Dear CME Globex Customers,

On Wednesday, March 2, 2005, the CME Board of Directors approved a new CME Globex Messaging Policy designed to reduce excessive messaging. The CME Globex Messaging Policy is a two-step evaluation which measures the activity of each Class A firm for message quality via the "Trade Ratio" and the amount of liquidity via the "Volume Ratio".

The policy becomes effective on April 18, 2005, without surcharges; surcharges become effective July 1, 2005.

Please refer to www.cme.com/messagingpolicy for complete details on the CME Globex Messaging Policy and product benchmarks.

CME will host several customer meetings to discuss the new messaging policy and answer customer questions. First, a Webinar will be held on Monday, March 14 at 10 am Central time (CT). To participate in this Webinar, please register here.

In addition, the new CME Globex Messaging Policy will be a primary topic at the upcoming CME Electronic Trading Customer Forums:

Further details on these meetings will be available soon. In the meantime, if you have any questions please contact your CME Globex Account Managerat 312.634.8700, or at +44.207.623.2550 in Europe.

Thank you,

CME