Trading Unit: 100 troy ounces. Weight tolerance permitted: + or - 5% with no single piece wieghing less than 10 ounces. Each contract unit may consist of ingots or plates.

Delivery Grade: The minimum specification is a palladium contrent of 99.9%. The minimum specification changes to 99.95% for delivery after October 1992. The exchange has established that 99.9% pure metal already in Exhcnage depositories can continue to be delivered after October 1992 against the 99.95% contract at a discount of $7.50. Metal of 99.5% palladium will contine to be delivereable aginst the 99.95% contracts at a discount of $13.50. The lower purity metal can be delivered until October 1995

Price Quote: Dollars and cents/troy oz

Tick Size: 5 cents/per troy oz ($5/contract)

Daily Price Limit: $6/troy oz ($600/contract) above or below the previous day's settlement price. There is no maximum daily limit during the current delviery month and the three business days preceding it. If the settelment price reaches the maximum daily limit for two consecutive days, the expnaded daily limit schedule will go into effect. The maximum expanded daily limit is $12 per troy ounce.

Trading Months: March, June, September, December. Trading currently is conducted over 15 months beginning with the current month and the next two consecutuve months before moving iont the quarterly cycle.

Delivery Method: By vault receipt drawn on deposits made in exchange-approved vaults in Chicago or New York

Trading Hours: 8:10 a.m. - 2:20 p.m. Chicago time,

Ticker Symbol: PA