ISE 50 Index

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The ISE Stock Exchange's proprietary ISE 50 Index (IXK) tracks the performance of the “Mega-Cap” stocks in information technology, health care, financials, industrials, consumer discretionary and staples, telecommunications and energy, listed in the United States (subset of the ISE 250, generally including the top 50 stocks). The ISE 50 is a capitalization-weighted index.

As of Nov. 1, 2007, there are 31 ISE index options listed.

ISE 50 Index components:

Apple Abbott Labs AIG American Int'l. Group Altria Group American Express Amgen AT&T Inc. Bank of America Boeing Company Chevron Cisco Systems Citigroup Coca Cola

Comcast ConocoPhillips Eli Lilly Exxon Mobil General Electric Google Inc. Goldman Sachs Hewlett-Packard Home Depot IBM International Intel Corp. Johnson & Johnson JPMorgan Chase & Co.

Medtronic Inc. Merck & Co. Merrill Lynch Microsoft 3M Company Morgan Stanley News Corporation Oracle Corp. PepsiCo Inc. Pfizer Procter & Gamble QUALCOMM Inc.

Schlumberger Ltd. Time Warner Inc. Tyco International United Health Group Inc. United Parcel Service United Technologies Verizon Communications Wachovia Corp. Wal-Mart Stores Walt Disney Wells Fargo Wyeth

Contract Overview

Full specifications can be found at the ISE web site.

Index multiplier	$100 (e.g., options premiums are multiplied by 100 to obtain the actual premium amount).
Strike price intervals	At least $2.50.
Minimum trading increments	The minimum trading increment for an options contract trading at less than $3.00 is $0.05. The minimum trading increment for an options contract trading at $3.00 or higher is $0.10.
Expiration Months	Up to three near-term months followed by three additional months from the March quarterly cycle (March, June, September and December).
Exercise Style	European exercise -- options generally may be exercised only on the last business day before expiration.
Trading hours	9:30 A.M. - 4:15 P.M. Eastern Time (New York time).