invh1 options - expiration pricing consideration - The Options Clearing

invh1 options - expiration pricing consideration - The Options Clearing

#42186 DATE: NOVEMBER 17, 2017 SUBJECT: INVH1 OPTIONS - EXPIRATION PRICING CONSIDERATION INVH1 (adjusted Starwood Waypoint Homes options) will be...

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#42186

DATE:

NOVEMBER 17, 2017

SUBJECT:

INVH1 OPTIONS - EXPIRATION PRICING CONSIDERATION

INVH1 (adjusted Starwood Waypoint Homes options) will be subject to special pricing consideration in expiration processing on November 17, 2017. The pricing consideration is due to the undetermined cash in lieu of fractional shares amount included in the option deliverable of INVH1 as indicated below. These options will continue to be subject to normal exercise based on customary exercise thresholds in OCC’s Ex-by-Ex processing. MEMBERS SHOULD ADVISE THEIR CUSTOMERS TO TAKE THE FOLLOWING CONSIDERATIONS INTO ACCOUNT IN DECIDING TO EXERCISE, OR NOT TO EXERCISE, THESE OPTIONS. INVH1 INVH1 options are adjusted Starwood Waypoint Homes options, adjusted November 16, 2017, (see OCC Information Memo #42167). The deliverable of INVH1 options is: NEW DELIVERABLE PER CONTRACT:

1) 161 Invitation Homes Inc. (INVH) Common Shares 2) Cash in lieu of 0.4 fractional INVH shares

As of November 17, 2017, the INVH Exchange Agent has not determined the price to be used to determine the cash in lieu amount. For purposes of calculating a INVH1 price for use in expiration processing, OCC will use the following formula: INVH1 = 1.614 (INVH) For example, if INVH closes at 23.19, the INVH1 price would be: INVH1 = 1.614 (23.19) = 37.43 This formula includes an estimate for the value of the cash in lieu amount and not the actual amount applicable in the merger. ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE. For questions regarding this memo, call Investor Services at 1-888-678-4667 or email [email protected] Clearing Members may contact Member Services at 1-800-544-6091 or, within Canada, at 1-800-424-7320, or email [email protected]