February 26, 2007

Dear Sir

As a member of the Chicago Board of Trade , I am writing in protest of the CBOE attempt to extinguish our exercise right. The Chicago Board of Trade established the CBOE in 1973 and it has been established over the 34 year life of the CBOE through both charter and extended legal and contractual agreement that this exercise right is inviolable. Therefore I would respectfully request that you allow this issue to be settled in the courts.

Furthermore if our right is extinguished it will reduce the number of marketmakers at the CBOE which will reduce liquidty and harm the investing public.

Sincerely,

Ronald Bianchi