April 1, 1998

Exchange Bulletin

Volume 26, Number 13

The Constitution and Rules of the Chicago Board Options Exchange, Incorporated ("Exchange"), in certain specific instances, require the Exchange to provide notice to the Exchange membership. To satisfy this requirement, a complimentary copy of the Exchange Bulletin, including the bi-monthly Regulatory Bulletin, is provided to all individual members and nominees of member organizations on a weekly basis. Additional subscriptions may be obtained by submitting your name, firm, address and telephone number to: Chicago Board Options Exchange, Attention: Marketing Department, 400 South LaSalle, Chicago, Illinois 60605. The cost of an annual subscription (July 1 through June 30) is $100.00, ($50.00 after January 1) payable in advance. Non-members are welcome to subscribe.

MEMBERSHIP INFORMATION FOR March 19, 1998 THROUGH March 25, 1998 Members are required to report any address or telephone number changes to the Membership Department at (312) 786-7449 pursuant to Exchange Rule 3.6(b). For Seat Market Quotes, call (312) 786-7456.

SEAT MARKET QUOTES as of March 27, 1998

SEAT MARKET QUOTES as of February 28, 1997

Bid:

$650,000.00

Bid:

$735,000.00

Offer:

$708,000.00

Offer:

$745,000.00

Last Sale:

$735,100.00 on February 27, 1998

Last Sale: $715,000.00 on March 19, 1998

OPTION TRADING PERMIT- LEASE POOL as of March 27, 1998 Highest Bid:

$2,750.00

Highest Monthly Rate:

$5,300.00

OTP's Available:

None

Lowest Monthly Rate:

$2,800.00

Last Lease:

$5,300.00

Membership Sales and Transfers This notice is given pursuant to Rules 3.15 and 3.16 which permit certain types of claims to be filed with the Membership Department within 20 days from the date of this Exchange Bulletin. From

To

Price/Transfer

Date

Magesty Capital Corp.

The Arbitrage Group, L.P.

$715,000

03/23/98

Page 2

April 1, 1998

Volume 26, Number 13

The Chicago Board Options Exchange Bulletin

MEMBERSHIP APPLICATIONS RECEIVED This notice is given persuant to Exchange Rule 3.9. Please send any comments to the Membership Committee in care of the Membership Department.

Individual Member Applicants

Date Posted

Christopher J. Revord, CBT Individual 1849 N. Hudson Chicago, IL 60614

03/19/98

James I. Martinelli, Nominee AMBO General Partnership 55 Farnham Lane Lake Forest, IL 60045

03/19/98

Phillip M. Galles, Nominee Third Millennium Trading Llp 5712 S. Normandy Chicago, IL 60638

03/20/98

David Rothberg, Nominee Praxis Partners I Limited Partnership 29 Tioga Pass Short Hills, NJ 07078

03/20/98

John P. Stowick, Nominee U.S. Clearing Corp. 313 Rimini Court - 2B Palatine, IL 60067

03/23/98

Alec D. Pashknow, Nominee Spear, Leeds & Kellogg 842 W. Webster Chicago, IL 60614

03/24/98

Daryl T. Stucka, CBT Individual 1502 W. Harrison - Apt. 3B Chicago, IL 60607

03/25/98

Lessor: Lessee:

Lessor: Lessee: Rate:

03/19/98

David M. Maytnier Anteros Capital Markets L.L.C. Cynthia P. Francque, NOMINEE 1 1/8% Term:

Monthly 03/19/98

Term:

Rate:

Gedon Hertshten Wolverine Trading L.P. Mark H. Carnow, NOMINEE 1 1/8% Term:

Lessor: Lessee: Rate:

Edward H. Brown Bradley S. Joselit 1 1/8%

Lessor: Lessee:

Opcor, Incorporated Susquehanna Securities Robert Lawrence Wilson, NOMINEE 1 1/8% Term:

Rate:

Lessor: Lessee:

Rate:

Lessor: Lessee:

Lessor: Lessee:

Lessor: Lessee:

Rate:

Effective Date

Rate:

Lessor: Lessee:

Rate:

New Leases

Marathon Securities, Inc. BOTTA Trading, Inc. Jay J. Ritz, NOMINEE 1 1/4%

Lessor: Lessee:

Rate:

This notice is given pursuant to Exchange Rules 3.15 and 3.16 which permit certain types of claims to be filed with the Membership Department within 20 days from the date of this Exchange Bulletin.

Lessor: Lessee:

Rate:

Rate:

MEMBERSHIP LEASES

Rate:

Lessor: Lessee:

Monthly

Robert E. Tutwiler The Arbitrage Group, L.P. Jeffrey M. Katz, NOMINEE 1 1/8% Charles W. Howard GPZ Trading, L.L.C. David R. Tilley, NOMINEE 1 1/8%

Effective Date 03/23/98

Five Days 03/23/98

Term:

Monthly 03/23/98

Term:

Aaron Karsen Arbitrade, L.L.C. Michael A. Montin, NOMINEE 1 1/8% Term: Larkspur Securities, Inc. CTC LLC Thomas J. Pradd Jr., NOMINEE 1 1/8% Term: Steven V. Taitel CTC LLC John J. Watrous, NOMINEE 1 1/8% Term: Joseph A. Pirus CTC LLC Michael M. Mayor, NOMINEE 1 1/8% Term:

Monthly 03/23/98

Monthly 03/25/98

Monthly 03/25/98

Monthly 03/25/98

Monthly

Terminated Leases

Termination Date

Lessor: Lessee:

Marathon Securities, Inc. Erich Herman Teske(EHT)

03/19/98

Lessor: Lessee:

Gedon Hertshten Cooper Neff & Associates, L.P.

03/19/98

Lessor: Lessee:

David M. Maytnier 03/19/98 DBS Partners L.P. Robert D. Kallay III.(DAC), NOMINEE

Lessor: Lessee:

Edward H. Brown Joseph D. Heard Jr., Inc.

03/19/98

Lessor: Lessee:

Scott S. Samuelson Pyramid Capital, L.L.C.

03/20/98

Lessor: Lessee:

Opcor, Incorporated Hull Trading Company, L.L.C.

03/23/98

Lessor: Lessee:

Aaron Karsen William P. Lattner(LTT)

03/23/98

Lessor: Lessee:

Robert E. Tutwiler Cooper Neff & Associates, L.P.

03/23/98

Lessor: Lessee:

Magesty Capital Corp. GPZ Trading, L.L.C. David R. Tilley(TLE), NOMINEE

03/23/98

Lessor: Lessee:

Charles W. Howard Professional Edge Fund, L.P.

03/23/98

Lessor: Lessee:

Larkspur Securities, Inc. Lakota Trading, Inc.

03/25/98

03/19/98

Monthly 03/19/98

Term:

David M. Ofman DBS Partners L.P. Daniel M. Kerrane, NOMINEE 1 1/8% Term:

Monthly 03/23/98

Monthly

April 1, 1998

Volume 26, Number 13

The Chicago Board Options Exchange Bulletin

Termination Date

Termination Date Lessor: Lessee:

Steven V. Taitel Refco Securities, Inc. John J. Watrous(JNW), NOMINEE

03/25/98

Lessor: Lessee:

Joseph A. Pirus Refco Securities, Inc. Michael M. Mayor (MAY), NOMINEE

03/25/98

MEMBERSHIP TERMINATIONS Individual Members

Phillip M. Galles (LIP) Joseph D. Heard Jr., Inc. 440 S. LaSalle Ste. 3100 Chicago, IL 60605

03/23/98

Stephen M. Thurer (TSV) Susquehanna Investment Group 141 W. Jackson-Ste 2201a Chicago, IL 60604

03/25/98

Member Organizations Termination Date

CBT Exercisers: Stephen M. Kosanovich (BGY) 2116 Sheridan Rd. Highland Park, IL 60035

Page 3

BOG Partnership Five 419 Berkshire Crystal Lake, IL 60014

03/20/98

03/23/98

EFFECTIVE MEMBERSHIPS This notice is given pursuant to Exchange Rule 3.11.

CBT Registered For:

Individual Members

Ronald J. Lejman (RON) BOG Partnership Five 440 S. LaSalle, Ste. 619 Chicago, IL 60605

03/20/98

Jeffrey E. Woodring (WDI) Hull Trading Company, L.L.C. 311 S. Wacker - 14th Floor Chicago, IL 60606

03/23/98

David A. Handberg (WAV) RPS Trading L.P. 440 S. LaSalle - Ste 1600 Chicago, IL 60605

03/24/98

Effective Date

CBT Registered For: Paul J. Schranz (PJS) Dennis P. Flynn, Inc. 440 Chicago Ave. Clarendon Hills, IL 60514 Type of Business to be Conducted: Market Maker

03/19/98

Kevin D. Burt (KBX) 03/19/98 Hull Trading Company L.L.C. 311 S. Wacker - Ste. 1400 Chicago, IL 60605 Type of Business to be Conducted: Market Maker, Floor Broker

Erich Herman Teske (EHT) 2229 N. Fremont Street Chicago, IL 60614

03/19/98

Keith B. Cooksey (CKY) 03/20/98 LFG, L.L.C. 440 S. LaSalle - Ste. 1305 Chicago, IL 60605 Type of Business to be Conducted: Market Maker, Floor Broker

William P. Lattner (LTT) 440 S. LaSalle-Ste 700 Chicago, IL 60605

03/23/98

Lessee(s):

Lessee(s):

Bradley S. Joselit (LGG) 411 W. Ontario - Apt 720 Chicago, IL 60610 Type of Business to be Conducted: Market Maker

Membership Owner(s): David M. Ofman (OFF) 440 S. LaSalle-Ste 2110 Chicago, IL 60605

03/19/98

03/23/98

Nominee(s)/Inactive Nominee(s):

Nominee(s)/Inactive Nominee(s): Michael P. Marchese (KZE) TFM Investment Group 440 S. LaSalle - Ste. 1651 Chicago, IL 60605

03/19/98

Kevin M. O’Connor (MKO) Pyramid Capital, L.L.C. 440 S. LaSalle - Ste. 600 Chicago, IL 60605

03/19/98

Robert D. Kallay III. (DAC) Dbs Partners L.P. 1802-F W. Diversey Pkwy Chicago, IL 60614

03/19/98

Matthew E. Anderson (MEA) Cole Roesler Traders L.P 2028 N. Larrabee St. Chicago, IL 60614

03/19/98

Cynthia P. Francque (CXP) Anteros Capital Markets L.L.C. 30 S. Wacker Dr., Suite 1502 Chicago, IL 60606 Type of Business to be Conducted: Market Maker

03/19/98

Jay J. Ritz (RIZ) BOTTA Trading, Inc. 440 S. LaSalle, STE. 3100 Chicago, IL 60605 Type of Business to be Conducted: Market Maker

03/19/98

Page 4

April 1, 1998

Volume 26, Number 13

Mark H. Carnow (MRC) Wolverine Trading L.P. 311 S. Wacker Dr., Ste. 1875 Chicago, IL 60606 Type of Business to be Conducted: Market Maker

Effective Date 03/19/98

Michael A. Montin (GBT) Arbitrade, L.L.C. 440 S. LaSalle, Ste. 3010 Chicago, IL 60605 Type of Business to be Conducted: Market Maker

03/23/98

Bradley W. Grant (BWG) Smith Barney Inc 401 S. LaSalle St. Chicago, IL 60605 Type of Business to be Conducted: Floor Broker

03/23/98

Robert Lawrence Wilson (BOB) Susquehanna Securities 141 W. Jackson Blvd., Ste 2201-A Chicago, IL 60604 Type of Business to be Conducted: Market Maker

03/23/98

Jeffrey M. Katz (KAT) The Arbitrage Group, L.P. 1130 N. Dearborn, #1506 Chicago, IL 60610 Type of Business to be Conducted: Market Maker

03/23/98

Thomas J. Pradd Jr. (TJP) CTC LLC 111 West Jackson, 18th Floor Chicago, IL 60605 Type of Business to be Conducted: Market Maker

03/25/98

The Chicago Board Options Exchange Bulletin Effective Date 03/19/98

Jay J. Ritz

QWT

Kevin D. Burt

QLL

03/19/98

Indranil D. Mukherjee

QOX

03/23/98

Thomas F. Jennings

QOX

03/23/98

Charles A. Maylee

QOX

03/23/98

Michael A. Montin

QPZ

03/23/98

Michael A. Montin

QUN

03/23/98

Jeffrey M. Katz

QCB

03/23/98

Robert Lawrence Wilson

QGS

03/23/98

John P. Robinson

QHB

03/24/98

Matthew W. Kingsbury

QQL

03/24/98

John F. Schuler

QGN

03/24/98

Thomas J. Pradd Jr.

QRI

03/25/98

Jeffrey A. Wotton

QCF

03/25/98

Dennis P. Flynn

QPJ

03/19/98

Paul J. Schranz

QPJ

03/19/98

Kevin M. Luthringshausen

QQK

03/19/98

Vincent E. Florack

QQK

03/19/98

John F. Schuler

QQK

03/19/98

Jay J. Ritz

QQK

03/19/98

Scott I. Bauer

QQK

03/19/98

Michael B. Frazin

QQK

03/19/98

Kevin M. Luthringshausen

QLY

03/19/98

Vincent E. Florack

QLY

03/19/98

John F. Schuler

QLY

03/19/98

Jay J. Ritz

QLY

03/19/98

Scott I. Bauer

QLY

03/19/98

New Accounts

Jeffrey A. Wotton (HFE) 03/25/98 Felt Trading Limited Partnership 1001 W. Belmont - Apt. 503 Chicago, IL 60657 Type of Business to be Conducted: Market Maker, Floor Broker

Member Organizations CTC L.L.C. 03/25/98 440 S. LaSalle - Ste. 2800 Chicago, IL 60605 Type of Business to be Conducted: associated with a Market Maker

JOINT ACCOUNTS This notice is given pursuant to Exchange Rule 8.9.

New Participants

Acronym

Effective Date

Cynthia P. Francque

QAP

03/19/98

Michael B. Frazin

QLY

03/19/98

Jay J. Ritz

QGN

03/19/98

John S. Stafford Jr.

QCU

03/23/98

Jay J. Ritz

QSK

03/19/98

Christopher J. Revord

QCU

03/23/98

Jay J. Ritz

QNK

03/19/98

Susan P. Gulotta

QHU

03/25/98

Jay J. Ritz

QIN

03/19/98

Todd A. Needlman

QHU

03/25/98

Mark H. Carnow

QWV

03/19/98

Terminated Participants

Acronym

John F. Schuler

QWT

03/19/98

Robert D. Kallay III.

QDB

Vincent E. Florack

QWT

03/19/98

Termination Date 03/19/98

April 1, 1998

Volume 26, Number 13

The Chicago Board Options Exchange Bulletin

Termination Date Charles A. Maylee

QCL

03/20/98

Jeffrey E. Woodring

QLL

03/23/98

Brett A. Keeshin

QDJ

03/23/98

Craig S. Coan

QDJ

03/23/98

Richard L. Lakin

QDJ

03/23/98

Christopher J. Revord

QOX

03/23/98

Peter H. Schulte

QOX

03/23/98

Stephen M. Thurer

QDP

03/25/98

Stephen M. Thurer

QEW

03/25/98

Stephen M. Thurer

QEX

03/25/98

Stephen M. Thurer

QFS

03/25/98

Stephen M. Thurer

QGS

03/25/98

Stephen M. Thurer

QIG

03/25/98

Stephen M. Thurer

QLO

03/25/98

Stephen M. Thurer

QNA

03/25/98

Stephen M. Thurer

QSM

03/25/98

Stephen M. Thurer

QNY

03/25/98

CHANGES IN MEMBERSHIP STATUS Individual Member Applicants

Effective Date

David M. Ofman 03/20/98 From: Membership Owner; Market Maker, Floor Broker To: Lessor to DBS Partners, L.P.; Richard J. Iwanski 03/23/98 From: CBT Exerciser Registered For GPZ Trading, L.L.C.; Market Maker To: CBT Exerciser; Market Maker Michael M. Mayor 03/25/98 From: Nominee For Refco Securities, Inc.; Market Maker To: Nominee For CTC LLC; Market Maker John J. Watrous 03/25/98 From: Nominee For Refco Securities, Inc.; Market Maker To: Nominee For CTC LLC; Market Maker Paul Kepes 03/25/98 From: CBT Exerciser Registered For Refco Securities; Inc.; Market Maker To: CBT Exerciser Registered For CTC LLC; Market Maker Andrew W. Hall 03/25/98 From: CBT Exerciser Registered For Refco Securities, Inc.; Market Maker To: CBT Exerciser Registered For CTC LLC; Market Maker

Page 5

MEMBER ADDRESS CHANGES Individual Members

Effective Date

Eunshik L. Cho STAFFORD TRADING ATTN: E. LEE CHO 230 S. LaSalle St., STE 688 Chicago, IL 60604

03/19/98

Stephen M. Kosanovich 2116 Sheridan Rd. Highland Park, IL 60035

03/20/98

Joseph G. Heilmann 1450 N. Astor #9A Chicago, IL 60610

03/20/98

Timothy M. Murphy 1858 N. Wilmot Chicago, IL 60647

03/24/98

Rosalia Wilde R.R 3 Box 104D Battle Lake, MN 56515

03/24/98

John J. Watrous CTC, L.L.C. 111 W. Jackson Blvd., #1800 Chicago, IL 60604

03/24/98

James T. Anstrand 10749 S. Longwood Dr. Chicago, IL 60643-3310

03/25/98

Matthew P. Hagen 1117 N. Dearborn, #516 Chicago, IL 60610

03/25/98

Joseph Ray 2804 N. 46th Ave., #C526 Hollywood, FL 33021

03/25/98

Frederick A. Gahl 269 Vine Ave. Lake Forest, IL 60045

03/25/98

William R. Power 2735 N. Pine Grove Ave. Chicago, IL 60614

03/25/98

Dipen K. Mehta 230 S. LaSalle, Ste. 688 Chicago, IL 60604

03/25/98

Daniel M. Weber 230 S. LaSalle, Ste 688 Chicago, IL 60604

03/25/98

Kevin J. Muench 103 Babcock Dr. Palatine, IL 60067

03/25/98

James G. Gilmore, Jr. 9 Siskiwit Circle Madison, WI 53719

03/25/98

James M. Eade 440 S. LaSalle Ste, #2800 Chicago, IL 60605

03/25/98

Page 6

April 1, 1998

Volume 26, Number 13 Effective Date 03/25/98

Christopher J. Delaney 30 S. Wacker, Ste #1413 Chicago, IL 60606

Member Organizations

The Chicago Board Options Exchange Bulletin Effective Date 03/25/98

R. Whiting, Incorporated Attn: Rosalia Whiting R.R. 3 Box 104D Battle Lake, MN 56515

Effective Date

MEMBER NAME CHANGES Commercial Crush Inc Attn: William R. Power 2735 North Pine Grove Avenue Chicago, IL 60614

03/25/98

Individual Members

Effective Date

From: To:

03/20/98

The Helios Group Chicago L.L.C. Anteros Capital Markets L.L.C.

INFORMATION CIRCULARS Information Circular IC98-98-23 Date:

March 26, 1998

To:

Members, Member Firms

From:

CBOE Badge & Jackets Department

Re:

New Badging System

Effective Wednesday, April 1st there will be a new badge making system in production. This system will create the access badge, acronym badge and a new badge type, called an ID function badge (which is to be worn by all non-member floor staff). The acronym badge and ID function badge will have pictures on them and it will be required that these badges are displayed whenever personnel are on the trading floor. The badge re-issuance process is scheduled to occur during the months of April and May. Please note - that the process will be flexible such that pictures can be taken and people can either wait the 8-10 minutes for processing or return the next day to pick up their new badges. Please make arrangements for all staff with CBOE trading floor access to stop by the Badge & Jackets office during the time of 9:00 a.m. to 2:30 p.m. and as scheduled below: All staff whose last name begins with: A through E: April 6th - April 17th F through K: April 20th - May 1st L through Q: May 4th - May 15th R through Z: May 18th - May 29th Please call Nancy Ritchey (tele: 786-7858) at the Badge & Jackets office with questions. Your cooperation in this process will be greatly appreciated.

Position Limits For all equity options classes except those listed below, the standard position and exercise limits pursuant to Exchange Rule 4.11 and 4.12 will be applicable. For a complete list of all applicable lists, check 2nd floor data information bins or contact the Department of Market Surveillance. Class BAQ/BAW HBI/WNU IR/IRU NLQ PIR/PZW QST/QZT RAQ/WYH WYH/RAQ BKS CA/CWA CVZ/PMZ HHX/HRC HRC/HHX IBC IMG KZQ/KZY PWJ/PWZ QOE/QZE OWN/ZIT ROK/ROX SCI SFY/SYF SFV SUB/SUV TEO USI/IRZ AGE

Limit 10,500 contracts 7,500 contracts 1,575,000 shares 50,000 contracts 1,125,000 shares 1,125,000 shares 3,445,000 shares 3,445,000 shares 15,000 contracts 3,750,000 shares 2,584,000 shares 3,382,000 shares 3,382,000 shares 9,000 contracts 459,000 shares 2,000,000 shares 1,575,000 shares 463,500 shares 1,125,000 shares 10,500 contracts 21,000 contracts 750,000 shares 9,000 contracts 1,125,000 shares 15,000 contracts 1,125,000 shares 1,125,000 shares

Date 3/21/98 3/21/98 3/21/98 3/21/98 3/21/98 3/21/98 3/21/98 3/21/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 4/18/98 5/16/98

Class BQF CDN CWQ DLP/DLU FTZ/IGL HMA/HMZ HRS IGL/FTZ LM/LYM MZY/OFQ/OFZ NOI OFQ/QFZ/MZY QVY RKQ RWQ/RZW SEI VFC VX/VPQ WPI XRQ YPQ/VX AKS CKR/CKY DSZ/WAC FXH/QVS GMH/GUZ HQR/HZR

Limit 21,000 contracts 50,000 contracts 50,000 contracts 997,500 shares 15,000 contracts 1,575,000 shares 15,000 contracts 15,000 contracts 598,500 shares 3,603,000 shares 9,000 contracts 3,603,000 shares 15,000 contracts 21,000 contracts 937,500 shares 9,000 contracts 15,000 contracts 2,500,000 shares 21,000 contracts 9,000 contracts 2,500,000 shares 9,000 contracts 825,000 shares 990,000 shares 900,000 shares 10,500 contracts 7,500 contracts

Date 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 5/16/98 6/20/98 6/20/98 6/20/98 6/20/98 6/20/98 6/20/98

April 1, 1998

Volume 26, Number 13

Class

Limit

OCN WAI/WZA KHQ/KHW NT QVS/FXH UQD BQR/FLT CQM/NWY ECL ENZ/ENX EQD/EZD MEA MOQ/MOZ NWY/CQM ORG/ORY PQO QIG/TWZ QRT QTP/ZTP TCB TWZ/QIG VXQ YQC IOM KOZ/PPZ/PRH MHQ PRH/PPZ/KOZ QAG QRI/RIU REGI SFE/SGZ CSC FQB/FXB ICN QDA/QXA XSQ/XYQ WH/WHZ BJS BQB/BZB CCN/CXN CTX FQW/FWW IQL QTH QWA FRX SGQ SYY HQR/HZR AAL/VHW BA/WBO/VBO

9,000 contracts 7,500 contracts 1,575,000 shares 21,000 contracts 900,000 shares 15,000 contracts 2,927,500 shares 3,320,000 shares 15,000 contracts 472,500 shares 937,500 shares 15,000 contracts 937,500 shares 3,320,000 shares 750,000 shares 50,000 contracts 50,000 contracts 21,000 contracts 4,500 contracts 9,000 contracts 1,695,000 shares 50,000 contracts 9,000 contracts 50,000 contracts 15,000 contracts 21,000 contracts 15,000 contracts 15,000 contracts 1,125,000 shares 9,000 contracts 4,500 contracts 21,000 contracts 1,575,000 shares 1,575,000 shares 675,000 shares 3,750,000 shares 10,500 contracts 21,000 contracts 1,125,000 shares 463,500 shares 9,000 contracts 675,000 shares 15,000 contracts 21,000 contracts 21,000 contracts 15,000 contracts 21,000 contracts 21,000 contracts 7,500 contracts 50,000 contracts 50,000 contracts

The Chicago Board Options Exchange Bulletin

Date

Class

6/20/98 6/20/98 6/20/98 6/20/98 6/20/98 6/20/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 7/18/98 8/22/98 8/22/98 8/22/98 8/22/98 8/22/98 8/22/98 8/22/98 8/22/98 9/19/98 9/19/98 9/19/98 9/19/98 9/19/98 9/19/98 10/17/98 10/17/98 10/17/98 10/17/98 10/17/98 10/17/98 10/17/98 10/17/98 11/21/98 11/21/98 11/21/98 12/20/98 1/23/99 1/23/99

CD/VUC/LUL/VFS/ LFS CIQ/WCI/VHR CTC/WDT/VDT/ CUC/VXD HAL/VHW HOT/IZT/VZU IZT/VZU/HOT KRB/LXK//VUK/ VKX/VZK MER/VME/LME MMM/WMU/VMU/ VMV VFS/LFZ/CD/ VUC/LUL VUZ/THQ/VTH/ LTH AIG/VAF/LAJ/ VXE/LVJ AOL/VAN/LOL ARC/VFR/LFR BAC/VBA/LBA CYQ/VYC/LCY/CYZ VYV/LYL DD/VDD/LDD EMC/VUE/LUE GM/LGM/GMX/ VGN/LGZ GPS/VGS/LGS GZP/VWS/LVP HWP/VVX IBM/VIB/LIB LUV/VUV/LOV/ LYU/VUY/LVW MTC/VM/LCT/MZM VZV/LYC ORQ/VOR/LRO/OWQ VZR/LRZ/WOU PEP/VP/LPP/PVP/ VPR/LDV SCH/VYS/LWS SYH/VZY/LWZ SLB/VWY/LYS SLM/VRM/LOS/SLZ/ VZL/LYM SWY/VYW/LYW TXN/VXT/LTN VSZ/WZY/VVX/HWP WMB/VBB/LMB MOB/VML/LML

Limit

Page 7 Date

9,750,000 shares

1/23/99

42,000 contracts 4,462,500 ADSs

1/23/99 1/23/99

50,000 contracts 4,900,000 shares 4,900,000 shares 4,500,000 shares

1/23/99 1/23/99 1/23/99 1/23/99

50,000 contracts 25,000 contracts

1/23/99 1/23/99

9,750,000 shares

1/23/99

6,875,000 shares

1/23/99

3,750,000 shares

1/22/2000

50,000 contracts 40,000 contracts 50,000 contracts 3,750,000 shares

1/22/2000 1/22/2000 1/22/2000 1/22/2000

50,000 contracts 50,000 contracts 25,000 contracts

1/22/2000 1/22/2000 1/22/2000

3,750,000 shares

1/22/2000

32,500 contracts 50,000 contracts 3,000,000 shares

1/22/2000 1/22/2000 1/22/2000

25,000 contracts

1/22/2000

3,750,000 shares 25,000 contracts

1/22/2000 1/22/2000

2,000,000 shares

1/22/2000

50,000 contracts 2,625,000 shares

1/22/2000 1/22/2000

40,000 contracts 50,000 contracts 32,500 contracts 21,000 contracts 50,000 contracts

1/22/2000 1/22/2000 1/22/2000 1/22/2000 2/19/2000

POSITION LIMIT CIRCULARS POSITION LIMIT CIRCULAR PL98-19 DATE:

March 26, 1998

TO:

Members

RE:

Oregon Metallurgical Corporation (“OREM/QOU”) Merger with Sea Merger, Inc., a wholly owned subsidiary of Allegheny Teledyne Incorporated (“ALT”) Effective Date March 25, 1998

The Exchange has established that the position and exercise limits following this merger will be any combination of OUY and ALT option contracts on the same side of the market not to exceed 2,404,500 shares of the underlying security through November 21, 1998. Following the November, 1998, expiration, the position and exercise limits will revert to the standard limit of 10,500 contracts of ALT. For additional information, please contact Beth Hadley at (312) 786-7906 in the Department of Market Regulation. Position Limit Circular PL98-20 March 26, 1998 Equity Option Position and Exercise Limits As a result of a review of trading statistics, the following class now qualifies for a higher position and exercise limit: Option Class QXT

New Tier 10,500

For additional information, please contact Karen Charleston at (312) 786-7724 in the Department of Market Regulation.

Page 8

April 1, 1998

Volume 26, Number 13

The Chicago Board Options Exchange Bulletin

Information Circular IC98-21

CBOE 25th Anniversary Gala Questions and Answers We are excited about the Twenty-Fifth Anniversary celebration we have planned for you, and we know you are anxious to know details. We hope this answers most of your questions. DOES MY INVITATION GUARANTEE THAT I CAN PURCHASE TWO TICKETS? Although this event will accommodate several hundred more CBOE members than did CBOE’s 20th Anniversary Gala, capacity is limited. Invitations have been mailed to CBOE members only, with a strict limit of two tickets per invitation (to be used only by the invited member and his/her guest). If, by April 10 (the deadline for responses), the number of ticket requests exceeds the capacity of the Grand Ballroom, tickets will be sold on the basis of membership seniority, with longer-term members (as defined by the date at which you first became a CBOE member) given priority. In the event that we are oversubscribed, we will, of course, issue prompt refunds to any member who, regretfully, could not be accommodated. CAN WE INVITE ADDITIONAL GUESTS? Again, due to capacity limits, we cannot accommodate all of our CBOE friends. If tickets are available after the April 10 deadline for CBOE members, we will issue an announcement regarding the sale of tickets to non-members. WHAT IS THE DRESS? Black Tie, let the granduer and mystique of the French Cirque be your guide. WILL SEATING BE ASSIGNED? No, the CBOE Cirque is an event to experience. While you may, of course, choose to stay at one table, you may also table hop between elegant buffets, dancing, and an array of Cirque surprises. Food and cocktails will be served throughout the evening. WILL THERE BE MUSIC? Yes, the acclaimed “Gentlemen of Leisure” band (the group who performed at CBOE’s 20th Anniversary Gala) will provide music and entertainment throughout the evening. ARE THERE OVERNIGHT HOTEL ACCOMMODATIONS? Yes, information regarding hotel reservations is enclosed. Is Parking Available? Yes, complimentary valet parking is available. If you have any additional questions, please consult with a Twenty-Fifth Anniversary Committee member. We look forward to seeing you on April 25. CBOE Twenty-Fifth Anniversary Member Committee Tom Bond Jack Kennedy Jack Callahan Victor Meskin Norm Friedman Ilene Resnick Jesse Stamer

CBOE 25th Anniversary Hotel Accommodations The Hyatt Regency Hotel, 151 East Wacker Drive. $155.00 plus tax for Saturday evening. Contact the Hyatt at 312/565-1234 or call toll-free at 800/233-1234 and ask for hotel reservations at the CBOE rate. Hyatt Hotel reservations should be made prior to April 3. The Fairmont Hotel, 200 North Columbus Drive. $179.00 plus tax for Saturday evening. Contact the Fairmont at 312/565-8000 or call toll-free at 800/527-4727 and ask for hotel reservations at the CBOE rate. Fairmont reservations should be made prior to April 3.

April 1, 1998

Volume 26, Number 13

The Chicago Board Options Exchange Bulletin

Page 9

RESEARCH CIRCULARS The following Research Circulars were distributed between March 20, 1998 and March 27, 1998. If you wish to read the entire document, and have access to a fax machine, please call the CBOE FaxLine at 1-800-OPTIONS, choose option “4” and then option “1”. Please have your fax number and the corresponding FaxLine document number ready. The FaxLine number is listed adjacent to each circular. To receive a list of all available documents, use the FaxLine number 000. You may also access the Research Circulars on our Web Site at http://www.cboe.com Questions regarding any of the information that is discussed in any Research Circular may be directed to the CBOE Investor Services Department at 1-800-OPTIONS. CBOE Research Circular #RS98-138 FaxLine Document No. 915 March 20, 1998 Ford Motor Company (“F/VFO/LFO”) Distribution of Associates First Capital Corp. (“AFS”) Ex-Distribution Date: April 8, 1998 CBOE Research Circular #RS98-139 FaxLine Document No. 900 March 20, 1998 New Listings: Applied Micro Circuits Corporation (“AMCC/QLL”) CBOE Research Circular #RS98-140 FaxLine Document No. 916 March 20, 1998 CORESTAFF, Inc. (“CSTF/EQB”) Name and Underlying Stock Symbol Change to: Metamor Worldwide, Inc. (“MMWW”) Effective Date: March 23, 1998 CBOE Research Circular #RS98-141 FaxLine Document No. 917 March 23, 1998 Campbell Soup Company (“CPB/VLL/LLL”) Distribution of Shares of Vlasic Foods International Inc. (“VL”) Ex-Distribution Date: March 31, 1998 CBOE Research Circular #RS98-142 FaxLine Document No. 918 March 24, 1998 Ralston-Ralston Purina Group (“RAL”) Distribution of Shares of Agribrands International, Inc. (“AGX”) Ex-Distribution Date: April 1, 1998 CBOE Research Circular #RS98-143 FaxLine Document No. 919 March 25, 1998 Forest Laboratories Inc. (“FRX”) 2-for-1 Stock Split Ex-Distribution Date: March 26, 1998 CBOE Research Circular #RS98-144 FaxLine Document No. 920 March 25, 1998 Oregon Metallurgical Corporation (“OREM/QOU”) COMPLETED Merger with Sea Merger Inc. CBOE Research Circular #RS98-145 FaxLine Document No. 921 March 26, 1998 The Energy Group plc ADS (“TEG”) Tender Offer by Goldman Sachs International on Behalf of PacifiCorp Acquisitions: Expiration of Initial Offer Period Determined CBOE Research Circular #RS98-146 FaxLine Document No. 900 March 26, 1998 New LEAPS Listing: At Home Corporation, Ser. A (“ATHM/AHQ”) CBOE Research Circular #RS98-147 FaxLine Document No. 900 March 26, 1998 New LEAPS Listing: Platinum Software Corporation (“PSQL/PQS”): VPO and LPO CBOE Research Circular #RS98-148 FaxLine Document No. 900 March 26, 1998 New Listings: Allied Capital Corporation (“ALLC/CQL”) Electric Lightwave, Inc. Cl A (“ELIX/XQQ”) Ocean Energy, Inc. (“OEI”) Splash Technology Holdings, Inc. (“SPLH/QRX”) CBOE Research Circular #RS98-149 FaxLine Document No. 922 March 27, 1998 Cablevision Systems Corporation Class A (“CVC”) 2-for-1 Stock Split Ex-Distribution Date: March 31, 1998 CBOE Research Circular #RS98-150 FaxLine Document No. 923 March 27, 1998 Level One Communications, Inc. (“LEVL/LVQ”) 3-for-2 Stock Split Ex-Distribution Date: March 31, 1998 CBOE Research Circular #RS98-151 FaxLine Document No. 924 March 27, 1998 Gulf South Medical Supply, Inc. (“GSMS/MQG”) Completed Merger with Physicians Sales Service, Inc.