Lower EFP Transaction Fees For Butter And Milk -- Effective Today.

Client Management Advisory Notice

From	Client Management Operations
Subject	Lower EFP Transaction Fees For Butter And Milk -- Effective Today.
Effective Date	07/07/03
Notice Number	CMO#0389

Current EFP fees are set at $40 for butter and $25 for milk. These fees were set in 1995 when the dairy complex was first established to help provide liquidity.

Participants felt these fees were too high to allow all available business to enter the market.

New fees of $15 for butter and $10 for milk are, effective today Monday, July 7, 2003.

Please contact Client Management Operations (312) 930-8159 if you have any questions.