Expiration Months: At each December expiration, CBOE will list new expiration series having 36 months until expiration. LSY options expire in December, 1 994, LSX options expire in December, 1 995, and LSZ options expire in December 1 996.

Exercise Style: Europeon.SPX LEAPS generally may be exercised only on the last business day prior to the expiration date.

Settlement Exercise: The exercise settlement value, SET, is determined on the last day prior to expiration and is based on the first (opening) reported sale price for each component.

Position Limits: For the purposes of calculating these limits, SPX LEAPS' contracts are aggregated with SPX and SPL contracts. For aggregation purposes, ten SPX LEAPS contracts equal one SPX contract. Current limits are 450,000 (45,000 SPX/SPL) contracts on either side of the market- A customer hedge exemption is available for certain diversified portfolios which expands the limit to 1,950,000 LSW, LSY or LSX (195,000 SPX/SPL) contracts.

Trading System: Market Maker.