Unit of Trade: 100 shares per option contract.

Prem Ouotations: Stated in points and fractions. One point equals $1.00. Minimum tick for series trading below 3 is 1/16 ($6.25), and for all other series, 1 /8 ($12.50).

Strike Prices: 2 1/2 points for stocks trading below $25, 5 points for those trading from $25 to $200, and 10 points for those trading above $200.

Exercise Style: American-style - option may be exercised on any business day prior to the expiration date.

Expiration Months: Two near-term months plus two additional months of the January, February, or March quarterly cycle.

Expiration Dates: The Saturday immediately following the third Friday of the expiration month.

Position Limits: Limits vary according to the number of outstanding shares and trading volume. The largest, most frequently traded stocks have an option position limit of 1 0,500 contracts; smciller capitalization stocks may offer position limits of 7500 or 4500 contracts. Customer hedge exemptions are available.

Minimum Margin: The dollar amount of the premium plus 20% of the underlying security value minus the amount by which the option is out-ofthe-money (if any) with a minimum of the premium plus 1 0% of the underlying security value.

Trading Hours: 9:30 AM to 4:1 0 PM (Eastern Time). Exercise Settlement Price: Strike price times $1 00.

Exercise Settlement: Exercise notices tendered on any business day will result in delivery of the underlying stock on the fifth business dciy following exercise.

Exchanges: Amex, CBOE, PHLX, PSE