TRADING PERMIT INFORMATION FOR 03/31/2011 THROUGH 04/6/2011

ExchangeBulletinApril 8, 2011 Volume 39, Number 14

The Bylaws and Rules of Chicago Board Options Exchange, Incorporated (“Exchange”), in certain specific instances, require the Exchange to provide notice to Exchange Trading Permit Holders. To satisfy this requirement, a copy of the Exchange Bulletin, including the Regulatory Bulletin, is delivered by e-mail or by hard copy free of charge to all effective Trading Permit Holders on a weekly basis.

Trading Permit Holders are encouraged to receive the Exchange and Regulatory Bulletin and Information Circulars via e-mail. E-mail sub-scriptions may be obtained by Trading Permit Holders by submitting your name, firm if applicable, e-mail address, and phone number, to registration@cboe.com. If you do sign up for e-mail delivery, please remember to inform the Registration Services Department of e-mail address changes. Subscriptions by Trading Permit Holders for hard copy delivery may be obtained by submitting your name, firm if any, mailing address and telephone number to: Chicago Board Options Exchange, Registration Services Department, 400 South LaSalle, Chi-cago, Illinois 60605, Attention: Bulletin Subscriptions.

Copyright © 2011 Chicago Board Options Exchange, Incorporated

TERMINATIONSIndividuals

Nominee: Termination Date

Evan M. Rigterink (EVN) 3/31/11Belvedere Trading, LLC

Daniel D Mulvihill (MLV) 3/31/11Robert C. Sheehan & Associates, LLC

Michael E. Sorvillo (MES) 4/1/11ICM Securities, LLC

Afshin Luke Rahbari (LUQ) 4/1/11Stutland Equities LLC

Joseph Tigay (JOE) 4/1/11Stutland Equities LLC

Daniel J Deming (DND) 4/1/11Stutland Equities LLC

Jonathan P Dempsey (JPD) 4/1/11Equitec Structured Products, LLC

Michael P. Frehr (CUB) 4/1/11MEB Options, LLC

Sam T Mauro (USA) 4/1/11CMZ Trading, LLC

Andrew Michael Clouthier (AMC) 4/1/11Robert C. Sheehan & Associates, LLC

Matthew J Benson (TUB) 4/1/11Electronic Brokerage Systems, LLC

Adam R. Bush (REG) 4/1/11Cygnus Atratus, LLC

Nicole M. Benakos (NMB) 4/1/11Cygnus Atratus, LLC

Termination Date

William J. Babiarz (BBB) 4/1/11Cygnus Atratus, LLC

Jase Warren (WRJ) 4/1/11Cygnus Atratus, LLC

Timothy A. Kirchner (KXR) 4/1/11Cygnus Atratus, LLC

Daniel M Weber (ICY) 4/1/11VTrader Pro, LLC

Glenn G Baytala (BAY) 4/4/11CCM Equities, LLC

Edward J Donnellan 4/5/11303 Equity Trading Group II, LLC

TPH Organizations

Equitec Structured Products, LLC 4/1/11

Robert C. Sheehan & Associates, LLC 4/1/11

EFFECTIVE TRADING PERMIT HOLDERSIndividuals

Nominee: Effective Date

Earl M Vraney (PRL) 4/1/11Equitec Trading, LLC Type of Business to be Conducted: Floor Broker

Robert C Sheehan (OTO) 4/1/11GLP, LLC Type of Business to be Conducted: Proprietary Trading Permit Holder

Page 2 April 8, 2011 Volume 39, Number 14 Chicago Board Options Exchange Effective Date Joseph Tigay (JOE) 4/5/11303 Equity Trading Group II, LLC Type of Business to be Conducted: Market Maker

Daniel J Deming (DND) 4/5/11303 Equity Trading Group II, LLC Type of Business to be Conducted: Market Maker CHANGES IN TRADING STATUS/FUNCTION

Individuals Effective Date

Kevin W Cozzie 4/1/11From: Nominee For CCM Equities, LLC; Floor Broker To: Nominee For Gar Wood Securities, LLC; Floor Broker

Michael P Cozzie 4/1/11From: Nominee For CCM Equities, LLC; Floor Broker To: Nominee For Gar Wood Securities, LLC; Floor Broker

Charles E Feuillan 4/1/11From: Nominee For GLP, LLC; Floor Broker To: Nominee For LiquidPoint, LLC; Floor Broker

Howard D Gillman 4/1/11From: Nominee For Electronic Brokerage Systems, LLC; Floor Broker To: Nominee For LiquidPoint, LLC; Floor Broker

Laura A Potter 4/1/11From: Nominee For Robert C. Sheehan & Associates, LLC; Floor Broker To: Nominee For Electronic Brokerage Systems, LLC; Proprietary Trading Permit Holder

Joseph S Sullivan 4/1/11From: Nominee For Robert C. Sheehan & Associates, LLC; Floor Broker To: Nominee For LiquidPoint, LLC; Floor Broker

TPH Organization Effective Date

303 Equity Trading Group II, LLC 4/5/11From: TPH Organization Associated with a Floor Broker To: TPH Organization Associated with a Market Maker

NAME CHANGETPH Organization Effective Date

From: Baneblade LLC 3/29/11To: Ursa Group, LLC

Page 3 April 8, 2011 Volume 39, Number 14 Chicago Board Options Exchange

Research Circular #RS11-225April 5, 2011Raser Technologies, Inc. (“RZTI”)Underlying Symbol and Option Symbol Change to “RZTIE”Effective Date: April 6, 2011

Research Circular #RS11-228April 6, 2011Fronteer Gold Inc. (“FRG”) Proposed Arrangementwith Newmont Mining Corporation (“NEM”)

Research Circular #RS11-229April 7, 2011Fronteer Gold Inc. (“FRG”) Arrangement COMPLETEDwith Newmont Mining Corporation (“NEM”)

Research Circular #RS11-233April 8, 2011Alcon, Inc. (“ACL”) Merger COMPLETEDwith Novartis AG (“NVS”)

RESEARCH CIRCULARS The following Research Circulars were distributed between April 4 and April 8, 2011. If you wish to read the entire document, please refer to the CBOE website at www.cboe.com and click on the “Trading Tools” Tab. New listings and series information is also available in the Trading Tools section of the website. For questions regarding information discussed in a Research Circular, please call The Options Clearing Corporation at 1-888-OPTIONS.

Research Circular #RS11-217April 4, 2011Genzyme Corporation ("GENZ")Subsequent Tender Offer by GC Merger Corp.

Research Circular #C2-RS11-023April 4, 2011Genzyme Corporation (“GENZ”)Subsequent Tender Offer by GC Merger Corp.

Research Circular #RS11-222April 4, 2011Clinical Data, Inc. (“CLDA”)Tender Offer EXTENDED by Magnolia Acquisition Corp.

Research Circular #RS11-224April 5, 2011NewAlliance Bancshares, Inc. (“NAL”) Proposed Election Merger with First Niagara Financial Group, Inc. (“FNFG”)

_________________________________________________________________________________ April 8, 2011 Volume RB22, Number 14

The Bylaws and Rules of Chicago Board Options Exchange, Incorporated (“Exchange”), in certain specific instances, require the Exchange to provide notice to Trading Permit Holders. The weekly Regulatory Bulletin is delivered to all effective Trading Permit Holders to satisfy this requirement. Copyright © 2011 Chicago Board Options Exchange, Incorporated.

REGULATORY CIRCULARS _________________________________________________________________________________ There are no Regulatory Circulars in this issue of the Bulletin.

R U L E C H A N G E S APPROVED RULE CHANGE(S) The Securities and Exchange Commission (“SEC”) has approved the following change(s) to Exchange rules pursuant to Section 19(b) of the Securities Exchange Act of 1934 (the “Act”). Below, any additions to rule text are underlined and any deletions are [bracketed]. Copies are available on the CBOE public website at www.cboe.com/legal/effectivefiling.aspx. The effective date of the rule change is the date of approval unless otherwise noted. _________________________________________________________________________________ SR-CBOE-2011-008 $0.50 and $1 Strike Price Intervals for Options Used to Calculate

Volatility Indexes On April 5, 2011, the SEC approved Rule Change File No. SR-CBOE-2011-008, which filing amends Rules 5.5 and 24.9 to permit the listing of strike prices in $0.50 intervals where the strike price is less than $75, and strike prices in $1.00 intervals where the strike price is between $75 and $150 for option series used to calculate volatility indexes. Any questions regarding the rule change may be directed to Jenny Klebes, Legal Division, at 312-786-7466. The rule text is shown below and the rule filing is available at https://www.cboe.org/publish/RuleFilingsSEC/SR-CBOE-2011-008.pdf.

Rule 5.5—Series of Option Contracts Open for Trading RULE 5.5 No change. …Interpretations and Policies .01 - .07 No change. .08 Notwithstanding Interpretation and Policy .01 above, and except for options on Units covered under Interpretation and Policies .06 and .07 above, the interval between strike prices

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of series of options on Units, as defined under Interpretation and Policy .06 to Rule 5.3, will be $1 or greater where the strike price is $200 or less and $5.00 or greater where the strike price is greater than $200. For options on Units that are used to calculate a volatility index, the Exchange may open for trading $0.50 strike price intervals as provided for in Interpretation and Policy .19 to this Rule 5.5. .09 - .18 No change. .19 $0.50 and $1 Strike Price Intervals for Options Used to Calculate Volatility Indexes. Notwithstanding Interpretation and Policy .01 above, the Exchange may open for trading series at $0.50 or greater strike price intervals where the strike price is less than $75 and $1.00 or greater strike price intervals where the strike price is between $75 and $150 for options that are used to calculate a volatility index.

* * * * * Rule 24.9—Terms of Index Option Contracts RULE 24.9 No change. …Interpretations and Policies .01 - .11 No change. .12 $0.50 and $1 Strike Price Intervals for Index Options Used to Calculate Volatility Indexes. Notwithstanding Interpretation and Policy .01(a) to Rule 24.9, the Exchange may open for trading series at $0.50 or greater strike price intervals where the strike price is less than $75 and $1.00 or greater strike price intervals where the strike price is between $75 for index options that are used to calculate a volatility index.

_________________________________________________________________________________ EFFECTIVE-ON-FILING RULE CHANGE(S) The following rule filing(s) was submitted to the SEC “effective on filing,” and may have taken effect pursuant to Section 19(b)(3) of the Act. The rule filing(s) will remain in effect barring further action by the SEC within 60 days after publication in the Federal Register. Below, any additions to rule text are underlined and any deletions are [bracketed]. Copies are available on the CBOE public website at www.cboe.org/legal/effectivefiling.aspx. _________________________________________________________________________________ SR-CBOE-2011-036 CBSX Flash Process On April 1, 2011, the Exchange filed Rule Change File No. SR-CBOE-2011-036, which filing proposes to eliminate the CBSX flash process. Any questions regarding the rule change may be directed to Angelo Evangelou, Legal Division, at 312-786-7464. The rule text is shown below and the rule filing is available at http://www.cboe.com/publish/RuleFilingsSEC/SR-CBOE-2011-036.pdf.

Rule 51.8 Types of Orders Handled At the discretion of CBSX, and once the CBSX System is so enabled, any of the following types of orders may be accommodated on the CBSX System: (a) - (f) No change. (g) Contingency Order. A contingency order is a limit or market order to buy or sell that is contingent upon a condition being satisfied while the order is held in the CBSX Book for execution.

(1) - (3) No change. (4) Immediate-or-Cancel Order. An immediate-or-cancel order is a market or limit

order which is to be executed in whole or in part immediately and automatically after it is received by the CBSX System without delay for any purpose [including electronic exposure

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pursuant to Rule 52.6]. Any portion not so executed is to be treated as canceled and shall not be routed to other trading centers.

(5) – (8) No change. (9) CBSX-Only Order. A CBSX-only order is an order to buy or sell that is to be

executed in whole or in part on CBSX without routing the order to another market center or market participant[, and without being exposed pursuant to Rule 52.6].

(10) [Trade Flash and Cancel Order. A trade flash and cancel order is a market or marketable limit order which is to be executed in whole or in part immediately and automatically upon receipt by the CBSX System with any unfilled balance electronically exposed pursuant to Rule 52.6. If an unfilled balance remains after the exposure process, such unfilled balance shall be cancelled.] Reserved. (h) – (s) No change. . . . Interpretations and Policies: .01 - .02 No change.

* * * * * Rule 52.6 Processing of Round-lot Orders (a) Market Orders. (1) The CBSX System will automatically match market orders against orders at the best price in the CBSX Book and against the other orders behind the best price at varying prices until the market order is fully executed or until filling the market order would result in an execution of a trade-through of another exchange’s quotation that is a Protected Quotation pursuant to Rule 611 of Regulation NMS unless the execution falls within an exception set forth in Rule 611(b) of Regulation NMS (the price of such other exchange’s Protected Quotation hereafter referred to as the “Trade-Through Price”). The CBSX System will not automatically execute a market order[s] to buy or sell securities at prices inferior to the Trade-Through Price. Instead, such order[s] shall cancel if the terms of the order do not allow for routing to other exchanges, or [(except for Immediate-or-Cancel orders) shall be flashed to CBSX Traders at the NBBO price for a period of time not to exceed 500 milliseconds as determined by CBSX. After such time,] the CBSX System shall route ISOs on behalf of the market order to all Protected Quotations priced better than the CBSX disseminated price (only up to the size of such Protected Quotations) and simultaneously execute the balance of the market order against the CBSX market.

(2) Trading Halts. When trading is halted in a security pursuant to Rule 52.3 or 6.3B while a market order remains unexecuted, the CBSX System will do the following: If the market order is a GTC order, the CBSX System will hold and execute it at the next opening, in the same day or the next day. If it is a day order, the CBSX System executes it at re-opening if trading resumes for the same day. If trading does not resume, the CBSX System purges it as part of the end-of-day procedure for purging day orders. (b) Limit Orders. After the opening, upon being entered into the CBSX System, limit orders will be matched against the best prices available in the CBSX Book under the priority rules set forth in Rule 52.1. If there are no orders in the CBSX Book that match the limit order when it is entered ( i.e. it is not marketable on CBSX), the CBSX Book will hold and display the limit order so that it may trade against later submitted orders. Unless an execution falls within an exception set forth in Rule 611(b) of Regulation NMS, the CBSX System will not automatically execute a limit order[s] at prices inferior to the Trade-Through Price. Instead, such order[s] shall cancel if the terms of the order do not allow for routing to other exchanges, or [(except Immediate-or-Cancel orders) shall be flashed to CBSX Traders at the limit price for a period of time not to exceed 500 milliseconds as determined by CBSX. After such time,] the CBSX System shall route ISOs on behalf of the limit order to all Protected Quotations priced better than the CBSX disseminated price (only up to the size of such Protected Quotations and up to the price of the limit order) and

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simultaneously execute the balance of the limit order against the CBSX market if it is executable or book the balance of the limit order. [. . . Interpretations and Policies: .01 CBSX will provide an electronic method allowing CBSX Traders to distinguish flashed orders during the flash period from the disseminated CBSX best bid/offer.]

* * * * * Rule 52.8 Processing of Odd-Lot Orders Odd-Lot orders (including the Odd-Lot portion of a mixed-lot order) will be processed in the same manner as are round-lot orders pursuant to Rule 52.6, except: (a) if an incoming odd-lot order trades against a quote in the CBSX Book, the new quantity remaining in the quote will be rounded down to the nearest lower round-lot amount (zero or multiple of 100) for display purposes, with the remaining Odd-Lot amount being cancelled; and (b) if an incoming order trades against a limit order resting on the CBSX Book and an Odd-Lot amount remains from the limit order resting on the CBSX Book, that Odd-Lot amount will remain in the system eligible for execution but will not be displayed. [; and (c) Odd-lot orders shall not be flashed to CBSX Traders.] . . . Interpretations and Policies: .01 The odd lot portion of orders/trades will not be disseminated by CBSX for quotations or last sale reporting. .02 Users may also submit Odd-Lot Orders that will cancel if an NBBO or better execution is not attained.

_________________________________________________________________________________ SR-CBOE-2011-038 Closing Time for End of Week and End of Month Expirations On April 5, 2011, the Exchange filed Rule Change File No. SR-CBOE-2011-038, which filing proposes to amend Rule 24.9 to change the close of trading hours from 3:15 p.m. (Chicago time) to 3:00 p.m. (Chicago time) on the last day of trading in expiring End of Week and End of Month Expirations. It should be noted that the Rule Change is not currently operative. The Exchange will issue a circular to advise Trading Permit Holders of the operative date. Any questions regarding the rule change may be directed to Jenny Klebes, Legal Division, at 312-786-7466. The rule text is shown below and the rule filing is available at http://www.cboe.com/publish/RuleFilingsSEC/SR-CBOE-2011-038.pdf.

Rule 24.9. Terms of Index Option Contracts

* * * * * (e) End of Week/End of Month Expirations Pilot Program (“EOW/EOM Pilot Program”) (1) – (3) No change. (4) EOW/EOM Trading Hours on the Last Trading Day. On the last trading day, transactions in expiring EOWs and EOMs may be effected on the Exchange between the hours of 8:30 a.m. (Chicago time) and 3:00 pm (Chicago time). This subsection (4) applies to all outstanding expiring EOW and EOM Expirations listed on or before [insert effective date of rule filing] and all EOWs and EOMs listed thereafter under the EOW/EOM Pilot Program. …Interpretations and Policies .01 - .11 No change.

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PROPOSED RULE CHANGE(S) Pursuant to Section 19(b)(1) of the Act, and Rule 19b-4 thereunder, the Exchange has filed the following proposed rule change(s) with the SEC. Below, any additions to rule text are underlined and any deletions are [bracketed]. Copies of the rule change filing are available at www.cboe.org/legal/submittedsecfilings.aspx. Members may submit written comments to the Legal Division. The effective date of a proposed rule change will be the date of approval by the SEC, unless otherwise noted. _________________________________________________________________________________ SR-CBOE-2011-037 Long Short Return Structures (LASRS) Options On April 1, 2011, the Exchange filed Rule Change File No. SR-CBOE-2011-037, which filing proposes to enable the listing and trading of CBOE Long Short Return Structures (LASRS) options. LASRS options are European-style, cash-settled options that overlie an index that tracks the cumulative, relative performance of a long and a short position in two investment assets. Investment assets may be a stock or index eligible for traditional options trading on the Exchange.1 Any questions regarding the rule change may be directed to Jenny Klebes, Legal Division, at 312-786-7466. The rule text is shown below and the rule filing is available at http://www.cboe.com/publish/RuleFilingsSEC/SR-CBOE-2011-037.pdf.

Rule 6.1 – Days and Hours of Business RULE 6.1. No change . . . Interpretations and Policies: .01 No change. .02 The hours of trading for certain securities are set forth in the Rules listed below: Binary Options – Rule 22.2 Corporate Debt Security Options – Rule 28.9. Credit Options – Rule 29.11. Government Securities Options – Rule 21.10, Interpretation and Policy .01. Index Options – Rule 24.6 Range Options – Rule 20.2. LASRS Options – Rule – 25.2 Stocks, Warrants and Other Securities – Rule 51.2 .03 – .05 No change.

* * * * * Rule 12.3 – Margin Requirements RULE 12.3. (a) – (n) No change. (o) LASRS Options. The margin requirements for any LASRS option listed and traded on the Exchange shall be the same as the higher of the margin requirements applicable to options on the designated component investment assets of the index. . . . Interpretations and Policies: .01 -.19 No change.

* * * * *

1 Rule Change File No. SR-CBOE-2011-037 replaces Rule Change File No. SR-CBOE-2010-044, which was included in the May 19, 2010 Bulletin.

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Chapter XXV – [[Reserved]] LASRS Options

[Reserved Reserved]

Introduction The rules in this Chapter are applicable only to LASRS options. Trading of LASRS options shall also be subject to the rules in Chapters I through XXIX, in some cases supplemented by the rules in this Chapter, except for rules that have been replaced by rules in this Chapter and except where context otherwise requires. Rule 25.1 Definitions RULE 25.1. The following terms as used in this Chapter shall, unless the context otherwise indicates, have the meanings herein specified. LASRS Option (a) “LASRS” is an acronym for Long Short Return Structure and the term “LASRS option” means a European-style option contract on an index that tracks the cumulative relative performance of a long and a short position in two investment assets. LASRS Index (b) The term “LASRS index” means a calculated index that reflects the cumulative relative performance of two designated component investment assets over the calculation period. For example, a stock and an index may be paired in a LASRS index and two indexes may be paired in a LASRS index. Investment Asset (c) The term “investment asset” means any stock or index for which an option overlying that security or index is eligible for traditional options trading on the Exchange. Calculation Period (d) The term “calculation period” means the time period over which a LASRS index measures the cumulative, relative performance of the designated component investment assets, which is specified by the Exchange at listing. Base Date (e) The term “base date” means the date on which the respective LASRS index is set to a base value (e.g., 1,000 points). After its base date, the respective LASRS index is re-balanced periodically (e.g., quarterly, semi-annually, annually), which date of rebalancing is specified by the Exchange at listing. Exercise Price (f) The term “exercise price” means the specified price per unit at which the option holder has the right to either purchase or to sell a LASRS option. Call LASRS Option (g) The term “call LASRS option” means an option contract under which the holder of the option has the right to purchase the underlying LASRS index value at the specified exercise price on its expiration date. Put LASRS Option (h) The term “put LASRS option” means an option contract under which the holder of the option has the right to sell the underlying LASRS index value at the specified exercise price on its expiration date. Contract Multiplier (i) The term “contract multiplier” means the multiple applied to the exercise settlement value to arrive at the total cash settlement amount per contract. The contract multiplier is established on a class-by-class basis and shall be at least one (1). Cash Settlement Amount

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(j) The term “cash settlement amount” means the amount of cash that a holder will receive upon exercise of the contract. For a call LASRS option, the cash settlement amount is the amount by which the exercise settlement value exceeds the exercise price, multiplied by the contract multiplier. For a put LASRS option, the cash settlement amount is the amount by which the exercise price exceeds the exercise settlement value, multiplied by the contract multiplier. The minimum exercise settlement value for a LASRS option contract is zero. Reporting Authority (k) The term “reporting authority” as used in this Chapter has the meaning set forth in Rule 24.1. Rule 25.2 - Days and Hours of Business RULE 25.2. Transactions in LASRS options may be effected on the Exchange between the hours of 8:30 a.m. Chicago time and 3:15 p.m. Chicago time, except that if the closing time for traditional options on one of the component investment assets in the LASRS index is earlier than 3:15 Chicago time, the Exchange may designate such earlier closing time for transactions in related LASRS options. Rule 25.3 – Designation of LASRS Option Contracts RULE 25.3. (a) The Exchange may from time to time approve for listing and trading on the Exchange LASRS option contracts. (1) With respect to the underlying LASRS index, the designated component investment assets shall be selected in accordance with the listing criteria for traditional options trading on the respective investment assets (e.g., Rules 5.3, 24.2). (2) Additionally, if a designated LASRS index component investment asset is an equity security, that equity security’s trading volume (in all markets in which that security is traded) must have averaged at least 2,250,000 shares per day in the preceding twelve months. (3) Furthermore, no LASRS option will be listed unless and until: (A) with respect to a LASRS index having a designated component investment asset that is an equity security, traditional options overlying that component security have been listed and traded on a national securities exchange with an average daily options trading volume during the previous three months of at least 10,000 contracts; and (B) with respect to a LASRS index having a designated component investment asset that is an index, traditional options overlying (i) that component index, (ii) the securities underlying the component index, or (iii) another instrument or security based on that same designated component index have been listed and traded on a national securities exchange with an average daily options trading volume during the previous three months of at least 10,000 contracts. (b) Only LASRS options contracts approved by the Exchange and currently open for trading on the Exchange may be purchased or sold on the Exchange. All such option contracts shall be designated as to the underlying LASRS index, the calculation period, the rebalancing date, the type of option, the expiration month, the exercise price, year and the contract multiplier. (c) LASRS options may be traded on the Exchange without the appointment of a DPM or a Market-Maker. If a DPM or a Market-Marker(s) is available, there shall be no maximum bid/ask spread requirements and there shall be no minimum quote size requirements. Rule 25.3 replaces, for purposes of Chapter XXV, Rules 6.2, 6.2B, 8.3, 8.15 and 8.95, as applicable.

Rule 25.4 – Maintenance Listing Standards RULE 25.4. (a) The maintenance listing standards with respect to the designated component investment assets in a LASRS index shall be the same as the maintenance criteria for traditional options on the same investment assets (e.g., Rules 5.4, 24.2). (1) Additionally, each designated equity component investment asset’s trading volume (in all markets in which the security is traded) must have averaged at least 2,000,000 shares per day in the preceding twelve months. (2) Following the listing of a LASRS option, traditional options on or, with respect to an investment asset that is an index, relating to, each of the designated component investment assets of the LASRS index must continue to meet the options average daily volume set for them in Rule 25.3(a)(3). (b) If the Exchange determines that one of the component investment assets does not meet the applicable requirements for continued listing, the Exchange shall not open for trading any additional series of the class covering the underlying LASRS index and may prohibit any opening purchase transactions in series of that class previously opened to the extent that the Exchange shall deem such action necessary or appropriate. Rule 25.5 – Series of LASRS Option Contracts RULE 25.5. (a) Initial Series. After a particular LASRS option class has been approved for listing and trading on the Exchange, the Exchange from time to time may open for trading series of options on that class. LASRS Options may expire at three-month intervals or in consecutive months. The Exchange may list up to seven expiration months at one time. (b) Additional series of the same LASRS option class may be opened for trading on the Exchange when the Exchange deems it necessary to maintain an orderly market or to meet customer demand. The opening of a new series of LASRS options on the Exchange will not affect any other series of options of the same class previously opened. (c) Strike Price Intervals. The Exchange may list series at 1 point or greater strike price intervals on LASRS options and LEAPs series, and will list at least two strike prices above and two strike prices below the current LASRS index value at about the time a series is opened for trading on the Exchange. The Exchange shall list strike prices for LASRS options and LEAPs series that are within 10 points from the closing LASRS index value on the preceding day. (d) Long-term Option Series (“LEAPs”). Notwithstanding paragraphs (a) and (b) above, the Exchange may list LEAPs series that expire from 12 to 60 months from the date of issuance. Rule 25.6 – Limitation of Liability of Exchange and of Reporting Authority RULE 25.6. (a) Rule 6.7 shall be applicable in respect of any class of LASRS options. (b) Rule 24.14 shall be applicable to any reporting authority that calculates: (i) any LASRS index; and (ii) any index that is a designated component investment asset in a LASRS index. Rule 25.7 – Position Limits RULE 25.7. (a) In determining compliance with Rule 4.11, LASRS options shall have a position limit of 60,000 contracts on the same side of the market. (b) In determining compliance with the position limit set forth in paragraph (a) above, LASRS options shall be aggregated with traditional option contracts on either of the investment assets in the LASRS index.

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(c) Positions in Short Term Option Series, Quarterly Option Series, and Delayed Start Option Series shall be aggregated with positions in options contracts in the same LASRS index. (d) Hedge exemptions found in CBOE Rules 4.11, 24.4, 24.4A and 24.4B shall apply to the standard position limits applicable to LASRS options, provided that each LASRS option position to be exempted under the aforementioned Rules is hedged by a position that hedges each of the component investment assets underlying the LASRS index. Rule 25.8 – Exercise Limits RULE 25.8. In determining compliance with Rule 4.12, the exercise limits for LASRS options shall be equivalent to the position limits prescribed for such options under Rule 25.7. Rule 25.9 – Reports of Options Positions RULE 25.9. References in Rules 4.13 and 4.14 to Rule 4.11 in connection with position limits shall be deemed, in the case of LASRS options, to be to Rule 25.7. In computing reportable LASRS options under Rule 4.13: (a) positions in LASRS options shall be aggregated with positions in traditional options on the same component investment asset, and (b) positions in LASRS options that have a single common component investment asset shall be aggregated. Rule 25.10 – Other Restrictions on LASRS Option Transactions and Exercises RULE 25.10. Rule 4.16 shall be applicable to LASRS options. Rule 25.11 – Trading Halts and Suspension of Trading RULE 25.11. Rules 6.3, 6.3B and 24.7 shall be applicable to LASRS options. Rule 25.12 – Premium Bids and Offers; Minimum Increments; Adjustments RULE 25.12. (a) Bids and offers shall be expressed in index points and multiplied by the contract multiplier. (b) The minimum price variation (“MPV”) for bids and offers on both simple and complex orders for LASRS option contracts shall be 0.01 index points. (c) All bids or offers made for LASRS option contracts shall be deemed to be for one contract unless a specific number of option contracts is expressed in the bid or offer. A bid or offer for more than one option contract shall be deemed to be for the amount thereof or a smaller number of option contracts. An all-or-none bid or offer shall be deemed to be made only for the amount stated. (d) LASRS option contracts are subject to adjustment only in accordance with and to the extent specified in the By-Laws and Rules of the Clearing Corporation. When any such adjustment has been determined, announcement thereof shall be made by the Exchange and shall become effective as of the time specified in such announcement. Rule 25.13 – FLEX Trading RULE 25.13. LASRS options shall be eligible for trading as Flexible Exchange Options as provided for in Chapter XXIVA and XXIVB, even if the Exchange does not list and trade Non-FLEX LASRS options or Non-FLEX traditional options on the designated component investment assets. For purposes of Rules 24A.4 and 24B.4, the parties may not designate an exercise style other than European-style, and the term “index multiplier” shall refer to the contract multiplier. Rules 24A.7 and 24B.7 shall not apply to LASRS options.

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