Dear CME Globex Customers,

As previously announced, effective 5:00 p.m. Central time (CT) Sunday, May 1, 2005, for trade date Monday, May 2, CME will begin listing three new defined CME Eurodollar spread combinations: Pack spreads, Pack Butterfly combinations, and Condor spreads on the CME Globex electronic trading platform. In addition, we will list implied six month Butterfly spreads.

As a reminder to all users, please find listed below examples of the code formats for the new spread combinations:

Pack Spread

GE:PS M6-M7 (Red/Green pack spread)

Pack Butterfly

GE:PB M6-M7-M8 (Red/Green/Blue Butterfly)

Condor

GE:CF M5U5Z5H6

Please note that the above spreads will be listed as defined combinations, i.e. they will not be "implied" from outright markets.

In conjunction with the addition of the new spread types, CME will modify the number of implied orders displayed in the CME Eurodollar futures order books. Effective Sunday, May 1, 2005, two levels of implied orders will be displayed, while the depth of the order book will remain at five.

If you have any questions or concerns about this CME Product launch, please contact Craig Bewick, 312.642.3839; Larry Grannan, 312.454.8312; or Peter Barker, 312.930.8554, CME Interest Rate Products.

Thank you,

CME
800.331.3332