COTTON NO. 2 FUTURES CONTRACT

Contract Specifications

TRADING UNIT: 50,000 pounds net weight (approximately 100 bales).
TRADING HOURS: 10:30 a.m. - 2:40 p.m. (New York time).

Cotton No. 2 Pre-Open 12:10 p.m. - 12:15 p.m.
12:15 p.m. Open 3:00 p.m.; Commence Closing APO period at 2:45 p.m.; Closing period commences at 2:59 p.m.
This schedule was posted as of February 1, 2001 and is effective as of Feb 11, 2002
This schedule is current as of February 16, 2002 .

TICKER SYMBOL: CT
TRADING MONTHS: Current month plus one or more of the next twenty-three succeeding months. Active trading months: March, May, July, October, December.
PRICE QUOTATION: Prices quoted in cents and hundredths of a cent per pound.
MINIMUM PRICE FLUCTUATION: 1/100 of a cent (one "point") per pound below 95 cents per pound. 5/100 of a cent (or five "points") per pound at prices of 95 cents per pound or higher.* N.B.: Spreads may always trade and be quoted in one point increments, regardless of price levels.
POINT VALUE: $5.00 ie - a one point move on the contract represents $5.00 USD or a 100 point move = $5.00 USD per bale.
DAILY LIMIT ON PRICE MOVEMENT: 3 cents above or below previous day's settlement price. However, if any contract month settles at or above $1.10 per pound, all contract months will trade with 4 cent price limits. Should no month settle at or above $1.10 per pound, price limits stay (or revert) to 3 cents per lb. Spot month - no limit on or after first notice day.

DELIVERY:
First Notice Day: Five business days from end of month preceding spot month.
(The first day that a buyer of a futures contract can be called upon to take delivery.)

First Delivery Day: First business day of spot month.
Spot Month: The nearest delivery month on a futures contract

Last Trading Day: Seventeen business days from end of spot month.
(The final day during which trading may take place in a particular option contract or futures contract, after which it must be settled by delivery of the underlying commodity or security, or by agreement for settlement with cash. )

Last Notice Day: Five business days after last trading day.
Last Delivery Day: Five business days after last notice day.

These contract specifications are subject to change and should not be construed as the official rules governing the NYCE contracts. Please consult the NYCE if you have any questions. Check with your broker to confirm this information.