OPTIONS ON 2 YEAR TREASURY NOTE FUTURES

Trading Unit: One CBOT 2-Year U.S. Treasury Note futures contract (of a specified delivery month) having a face value at maturity of $200,000 or multiple thereof

Tick Size: 1/100 of a point ($ 15.625/contract) rounded up to the nearest cent/contract

Strike Prices: One-quarter point ($500/contract) to bracket the current T-note futures price. For example, if 2-year futures are at 94-00, strike prices may be set at 93.25, 93.50, 93.75, 94.00, 94.25, 94.50, 94.75, etc.

Contract Months: The front month of the Current quarter plus the next three contracts of the regular quarterly cycle (Mar, Jun, Sep, Dec). If the front month is a quarterly contract month, no monthly contract will be listed. The monthly options contract exercises into the current quarterly futures contract. For example, a July T-Note option will exercise into a September futures position,

Last Trading Day: Options cease trading in the month prior to the delivery month of the nuclei lying futures contract. For example, the last trading day for December 1994 T-Note options is November 18, 1994. Options cease trading at noon on the last Friday preceding by at least five business days the last business day of the month preceding the option contract month.

Exercise: The buyer of a futures option may exercise the option on the business day prior to expiration by giving notice to the Board of Trade Clearing Corporation by 6:00 p.m. Chicago time. Options that expire in-the-rnoney are automatically exercised into a position, unless specific instructions are given to the Board of Trade Clearing Corporation.

Expiration: Unexerciscd options expire at I 0:00 a.m. Chicago time on the First Saturday following the last day of trading.

Trading Hours: 7:20 a.m. - 2:00 p.m. Chicago time, Mon- Fri. Evening trading hours are 5:20 - 8:05 p.m. (CST') Trading in expiring contracts closes at noon on the last trading day.

Ticker Symbols: TUC for calls/TUP for puts