Chicago Mercantile Exchange Inc. has received many inquires as to our plans to continue offering TOPS services. These questions were prompted by the Chicago Board of Trade plan to decommission TOPS, currently scheduled for March 2002. CME will continue to offer the same level of TOPS service, with the following exception; we will discontinue delivery of TOPS orders to the CBOT owned trading floor TOPS printers and their Electronic Clerk devices.

Firms wishing to continue receiving TOPS orders on the CBOT trading floor will need to obtain CBOT permission. Additionally, they must purchase their own PCs, printers, and 3270 emulation software on which to run TOPS. Finally, firms must provide a connection from those stations to CME TOPS. CME only allows connections via the Financial Industry Network (FIN). Firms will then be responsible for their TOPS equipment setup and maintenance.

Additionally, we have received inquires as to whether CME would write to the CBOT Order Direct system. After much consideration, CME has decided not to undertake this development effort. Therefore, firms will not have the ability to route TOPS orders to the CBOT system.

Should you have any questions on this matter, please feel free to contact one of the individuals listed below. Thank you.

Eugene Bridges ebridges@cme.com (312) 338-7110

Toni Hudson thudson@cme.com (312) 338-7190