ISE, OSAKA EXCHANGE PLAN EQUITY OPTIONS TRADING PLATFORM

Posted February 24, 2008

NEW YORK -- The Osaka Securities Exchange Co., Ltd. (OSE) and International Securities Exchange Holdings, Inc. (ISE) have agreed to form a joint venture to launch a mutually owned trading platform for the Japanese equity options market.

“We believe there is a tremendous opportunity to create a world-class options trading venue in Japan, where the combination of a robust underlying equities market and increasingly sophisticated active investors is solidifying demand for exchange-listed equity options,” says Michio Yoneda, President and Chief Executive Officer of OSE. “With ISE’s unparalleled expertise in building a fully-electronic options marketplace from the ground up, this initiative will help to revitalize the Japanese equity options market and to establish it as a useful investment tool for investors.”

The OSE is Japan’s largest derivatives exchange. Its flagship product is Nikkei 225 futures and its total trading volume in 2007 was 108.9 million units, up 79.6 percent from 2006. “OSE’s track record of success in the Japanese market and their well-established relationships with both their customers and local regulators will complement ISE’s options market model and market making structure,” says Gary Katz, President and Chief Executive Officer of the ISE. “We look forward to working with our partners at OSE and the Japanese securities industry to launch an exciting new options trading platform. It is a privilege for ISE to join OSE in a shared commitment to redefining equity options trading in Japan.” The joint venture was announced February 24, 2008.