4.3.8 Exercise/Expiry of All Option Contracts on Expiration Day

On the Expiration Day of both cash settled and deliverable Option Contracts, the Clearing House shall, unless otherwise directed by the holder of the Option Contract or otherwise stated in the relevant Contract Specifications:

(a) exercise all in-the-money Option Contracts; and
(b) allow all other Option Contracts to expire.

Amended on 16 July 201216 July 2012.