INSURANCE FUTURES

Underlying Instr: One National Insurance futures contract a specified contract month

Tick Size: 1/10 of one index point, or $25/contract

Strike Price: Listed in integral Multiples of one index point to bracket the under lying futures contract (i.e., the strike price closes[ to the previous day's futures settlement price and the next 40 consecutive higher and lower strike prices). Also, strike prices will be listed from 5.0 to 195.0 in even five point intervals above and below the range of one point strikes.

Daily Price Limit: Initial trading limits of 10 index points with variable trading limits of 15 index points above the previous days option settlement premium

Contract Months: Mar, July, Sep, Dec

Last Trading Day: The 5th calendar day of the 7th calendar month following the Contract month

Exercise: Option buyers may exercise an option contract on any business day prior to expiration by giving notice to the clearinghouse by 6:00 p.m. on such day. Exercised options are randomly assigned to option sellers. All in-the-money options after the close on the last trading day will be automatically exercised.

Expiration: Unexercised options will expire at 6:00 p.m. (Chicago time) on the same day in which the final settlement price for the underlying futures contract is made publicly available.

Trading Hours: 8:30 a.m. - 12:30 p.m. Chicago time, Mon- Fri

Ticker Symbols: UNC for calls/UNP for Puts