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EQUITY OPTIONS

Information Circular

#99-1449 Derivative Securities

Date December 6, 1999

To Members, Member Organizations and

Registered Option Principals

From Michael T. Bickford, Senior Vice President

Subject Internet Capital Group Inc. (ICGE/EUG) - 2-for-1 Stock Split Adjustment

Internet Capital Group Inc. (ICGE/EUG) has declared a 2-for-

1 split of its outstanding common stock. The ex-distribution

date for the split, as established by the National Association of

Securities Dealers, is Monday, December 13, 1999.

Accordingly, pursuant to the rules of The Options Clearing

Corporation ("OCC"), all EUG option contracts outstanding

on ex-date must be adjusted as follows:

OCC will issue one additional contract for each

outstanding option contract; and

the exercise price of each outstanding option series willbe divided in half and rounded to the nearest eighth.

Based on presently outstanding option series, the "adjusted"

series with symbols are expected to be as follows:

EXISTING ISSUE ADJUSTED ISSUE

(1 Contract) (2 Contracts)

B E C O M E S

Calls Puts Calls Puts

DEC 125 EUGLE EUGXE 62 EUGLJ EUGXJ130 EUGLF EUGXF 65 EUGLM EUGXM135 EUGLG EUGXG 67 EUGLK EUGXK

140 EUGLH EUGXH 70 EUGLN EUGXN

145 EUGLI EUGXI 72 EUGLV EUGXV150 EUGLJ EUGXJ 75 EUGLO EUGXO155 EUGLK EUGXK 77 EUGLW EUGXW160 EUGLL EUGXL 80 EUGLP EUGXP

165 EUGLM EUGXM 82 EUGLX EUGXX170 EUGLN EUGXN 65 EUGLQ EUGXQ175 EUGLO EUGXO 87 EUGLY EUGXY180 EUGLP EUGXP 90 EUGLR EUGXR 185 EUGLQ EUGXQ 92 EUGLZ EUGXZ

190 EUGLR EUGXR 95 EUGLS EUGXS195 EUGLS EUGXS 97 EUGLU EUGXU200 EUGLT EUGXT 100 EUGLT EUGXT

JAN 125 EUGAE EUGME 62 EUGAJ EUGMJ130 EUGAF EUGMF 65 EUGAM EUGMM135 EUGAG EUGMG 67 EUGAK EUGMK 140 EUGAH EUGMH 70 EUGAN EUGMN145 EUGAI EUGMI 72 EUGAV EUGMV

150 EUGAJ EUGMJ 75 EUGAO EUGMO155 EUGAK EUGMK 77 EUGAW EUGMW160 EUGAL EUGML 80 EUGAP EUGMP165 EUGAM EUGMM 82 EUGAX EUGMX

170 EUGAN EUGMN 65 EUGAQ EUGMQ175 EUGAO EUGMO 87 EUGAY EUGMY180 EUGAP EUGMP 90 EUGAR EUGMR 185 EUGAQ EUGMQ 92 EUGAZ EUGMZ190 EUGAR EUGMR 95 EUGAS EUGMS195 EUGAS EUGMS 97 EUGAU EUGMU

200 EUGAT EUGMT 100 EUGAT EUGMT

MAR 140 EUGCH EUGOH 70 EUGCN EUGON145 EUGCI EUGOI 72 EUGCV EUGOV150 EUGCJ EUGOJ 75 EUGCO EUGOO155 EUGCK EUGOK 77 EUGCW EUGOW

160 EUGCL EUGOL 80 EUGCP EUGOP165 EUGCM EUGOM 82 EUGCX EUGOX170 EUGCN EUGON 65 EUGCQ EUGOQ175 EUGCO EUGOO 87 EUGCY EUGOY180 EUGCP EUGOP 90 EUGCR EUGOR

185 EUGCQ EUGOQ 92 EUGCZ EUGOZ190 EUGCR EUGOR 95 EUGCS EUGOS195 EUGCS EUGOS 97 EUGCU EUGOU200 EUGCT EUGOT 100 EUGCT EUGOT

JUN 140 EUGFH EUGRH 70 EUGFN EUGRN145 EUGFI EUGRI 72 EUGFV EUGRV150 EUGFJ EUGRJ 75 EUGFO EUGRO155 EUGFK EUGRK 77 EUGFW EUGRW160 EUGFL EUGRL 80 EUGFP EUGRP

165 EUGFM EUGRM 82 EUGFX EUGRX170 EUGFN EUGRN 65 EUGFQ EUGRQ175 EUGFO EUGRO 87 EUGFY EUGRY180 EUGFP EUGRP 90 EUGFR EUGRR 185 EUGFQ EUGRQ 92 EUGFZ EUGRZ

190 EUGFR EUGRR 95 EUGFS EUGRS

195 EUGFS EUGRS 97 EUGFU EUGRU200 EUGFT EUGRT 100 EUGFT EUGRT

Any additional series added prior to the ex-date will also be adjusted in the

manner described above.

GTC Orders

With regard to the treatment of good til cancelled (GTC)

orders placed on the specialists book prior to ex-date,

customers should be advised that the contract terms of such

orders will be automatically adjusted as to exercise price,

number of contracts and prices on limit orders. It is

recommended that member firms advise customers of

these adjustment procedures and confirm GTC orders

with them. It is also important to note that with respect to

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any adjusted call option series, a covered writer must

retain the additional shares in order to remain covered.

Special Operational Requirements

Member firms are advised that DKs resolved on ex-date

morning in the Exchange's options reconciliation room must

reflect adjustments as to the exercise price and execution

price.

Position and Exercise LimitsThe Exchange has established that position and exercise limits

shall be 150,000 contracts on the same side of the market until

the June 2000 expiration, at which point the standard 75,000

limit will be applicable.

Questions concerning this circular may be directed to the AMEX

Derivative Securities Hotline: (800) THE-AMEX. Copies of

this and other Information Circulars may be accessed on the

AmexTrader.com website.