Dear CME Globex Customers,

Effective Monday, October 31, 2005, in response to customer requests for increased market depth and liquidity, CME is launching functionality enhancements to the CME E-Live Cattle and CME E-Lean Hogs futures contracts on the CME Globex electronic trading platform.

The CME E-Live Cattle and CME E-Lean Hogs functionality enhancements include:

• Implementation of implied spread functionality
• Dissemination of leg execution reports

In addition, CME is adding two new butterfly spreads with implied functionality for the CME E-Live Cattle and CME E-Lean Hogs futures: LE01-LE02-LE03 (Dec-Feb-Apr) and LE02-LE03-LE04 (Feb-Apr-May) for the CME E-Live Cattle, and HE01-HE02-HE03 (Dec-Feb-Apr) and HE02-HE03-HE04 (Feb-Apr-May) for the CME E-Lean Hogs futures. Effective October 31, two new butterfly spreads, without implied functionality, will also be listed for the CME E-Feeder Cattle: GFX5-GFF6-GFH6 and GFF6-GFH6-GFJ6. A complete list of the spreads available for the CME E-Livestock products suite is available online.

As a reminder, position 777 of the CME Market Data MO (m-oh) message indicates whether a product will return legs and create implied orders. For more information, please see CME Market Data Platform Message Specifications, page 30, or CME Market Data API Message Specifications, page 64.

These enhancements to the CME E-Livestock futures are currently available for testing in the CME certification environment, via the "GE" (CME Eurodollar futures) commodity code. The GE contract has the same enhanced implied functionality the CME E-Live Cattle and CME E-Lean Hogs contracts will have upon launch.

For further information, please contact Tom Clark at 312.930.4595, CME Commodity Products; or your CME Globex Account Manager at 312.634.8700; or in Europe at +44.201.623.2550.

Thank you,

CME