CBOE Lists TARGETS® on Sun Microsystems (SUNW)

The Chicago Board Options Exchange (CBOE) today opened trading on a new issue of Targeted Growth Enhanced Terms Securities (TARGETS®), a hybrid security whose value is linked to Sun Microsystems common stock (SUNW). Trading under the symbol TSW, the securities were priced at $16.525, equal to 1/5th of yesterday's closing price of SUNW. Total proceeds of the offering, which was underwritten by Salomon Smith Barney, amounted to $47,096,250. Holders of TSW will receive a series of fixed payments together with the opportunity to participate in the first 22.5% of the price appreciation in SUNW common stock in any quarter. The quarterly cash distributions of $0.3511563 per TARGETS® will be payable on each February 15, May 15, August 15, and November 15, in an amount equal to 8.5% annually. The first such payment to be made on May 15, 2000, however, will be prorated from the date of issue to equal $0.4096823. The appreciation cap was initially set 22.5% above the market price of SUNW on the pricing date and will be automatically reset at the beginning of each subsequent quarter to 22.5% above the closing price of SUNW as of the end of the previous quarter. At maturity, on May 15, 2003, TSW holders will receive the final quarterly cash distribution and an amount equal to the product of (i) the average 10 day price of Sun Microsystems common stock prior to maturity multiplied by (ii) an "Exchange Rate." The Exchange Rate, initially set to equal .20, is determined as follows: 1) If the average 10 day price of Sun Microsystems common prior to maturity is less than or equal to the prevailing Appreciation Cap, the prevailing Exchange Rate shall remain the same. 2) If the average 10 day price of Sun Microsystems common prior to maturity is greater than the prevailing Appreciation Cap, the Exchange Rate shall be a fraction, the numerator being the prevailing Appreciation Cap times the prevailing Exchange Rate, and the denominator being the average closing price of Sun Microsystems common. TARGETS® represent preferred individual beneficial ownership interests in the assets of TARGETS Trust V, a Delaware business trust. O.T.A. Limited Partnership has been named the Designated Primary Market Maker (DPM) in TSW. Trading hours are 8:30 a.m. to 3:00 p.m. CST. CBOE, the world's largest options marketplace and creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products visit the CBOE site on the World Wide Web at http://www.cboe.com.