EXHIBIT 99.3

DESCRIPTION OF REGISTRATION RIGHTS AGREEMENT AMONG CALAMOS FAMILY PARTNERS,INC.,
                        JOHN P. CALAMOS AND THE COMPANY.

REGISTRATION RIGHTS AGREEMENT

      In connection with this offering, we will enter into an agreement with
Calamos Family Partners, Inc. and John P. Calamos that will grant registration
rights with respect to shares of our Class A common stock, which we refer to as
registrable securities, issuable or issued upon conversion of shares of our
Class B common stock or in exchange for membership units in Calamos Holdings
LLC.

      The registration rights agreement provides that Calamos Family Partners,
Inc. and John P. Calamos and their assigns are entitled to unlimited "piggyback"
registration rights, meaning it can include its registrable securities in
registration statements filed by us for our own account or for one or more of
our stockholders. Calamos Family Partners, Inc. and John P. Calamos and their
assigns will also be entitled to, on 15 occasions, "demand" that we register
registrable securities held by them at any time commencing at least 365 days
after the effective date of the registration statement of which this prospectus
is a part, provided that the aggregate number of registrable securities subject
to each demand (A) constitutes at least 5% of the registrable securities on the
date of the registration rights agreement or (B) has an aggregate minimum market
value of at least $85 million. By using two demands, Calamos Family Partners,
Inc. and John P. Calamos and their assigns may require that the registration
statement be in an appropriate form under the Securities Act (a "Shelf
Registration Statement") relating to any of the registrable securities in
accordance with the methods and distributions set forth in the Shelf
Registration Statement and under Rule 415 under the Securities Act.
Notwithstanding the foregoing, we will not be required to prepare and file more
than two registration statements in any 12-month period pursuant to such
demands. We will agree to pay the costs associated with all such registrations.

      The registration rights agreement will remain in effect for so long as
there are outstanding registrable securities or securities of Calamos Asset
Management, Inc. or Calamos Holdings LLC that are convertible into or
exchangeable for registrable securities.