Dear CME^® Globex^® Customers,

In April 2005, CME announced a messaging policy intended to address extreme messaging behavior by measuring the quality of trading activity at the Class A firm level. The policy was implemented without surcharges for several months to allow CME customers to adjust to the new policy, as well as to allow CME to evaluate the policy's effectiveness. Since the announcement, CME representatives have met with many customers to gather their feedback and concerns, and in response, CME is implementing several changes to simplify the policy and increase its flexibility.

CME Messaging Policy Changes
The changes to the policy are as follows:

1. CME will use a single metric - the Volume Ratio (number of messages per executed contract), and will discontinue usage of the Trade Ratio.
2. The Volume Ratio product benchmarks will be published on a quarterly basis, instead of monthly, and will include the most active roll periods in the calculations.
3. The acceptable level of variation over the product benchmarks has been expanded by a significant factor to include legitimate trading strategies in each product.
4. When the expanded volume ratio threshold level has been exceeded resulting in a surcharge, Class A firms will have ten business days to request reconsideration. Surcharge billing will not be assessed until this ten business day reconsideration period has passed, or until CME has determined that reconsideration of the surcharge will not be granted. Surcharges will be billed the second calendar month following the surcharge date.

Timeline
These changes will be reflected in the Class A firms' daily reports beginning Tuesday, September 6, 2005.

The surcharge phase for the policy will become effective Sunday, October 2, 2005.

For more information, please see www.cme.com/messagingpolicy, or contact the CME Globex Control Center at 312.456.2391; or CME Globex Account Management at 312.634.8700, or in Europe at +44.207.623.2550.

Thank you,

CME
800.331.3332