Exchanges:

AMEX, CBOE, PHLX, PCX, ISE

Description:

Equity LEAPS® are American-style options on certain equities that have terms of up to three years. With the exception of the specifications listed below, Equity LEAPS® specifications are the same as those for regular-term equity options. Equity LEAPS® have unique symbols to distinguish them from their corresponding regular-term options. Options expiring in 2001 generally begin with a Z; those expiring in 2002 generally begin with a W.

Strike Prices:

Initial strike prices are generally set within 25% above or below the underlying stock's price.

Expiration Dates:

AMEX-, CBOE-, PCX- and PHXL-traded LEAPS® expire in January of the designated year. Expiration occurs on the Saturday following the third Friday of the expiration month. All equity LEAPS® expire in January.

Position and Exercise Limits:

Positions must be aggregated with those of any other option on the same underlying security for the purpose of position and exercise limits.