90 8.90 0 0.05 0.50 96.80 0.80 05 0.00 0.75 8.60 87.0 5 0.5 0.50 0.50 07.00 0 0.00 0.60 86.80 9.80 30 0.05 0.90 06.70.70 5 0.00 0.85 9.80 96.80 35 0.05 0.90.70 6.70 0 0.00 0.75 96.80 30.80 40 0.05 0.70 6.70.70 5 0.00 0.80 30.50 307.00 45 0.05 0.95.70 6.70 30 0.00 0.80 306.70 3.70 50 0.05 0.35 6.70 3.70 35 0.00 0.80 3.70 36.70 55 0.05 0.95 3.70 36.70 40 0.0 0.75 36.70 3.70 60 0.05 0.50 36.70 4.70 45 0.00 0.75 3.70 36.70 65 0.05 0.35 4.70 46.70 50 0.00.00 36.70 33.0 70 0.05 0.45 46.40 5.90 55 0.00 0.75 33.40 336.90 75 0.05 0.5 5.40 56.90 60 0.00 0.70 335.90 34.0 80 0.05 0.80 56.40 6.90 65 0.00 0.70 34.60 346.60 85 0.05 0.5 60.90 66.0 70 0.00 0.70 346.60 35.60 90 0.05 0.50 66.60 7.60 75 0.05 0.0 35.60 356.60 95 0.05.00 7.60 76.60 80 0.00 0.75 356.60 36.60 00 0.05 0.5 76.60 8.60 90 0.00 0.75 366.60 37.60 05 0.05.00 8.60 86.60 300 0.05 0.45 375.70 38.00 0 0.05 0.50 86.60 9.60 35 0.00 0.50 390.70 395.90 5 0.05 0.50 9.60 96.60 30 0.00 0.75 396.50 40.50 0 0.05.00 96.60 30.60 35 0.00 0.50 399.90 405.90 5 0.00.00 30.60 306.60 335 0.00 0.75 4.50 46.50 30 0.00.00 306.60 3.60 340 0.00 0.75 46.50 4.50 35 0.00 0.75 3.60 36.60 345 0.00 0.75 4.50 46.50 40 0.00 0.50 36.60 3.60 350 0.00 0.50 45.60 430.80 45 0.00 0.5 3.60 36.60 360 0.00 0.75 435.70 440.90 50 0.05 0.0 36.60 33.60 375 0.00 0.55 45.40 456.40 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

5 55 0.00.00 33.60 336.60 380 0.00 0.75 456.40 46.40 60 0.00.00 336.60 34.60 395 0.00 0.50 47.40 476.40 65 0.00.00 34.60 346.60 400 0.00 0.50 475.50 480.70 70 0.00 0.30 346.60 35.60 40 0.00 0.75 496.30 50.30 75 0.00 0.0 35.60 356.60 45 0.00 0.75 50.30 506.30 80 0.00 0.5 356.60 36.60 440 0.00 0.75 56.30 5.30 85 0.00 0.5 36.60 366.60 450 0.00 0.50 55.30 530.60 90 0.00 0.5 366.60 37.60 475 0.00 0.75 55.0 556.0 95 0.00 0.5 37.60 376.60 480 0.00 0.75 556.0 56.0 300 0.00 0.0 376.60 38.60 500 0.00 0.50 575.0 580.50 305 0.00 0.0 38.60 386.60 55 0.00 0.75 60.0 606.0 30 0.00 0.0 386.60 39.60 550 0.00 0.50 65.0 630.90 35 0.00 0.0 39.60 396.60 575 0.00 0.75 650.80 656.30 30 0.00 0.0 396.0 40.80 600 0.00 0.50 675.00 680.0 35 0.00 0.0 40.30 406.80 65 0.00 0.75 700.70 706.0 330 0.00 0.0 406.30 4.80 650 0.00 0.50 74.0 730.0 335 0.00 0.0 4.30 46.80 680 0.00 0.75 755.60 76.0 340 0.00 0.0 46.30 4.80 690 0.00 0.75 765.80 770.80 345 0.00 0.0 4.30 46.80 700 0.00 0.50 775.80 780.80 350 0.00 0.05 45.80 43.00 735 0.00 0.75 80.50 86.00 355 0.00 0.0 430.80 436.00 750 0.00 0.75 85.70 830.70 360 0.00 0.0 435.80 44.00 775 0.00 0.0 850.70 855.70 365 0.00 0.0 44.50 446.50 800 0.00 0.75 875.60 880.60 370 0.00 0.0 446.50 45.50 850 0.00 0.75 95.50 930.50 375 0.00 0.0 45.50 456.50 900 0.00 0.0 974.70 979.90 380 0.00 0.0 456.50 46.50 950 0.00 0.75 05.0 030.60 385 0.00 0.0 46.50 466.50 000 0.00 0.0 074.80 079.80 390 0.00 0.0 466.50 47.50 395 0.00 0.0 47.50 476.50 400 0.00 0.05 476.50 48.50 405 0.00 0.0 48.50 486.50 40 0.00 0.0 486.50 49.50 45 0.00 0.0 49.50 496.50 40 0.00 0.0 496.50 50.50 45 0.00 0.0 50.50 506.50 430 0.00 0.0 506.50 5.50 435 0.00 0.0 5.50 56.50 440 0.00 0.0 56.50 5.50 445 0.00 0.0 5.50 56.50 450 0.00 0.0 56.50 53.50 460 0.00 0.0 536.50 54.50 470 0.00 0.0 546.50 55.50 475 0.00 0.0 55.50 556.50 480 0.00 0.0 556.50 56.50 490 0.00.00 566.50 57.50 500 0.00 0.05 576.50 58.50 650 0.00.00 76.40 73.40 700 0.00.00 776.0 78.60 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

INDIVIDUAL OPION CONRIBUIONS 0 = 90 Near term Strke Opton ype Md-quote Prce Delta- Contrbuton by Strke Next term Strke Opton ype Md-quote Prce Delta- Contrbuton by Strke 400 Put 0.5 5.0 0.000095 00 Put 0.35 00 0.00088 45 Put 0.5 5.0 0.000073 300 Put 0.300 75.0 0.00050 450 Put 0.5.5 0.000039 350 Put 0.500 37.5 0.00053 470 Put 0.50.5 0.0000085 375 Put 0.350 5.0 0.00006 475 Put 0.50 5.0 0.0000033 400 Put 0.55 37.5 0.0003 480 Put 0.75 7.5 0.0000057 450 Put 0.700 37.5 0.00097 490 Put 0.45 0.0 0.000077 475 Put.000 5.0 0.00008 500 Put 0.75 0.0 0.0000070 500 Put.675 5.0 0.000676 50 Put 0.5 0.0 0.0000087 55 Put.875 5.0 0.00070 50 Put 0.400 7.5 0.0000 550 Put.50 5.0 0.000778 55 Put 0.45 5.0 0.0000077 575 Put 3.00 5.0 0.0004 530 Put 0.45 7.5 0.00003 600 Put 4.400 7.5 0.00040 540 Put 0.400 0.0 0.000037 60 Put 4.600 7.5 0.000098 550 Put 0.50 0.0 0.0000050 65 Put 5.000 5.0 0.000066 560 Put 0.375 0.0 0.00000 60 Put 5.00 5.0 0.0000677 570 Put 0.400 7.5 0.000009 65 Put 5.550 5.0 0.00007 575 Put 0.5 5.0 0.0000034 630 Put 5.750 5.0 0.000075 580 Put 0.45 5.0 0.0000063 635 Put 6.000 5.0 0.0000744 585 Put 0.45 5.0 0.000006 640 Put 6.300 7.5 0.00054 590 Put 0.400 5.0 0.0000057 650 Put 6.950 0.0 0.000646 595 Put 0.50 5.0 0.0000035 660 Put 7.650 0.0 0.000757 600 Put 0.375 5.0 0.000005 670 Put 8.450 7.5 0.0004 605 Put 0.450 5.0 0.000006 675 Put 8.650 5.0 0.0000950 60 Put 0.450 5.0 0.0000060 680 Put 9.50 7.5 0.00050 65 Put 0.475 5.0 0.0000063 690 Put 0.00 0.0 0.000 60 Put 0.475 5.0 0.000006 700 Put 0.900 0.0 0.0005 65 Put 0.650 5.0 0.0000083 70 Put.800 0.0 0.00034 630 Put 0.500 5.0 0.0000063 70 Put.850 7.5 0.000860 635 Put 0.55 5.0 0.0000065 75 Put 3.800 5.0 0.00033 640 Put 0.675 5.0 0.000008 730 Put 4.50 7.5 0.00099 645 Put 0.600 5.0 0.000007 740 Put 5.400 0.0 0.00083 650 Put 0.800 5.0 0.0000095 750 Put 6.900 0.0 0.0003006 655 Put 0.75 5.0 0.0000085 760 Put 8.050 0.0 0.00036 660 Put 0.800 5.0 0.000009 770 Put 9.950 7.5 0.00055 665 Put 0.750 5.0 0.0000085 775 Put 0.600 5.0 0.00076 670 Put 0.95 5.0 0.000003 780 Put.600 7.5 0.000664 675 Put.000 5.0 0.00000 790 Put 3.400 0.0 0.000375 680 Put.050 7.5 0.000070 800 Put 5.350 7.5 0.00097 690 Put.75 0.0 0.000068 805 Put 6.300 5.0 0.000030 700 Put.500 0.0 0.0000306 80 Put 7.350 5.0 0.000085 70 Put.750 0.0 0.0000347 85 Put 8.00 5.0 0.0004 70 Put.050 7.5 0.000097 80 Put 9.400 5.0 0.00087 75 Put.500 5.0 0.000038 85 Put 30.550 5.0 0.00045 730 Put.450 7.5 0.0000345 830 Put 3.900 5.0 0.00036 CBOE Propretary Informaton Copyrght 009, Chcago Board Optons Exchange, Incorporated. All rghts reserved.

7 740 Put.900 0.0 0.0000530 835 Put 3.850 5.0 0.000357 750 Put 3.550 0.0 0.000063 840 Put 34.350 5.0 0.000435 760 Put 3.95 0.0 0.0000680 845 Put 35.450 5.0 0.000483 770 Put 4.800 7.5 0.0000607 850 Put 36.850 5.0 0.00055 775 Put 4.900 5.0 0.0000408 855 Put 37.450 5.0 0.00056 780 Put 5.400 7.5 0.0000666 860 Put 39.950 5.0 0.00070 790 Put 6.00 0.0 0.0000994 865 Put 4.50 5.0 0.00075 800 Put 6.800 7.5 0.0000797 870 Put 4.550 5.0 0.0008 805 Put 7.750 5.0 0.0000598 875 Put 44.400 5.0 0.00090 80 Put 8.300 5.0 0.0000633 880 Put 46.000 5.0 0.00097 85 Put 8.900 5.0 0.0000670 885 Put 47.550 5.0 0.0003037 80 Put 9.500 5.0 0.0000706 890 Put 49.550 5.0 0.00039 85 Put 0.00 5.0 0.0000749 895 Put 5.00 5.0 0.000397 830 Put.000 5.0 0.0000798 900 Put 5.800 5.0 0.00036 835 Put.750 5.0 0.0000843 905 Put 54.700 5.0 0.000334 840 Put.450 5.0 0.000088 90 Put 56.750 5.0 0.000348 845 Put 3.350 5.0 0.0000935 95 Put 58.900 5.0 0.000359 850 Put 4.750 5.0 0.0000 Put/Call 90 855 Put 5.500 5.0 0.000060 Average 6.050 5.0 0.0003608 860 Put 6.600 5.0 0.000 95 Call 58.950 5.0 0.0003446 865 Put 7.700 5.0 0.00083 930 Call 55.750 5.0 0.00034 870 Put 9.000 5.0 0.00055 935 Call 53.050 5.0 0.0003035 875 Put 0.00 5.0 0.00039 940 Call 50.50 5.0 0.000839 880 Put.600 5.0 0.000395 945 Call 48.050 5.0 0.00069 885 Put.850 5.0 0.000459 950 Call 46.50 5.0 0.000563 890 Put 4.450 5.0 0.000544 955 Call 4.850 5.0 0.000350 895 Put 6.450 5.0 0.00065 960 Call 40.650 5.0 0.00006 900 Put 7.50 5.0 0.00068 965 Call 38.50 5.0 0.000049 905 Put 9.750 5.0 0.00086 970 Call 36.50 5.0 0.0009 90 Put 3.700 5.0 0.00094 975 Call 34.50 5.0 0.00080 95 Put 33.550 5.0 0.000004 980 Call 3.450 5.0 0.000638 90 Put/Call 985 Call 9.500 5.0 0.0005 36.900 5.0 0.00080 Average 990 Call 7.850 5.0 0.0004 95 Call 33.300 5.0 0.000946 995 Call 5.900 5.0 0.000309 930 Call 3.450 5.0 0.000876 000 Call 4.700 5.0 0.00035 935 Call 8.750 5.0 0.000644 005 Call.350 5.0 0.00007 940 Call 7.500 5.0 0.000556 00 Call 0.850 5.0 0.0000 945 Call 4.000 5.0 0.000344 05 Call 9.50 5.0 0.0000930 950 Call 3.000 5.0 0.00074 00 Call 8.900 5.0 0.0000909 955 Call 9.850 5.0 0.000088 05 Call 6.300 5.0 0.0000776 960 Call 7.550 5.0 0.000095 030 Call 5.000 5.0 0.0000707 965 Call 5.950 5.0 0.0000856 035 Call 3.800 5.0 0.0000644 970 Call 4.00 5.0 0.0000755 040 Call.700 5.0 0.0000587 975 Call 3.650 5.0 0.000078 045 Call.450 5.0 0.000054 980 Call.00 5.0 0.0000583 050 Call.400 5.0 0.000057 985 Call 9.950 5.0 0.000053 055 Call 9.350 5.0 0.000040 990 Call 8.650 5.0 0.000044 060 Call 9.000 5.0 0.000040 995 Call 7.550 5.0 0.000038 065 Call 7.750 5.0 0.000034 000 Call 7.000 5.0 0.0000350 070 Call 6.850 5.0 0.000099 005 Call 5.600 5.0 0.000077 075 Call 6.350 5.0 0.000075 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.

8 00 Call 4.800 5.0 0.000035 080 Call 5.600 5.0 0.000040 05 Call 4.00 5.0 0.000099 085 Call 5.000 5.0 0.0000 00 Call 4.050 5.0 0.000095 090 Call 4.400 5.0 0.000085 05 Call 3.050 5.0 0.000045 095 Call 3.900 5.0 0.000063 030 Call.550 5.0 0.00000 00 Call 3.900 5.0 0.00006 035 Call.50 5.0 0.000000 05 Call 3.050 5.0 0.00005 040 Call.875 5.0 0.0000087 0 Call.800 5.0 0.00004 045 Call.475 5.0 0.0000068 5 Call.475 5.0 0.000000 050 Call.550 5.0 0.0000070 0 Call.5 5.0 0.0000089 055 Call.05 5.0 0.0000046 5 Call.00 5.0 0.0000087 060 Call.50 5.0 0.000005 30 Call.550 5.0 0.000006 065 Call 0.75 5.0 0.000003 35 Call.300 5.0 0.0000050 070 Call 0.650 5.0 0.000008 40 Call.375 5.0 0.0000053 075 Call 0.750 5.0 0.000003 45 Call.000 5.0 0.0000038 080 Call 0.675 5.0 0.000009 50 Call 0.85 5.0 0.000003 085 Call 0.550 5.0 0.000003 55 Call 0.75 5.0 0.000007 090 Call 0.575 5.0 0.000004 60 Call 0.600 5.0 0.00000 095 Call 0.475 5.0 0.000000 00 Call 0.375 5.0 0.000005 05 Call 0.475 5.0 0.000009 0 Call 0.75 5.0 0.00000 5 Call 0.45 5.0 0.000007 0 Call 0.75 5.0 0.00000 5 Call 0.35 5.0 0.000003 30 Call 0.475 5.0 0.000009 35 Call 0.475 5.0 0.000008 40 Call 0.375 5.0 0.000004 45 Call 0.500 5.0 0.000009 50 Call 0.00 5.0 0.0000008 55 Call 0.500 5.0 0.000009 60 Call 0.75 5.0 0.000000 65 Call 0.00 5.0 0.0000007 70 Call 0.50 5.0 0.0000009 75 Call 0.00 5.0 0.0000004 80 Call 0.45 5.0 0.000005 85 Call 0.50 5.0 0.0000005 90 Call 0.75 5.0 0.000000 95 Call 0.55 5.0 0.000008 00 Call 0.00 5.0 0.0000003 05 Call 0.55 5.0 0.000008 0 Call 0.75 5.0 0.0000009 5 Call 0.75 5.0 0.0000009 0 Call 0.55 5.0 0.000008 Sum of Indvdual Contrbutons 0.005888 Sum of Indvdual Contrbutons 0.08597 R e Q( ) R e Q( ) 0.4777799 0.366897 CBOE Propretary Informaton Copyrght 009 Chcago Board Optons Exchange, Incorporated. All rghts reserved.