The Institutional Index measures the performance of the 75 major stocks currently held in highest dollar amounts in institutional portfolios that have a market value of more than $ 100 million in investment funds.

Component stocks in the Index are selected based upon stock positions declared in 130 reports which must be made quarterly to the Securities and Exchange Commission on behalf of all institutions with portfolios in excess of $ 100 million in market value. To qualify for inclusion in the Index, stocks must be held by a minimum of 200 of the reporting institutions and must have traded at least 7-million shares in each of the two preceding calendar quarters. The Index is market-value weighted which means the Index value corresponds to the sum of the market values (i.e. share price x number of shares outstanding) of each of the component stocks.

The 130 reports are reviewed quarterly and component stocks in the Index are adjusted, as necessary, to maintain conformity with current institutional investments. (See reverse side for Index components.)

Note: Two types of Institutional Index Option contracts are currently available for trading. One contract is "opening settled," featuring settlement based on opening prices of the Index component stocks on the last business day prior to expiration and uses the root symbol "XII." The other contract is "closing settled," featuring settlement based on closing prices of the Index component stocks on the last business day prior to expiration and uses the root symbol "PXP."