Dear CME^® Globex^® Customers,

CME plans to integrate the CME Enhanced Options System into the standard CME Globex electronic trading platform architecture in the third quarter 2005. With this implementation, CME iLink(R) and CME Market Data API (MD API) users will be able to submit orders and receive market data, including indicative quotes and RFQ messages for options on Eurodollar futures. Currently, access to electronic CME Eurodollar options markets is limited to those with CME Enhanced Options System terminals.

In addition to integrating CME Enhanced Options System into the CME Globex platform, CME will also introduce a mass quote message into the CME iLink interface which will allow Market Makers to efficiently stream real-time, transactable quotes for CME Eurodollar outright options and options spreads. CME is currently soliciting firms to commit to continuously posting actionable Bids and Offers in certain options contracts. Selected firms will be allocated additional Transaction Per Second (TPS) capacity for purposes of quoting agreed upon strikes.

If you wish to be considered for the transactable quoting Market Maker program, please return the attached bid sheet to CME by Friday, May 13, 2005. If you have any questions regarding the program or the bid sheet please contact Jeff Kilinski at 312.648.3817; Craig Bewick at 312.648.3839; or Neal Brady at 312.930.8163. For further information on these CME Globex options enhancements, please visit www.cme.com/optionsenhancements.

Thank you for your interest in CME Eurodollar Options.

CME
1.800.331.3332