Dear CME Globex Customers,

Effective Monday March 20, 2006, in response to customer requests, CME is launching implied spread functionality for CME Cash-Settled Butter Calendar spreads.

On March 20, CME is also launching 63 new CME Cash-Settled Butter Calendar spreads with implied spread functionality, in addition to the three Calendar spreads currently available. Please see the following table for the full list of CME Cash-Settled Butter Calendar spreads.

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.

The implied spread functionality will be available for testing in the CME certification environment on the three existing Calendar spreads this Sunday, March 12, 2006.

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