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Expiration Schedule for Binary Options on the Target Fed Funds Rate

Effective for trade date September 21, 2006, the Chicago Board of Trade shall list for trading Binary Options on the Target Federal Funds Rate (“Fed Binaries”) that expire in March 2007.

The following table summarizes expiration months, last trading days, and expiration days for Fed Binaries listed for trading:

Expiration Month Last Trading Day and Expiration
October 2006 October 24, 2006
December 2006 December 12, 2006
January 2007 February 1, 2007
March 2007 March 22, 2007

Note Regarding Determination of Last Trading Day and Expiration

In August 2006 the Board of Directors approved amendments to Regulation 2009.01 that changed the schedule for last trading day and expiration of Fed Binaries effective for contract months from January 2007 forward. The wording of Regulation 2009.01, thus amended, is as follows:

2009.01 Last Day of Trading

The last day of trading in a Binary Option shall be the business day following the terminal day of the regularly scheduled FOMC meeting that determines the contract expiration month of said Binary Option (Regulation 2005.01 ).

The last day of trading for any given Binary Option shall be set by the Exchange on the basis of the most recently published FOMC meeting calendar as of the date that such Binary Option is listed for trading by the Exchange.

The last day of trading for said Binary Option, so determined, shall remain fixed, notwithstanding such changes to the schedule of meetings of the FOMC as may occur after said Binary Option has been listed by the Exchange for trading.

The amended regulation applies to Fed Binaries expiring in January 2007 and March 2007. It does not apply to Fed Binaries expiring in October 2006 and December 2006, which were already listed for trading in August.

Inquiries should be addressed to the following individuals in the Business Development Department: Jonathan Kronstein (312-435-7162 or jkronstein@cbot.com); Gene Mueller (312-435-4681 or gmueller@cbot.com ); Frederick Sturm (312-347-5235 or fsturm@cbot.com).

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