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Andrew D. Friedman, Esq. of Wechsler Harwood LLP, Chair of Executive Committee of Class Counsel, Announces Proposed Settlement of In re Stock Exchanges Options Trading Antitrust Litigation.

NEW YORK -- The United States District Court for the Southern District of New York (the "Court") has ordered that notice be given of the pendency and proposed settlement of claims asserted against certain defendants ("Settling Defendants") in the class action ("Class Action") entitled In re Stock Exchanges Options Trading Antitrust Litigation, 99 CIV. 0962 (RCC) (And All Other Consolidated Actions), MDL No. 1283, Master Docket No. M-21-79 (RCC). The Settling Defendants are listed in the full notice of pendency and proposed settlement of claims in the Class Action ("Notice") that was mailed on February 24, 2006 to potential members of the Settlement Class, defined below.

This Summary Notice relates to proposed settlements that in the aggregate provide $43,899,798 plus interest to the Class (less administrative costs, and any expenses, attorneys' fees and incentive awards approved by the Court) in exchange for a release of claims against the Settling Defendants in this Class Action. For settlement purposes, the Court has certified a Settlement Class consisting of all persons, firms, corporations, and other entities (excluding the defendants and their parents, subsidiaries, affiliates, predecessors, successors, partners, members, and principals) that, during the period January 22, 1990 through April 30, 2003 (the "Class Period"), (1) purchased and/or sold one or more Class Option Contracts and/or (2) paid transaction costs, including without limitation all fees and other charges, incurred in connection with the purchase and/or sale of one or more Class Option Contracts (the "Class" or "Settlement Class").

For purposes of these Settlements, the term "Class Option Contract" means an Equity Option Contract (other than a warrant), that is a security that bestows the right to purchase or sell a set amount of publicly traded equity securities of, equity interests in, shares of, or other interests in a corporation, legal entity, fund, index, or basket of securities, that was listed and traded at any time during the Class Period exclusively on any National Securities Exchange, as that term is defined in the Securities Exchange Act of 1934, 15 U.S.C. Sections 78a, et seq. ("Exchange Act"), that was owned and/or operated by Pacific Exchange, Inc. ("PCX"), New York Stock Exchange Inc. ("NYSE"), American Stock Exchange LLC ("AMEX"), Chicago Board Options Exchange ("CBOE"), Philadelphia Stock Exchange Inc. ("PHLX").

A Non-Exhaustive, Illustrative List of Class Option Contracts may be viewed on, or downloaded from, the Claims Administrator's website at www.berdonllp.com/claims. You may also obtain a hard copy of the List by calling the Claims Administrator at (516) 806-3493.

The Court has scheduled a Hearing for May 22, 2006 at 2:00 p.m. to consider the final approval of the proposed Settlement Agreements. If you meet the definition of the Settlement Class, you will be deemed a member of the Settlement Class unless, by May 1, 2006, you exclude yourself from the Class according to the instructions set forth in the Notice. If you are a member of the Settlement Class and you purchased and/or sold one or more Class Options Contracts during the Class Period, you may receive a pro rata share of the Net Settlement Fund (i.e., $43,899,798 plus interest, less administrative costs, and any expenses, attorneys' fees and incentive awards approved by the Court,) established pursuant to the Settlement Agreements by filing a claim in accordance with the instructions set forth in the Proof of Claim and Release form that was mailed with the Notice.

Any Settlement Class member who does not request exclusion from the Settlement Class and who wishes to appear and be heard at the Hearing must submit a Notice of Intention to be Heard, postmarked no later than May 1, 2006, in accordance with the instructions set forth in the Notice.

If you remain in the Settlement Class, you will be represented by plaintiffs' counsel and, if the Settlements are approved, you will be bound by the terms of the respective Settlement Agreements and the amended judgment that will be entered in the Class Action dismissing the Settlement Class' claims against the Settling Defendants with prejudice and effectuating a release of other claims you may have, as described more fully in the Notice. If you so desire, you may enter an appearance through separate counsel, at your own expense.

If you believe you may be a Settlement Class member and you have not received a copy of the full Notice and Proof of Claim and Release you may obtain one by contacting the Claims Administrator on line at: www.berdonllp.com/claims (to download documents); by e-mail at: www.berdonllp.com/claims (click on "Contact Us"); or by phone at: (866) 208-0188 (toll-free); or by writing to: Options Trading Antitrust Litigation, c/o Berdon Claims Administration LLC, P.O. Box 9007, Jericho, NY 11753-8917.
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Date:Mar 15, 2006
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