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Fed Binary Options
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CBOT Fed Binary Options - September 2006 Expiration

CBOT Binary Options on the Target Federal Funds Rate expiring in September 2006 will be cash settled today (in accord with CBOT Regulation 2036.01) with reference to a Contract Grade Index value of 94.75. The Contract Grade Index value is based upon a target federal funds rate of 5.25 percent, as determined and published by the Federal Open Market Committee today, Wednesday, 20 September 2006.

In accord with CBOT Regulation 2042.01, for any Binary Put Option on the Target Federal Funds Rate:

If 94.75 is strictly less than the put option strike price, holders of long positions in said put option shall receive, and holders of short positions shall pay, $1000.

If 94.75 is either equal to or greater than the put option strike price, holders of long positions in said put option shall receive, and holders of short positions shall pay, nothing.

In accord with CBOT Regulation 2042.02, for any Binary Call Option on the Target Federal Funds Rate:

If 94.75 is strictly greater than the call option strike price, holders of long positions in said call option shall receive, and holders of short positions shall pay, $1000.

If 94.75 is either equal to or less than the call option strike price, holders of long positions in said call option shall receive, and holders of short positions shall pay, nothing.

For more information regarding the Federal Open Market Committee, please visit the website of the Board of Governors of the Federal Reserve System atwww.federalreserve.gov/fomc

If you have questions or comments in this regard, please contact the following personnel in CBOT Business Development:

Jonathan Kronstein 312.435.7162 jkronstein@cbot.com

Frederick Sturm 312.347.5235 fsturm@cbot.com

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