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Becoming a CBOT Member. Introduction of the Trading Member Firm. April 11, 2006

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Becoming a CBOT

®

Member

Introduction of the “Trading Member Firm”

(2)

Contents

1.

Background

2.

Statement of Objectives

3.

Creating Opportunities

4.

Introduction of the “Trading Member Firm” category

5.

Passive Investor Trading Member Firms

6.

e-cbot

®

Member Firms

7.

Equity Member Firms

8.

Branches and Affiliated Companies of Member Firms

9.

Acquiring a CBOT Membership

10.

Exchange Fee Schedule and Membership Requirements

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Background

¾ As part of the CBOT Holdings, Inc. restructuring in 2005, there was the creation of separate CBOT Holdings Class A common stock and five series of Class B memberships at the

Chicago Board of Trade. The series of CBOT membership were defined as:

Membership Number of Members A Shares Received

Series B-1 (Full) 1,402 27,338

Series B-2 (Associate) 809 10,000

Series B-3 (GIM) 109 5,000

Series B-4 (IDEM) 641 1,100

Series B-5 (COM) 643 2,500

¾ There are transfer restrictions established for all holders of Class A common stock which restrict each stockholder from selling/transferring the respective series of Class A common stock for periods of 180, 360 and 540 days after the close of the IPO.

¾ The first restriction period for Series A-1 of the Class A common stock expires on April 22nd, enabling current stockholders to transfer/sell the common stock separately from the trading right.

¾ Under the restructuring, it was anticipated that individual shareholders would be able to separate the Class A common stock from the Series B trading right after the transfer

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Statement of Objectives

1. To create a membership and exchange fee structure that will reward high volume liquidity providers by permitting them to obtain reduced fees through the continued ownership of both shares and memberships.

2. To provide compelling reasons for new market participants to acquire membership in the CBOT. Our objective is to bring new customers to the CBOT by illustrating the benefits of membership in the CBOT.

3. To recognize and reward liquidity providers. By creating additional categories for different profiles of market participants, the CBOT will recognize the value

different customer segments bring to our market. We desire to lower the cost barriers to trading CBOT products by creating varying levels of membership tailored to the trading activity of our market participants.

4. To create choices for our customers. By restructuring the membership categories, an individual or firm can evaluate what type of membership is best suited to its trading profile and financial position.

5. To maintain the CBOT’s competitive market position. The CBOT’s competitive position is strong, and it is our objective to further enhance our standing globally.

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CBOT: Creating Opportunities

¾ The CBOT is committed to delivering innovation, driving efficiencies, and creating opportunities through leveraging our business model and technology platform.

¾ We desire to bring new traders to our market to join a 158 year tradition of price discovery, transparency and integrity. The creation of the Series B trading right has enabled individuals to access CBOT products at a lower cost of entry.

¾ For trading firms, the CBOT recognizes that there is an evolution in a firm’s “trading maturity” and financial position. By introducing a new category, the “Trading Member Firm” in addition to the existing “Equity Member Firm”, the CBOT will further segment the various users in our customer base and recognize their differing values,

contributions, and benefits. Firms can easily calculate the cost-benefit of making an investment in CBOT Class A shares and/or Series B memberships.

¾ The overall pricing of CBOT products will continue to remain highly competitive to enable our Exchange to compete globally. We will reward providers of liquidity to our markets with fee reductions based on volume.

¾ The CBOT will apply its core principle of transparency to its pricing and incentive programs to ensure fairness and equality.

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Introduction of the Trading Member Firm

¾ The basic philosophy of “one membership, one individual” will continue at the CBOT to recognize those individual traders who are committed to providing liquidity to our

markets. After April 22, 2006, individual shareholders will be able to sell/transfer up to 1/3 of their common stock, and retain all the privileges and benefits of being a member.

¾ The CBOT is introducing a new category, “Trading Member Firm”, to recognize those firms who desire to have the ability to sell up to 1/3 of their common stock on and after April 22, 2006, and retain their trading rights for trading CBOT products.

¾ A firm can qualify as a Trading Member Firm by purchasing a Series B-1 (Full), Series B-2 (Associate), Series B-4 (Index, Debt, and Energy Market - IDEM), or a Series B-5 (Commodity Options Market - COM). Holding the appropriate trading right will qualify the firm for reduced fees in that designated product category.

• A B-4 trading right (IDEM) will qualify that firm for reduced fees in all products designated under Regulation 290.03, which currently includes equity indices and metals products.

• A B-5 trading right (COM) will qualify that firm for reduced fees on all option products as per Regulation 290.04.

• An individual who has a trading right assigned to him/her or a delegate will qualify for a lower fee level.

¾ Trading Member Firms must either own the trading right (or have a self-owned trading right registered on their behalf) to qualify. Leasing a Series B-1 or B-2 trading right only qualifies that firm for reduced fees for trading on the e-cbot electronic trading platform.

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Passive Investor Trading Member Firm

In recognition of the growing importance of the asset manager (hedge fund, pool operator, and CTA) in our markets, a new category of Passive Investor Member Firm has been

created for those investment firms who desire to acquire Series B trading rights to reduce their transaction costs.

¾ The purchase of two Series B-1 and one Series B-2, qualifies 3 organized funds under common ownership or trading control for reduced fees.

¾ An investment firm who seeks to qualify more than 3 organized funds for the reduced fees, can do so by acquiring one additional Series B-1 or Series B-2 trading right for each additional fund. There is no limit on the number of funds that may be qualified.

¾ The qualifications for Passive Investor “Equity” Member Firm, for those investment firms who have purchased, or those who desire to purchase, the four Full memberships and two Associate memberships with stock remain unchanged. These firms will

continue to enjoy lower fee levels.

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e-cbot Member Firms

The e-cbot Member Firm category is being maintained for those firms who desire to reduce their trading fees through being a member firm. To qualify, a firm only needs to lease either a Series B-1 or B-2 trading right. All proprietary trading accounts of that firm will qualify for the lower exchange transaction fee.

¾ Those firms who qualified as an e-cbot member firm previously through the purchase of an Associate Membership (AM) and who retain the Class A common stock will

automatically move to the Equity Member Firm category. If the firm holds the Series B-2 trading right, and owns less than the 10,000 common stock requirement, they would qualify as a Trading Member Firm.

¾ Leasing or purchasing Series B-4 (IDEM) or Series B-5 (COM) trading rights do not qualify the firm for e-cbot Trading Member firm status.

¾ e-cbot member firms may qualify for lower fees on electronically traded agricultural products through the lease of a Series B-1membership.

¾ e-cbot member firms will qualify for Level 2 exchange fees, plus the e-cbot surcharge of $.20 per contract

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Equity Member Firms

The Equity Member Firm category is designated for those firms which own the combination of CBOT Holdings, Inc. common stock, and the corresponding Chicago Board of Trade Series B-1 or B-2 membership.

¾ Equity Member firms qualify for Level 2 exchange fees. The individual who holds the trading right qualifies for Level 1 exchange fees.

¾ To qualify for Level 2 exchange fees for all CBOT products, a firm must hold 27,338 shares of common stock and a Series B-1 membership. Firms that hold 10,000 shares of common stock and a Series B-2 membership qualify for all financial products, metals products, and agricultural options.

¾ If the firm holds the Series B-1 membership and owns less than the 27,338 common stock requirement, but more than 10,000 shares of common stock, it would qualify as a B-2 Equity Member Firm, for financial products, metals products, and would receive Trading Member firm exchange fees for agricultural futures.

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Branches and Affiliated Companies of Member Firms

As firms are establishing branch offices or affiliated companies of the CBOT member firm, the qualification of the branch or affiliate will vary depending on the category of

membership and the legal structure.

¾ Branches – Considered one and the same as the member firm, provided the branch is not a legally organized, separate entity.

¾ Affiliated Companies (parents, sisters and subsidiary entities) under common

ownership. A member firm affiliate means a non-FCM, non-clearing entity which is wholly-owned by one or more member firms, which wholly owns a member firm, or which is wholly owned by the same parent company (ies) as a member firm.

It is difficult to identify each particular situation in this presentation. For questions

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Acquiring a CBOT Membership

The CBOT Member Services Department is dedicated to serving both our current and future members and member firms. The Exchange’s website, www.cbot.com, provides 24 hour information regarding how to acquire a membership and the current prices for purchasing and leasing a trading right.

¾ Becoming an Equity Member Firm through the utilization of the Combination Market.

• Firms can acquire both Common Stock and a Trading Right through the Combination Market

• Individuals and Firms may desire to separate the purchase of the Trading Right or Common Stock

¾ Becoming a Trading Member Firm by acquiring a Trading Right.

• Member Services will maintain the auction market

• Trading Right prices are posted on the web-site

¾ Becoming an e-cbot Member Firm through leasing a Series B-1 or B-2 Trading Right.

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CBOT Exchange Fee Schedule

U.S. Trea sury Othe r Fina ncia l Products

First 25k Over 25k First 25k Over 25k First 25k Over 25k

Open Auction $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.50 --- ---e-cbot $0.05 $0.05 $0.10 $0.05 $0.10 $0.05 --- $0.25 $0.05

First 100k Ove r 100k First 100k Ove r 100k First 100k Ove r 100k

Open Auction --- --- --- --- --- --- --- --- ---e-cbot $0.12 $0.12 $0.30 $0.20 $0.30 $0.20 --- $0.50 $0.60 Open Auction $0.20 $0.20 $0.25 $0.25 $0.20 $0.20 $0.60 ---

---e-cbot $0.20 $0.20 $0.40 $0.40 $0.30 $0.30 --- $0.70 $0.70 Open Auction --- --- --- --- --- --- --- ---

---e-cbot $0.25 $0.25 $0.45 $0.45 $0.35 $0.35 --- $0.75 $0.75 Open Auction $0.30 $0.30 $0.30 $0.30 $0.60 $0.50 --- ---

---e-cbot $0.45 $0.45 $0.90 $0.75 $1.50 $1.50 --- $1.50 $1.00 Open Auction $0.50 $0.40 $0.50 $0.40 $0.60 $0.50 $6.00 ---

---e-cbot $0.50 $0.50 $0.90 $0.75 $1.50 $1.50 --- --- $1.00 $0.15

$0.15 Contra ct 1 2 3 4 5

$0.20 Interest Rate $0.15 $0.30 $0.30 $0.45 $0.75 $0.50 Agricultural $0.02 --- $0.10 --- $0.40 $0.50 $5 Dow $0.05 $0.20 $0.20 $0.35 $0.85 $0.50 Gold & Silver $0.05 $0.20 $0.20 $0.35 $0.75 $1.00

$1.00 $1.25

Me mbe r Non-Member

Contracts Cleared (including give-up executions and EFPs) $0.05 $0.05 $0.50 Wholesale Transactions for Swap Futures $0.05

Expired Options $0.05 Option Exercises and Assignments $0.05 Position Adjustments $0.05 Futures from Option Exercise or Assignment $0.05 Futures Delivered or Cash Settled $0.05

Transfers $0.05

($2,500 maximum per month)

Ge nera l Note s

Tra ding Me mbe r Firms - To qualify as a Trading Member Firm, a firm must maintain the minimum membership requirements as stated on the attached Membership & Share Requirement Chart.

Exchange Transaction Fee Surcharges

Exchanges for Physical - Agricultural Contracts

Exchange Fees for mini-siz ed Contracts

Account Type (Se e Note s for De tails )

Delegates

e-cbot only Member Firms (applied to Level 2)

Affiliates qualified using a leased membership (applied to Level 2) Exchanges for Physical/Swaps - U.S. Treasury Contracts

Note: Surcharges are levied on applicab le transactions in addition to standard, mini-size, and non-trade exchange transaction fees.

Clearing Division Fee Schedule

Exchange Fees for Non-Trade Transactions

Delega te Surcha rge - The delegate surcharges do not apply to delegates executing trades per Reg. 450.02C on behalf of the proprietary accounts of the member firms listed above.

Note: Non-trade fees are exchange transaction fees for Exercises, Deliveries, Assignments and Expirations. Fee surcharges also apply to these fees.

Individua l Tra ding Me mbers - Individual Trading Members are members that no longer maintain the minimum number of shares associated within his membership category. After the Exchange implements necessary system changes, any trades executed for an Individual Trading Member's account by another member/delegate or non-member will be charged fees equal to Trading Member Firms (Levels 3 & 4).

Non-Trades

$25 BIG Dow Gold & Silver

2

Platform

1 Individual's (member/delegate) account or Equity Member Firm's proprietary account. Trades executed by a member or delegate.

Soybe an Crush Options 5 Futures Options Non-member's Account

Equity Me mbe r Firms - To qualify as an Equity Member Firm, a firm must maintain the minimum membership and share requirement as stated on the attached Membership & Share Requirement Chart. Clearing Member Firms will be charged the same fees as Equity Member Firms.

Exchanges for Risk - Agricultural Contracts

Exchanges for Physical/Swaps - Other Financial & Metals Contracts Exchanges for Risk - U.S. Treasury, Swaps, Fed Funds, and DJ AIG Contracts

Note: Exchange transaction fees for mini-sized contracts. Fee surcharges also apply to these fees.

Wholesale Transactions for Swap Futures

Exchange Transaction Fee Schedule

Account Type (Se e Note s for De ta ils)

4

Agricultura l Products

Trading Member Firm's proprietary account. Trades executed by a non-member.

Individual's (member/delegate) account or Equity Member Firm's proprietary account. Trades executed by a non-member.

3 Trading Member Firm's proprietary account. Trades executed by a member/delegate.

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CBOT Membership and Share Requirements

Membership Type Trading Rights Class A Shares

INDIVIDUAL M EM BERS

1 Series B-1 (Full) None 1 Series B-2 (Associate) None 1 Series B-3 (GIM) None 1 Series B-4 (IDEM) None 1 Series B-5 (COM) None 1 Series B-1 (Full) 27,338 1 Series B-2 (Associate) 10,000 1 Series B-3 (GIM) 5,000 1 Series B-4 (IDEM) 1,100 1 Series B-5 (COM) 2,500 1 Series B-1 (Full) None 1 Series B-2 (Associate) None 1 Series B-3 (GIM) None 1 Series B-4 (IDEM) None 1 Series B-5 (COM) None

CLEARING M EM BER FIRM S

Registered FCM 2 Series B-1 (Full) 54,676

Proprietary Trading Firm (See Note 1) 1 Series B-1 (Full) 27,338

Sole Proprietor 1 Series B-1 (Full) 27,338

EQUITY M EM BER FIRM S

Registered FCM 1 Series B-1 (Full) 27,338

1 Series B-1 (Full); or 27,338 1 Series B-2 (Associate) 10,000 Pools Hedge Funds or Other Collective Investment Vehicles (See Note 2) 4 Series B-1 (Full) &

2 Series B-2 (Associate) 129,352

TRADING M EM BER FIRM S

Registered FCM 1 Series B-1 (Full) None

1 Series B-1 (Full); or None 1 Series B-2 (Associate); or None 1 Series B-4 (IDEM); or None 1 Series B-5 (COM) None Pools, Hedge Funds or Other Collective Investment Vehicles (See Note 3) 2 Series B-1 (Full) &

1 Series B-2 (Associate) None

e-cbot M EM BER FIRM S

1 Series B-1 (Full) - Leased; or None Proprietary Trading Firm (See Note 1)

Proprietary Trading Firm (See Note 1)

e-cbot Member Firm

MEMBERSHIP AND SHARE REQUIREMENTS

Individual Member

Individual Member with Shares

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Timing and Effective Dates

¾ The announcement of the new Member Firm categories was made on April 11, 2006 to communicate in advance of the April 22nd expiration of the first restriction period to

enable current members and member firms to determine which type of membership best suits their trading objectives.

¾ The new membership structures will become effective on May 1, 2006 to allow

individuals and member firms to buy or sell equity shares and/or Series B memberships to qualify for the new category fee levels. Equity member firms that wish to sell their Class A shares and qualify as a Trading Member Firm will not be able to do so until May 1st without losing member firm status.

¾ If a current individual shareholder/member who executes trades for his/her own account sells any common stock and retains the Series B membership, there will be no change in his/her exchange fee status. If a shareholder/member who has someone else execute trades for his/her account sells any common stock and falls below the required

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Summary

¾ The CBOT remains solidly committed to its core principles of integrity, transparency and price discovery.

¾ Becoming a member or member firm carries with it a responsibility to uphold these core principles. The CBOT welcomes the opportunity to work with market

participants who are interested in qualifying for membership at the CBOT.

¾ As a result of the recent restructuring, the CBOT is now positioned to expand the opportunities for becoming a member or member firm to provide 22-hour trading access across our benchmark products in U.S. Treasury instruments, and robust agricultural products. The creation of the Trading Member Firm category reduces the cost barriers for trading in our expanding product base of Metals, Energy, and Equity products.

¾ Please contact the following CBOT staff members should you have further questions or visit our website at www.cbot.com:

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Disclaimer

The information contained in this presentation is intended for purposes of information and education only and is not guaranteed by the CBOT as to completeness, nor any trading result, and does not constitute trading advice or constitute a solicitation of the purchase or sale of any futures, options, or securities.

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