EQUITY OPTIONS
Information Circular
#02-0212 Derivative Securities
Date
March 28, 2002
To
Members, Member Organizations and
Registered Option Principals
From
Ann B. Pierre, Options Research Manager
Subject Toll Brothers Inc. (TOL) - 2-for-1 Stock Spl it
Adjustment - UPDATE
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,
April 1, 2002.
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
APR 40
TOLDH TOLPH
20
TOLDD TOLPD
45
TOLDI
TOLPI
22 ½ TOLDX TOLPX
50
TOLDJ
TOLPJ
25
TOLDE
TOLPE
55
TOLDK TOLPK
27 ½ TOLDY TOLPY
60
TOLDL
TOLPL
30
TOLDF
TOLPF
MAY 45
TOLEI
TOLQI
22 ½ TOLEX
TOLQX
50
TOLEJ
TOLQJ
25
TOLEE
TOLQE
55
TOLEK
TOLQK
27 ½ TOLEY
TOLQY
60
TOLEL
TOLQL
30
TOLEF
TOLQF
JUN 25
TOLFE
TOLRE
12 ½ TOLFV
TOLRV
30 TOLFF
TOLRF
15
TOLFC
TOLRC
35
TOLFG
TOLRG
17 ½ TOLFW TOLRW
40
TOLFH
TOLRH
20
TOLFD
TOLRD
45
TOLFI
TOLRI
22 ½ TOLFX
TOLRX
50
TOLFJ
TOLRJ
25
TOLFE
TOLRE
55
TOLFK
TOLRK
27 ½ TOLFY
TOLRY
60
TOLFL
TOLRL
30
TOLFF
TOLRF
SEP 25
TOLIE
TOLUE
12 ½ TOLIV
TOLUV
30 TOLIF
TOLUF
15
TOLIC
TOLUC
35
TOLIG
TOLUG
17 ½ TOLIW TOLUW
40
TOLIH
TOLUH
20
TOLID
TOLUD
45
TOLII
TOLUI
22 ½ TOLIX
TOLUX
50
TOLIJ
TOLUJ
25
TOLIE
TOLUE
55
TOLIK
TOLUK
27 ½ TOLIY