EQUITY OPTIONS
Information Circular
#05-0486 Derivative Securities
Date
July 7, 2005
To
Members, Member Organizations and Registered
Option Principals
From
Ann B. Pierre, Options Research Manager
Subject Toll Brothers Inc. (TOL) - 2 - for-1 Stock Split
Adjustment
Toll Brothers Inc. (TOL) has declared a 2-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, July 11, 2005.
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. OCC will issue one additional contract for each outstanding option
contract; and
2. The exercise price of each outstanding option series will be divided
in half 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)
(2 Contracts)
B E C O M E S
Calls
Puts
Calls
Puts
JUL 65
TOLGM TOLSM
32 ½ TOLGZ
TOLSZ
70
TOLGN TOLSN
35
TOLGG
TOLSG
75
TOLGO TOLSO
37 ½ TOLGU TOLSU
80
TOLGP TOLSP
40
TOLGH TOLSH
85
TOLGQ TOLSQ
42 ½ TOLGV
TOLSV
90
TOLGR TOLSR
45
TOLGI
TOLSI
95
TOLGS TOLSS
47 ½ TOLGW TOLSW
100 TOLGT TOLST
50
TOLGJ
TOLSJ
105 TOLGA TOLSA
52 ½ TOLGX TOLSX
110 TOLGB TOLSB
55
TOLGK TOLSK
115 TOLGC TOLSC
57 ½ TOLGY TOLSY
120 TOLGD TOLSD
60
TOLGL
TOLSL
AUG 80
TOLHP TOLTP
40
TOLHH TOLTH
85
TOLHQ TOLTQ
42 ½ TOLHV TOLTV
90
TOLHR TOLTR
45
TOLHI
TOLTI
95
TOLHS TOLTS
47 ½ TOLHW TOLTW
100 TOLHT TOLTT
50
TOLHJ
TOLTJ
105 TOLHA TOLTA
52 ½ TOLHX TOLTX
110 TOLHB TOLTB
55
TOLHK TOLTK
SEP 60
TOLIL TOLUL
30
TOLIF
TOLUF
65
TOLIM TOLUM
32 ½ TOLIZ
TOLUZ
70
TOLIN TOLUN
35
TOLIG
TOLUG
75
TOLIO TOLUO
37 ½ TOLIU
TOLUU
80
TOLIP TOLUP
40
TOLIH
TOLUH
85
TOLIQ T