At its Regular Meeting on January 15, 2002, the Board approved a recommendation to allow expiration dates for flex options to be specified for any Exchange business day up to and including the last business day of the month, prior to the delivery month of the underlying futures contract. Under exchange certification procedures, the amendment is effective on January 17, 2002.

An amendment to Rule 6431.A is noted below.

                            OPTIONS ON RANDOM LENGTH LUMBER FUTURES

6431. FLEXIBLE OPTION CHARACTERISTICS

I. Termination of Trading

Flexible option expiration dates may be specified for any Exchange business day up to and including the last business day of the month prior to the delivery month of the underlying futures contract. In the event that the underlying futures market does not open on the scheduled expiration day, the option expiration shall be extended to the next day on which the underlying futures market is open for trading.

A new flexible option series may not be opened on its last day of trading. However, an existing flexible option series may be traded on its last day of trading.

If there are any questions about this matter, please contact Mr. Jack Cook, Economist, Commodity Product Development Department at 312/930-3295 or Mr. Paul Peterson, Director, Commodity Product Development Department at 312/930-4587. Thank you.