License Agreement

NOTICE TO USER: THIS IS A LICENSE AGREEMENT BETWEEN YOU AND DERIVATECH
CORPORATION ("DTC").  IT DESCRIBES YOUR RIGHT TO USE THE OPTIONS TOOLBOX 
v5.0 SOFTWARE.  PLEASE READ THIS AGREEMENT CAREFULLY.  IF YOU AGREE TO BE 
BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT, PLEASE CLICK THE 
"ACCEPT" BUTTON AT THE END OF THIS AGREEMENT. IF YOU DO NOT AGREE TO THE 
TERMS AND CONDITIONS OF THIS AGREEMENT, PLEASE CLICK THE "DECLINE" BUTTON 
AT THE END OF THIS AGREEMENT AND DO NOT USE THIS SOFTWARE AND, IF YOU 
HAVE PAID FOR THIS SOFTWARE,  PLEASE RETURN THE SOFTWARE TO YOUR POINT OF 
PURCHASE  FOR A FULL REFUND.

The Options Toolbox is the property of DTC.  All rights not specifically granted to
you hereunder are reserved by DTC.  You are hereby granted the non-exclusive right 
to use The Options Toolbox on one computer at a time.  You shall not make any copies 
of The Options Toolbox, other than back-up or archival copies.  You shall not modify,
alter, adapt, merge, decompile, disassemble or reverse engineer the program.  You 
may transfer The Options Toolbox to another party only if that party agrees to accept
the terms of this agreement and sends written acknowledgment of such acceptance to 
DTC at 400 South LaSalle Street, Chicago, Illinois 60605 and you deliver to that 
party, or destroy,  the original program, any copy thereof, and any related materials
or documentation.  Any transfer other than as expressly permitted herein shall be 
void and result in the termination of this license.  This license may only be 
modified or amended in writing, signed by you and DTC.  This license will be 
terminated automatically if you violate any of its terms and may otherwise be 
terminated by DTC for cause upon written notice to you. This license constitutes the 
parties' final, complete and exclusive agreement with respect to The Options Toolbox.

THE OPTIONS TOOLBOX IS PROVIDED TO YOU "AS IS" WITHOUT WARRANTY OF ANY 
KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY 
IMPLIED WARRANTY OF TITLE, NON-INFRINGEMENT,  MERCHANTABILITY OR FITNESS 
FOR A PARTICULAR PURPOSE,  REGARDLESS OF WHETHER DTC KNOWS OR HAS REASON 
TO KNOW OF YOUR PARTICULAR NEEDS.  IN ADDITION, NEITHER DTC OR ANY OTHER 
PERSON MAKES A WARRANTY THAT THE PROGRAM WILL RUN UNINTERRUPTED OR 
ERROR-FREE.  YOU ARE SOLELY RESPONSIBLE FOR YOUR USE OF THE OPTIONS 
TOOLBOX.

IN NO EVENT WILL DTC  OR ANY OTHER PERSON BE LIABLE TO YOU FOR DAMAGES 
INCLUDING, WITHOUT LIMITATION, ANY LOSS OF PROFITS, LOST SAVINGS, DAMAGE 
TO DATA OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE 
USE OR PERFORMANCE OF THE OPTIONS TOOLBOX, EVEN IF DTC OR SUCH OTHER 
PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR FOR ANY 
CLAIM BY ANY THIRD PARTY.

The Options Toolbox is provided with Restricted Rights.  Use, reproduction or 
disclosure by the U.S. government is subject to the restrictions set forth in Sec. 
52.227-19 of FAR. 

The Options Toolbox is not to be construed as an offer or the solicitation of an 
offer to buy or sell options or other securities, or as a recommendation of 
specific investments or investment strategies.

Options involve risk, and are not suitable for all investors. It is important that 
you read and understand the information in this section, as well as the publication 
Characteristics and Risks of Standardized Options which every investor must receive 
from his/her brokerage firm prior to the initial purchase or sale of an option.  
Alternatively, a copy of this publication may be obtained from the Options Industry 
Council (OIC), 440 South LaSalle Street, Chicago, IL  60605, or by calling the OIC at 
1-888-OPTIONS.

The Options Toolbox is FOR EDUCATIONAL PURPOSES ONLY.  In some of its theoretical 
calculations, The Options Toolbox uses the Cox-Ross-Rubinstein binomial approximation
to the Black-Scholes option pricing model.  While this and other approximations of 
the Black-Scholesmodel are the most popular models used for option pricing, other 
models exist that consider different factors.  No model can be entirely accurate. In 
addition, a number of simplifications have been made to the model - for instance with
regard to dividend assumptions - and the results under various circumstances 
suggested by this calculator are likely to be different from the results suggested by
other calculators.  More importantly, The Options Toolbox is aneducational tool 
intended to assist individuals in learning how options work.  It is not intended to 
provide investment advice, and users of the calculator should not make investment 
decisions based upon values generated by the calculator.

INDEX OPTIONS - STYLE: The Options Toolbox uses a mathematical formula to calculate 
"theoretical values" of call and put options given six inputs supplied by the user.  
The formula differs depending on whether the option being valued is an American-style
(exercisable on any day prior to expiration) or a European-style (exercisable only on
the last day prior to expiration) contract.  Therefore, it is important to know which
kind of option contract you are pricing.  To obtain this information, check with the 
exchange on which the option is traded.

DIVIDEND FLOW:  This program assumes that the dividend flow is continuous and even 
throughout an equity index option's life.  Actual stocks pay dividends at discrete 
intervals. The difference between using actual ex-dividend dates and the assumption 
of even, continuous dividends made by this program can also lead to discrepancies 
between theoretical values and those observed in the marketplace.

VOLATILITY: Volatility has a significant influence on the price of an option 
contract.  Small variations in these estimates can result in significantly 
different prices.  It is important to understand that during any trading day 
the consensus among traders and investors on an estimate of future market 
volatility is dynamic, and can change frequently and abruptly.  Therefore, 
do not expect prices you generate with The Options Toolbox to resemble prices 
found in the marketplace.

TAX CONSIDERATIONS, TRANSACTION COSTS and MARGIN REQUIREMENTS:  
Options involve tax considerations and transaction costs that can significantly 
affect the profit or lossresults of buying and writing options.  Certain 
options transactions also involve margin requirements which can significantly 
affect the economics of the transaction.None of these factors are taken into 
account in this program.  For tax considerations,you should seek the advice 
of a tax professional.  For transaction costs and margin requirements, consult 
your broker.

Standard & Poor's, S&P, S&P100 and S&P500 are registered trademarks of The 
McGraw-Hill Companies and are licensed for use by the Chicago Board Options 
Exchange, Inc.  Options based on the S&P 100 and S&P 500 are not sponsored, 
endorsed, sold or promoted by The McGraw-Hill Companies and The McGraw-Hill 
Companies makes no representation regarding the advisability of investing in 
such products.

LEAPS and OEX are registered trademarks and SPX TM is a trademark of the 
Chicago Board Options Exchange.

"Dow Jones SM" and "Dow Jones Industrial Average SM",  "Dow Jones Transportation 
Average SM", "Dow Jones Utility Average SM", "Options on The Dow SM" and  "The 
Dow SM" are service marks and "Dow Jones Averages", is a registered mark of Dow 
Jones & Company, Inc. and these havebeen licensed for certain purposes by The 
Chicago Board Options Exchange,Inc. (CBOE).  CBOE's options based on the Dow Jones
Averages are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones
makes no representation regarding the advisability of investing in such products.

Nikkei 300 is a registered trademark of Nihon Keizai Shimbun Inc., and is licensed 
for use by the Chicago Board Options Exchange, Inc.

The Nasdaq-100 Index, Nasdaq National Market, and Nasdaq are registered marks 
and The Nasdaq Stock MarketSM, NDXSM and NDSSM are service marks of The Nasdaq 
Stock Market, Inc.  These marks are licensed for use by the Chicago Board Options 
Exchange, Inc. in connection with the trading of options based on the Nasdaq-100 
Index.  Such options have not been passed on by The Nasdaq Stock Market, Inc. or 
its affiliates as to their legality or suitability, and such options are not issued, 
endorsed, sold or promoted by The Nasdaq Stock Market, Inc. or its affiliates. 

THE NASDAQ STOCK MARKET, INC. OR ITS AFFILIATES MAKES NO WARRANTIES 
AND BEARS NO LIABILITY WITH RESPECT TO SUCH OPTIONS.

The Russell 2000 Index is a registered trademark of Frank Russell Company.

The Goldman Sachs Technology Indexes are the property of Goldman, Sachs & Co. 
(Goldman Sachs) and have been licensed to the Chicago Board Options Exchange in 
connection with the trading of options based upon the indexes.  Goldman Sachs 
assumes no liability in connection with the trading of any contract based upon 
any of the indexes.  GSTI is a trademark of Goldman, Sachs & Co.

The Options Toolbox IS DESIGNED TO BE USED IN CONJUNCTION WITH TEXTS AND 
OTHER EDUCATIONAL MATERIALS.

The Options Toolbox  1995-2001 DerivaTech Corporation.
