Trading Unit: One New York Cotton Exchange Cotton No. 2 futures contract.

Trading Hours: 10:30 a.m. - 2:40 p.m. (New York time).

Ticker Symbol: co

Trading Months: March, May, July, October and December. The nearest seven delivery months will be available for trading.

Example: In August 1994, the October 1994, December 1994, March 1995, May 1995, July 1995, October 1995 and December 1995 contracts will be available for trading.

Price Quotation: Price quoted in cents and hundredths of a cent.

Strike Price: 1 cent increments.

Min Price Fluctuation: 1/100 of a cent.

Point Value: $5.00

Daily Limit: None.

Last Trading Day: The last Friday which precedes first notice day for the underlying future by at least five business days.

Exercise: Until 5:00 p.m. (New York time) on any trading day including last trading day. Automatic exercise at one tick or more in-the-money.