Contract: Call and put options on NYSE Composite Index futures contracts.

Contract Months: The current calendar month, the two months following the current calendar month, and the next three months in the calendar quarterly cycle (six options months traded at all times). The futures contract underlying the non calendar quarterly cycle months is the next futures contract following the option expiration,

Trading Hours: 9:30 a.m. - 4:15 p.m. (NY. time)

Quotations: Price or premiums are quoted in points, where .01 equals $5. A premium of 1.00 equals $500. Minimum price fluctuations (tick size) in premiums shall be 5 points or .05 (equivalent to $25.00 per contract); however, if an option transaction liquidates an existing position, the minimum fluctuation can be 1 point ($5.00) if the price is less than 5 points.

Strike Price: Integers which are evenly divisible by two (e.g. 260.00, 262.00); minimum of nine exercise prices at all times, four in-the money, one at-the- money, four out-of-the money. For the most deferred contract only, integers which are evenly divisible by ten (e.g., 260.00, 270.00); minimum of five exercise prices at all times, two in-the money, one at-the-money, two out-of-the money.

Price Limits: None

Last Trading Day: For the calendar quarterly cycle months (March, June, September, December) the last day of trading is the last trading day of the underlying futures contract (the business day preceding the third Friday of the expiration month; except that if the third Friday is not a NYFE and NYSE business day, the last day of trading shall be the business day preceding the business day immediately preceding the third Friday).

For the non-calendar quarterly cycle months, the last day of trading is the third Friday of the expiration month; except that if the third Friday is not a NYFE and NYSE business day, the last trading day shall be the business day immediately preceding the third Friday.

Exercise: Open puts and calls in index options may be exercised on any NYFE business day the option is traded by notifying the clearing member carrying the account by 6:00 p.m., NY. time on that day; the clearing member must then notify the Inter market Clearing Corporation by 8:00 p.m. NY. time on that day. Any short position open at the end of the day is subject to assignment. A long call (put) that is exercised receives a long (short) position in the underlying futures contract. whereas a short call (put) that is assigned receives a short (long) position in the underlying futures contract both at the strike price of the options contract. [Jon expiration, all in-the-money options will be automatically exercised, in the absence of contrary written instructions.

For those option months coinciding with calendar quarterly cycle months, final settlement is based on a special calculation of the third Friday's opening prices of all the stocks listed in the NYSE Composite Index. For those option months not coinciding with the calendar quarterly cycle months, final settlement is based on the settlement price of the underlying future (the next futures contract following the option expiration) on the option's last trading day.

Margin: The purchase of long option positions requires the full payment of the premium in cash. Consult your broker for details on margin requirements for short option positions.