| Market: | Paris, Brussels |
| Products: | Derivatives |
| Date: | 09 May 2006 |
Corporate Actions Policy of Euronext.liffe
Fee holiday on all TOTAL Option trades
Following the corporate action on TOTAL (notice CA/2006/070/P – Paris and CA/2006/071/B – Brussels dated 30 March 2006) and in order to simplify operations on the different option classes on TOTAL, LCH.Clearnet SA and Euronext.liffe have decided to offer a fee holiday. The fee holiday will cover trading and clearing1 for all trades on FP1, FP2, TO1, TO2 and TOT from 18 to 31 May 2006 inclusive.
Fee holiday on all trades for all members on TOTAL options
From Thursday 18 May 2006 until Wednesday 31 May 2006 inclusive, LCH.Clearnet SA and Euronext.liffe will offer members a fee holiday for trades on the option classes (FP1 and FP2) listed in Paris, on the option class listed in Brussels (TOT) and on the new option classes (TO1 and TO2) which will be listed in Paris, and which will be available for trading from 18 May 2006.
Details of Corporate Action on TOTAL Options:
1) Adjustments to the old option contracts FP1 and FP2 (Paris)
At the close of trading on Wednesday 17 May 2006, FP1 and FP2 contracts will be adjusted according to the basket methodology. No adjustment will be made to strikes or the contract size.
The contracts will be based on a basket comprising 4 TOTAL* + 0.1 Arkéma:
400 TOTAL* shares and 10 Arkéma shares for FP1 (American style option)
40 TOTAL* shares and 1 Arkéma share for FP2 (European style option)
From Thursday 18 May 2006, the Delta Neutral functionality will no longer be available on FP1 and FP2 contracts.
| Old option contracts on TOTAL | Mnemonic | Contract size | Components of the contract | Option style | Strikes | Maturities/ Series |
| From 18 May 2006, at market opening | FP1 | 100 baskets | 400 TOTAL shares* + 10 Arkéma shares | American | Unchanged | No new maturity or series will be introduced from 18 May 2006 inclusive |
| FP2 | 10 baskets | 40 TOTAL shares* + 1 Arkéma share | European |
* after dividing the option’s nominal value by 4
2) Adjustment to the option contract TOT (Brussels)
At the close of trading on Wednesday 17 May 2006, the TOT contract will be adjusted according to the basket methodology. No adjustment will be made to strikes or to the contract size. The contracts will be based on a basket comprising 4 TOTAL* and 0.1 Arkéma2. From Thursday 18 May 2006 inclusive, the Delta Neutral functionality will no longer be available on TOT contracts.
| Option contract on TOTAL | Mnemonic | Contract size | Components of the contract | Option style | Strikes | Maturities/ Series |
| From 18 May 2006, at the market opening | TOT | 100 baskets | 400 TOTAL shares* + 10 Arkéma shares | American | Unchanged | No new maturity or series will be introduced from 18 May 2006 inclusive |
* after dividing the option’s nominal value by 4
3) Creation of new option contracts TO1 and TO2 (Paris only)
On 18 May 2006, two new contracts on TOTAL* will be open for trading:
One American style option contract (TO1) with a contract size of 100 shares
One European style option contract (TO2) with a contract size of 10 shares
The characteristics of the new contracts remain as per the old contracts.
| New option contracts on TOTAL* | Mnemonic | Contract size | Option style | Strikes | Maturities/ Series |
| On 18 May 2006, at market open | TO1 | 100 TOTAL shares* | American | Adjusted | First available expiry: June 2006 |
| TO2 | 10 TOTAL shares* | European | Creation of new series or new maturities according to the contract specifications First available expiry: September 2006 |
* after dividing the option’s nominal value by 4
For further information, please contact: your LCH.Clearnet SA product implementation manager: Philippe Pedro: +33 (0) 1 70 37 66 78 or your local relationship manager
Customer and Market Management LCH.Clearnet SA