User Agreement

The Options Price Reporting Authority is a committee currently comprised of Chicago Board Options Exchange Incorporated, International Securities Exchange Inc., NASDAQ OMX PHLX, NYSE Amex Options, and NYSE Arca Options. These Exchanges have been authorized by the Securities and Exchange Commission pursuant to Section 11A(a)(3)(B) of the Securities Exchange Act of 1934, as amended, to act jointly as parties to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information (said plan as amended from time to time in accordance with the provisions thereof is hereinafter referred to as the "Plan," and the parties to the Plan as they exist from time to time are hereinafter referred to collectively as the "OPRA Participants"). The Plan provides that the consolidated options information reporting system described therein shall be administered by the OPRA Participants through a committee designated as OPRA, and all references in this User Agreement, and in this website generally, to OPRA mean the OPRA Participants acting pursuant to the Plan

Your access to or use of the OPRA web site constitutes your agreement to the following terms and conditions:

1.No Recommendation.

OPRA's website is intended to provide information with respect to OPRA's activities. No statement in this website is to be construed as furnishing investment advice or being a recommendation, solicitation or offer to buy or sell any option or any other security. Options involve risk and are not suitable for all investors.

Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker or from any exchange in the United States on which options are traded.

2.Disclaimers of Warranties and Liability.

THERE MAY BE OMISSIONS OR INACCURACIES IN THE INFORMATION PROVIDED ON THIS WEBSITE, AND YOUR ABILITY TO ACCESS THIS WEBSITE MAY FROM TIME TO TIME BE DELAYED AND/OR INTERRUPTED DUE TO SCHEDULED AND/OR UNSCHEDULED CAUSES. THIS WEBSITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTY OF ANY KIND. OPRA MAKES NO EXPRESS, IMPLIED OR STATUTORY REPRESENTATION OR WARRANTY REGARDING THIS WEBSITE. TO THE FULLEST EXTENT PERMITTED BY LAW, OPRA SPECIFICALLY DISCLAIMS ALL REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OF THIS WEBSITE, AND ALL REPRESENTATIONS OR WARRANTIES ARISING FROM CUSTOM OR USAGE OR BY OPERATION OF LAW.

OPRA ACCEPTS NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS IN, OR THE CONSEQUENCE OF RELYING OR ACTING ON, INFORMATION AVAILABLE THROUGH THIS WEBSITE OR ANY THIRD PARTY SITE THAT IS ACCESSED THROUGH THIS WEBSITE. ANY RISK OF VIRUSES OR OTHER FORMS OF ELECTRONIC CONTAMINATION REMAINS, AT ALL TIMES, WITH THE USER OF THIS WEBSITE.

IN NO EVENT WILL OPRA BE LIABLE FOR ANY CLAIMS FOR DAMAGES (INCLUDING DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, ARISING OUT OF YOUR USE OF OR RELIANCE ON THIS WEBSITE.

3.Links.

This website provides links to other websites. These links are provided for convenience and informational purposes only, and not for purposes of making any endorsement or recommendation. You should be aware that when you select a link on the OPRA website you may be leaving the website. The information available on other websites may have certain restrictions on its use or distribution. Users should make themselves aware of such restrictions. OPRA is not responsible for, nor has it developed or reviewed, the content of those sites, and does not make any warranty, express or implied, as to the accuracy, usefulness or timeliness of such information.

4.Proprietary Interests.

Information available on this website is owned, licensed or controlled by OPRA or third parties who have permitted OPRA to hypertext link or frame information from their sites. OPRA does not permit unauthorized linking to or framing of this website. Any third party interested in creating a link to or framing content from this website is required to agree to a Linking and Framing Agreement with OPRA that describes the terms and conditions that will apply to such activities. OPRA reserves the right to refuse to agree to any such agreement, and also reserves the right to disable any unauthorized link to or framing of this website. OPRA does not accept any responsibility for information available through any other website as a result of any unauthorized linking or framing activity.

5.Changes to User Agreement.

OPRA reserves the right to change the terms of this User Agreement at any time. Any such change will become effective immediately upon publication on this website.

6.Privacy.

Your expectations of privacy are important. Please carefully read our separate Privacy Policy.

7.User Obligations.

Any person accessing or using this Web site has the following obligations: (a) to provide accurate information; (b) to comply with all applicable laws and regulations; (c) not to introduce into this website, or any network or equipment supporting it, any virus, worm, harmful code, Trojan horse, or other disabling device; (d) not to attempt to interfere with or disrupt the website or any network or equipment supporting it; (e) not to attempt to gain improper access to or otherwise interfere with any system or network connected to the website; and (f) not to use the website to send or otherwise distribute junk mail, spam, chain letters, or other unsolicited materials for mass distribution. Any violation of these obligations is grounds for denying a user access to and use of this website, in addition to any other available remedies.

8.General.

OPRA uses software programs and other tools to monitor traffic on this website to identify unauthorized attempts to upload or change information, or otherwise cause damage to the integrity of the website. OPRA reserves the right to terminate access to this website, with or without notice, either generally or with respect to one or more particular IP addresses or Internet sites. OPRA reserves the right to right to pursue all available remedies for any violation of these terms and conditions. If any clause of this User Agreement is declared invalid, that clause shall be deemed severable and shall not affect the validity or enforceability of the remainder. This User Agreement shall be governed by the laws of the State of Illinois.