2. COMPUTER INDUSTRY RETURNS MARKET Iowa Electronic Markets

3. Contracts 4 Winner-Takes-All Contracts 4 Based on the returns of securities in the computer industry –AAPL, IBM, MSFT & S&P500 4 Liquidation values determined by (dividend adjusted) rates of return –From the third Friday of one month to the third Friday of the next month –Highest return pays $1

4. Contract Designations 4 Ticker symbol and letter –Ticker denotes underlying stock or index –Letter denotes month UnderlyingLiquidation ContractFundamental Value AAPLmApple Comp. $1.00 if AAPL return is highest IBMmIBM $1.00 if IBM return is highest MSFTmMicrosoft $1.00 if MSFT return is highest SP500mS&P 500 Index $1.00 if SP500 return is highest

5. Month Codes MonthCodeMonthCodeMonthCode JanuaryaMayeSeptemberi FebruarybJunefOctoberj MarchcJulygNovemberk AprildAugusthDecemberl

6. Unit Portfolios 4 1 Share of each contract 4 May be purchased from or sold to the exchange at any time for $1 using 1$m 4 May be purchased from or sold to other traders at any time using MKTm

7. Contract Liquidation 4 Monday after 3rd Friday of month 4 Official prices –The Midwest Edition of the Wall Street Journal 4 Effects of events –Delisting: Use last trade price –Stock Split/Stock Dividend Multiply last price to reflect pre-split/dividend value –Dividend Included in return

8. Computing Returns 4 AAPLm, IBMm and MSFTm 4 S&P500m

9. Other Information 4 Listing new contracts –Monday after 3rd Friday of each month 4 Access –Academic traders