Dear GLOBEX® Customers,

As previously announced, Chicago Mercantile Exchange will roll out enhancements for implied butterfly spreads on Sunday, September 5, 2004 (trade date September 6). These enhancements will be made available in the customer test/certification environment and on the CME AutoCert tool after the maintenance period (12:00 p.m. to 5:00 p.m. Central time) on Tuesday, July 27. All documentation pertaining to this release can be found at www.cme.com/eurodollarsonglobex. CME requires that all customers currently submitting Eurodollar orders to GLOBEX certify for this new functionality and participate in a mock trading session in CME's production environment on Saturday, August 28.

Please note that this release also includes a change to the date returned in tag 75 on iLink^SM execution reports and to the implied indicator in the MO (Instrument Characteristics) message in the Market Data API. It is strongly recommended that all front end systems providers test against these changes as they will apply to all products traded on GLOBEX.

Should you have any questions, please contact your GLOBEX Account Manager at (312) 634-8700 or email GLOBEX Account Management.

Thank you,

Chicago Mercantile Exchange