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Revised Notice - Liquidity Link Program Extension

The Exchange has determined to continue, through December 31, 2007, the Liquidity Link Program as an incentive for liquidity providers. (This program previously was scheduled to expire as of December 31, 2006.) The Liquidity Link Program provides a member transaction fee waiver on one screen-traded contract for each floor-traded contract per the following specifications:

1) Calculated on a daily basis for members’ accounts that qualify for fees at Level 1, where the trades are initiated and executed by a member. (Delegates do not qualify for the Liquidity Link Program).

2) An individual member may designate up to two clerks who may execute screen trades for the member’s account. In order to receive the offset, the two clerks must be designated in Exchange Fee Billing (DashBoard).

3) Only CBOT interest rate contracts are eligible. The screen trade and the floor trade must be in the same product. (e.g., If one floor trade in 10 Year T-Note futures is executed, one screen trade in 10 Year T-Note futures is eligible).

4) Eligible financial futures and options contracts are calculated separately.

5) Contracts are eligible only during floor/screen “side by side” trading hours.

6) Only screen trade(s) that occur within the same “side by side” trading day as the corresponding eligible floor trade(s) will be eligible.

7) An individual is not eligible if he/she is participating in another CBOT-sponsored rebate/fee reduction program (e.g., is a designated market maker).

8) A member will continue to qualify for the Liquidity Link Program after he/she reaches the annual fee cap on member floor fees.

Questions regarding this notice may be directed to Marianne Byrne at (312) 435-3486, Bruce Domash at (312) 341-5989, Jill Harley at (312) 341-3413 or Barbara Lorenzen at (312) 435-3683.

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