Proposed Transaction

I will take a long option strangle position on S&P Depository Receipts (SPY) for October '08 expiration after 2:30 pm Central September 25, 2008 contingent on the following:

1) No announcement of congressional agreement or rejection of the proposed $700 billion Treasury-led bail-out of the financial markets

2) Total option cost (excluding commission & fees) < 1.5% of SPY market price at time of order

Strike prices will be at least 10% less (put) and 10% higher than the SPY market price at time of order.