EQUITY OPTIONS
Information Circular
#03-0623 Derivative Securities
Date
November 24, 2003
To
Members, Member Organizations and Registered
Option Principals
From
Ann B. Pierre, Options Research Manager
Subject General Growth Properties, Inc. (GGP) - 3-for-1
Stock Split Adjustment
General Growth Properties, Inc. (GGP) has declared a 3-for-1 split of
its outstanding common stock. The ex-distribution date for the split,
as established by the New York Stock Exchange, is Monday,
December 8, 2003.
Accordingly, pursuant to the rules of The Options Clearing
Corporation ("OCC"), all option contracts outstanding on ex-date
must be adjusted in two respects as follows:
1. The number of outstanding option contracts must be
proportionately increased; and
2. The exercise price of each outstanding option series must be
proportionately decreased and rounded to the nearest eighth.
Based on presently outstanding option series, the "adjusted" series
with symbols are expected to be as follows:
EXISTING ISSUE
ADJUSTED ISSUE
(1 Contract)
(3 Contracts)
B E C O M E S
Calls
Puts
Calls
Puts
DEC 70 GGPLN GGPXN 23 3/8 GGPLW GGPXW
75 GGPLO GGPXO 25
GGPLF GGPXF
80 GGPLP GGPXP 26 5/8 GGPLX GGPXX
85 GGPLQ GGPXQ 28 3/8 GGPLY GGPXY
JAN 55 GGPAK GGPMK 18 3/8 GGPAU GGPMU
60 GGPAL GGPML 20
GGPAD GGPMD
65 GGPAM GGPMM 21 5/8 GGPAV GGPMV
70 GGPAN GGPMN 23 3/8 GGPAW GGPMW
75 GGPAO GGPMO 25
GGPAF GGPMF
80 GGPAP GGPMP 26 5/8 GGPAX GGPMX
85 GGPAQ GGPMQ 28 3/8 GGPAY GGPMY
APR 60 GGPDL GGPPL 20
GGPDD GGPPD
65 GGPDM GGPPM 21 5/8 GGPDV GGPPV
70 GGPDN GGPPN 23 3/8 GGPDW GGPPW
75 GGPDO GGPPO 25
GGPDF GGPPF
80 GGPDP GGPPP 26 5/8 GGPDX GGPPX
85 GGPDQ GGPPQ 28 3/8 GGPDY GGPPY
JUL
75 GGPGO GGPSO 25
GGPGF GGPSF
80 GGPGP GGPSP
26 5/8 GGPGX GGPSX
85 GGPGQ GGPSQ 28 3/8 GGPGY GGPSY
Any additional series added prior to the ex-date will also be
adjusted in the manner described above.
GTC Orders
With regard to the treatment