Contract Adjustments

CBOE Research Circular #RS99-297

May 7, 1999

QUALCOMM Incorporated ("QCOM/QAQ/AAW/LLU/ZLU & adj. LXW/ZYL") 2-for-1 Stock Split Ex-Distribution Date: May 11, 1999

QUALCOMM Incorporated ("QCOM/QAQ/AAW/LLU/ZLU & adj. LXW/ZYL") has announced a 2-for-1 common stock split, with a payable date of May 10, 1999, to shareholders of record April 21, 1999. The ex-date for the stock split is Tuesday, May 11, 1999. Please note that the currently adjusted LXW and ZYL represents 100 shares of QCOM common stock and 25 shares of Leap Wireless International, Inc. ("LWIN") common stock. For more information on the LXW and ZYL adjusted contracts, refer to CBOE Research Circular #RS98-482.

Contract Adjustment

Pursuant to OCC rules (Article VI, Section 11), all outstanding QAQ/LLU/AAW/ZLU & adj. LXW/ZYL option series will be adjusted to reflect this 2-for-1 stock split on Tuesday, May 11, 1999, at 8:30 A.M. Chicago time. (A) For the QAQ, AAW, LLU, and ZLU option contracts, the OCC will issue one additional contract for each open contract on the ex-date. Also on the ex-date, each QAQ/AAW/LLU/ZLU series will have an adjusted exercise price equal to one-half of the exercise price rounded to the nearest 1/8 of a point for each QAQ/AAW/LLU/ZLU series existing on the business day immediately prior to the ex-date. The option symbols will remain QAQ, AAW, LLU or ZLU, as the case may be. Adjusted exercise prices are shown below. [Any FLEX series that may exist will be adjusted in a similar manner to the standardized option.]

(B) For each previously adjusted LXW and ZYL option contract there will be no additional contracts issued and the strike prices will remain the same. The symbols will remain LXW or ZYL, as the case may be. The contract unit of each further-adjusted LXW/ZYL series will be 200 QCOM shares and 25 LWIN shares; and the contract multiplier will remain 100, i.e., 1 point of premium or strike price will equal $100.

The option adjustment will appear in the Daily Position Report of the clearing member firms on the ex-date. After 8:30 A.M. Tuesday, May 11, 1999, all trades, corrections and exercises must be submitted to the CBOE and OCC on an adjusted basis.

Adjusted Exercise Prices

On Tuesday, May 11, 1999, the ex-distribution date, trading in QAQ/AAW/LLU/ZLU & adj. LXW/ZYL series will be on an adjusted basis. At 8:30 A.M., Chicago time, an opening rotation will be effected with the following adjustments:

EXISTING SERIES                   		ADJUSTED SERIES*

QAQEN May 70 Calls     				QAQEG May 35
QAQEO May 75 Calls     				QAQET May 37-1/2
QAQEP May 80 Calls      			QAQEH May 40
QAQEQ May 85 Calls       			QAQEV May 42-1/2
QAQER May 90 Calls    				QAQEI May 45
QAQES May 95 Calls    				QAQEW May 47-1/2
QAQET May 100 Calls    				QAQEJ May 50
QAQEA May 105 Calls    				QAQEX May 52-1/2
QAQEB May 110 Calls        			QAQEK May 55
QAQEC May 115 Calls  			        QAQEY May 57-1/2
QAQED May 120 Calls  				QAQEL May 60
QAQEE May 125 Calls          			QAQEZ May 62-1/2
QAQEF May 130 Calls      			QAQEM May 65
QAQEU May 135 Calls      			QAQEU May 67-1/2
QAQEV May 140 Calls    				QAQEN May 70

AAWEI May 145 Calls 				AAWEV May 72-1/2
AAWEJ May 150 Calls     			AAWEO May 75
AAWEK May 155 Calls   				AAWEW May 77-1/2
AAWEL May 160 Calls     			AAWEP May 80
AAWEM May 165 Calls   				AAWEX May 82-1/2
AAWEN May 170 Calls  				AAWEQ May 85
AAWEO May 175 Calls     			AAWEY May 87-1/2
AAWEP May 180 Calls   				AAWER May 90
AAWEQ May 185 Calls    				AAWEZ May 92-1/2
AAWER May 190 Calls   				AAWES May 95
AAWES May 195 Calls  				AAWEU May 97-1/2
AAWET May 200 Calls  				AAWET May 100
AAWEB May 210 Calls        			AAWEA May 105
AAWED May 220 Calls  				AAWEB May 110
AAWEF May 230 Calls      			AAWEC May 115
AAWEH May 240 Calls    				AAWED May 120

QAQFD Jun 120 Calls  				QAQFL Jun 60
QAQFE Jun 125 Calls          			QAQFZ Jun 62-1/2
QAQFF Jun 130 Calls      			QAQFM Jun 65
QAQFU Jun 135 Calls      			QAQFU Jun 67-1/2
QAQFV Jun 140 Calls    				QAQFN Jun 70

EXISTING SERIES                   		ADJUSTED SERIES*

AAWFI Jun 145 Calls 				AAWFV Jun 72-1/2
AAWFJ Jun 150 Calls     			AAWFO Jun 75
AAWFK Jun 155 Calls   				AAWFW Jun 77-1/2
AAWFL Jun 160 Calls     			AAWFP Jun 80
AAWFM Jun 165 Calls   				AAWFX Jun 82-1/2
AAWFN Jun 170 Calls  				AAWFQ Jun 85
AAWFO Jun 175 Calls     			AAWFY Jun 87-1/2
AAWFP Jun 180 Calls   				AAWFR Jun 90
AAWFQ Jun 185 Calls    				AAWFZ Jun 92-1/2
AAWFR Jun 190 Calls   				AAWFS Jun 95
AAWFS Jun 195 Calls  				AAWFU Jun 97-1/2
AAWFT Jun 200 Calls  				AAWFT Jun 100
AAWFB Jun 210 Calls        			AAWFA Jun 105
AAWFD Jun 220 Calls  				AAWFB Jun 110
AAWFF Jun 230 Calls      			AAWFC Jun 115
AAWFH Jun 240 Calls    				AAWFD Jun 120

QAQGI Jul 45 Calls   				QAQGA Jul 22-1/2
QAQGJ Jul 50 Calls    				QAQGE Jul 25
QAQGK Jul 55 Calls  				QAQGB Jul 27-1/2
QAQGL Jul 60 Calls     				QAQGF Jul 30
QAQGM Jul 65 Calls   				QAQGS Jul 32-1/2
QAQGN Jul 70 Calls     				QAQGG Jul 35
QAQGO Jul 75 Calls     				QAQGT Jul 37-1/2
QAQGP Jul 80 Calls      			QAQGH Jul 40
QAQGQ Jul 85 Calls       			QAQGV Jul 42-1/2
QAQGR Jul 90 Calls    				QAQGI Jul 45
QAQGS Jul 95 Calls    				QAQGW Jul 47-1/2
QAQGT Jul 100 Calls    				QAQGJ Jul 50
QAQGA Jul 105 Calls    				QAQGX Jul 52-1/2
QAQGB Jul 110 Calls        			QAQGK Jul 55
QAQGC Jul 115 Calls  			        QAQGY Jul 57-1/2
QAQGD Jul 120 Calls  				QAQGL Jul 60
QAQGE Jul 125 Calls          			QAQGZ Jul 62-1/2
QAQGF Jul 130 Calls      			QAQGM Jul 65
QAQGU Jul 135 Calls      			QAQGU Jul 67-1/2
QAQGV Jul 140 Calls    				QAQGN Jul 70

AAWGI Jul 145 Calls 				AAWGV Jul 72-1/2
AAWGJ Jul 150 Calls     			AAWGO Jul 75
AAWGK Jul 155 Calls   				AAWGW Jul 77-1/2
AAWGL Jul 160 Calls     			AAWGP Jul 80
AAWGM Jul 165 Calls   				AAWGX Jul 82-1/2
AAWGN Jul 170 Calls  				AAWGQ Jul 85
AAWGO Jul 175 Calls     			AAWGY Jul 87-1/2
AAWGP Jul 180 Calls   				AAWGR Jul 90
AAWGQ Jul 185 Calls    				AAWGZ Jul 92-1/2
AAWGR Jul 190 Calls   				AAWGS Jul 95
AAWGS Jul 195 Calls  				AAWGU Jul 97-1/2
AAWGT Jul 200 Calls  				AAWGT Jul 100
AAWGB Jul 210 Calls        			AAWGA Jul 105

EXISTING SERIES                   		ADJUSTED SERIES*

AAWGD Jul 220 Calls  				AAWGB Jul 110
AAWGF Jul 230 Calls      			AAWGC Jul 115
AAWGH Jul 240 Calls    				AAWGD Jul 120

QAQJJ Oct 50 Calls    				QAQJE Oct 25
QAQJK Oct 55 Calls  				QAQJB Oct 27-1/2
QAQJL Oct 60 Calls     				QAQJF Oct 30
QAQJM Oct 65 Calls   				QAQJS Oct 32-1/2
QAQJN Oct 70 Calls     				QAQJG Oct 35
QAQJO Oct 75 Calls     				QAQJT Oct 37-1/2
QAQJP Oct 80 Calls      			QAQJH Oct 40
QAQJQ Oct 85 Calls       			QAQJV Oct 42-1/2
QAQJR Oct 90 Calls    				QAQJI Oct 45
QAQJS Oct 95 Calls    				QAQJW Oct 47-1/2
QAQJT Oct 100 Calls    				QAQJJ Oct 50
QAQJA Oct 105 Calls    				QAQJX Oct 52-1/2
QAQJB Oct 110 Calls        			QAQJK Oct 55
QAQJC Oct 115 Calls  			        QAQJY Oct 57-1/2
QAQJD Oct 120 Calls  				QAQJL Oct 60
QAQJE Oct 125 Calls          			QAQJZ Oct 62-1/2
QAQJF Oct 130 Calls      			QAQJM Oct 65
QAQJU Oct 135 Calls      			QAQJU Oct 67-1/2
QAQJV Oct 140 Calls    				QAQJN Oct 70

AAWJI Oct 145 Calls 				AAWJV Oct 72-1/2
AAWJJ Oct 150 Calls     			AAWJO Oct 75
AAWJK Oct 155 Calls   				AAWJW Oct 77-1/2
AAWJL Oct 160 Calls     			AAWJP Oct 80
AAWJM Oct 165 Calls   				AAWJX Oct 82-1/2
AAWJN Oct 170 Calls  				AAWJQ Oct 85
AAWJO Oct 175 Calls     			AAWJY Oct 87-1/2
AAWJP Oct 180 Calls   				AAWJR Oct 90
AAWJQ Oct 185 Calls    				AAWJZ Oct 92-1/2
AAWJR Oct 190 Calls   				AAWJS Oct 95
AAWJS Oct 195 Calls  				AAWJU Oct 97-1/2
AAWJT Oct 200 Calls  				AAWJT Oct 100
AAWJB Oct 210 Calls        			AAWJA Oct 105
AAWJD Oct 220 Calls  				AAWJB Oct 110
AAWJF Oct 230 Calls      			AAWJC Oct 115
AAWJH Oct 240 Calls    				AAWJD Oct 120

LLUAH Jan 40 Calls  	     2000 LEAPS		LLUAD Jan 20
LLUAJ Jan 50 Calls    				LLUAE Jan 25
LLUAL Jan 60 Calls     				LLUAF Jan 30
LLUAN Jan 70 Calls     				LLUAG Jan 35
LLUAP Jan 80 Calls      			LLUAH Jan 40
LLUAR Jan 90 Calls    				LLUAI Jan 45
LLUAT Jan 100 Calls    				LLUAJ Jan 50
LLUAB Jan 110 Calls        			LLUAK Jan 55
LLUAD Jan 120 Calls  				LLUAL Jan 60
LLUAF Jan 130 Calls      			LLUAM Jan 65
LLUAZ Jan 140 Calls    				LLUAN Jan 70

EXISTING SERIES                   		ADJUSTED SERIES*

LLUAY Jan 150 Calls   	     2000 LEAPS		LLUAO Jan 75
LLUAX Jan 160 Calls     			LLUAP Jan 80
LLUAW Jan 170 Calls  				LLUAQ Jan 85
LLUAV Jan 180 Calls   				LLUAR Jan 90
LLUAU Jan 190 Calls   				LLUAS Jan 95
LLUAA Jan 200 Calls  				LLUAT Jan 100
LLUAC Jan 210 Calls        			LLUAA Jan 105
LLUAE Jan 220 Calls  				LLUAB Jan 110
LLUAG Jan 230 Calls      			LLUAC Jan 115
LLUAI Jan 240 Calls    				LLUAZ Jan 120

ZLUAH Jan 40 Calls   	     2001 LEAPS		ZLUAD Jan 20
ZLUAJ Jan 50 Calls    				ZLUAE Jan 25
ZLUAL Jan 60 Calls     				ZLUAF Jan 30
ZLUAN Jan 70 Calls     				ZLUAG Jan 35
ZLUAP Jan 80 Calls      			ZLUAH Jan 40
ZLUAR Jan 90 Calls    				ZLUAI Jan 45
ZLUAT Jan 100 Calls    				ZLUAJ Jan 50
ZLUAB Jan 110 Calls        			ZLUAK Jan 55
ZLUAD Jan 120 Calls  				ZLUAL Jan 60
ZLUAF Jan 130 Calls      			ZLUAM Jan 65
ZLUAZ Jan 140 Calls    				ZLUAN Jan 70
ZLUAY Jan 150 Calls     			ZLUAO Jan 75
ZLUAX Jan 160 Calls     			ZLUAP Jan 80
ZLUAW Jan 170 Calls  				ZLUAQ Jan 85
ZLUAV Jan 180 Calls   				ZLUAR Jan 90
ZLUAU Jan 190 Calls   				ZLUAS Jan 95
ZLUAA Jan 200 Calls  				ZLUAT Jan 100
ZLUAC Jan 210 Calls        			ZLUAA Jan 105
ZLUAE Jan 220 Calls  				ZLUAB Jan 110
ZLUAG Jan 230 Calls      			ZLUAC Jan 115
ZLUAI Jan 240 Calls    				ZLUAZ Jan 120

QAQQN May 70 Puts     				QAQQG May 35
QAQQO May 75 Puts     				QAQQT May 37-1/2
QAQQP May 80 Puts      				QAQQH May 40
QAQQQ May 85 Puts       			QAQQV May 42-1/2
QAQQR May 90 Puts    				QAQQI May 45
QAQQS May 95 Puts    				QAQQW May 47-1/2
QAQQT May 100 Puts    				QAQQJ May 50
QAQQA May 105 Puts    				QAQQX May 52-1/2
QAQQB May 110 Puts        			QAQQK May 55
QAQQC May 115 Puts  			        QAQQY May 57-1/2
QAQQD May 120 Puts  				QAQQL May 60
QAQQE May 125 Puts          			QAQQZ May 62-1/2
QAQQF May 130 Puts      			QAQQM May 65
QAQQU May 135 Puts      			QAQQU May 67-1/2
QAQQV May 140 Puts    				QAQQN May 70

AAWQI May 145 Puts 				AAWQV May 72-1/2
AAWQJ May 150 Puts     				AAWQO May 75
AAWQK May 155 Puts   				AAWQW May 77-1/2

EXISTING SERIES                   		ADJUSTED SERIES*

AAWQL May 160 Puts     				AAWQP May 80
AAWQM May 165 Puts   				AAWQX May 82-1/2
AAWQN May 170 Puts  				AAWQQ May 85
AAWQO May 175 Puts     				AAWQY May 87-1/2
AAWQP May 180 Puts   				AAWQR May 90
AAWQQ May 185 Puts    				AAWQZ May 92-1/2
AAWQR May 190 Puts   				AAWQS May 95
AAWQS May 195 Puts  				AAWQU May 97-1/2
AAWQT May 200 Puts  				AAWQT May 100
AAWQB May 210 Puts        			AAWQA May 105
AAWQD May 220 Puts  				AAWQB May 110
AAWQF May 230 Puts      			AAWQC May 115
AAWQH May 240 Puts    				AAWQD May 120

QAQRD Jun 120 Puts  				QAQRL Jun 60
QAQRE Jun 125 Puts          			QAQRZ Jun 62-1/2
QAQRF Jun 130 Puts      			QAQRM Jun 65
QAQRU Jun 135 Puts      			QAQRU Jun 67-1/2
QAQRV Jun 140 Puts    				QAQRN Jun 70

AAWRI Jun 145 Puts 				AAWRV Jun 72-1/2
AAWRJ Jun 150 Puts     				AAWRO Jun 75
AAWRK Jun 155 Puts   				AAWRW Jun 77-1/2
AAWRL Jun 160 Puts     				AAWRP Jun 80
AAWRM Jun 165 Puts   				AAWRX Jun 82-1/2
AAWRN Jun 170 Puts  				AAWRQ Jun 85
AAWRO Jun 175 Puts     				AAWRY Jun 87-1/2
AAWRP Jun 180 Puts   				AAWRR Jun 90
AAWRQ Jun 185 Puts    				AAWRZ Jun 92-1/2
AAWRR Jun 190 Puts   				AAWRS Jun 95
AAWRS Jun 195 Puts  				AAWRU Jun 97-1/2
AAWRT Jun 200 Puts  				AAWRT Jun 100
AAWRB Jun 210 Puts        			AAWRA Jun 105
AAWRD Jun 220 Puts  				AAWRB Jun 110
AAWRF Jun 230 Puts      			AAWRC Jun 115
AAWRH Jun 240 Puts    				AAWRD Jun 120

QAQSI Jul 45 Puts   				QAQSA Jul 22-1/2
QAQSJ Jul 50 Puts    				QAQSE Jul 25
QAQSK Jul 55 Puts  				QAQSB Jul 27-1/2
QAQSL Jul 60 Puts     				QAQSF Jul 30
QAQSM Jul 65 Puts   				QAQSS Jul 32-1/2
QAQSN Jul 70 Puts     				QAQSG Jul 35
QAQSO Jul 75 Puts     				QAQST Jul 37-1/2
QAQSP Jul 80 Puts      				QAQSH Jul 40
QAQSQ Jul 85 Puts       			QAQSV Jul 42-1/2
QAQSR Jul 90 Puts    				QAQSI Jul 45
QAQSS Jul 95 Puts    				QAQSW Jul 47-1/2
QAQST Jul 100 Puts    				QAQSJ Jul 50
QAQSA Jul 105 Puts    				QAQSX Jul 52-1/2
QAQSB Jul 110 Puts        			QAQSK Jul 55

EXISTING SERIES                   		ADJUSTED SERIES*

QAQSC Jul 115 Puts  			        QAQSY Jul 57-1/2
QAQSD Jul 120 Puts  				QAQSL Jul 60
QAQSE Jul 125 Puts          			QAQSZ Jul 62-1/2
QAQSF Jul 130 Puts      			QAQSM Jul 65
QAQSU Jul 135 Puts      			QAQSU Jul 67-1/2
QAQSV Jul 140 Puts    				QAQSN Jul 70

AAWSI Jul 145 Puts 				AAWSV Jul 72-1/2
AAWSJ Jul 150 Puts     				AAWSO Jul 75
AAWSK Jul 155 Puts   				AAWSW Jul 77-1/2
AAWSL Jul 160 Puts     				AAWSP Jul 80
AAWSM Jul 165 Puts   				AAWSX Jul 82-1/2
AAWSN Jul 170 Puts  				AAWSQ Jul 85
AAWSO Jul 175 Puts     				AAWSY Jul 87-1/2
AAWSP Jul 180 Puts   				AAWSR Jul 90
AAWSQ Jul 185 Puts    				AAWSZ Jul 92-1/2
AAWSR Jul 190 Puts   				AAWSS Jul 95
AAWSS Jul 195 Puts  				AAWSU Jul 97-1/2
AAWST Jul 200 Puts  				AAWST Jul 100
AAWSB Jul 210 Puts        			AAWSA Jul 105
AAWSD Jul 220 Puts  				AAWSB Jul 110
AAWSF Jul 230 Puts      			AAWSC Jul 115
AAWSH Jul 240 Puts    				AAWSD Jul 120

QAQVJ Oct 50 Puts    				QAQVE Oct 25
QAQVK Oct 55 Puts  				QAQVB Oct 27-1/2
QAQVL Oct 60 Puts     				QAQVF Oct 30
QAQVM Oct 65 Puts   				QAQVS Oct 32-1/2
QAQVN Oct 70 Puts     				QAQVG Oct 35
QAQVO Oct 75 Puts     				QAQVT Oct 37-1/2
QAQVP Oct 80 Puts      				QAQVH Oct 40
QAQVQ Oct 85 Puts       			QAQVV Oct 42-1/2
QAQVR Oct 90 Puts    				QAQVI Oct 45
QAQVS Oct 95 Puts    				QAQVW Oct 47-1/2
QAQVT Oct 100 Puts    				QAQVJ Oct 50
QAQVA Oct 105 Puts    				QAQVX Oct 52-1/2
QAQVB Oct 110 Puts        			QAQVK Oct 55
QAQVC Oct 115 Puts  			        QAQVY Oct 57-1/2
QAQVD Oct 120 Puts  				QAQVL Oct 60
QAQVE Oct 125 Puts          			QAQVZ Oct 62-1/2
QAQVF Oct 130 Puts      			QAQVM Oct 65
QAQVU Oct 135 Puts      			QAQVU Oct 67-1/2
QAQVV Oct 140 Puts    				QAQVN Oct 70

AAWVI Oct 145 Puts 				AAWVV Oct 72-1/2
AAWVJ Oct 150 Puts     				AAWVO Oct 75
AAWVK Oct 155 Puts   				AAWVW Oct 77-1/2
AAWVL Oct 160 Puts     				AAWVP Oct 80
AAWVM Oct 165 Puts   				AAWVX Oct 82-1/2
AAWVN Oct 170 Puts  				AAWVQ Oct 85
AAWVO Oct 175 Puts     				AAWVY Oct 87-1/2

EXISTING SERIES                   		ADJUSTED SERIES*

AAWVP Oct 180 Puts   				AAWVR Oct 90
AAWVQ Oct 185 Puts    				AAWVZ Oct 92-1/2
AAWVR Oct 190 Puts   				AAWVS Oct 95
AAWVS Oct 195 Puts  				AAWVU Oct 97-1/2
AAWVT Oct 200 Puts  				AAWVT Oct 100
AAWVB Oct 210 Puts        			AAWVA Oct 105
AAWVD Oct 220 Puts  				AAWVB Oct 110
AAWVF Oct 230 Puts    	  			AAWVC Oct 115
AAWVH Oct 240 Puts    				AAWVD Oct 120

LLUMH Jan 40 Puts   	     2000 LEAPS		LLUMD Jan 20
LLUMJ Jan 50 Puts    				LLUME Jan 25
LLUML Jan 60 Puts     				LLUMF Jan 30
LLUMN Jan 70 Puts     				LLUMG Jan 35
LLUMP Jan 80 Puts      				LLUMH Jan 40
LLUMR Jan 90 Puts    				LLUMI Jan 45
LLUMT Jan 100 Puts    				LLUMJ Jan 50
LLUMB Jan 110 Puts        			LLUMK Jan 55
LLUMD Jan 120 Puts  				LLUML Jan 60
LLUMF Jan 130 Puts      			LLUMM Jan 65
LLUMZ Jan 140 Puts    				LLUMN Jan 70
LLUMY Jan 150 Puts     				LLUMO Jan 75
LLUMX Jan 160 Puts     				LLUMP Jan 80
LLUMW Jan 170 Puts  				LLUMQ Jan 85
LLUMV Jan 180 Puts   				LLUMR Jan 90
LLUMU Jan 190 Puts   				LLUMS Jan 95
LLUMA Jan 200 Puts  				LLUMT Jan 100
LLUMC Jan 210 Puts        			LLUMA Jan 105
LLUME Jan 220 Puts  				LLUMB Jan 110
LLUMG Jan 230 Puts      			LLUMC Jan 115
LLUMI Jan 240 Puts    				LLUMZ Jan 120

ZLUMH Jan 40 Puts   	     2001 LEAPS		ZLUMD Jan 20
ZLUMJ Jan 50 Puts    				ZLUME Jan 25
ZLUML Jan 60 Puts     				ZLUMF Jan 30
ZLUMN Jan 70 Puts     				ZLUMG Jan 35
ZLUMP Jan 80 Puts      				ZLUMH Jan 40
ZLUMR Jan 90 Puts    				ZLUMI Jan 45
ZLUMT Jan 100 Puts    				ZLUMJ Jan 50
ZLUMB Jan 110 Puts        			ZLUMK Jan 55
ZLUMD Jan 120 Puts  				ZLUML Jan 60
ZLUMF Jan 130 Puts      			ZLUMM Jan 65
ZLUMZ Jan 140 Puts    				ZLUMN Jan 70
ZLUMY Jan 150 Puts     				ZLUMO Jan 75
ZLUMX Jan 160 Puts     				ZLUMP Jan 80
ZLUMW Jan 170 Puts  				ZLUMQ Jan 85
ZLUMV Jan 180 Puts   				ZLUMR Jan 90
ZLUMU Jan 190 Puts   				ZLUMS Jan 95
ZLUMA Jan 200 Puts  				ZLUMT Jan 100
ZLUMC Jan 210 Puts        			ZLUMA Jan 105
ZLUME Jan 220 Puts  				ZLUMB Jan 110
ZLUMG Jan 230 Puts      			ZLUMC Jan 115
ZLUMI Jan 240 Puts    				ZLUMZ Jan 120
Any additional QAQ/AAW/LLU/ZLU & adj. LXW/ZYL series that are added prior to the ex-date will also be adjusted in the manner described above.

· Some series have non-standard strikes and price symbols with respect to the OPRA exercise price symbol format. Note that for the QAQ series the A (22-1/2), B (27-1/2), S (32-1/2), T (37-1/2), V (42-1/2), W (47-1/2), X (52-1/2), Y (57-1/2), Z (62-1/2), and U (67-1/2) are non-standard striking symbols (prices).

Also, for the AAW series the V (72-1/2), W (77-1/2), X (82-1/2), Y (87-1/2), Z (92-1/2), and U (97-1/2) are non-standard striking symbols (prices).

Note that for the LLU and ZLU series the Z (120) is a non-standard striking symbol (price).

IMPORTANT -- Order Entry After Adjustment

Please note that at the time of the adjustment, the strike prices of all QAQ/AAW/LLU/ZLU options will be reduced by one-half, and OCC will issue one additional contract for each open contract on the ex-date. At 8:30 A.M., Chicago time, on Tuesday, May 11, 1999, all outstanding QAQ Jul 45 options will become Jul 22-1/2 options, and QAQ Jul 90 options will become Jul 45 options. Any QAQ Jul 45 positions opened prior to the ex-date that are closed out on or after the ex-date must be closed out as Jul 22-1/2 options. Negligence in this matter could lead customers to establish new positions in the Jul 45 options rather than closing out then-existing positions in the Jul 22-1/2 options.

QAQ, LLU or ZLU, as the case may be, strikes that will be affected by the adjustment in the manner described above are included in the table below. Members should be aware of the potential for confusion respecting any of the related pairs of strikes shown below, and should be cautious in this regard.

	Existing	Adjusted  &	Existing	 Adjusted
	Strike		Strike		Strike	 	 Strike

	  40		 20		  80		   40
	  45		 22-1/2		  90		   45
	  50		 25		  100		   50
	  55		 27-1/2		  110		   55
	  60		 30		  120		   60
	  65		 32-1/2		  130		   65
	  70		 35		  140		   70
	  80		 40		  160		   80
	  90		 45		  180		   90
	  100		 50		  200		   100
	  110		 60		  220		   110
	  120		 70		  240		   120
GTC Order Conversion

On Monday, May 10, 1999, immediately after the CBOE close, the system will convert or cancel all resting orders in the QAQ/AAW/LLU/ZLU order books. If your firm has requested, all EBook orders (phone, wire, and electronic) and all ORS orders residing outside the book (booth or crowd routed) will be converted reflecting the adjustments. If your firm has requested, all EBook orders and ORS orders residing outside of the book will be canceled. If your firm receives EBook CXL drops, the CXL confirms will print at your booth at 3:15 p.m. ORS CXLs will also be transmitted electronically to your branches.

Immediately after the close, the book staff will return a final written report listing the orders that are converted or canceled to all firms. If converted, this list will also show how the new orders will be adjusted. This report will be available on request anytime during the day prior to the night of the adjustment.

Position and Exercise Limits

The CBOE Department of Market Regulation has determined that: "The position and exercise limits following this stock split will be 150,000 contracts on the same side of the market through January 20, 2001. Following the January 2001 expiration, the position and exercise limits will revert to the standard limit of 75,000 contracts."

Questions regarding this memo can be addressed to the CBOE Investor Services Department at 1-800-OPTIONS (1-800-678 4667), press 3, press 3.