Description of Index: The S&P 500 Index is a capitalization weighted index of 500 stocks from a broad range of industries whose collective performance mirrors the overall stock market. Base values for the index are adjusted over time to reflect changes in capitalization resulting from mergers, acquisitions, stock rights or substitutions. The exercise-settlement value (SET) is calculated using the opening price in the primary market of each component stock on the last business day (usually Friday) prior to the expiration date.

Expiration Months: Three near-term months followed by up to three additional months of the March cycle.

Exercise Style: European. S&P 500 index options 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 contracts are aggregated with SPL, SPX LEAPS, SPX Caps and SPQ contracts. For aggregation purposes, one S&P 500 contract equals I 0 SPX LEAPS contracts. Current aggregate limits are 45,000 S&P 500 (450,000 SPX LEAPS) contracts on either side of the market. A customer hedge exemption is available for certain diversified portfolios which expands the limit to 195,000 S&P 500 (1,950,000 SPX LEAPS) contracts.

Trading System: Market Maker.