NOTICE OF DISCIPLINARY ACTION

FILE NO.:

CME-11-8609-BC

NON MEMBER:

Man Investments ltd.

EXCHANGE RULE:

562. POSITION LIMIT VIOLATIONS

Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.

FINDINGS:

Pursuant to an offer of settlement that Man Investments Ltd.("Man") presented at a hearing on March 22, 2012 in which Man neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the CME Business Conduct Committee ("BCC") found that Man voluntarily submitted itself to the jurisdiction of the BCC for purposes of settling this matter,and that on November 4, 2011, a date subject to the 300 contract position limit for the expiring November 2011Feeder Cattle ("NOVllFeeder")contract,Man maintained a long NOV11Feeder position of 436 contracts,136 contracts (45.33%) in excess of the applicable speculative spot month position limit. Man liquidated the overage position and realized profits in the amount of $35,050.

The Panelfound that as a result Man violated CME Rule 562.

PENALTY:

In accordance with the settlement offer, the Panel ordered Man: (1) to pay a fine to the Exchange in the amount of $25,000 and (2) to disgorge profits in the amount of $35,050.

EFFECTIVE DATE:

March 26, 2012