<PAGE>

                                                                     Exhibit 4.5

                          CHARTER, BYLAWS, RULES AND
                                  REGULATIONS

                                    OF THE


                                    CHICAGO
                                BOARD OF TRADE



                               [GRAPHIC OMITTED]



                              As of        , 2003







Copyright Board of Trade of the City of Chicago, Inc. 2003
ALL RIGHTS RESERVED



<PAGE>

_____ _, 2002


           AMENDMENTS TO THE CHARTER, BYLAWS, RULES AND REGULATIONS
           --------------------------------------------------------
              OF THE BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              --------------------------------------------------


                Changes from ________ 1, 2003 to _____ 1, 2003
                ----------------------------------------------



Charter
-------

Amended and Restated Certificate of Incorporation (Effective ______, 2003)

Bylaws
------

Amended and Restated Bylaws (Effective ______, 2003)

Rules and Regulations
---------------------

  I.  Chapter 1 (Government)
      ----------------------

     (Deleted Rules 110.00, 134.00, 156.00, 164.00, 170.00, 181.00, 184.00,
      185.00, 186.00 and 190.00; Deleted Regs. 162.01, 162.03, 162.05, 162.09,
      165.02 and 165.03; Deleted Interpretation adopted April 17, 1996 regarding
      certain petition procedures)


<PAGE>

          Chicago Board of Trade Charter, Bylaws, Rules & Regulations
                               Table of Contents

Copyright



Charter
Bylaws

Rules & Regulations

Chapter 1 - Government
Chapter 2 - Membership
Chapter 3 - Exchange Floor Operations and Procedures
Chapter 4 - Futures Commission Merchant
Chapter 5 - Disciplinary Proceedings
Chapter 6 - Arbitration of Member Controversies
Chapter 7 - Clearing House, Deposits for Security
Chapter 9 - Definitions
*Chapter 9a - Trading Links
Chapter 9b - e-cbot
Chapter 10 - Grains
Chapter 10c - Corn Futures
Chapter 10s - Soybean Futures
Chapter 11 - Soybean Oil
Chapter 12 - Soybean Meal
Chapter 13 - Oats Futures Options


Chapter m14 - mini-sized New York Silver Futures

Chapter m15 - mini-sized New York Gold Futures
*Chapter 17 - GNMA - CDR
Chapter 18 - U.S. Treasury Bonds
Chapter m18 - mini-sized U.S. Treasury Bonds

Chapter 19 - 10-Year Municipal Note Index Futures


Chapter 20 - X-Fund Futures
Chapter 21 - 30-Day Fed Fund Futures


Chapter 23 - Short Term U.S. T-Notes (2-Year)
Chapter 24 - Long Term T-Notes (6 1/2-10 Year)
Chapter m24 - mini-sized Long Term U.S. Treasury Notes
Chapter 25 - Medium Term U.S. Treasury Notes (5 Year)
Chapter 26 - mini-sized Eurodollar Futures
Chapter 27a - (Standard Options) Long Term Treasury Note Futures Options
Chapter 27b - (Flexible Options) Long Term Treasury Note Flexible Options
Chapter 28a - (Standard Options) T-Bond Futures Options
Chapter 28b - (Flexible Options) Treasury Bond Flexible Options

   *Not reprinted in Rulebook.  Copies are available from the Secretary's
Office.

<PAGE>

    Chapter 29 - Soybean Futures Options
    ------------------------------------
    Chapter 30 - Corn Futures Options
    ---------------------------------
    Chapter 31 - Wheat Futures Options
    ----------------------------------
    Chapter 32 - Soybean Oil Futures Options
    ----------------------------------------
    Chapter 33 - Soybean Meal Futures Options
    -----------------------------------------
    Chapter 35a - (Standard Options) Medium Term U.S. Treasury Note Futures
    -----------------------------------------------------------------------
      Options
      -------
    Chapter 35b - (Flexible Options) Medium Term Treasury Note Flexible Options
    ---------------------------------------------------------------------------
    Chapter 36a - (Standard Options) Short Term U.S. Treasury Note Futures
    ----------------------------------------------------------------------
      Options
      -------
    Chapter 36b - (Flexible Options) Short Term Treasury Note Flexible Options
    --------------------------------------------------------------------------
    Chapter 37 - CBOT Rough Rice Futures
    ------------------------------------
    Chapter 38 - CBOT Rough Rice Options
    ------------------------------------

    Chapter 43 - CBOT Dow Jones Industrial Average Index Futures
    ------------------------------------------------------------
    Chapter 44 - CBOT Dow Jones Industrial Average Index Futures Options
    --------------------------------------------------------------------
    Chapter 45 - Long Term Fannie Mae Benchmark Notes and
    ---------------------------------------------------------------
      Freddie Mac Reference Note Futures
      ----------------------------------
    Chapter 46a - Long Term Fannie Mae Benchmark Note and
    -----------------------------------------------------
      Freddie Mac Reference Note Futures Options
      ------------------------------------------

    Chapter 49 - 10-Year Interest Rate Swap Futures
    -----------------------------------------------


    Chapter 50 - 10-Year Interest Rate Swap Futures Options
    -------------------------------------------------------


    Chapter 51 - 5-Year Interest Rate Swap Futures
    ----------------------------------------------


    Chapter 52 - 5-Year Interest Rate Swap Futures Options
    ------------------------------------------------------


    Chapter 53 - CBOT mini-sized Dow Futures ($5 Multiplier)
    --------------------------------------------------------



    Chapter 56 - CBOT Dow Jones -
    -----------------------------------
      AIG Commodity Index Futures
      ---------------------------
    Chapter 57 - Medium Term Fannie Mae Benchmark Notes and
    -------------------------------------------------------
      Freddie Mac Reference Note Futures
      ----------------------------------
    Chapter 58a - Medium Term Fannie Mae Benchmark Notes and
    --------------------------------------------------------
        Freddie Mac Reference Note Futures Options
      --------------------------------------------

    Appendices

    1. Reserved
    -----------
    2. Summary of Membership Privileges
    -----------------------------------
    3. Exchange Floor Operations and Procedures
    -------------------------------------------

       A. Guidelines for Guests and Visitors
       -------------------------------------
          While on the Exchange Floor of the Chicago Board of Trade
          ---------------------------------------------------------
       B. Instructions for Floor Clerk Access
       ---------------------------------------
          to the Floor of the Board of Trade of the City of Chicago
          ---------------------------------------------------------
       C. Dress Code
       -------------
       D. Pit Openings and Closings
       ----------------------------
       E. Contract Month Symbols
       -------------------------
       F. Reserved
       -----------
       G. Guidelines - Badge Validation and Return
       -------------------------------------------

    4. Futures Commission Merchants
    -------------------------------

       A. Reserved
       -----------

       B. Procedures for Relief Requests/Financial Requirements
       --------------------------------------------------------

       C. Reserved
       -----------

<PAGE>

       D. Reserved
       -----------
       E. Financial Requirements for Agricultural Regularity
       -----------------------------------------------------

    5. Reserved
    -----------

    6. Arbitration Fees
    -------------------

       A. Member Claims
       ----------------
       B. Non-Member Claims
       --------------------

    7.-9. Reserved
    --------------

      9B. Implementation Regulations of e-cbot Concerning Technical Equipment
      -----------------------------------------------------------------------

    10. Grains
    ----------

       A. Regular Warehousemen
       -----------------------
          - Chicago and Burns Harbor Switching Districts
          -----------------------------------------------
       B. Regular Warehousemen
       -----------------------
          - St. Louis-East St. Louis and Alton Switching Districts
          --------------------------------------------------------

       C. Regular Warehousemen
       -----------------------
          - Minneapolis and St. Paul Switching Districts
          -----------------------------------------------
       D. Regular Warehousemen
       -----------------------
          - Toledo, Ohio Switching District
          ---------------------------------

       E. Reserved
       -----------

       F. Reciprocal Switching Charges
       -------------------------------
          within Chicago, IL and Burns Harbor, IN
          ---------------------------------------
       G. Grain Load-Out Procedures
       ----------------------------

    10C(A). Corn and Soybean Shipping Stations
    ------------------------------------------

    10S(A). Soybean Only Shipping Stations
    --------------------------------------

    11. Soybean Oil
    ---------------

       A. Regular Shippers
       -------------------
       B. Differentials
       ----------------

    12. Soybean Meal
    ----------------

       A. Regular Shippers
       -------------------
       B. Differentials
       ----------------

    13. Reserved
    ------------




<PAGE>




    m14. mini-sized New York Silver
    -------------------------------

       A. Approved Brands
       ------------------
       B. Depositories & Weighmasters
       ------------------------------

    m15. mini-sized New York Gold
    -----------------------------

       A. Approved Brands
       ------------------
       B. Depositories & Weighmasters
       -------------------------------

    16. Reserved
    ------------

   *17. Government National Mortgage Association (GNMA)
    ---------------------------------------------------
        Collateralized Depositary Receipt (CDR)
        ---------------------------------------

       A. Approved Depositaries
       ------------------------
       B. Approved Originators
       -----------------------





    18-36. Reserved
    ---------------


    37. Rough Rice
    --------------

       A. Reserved
       -----------
       B. Rough Rice Regular Warehouses Delivery Differentials
       -------------------------------------------------------
       C. Definitions
       --------------
       D. Minimum Financial Requirements for Rough Rice Regularity
       -----------------------------------------------------------


* Not reprinted in Rulebook. Copies are available from the Secretary's Office.


<PAGE>



                             AMENDED AND RESTATED
                         CERTIFICATE OF INCORPORATION
                                      OF
                             BOARD OF TRADE OF THE
                             CITY OF CHICAGO, INC.
       (Originally incorporated in the State of Delaware under the name
                     Delaware CBOT, Inc. on May 12, 2000)

                                   ARTICLE I

                                     NAME

   The name of the corporation is Board of Trade of the City of Chicago, Inc.
(hereinafter referred to as the "Corporation").

                                  ARTICLE II

                               REGISTERED AGENT

   The address of the registered office of the Corporation in the State of
Delaware is 9 Loockerman Street, in the City of Dover, County of Kent, Delaware
19901. The name of the registered agent of the Corporation at such address is
National Registered Agents, Inc.

                                  ARTICLE III

                              CORPORATE PURPOSES

   The nature of the business or purposes to be conducted or promoted by the
Corporation are to engage in any lawful act or activity for which corporations
may be organized under the General Corporation Law of the State of Delaware (as
amended from time to time, the "DGCL").

                                  ARTICLE IV

                                  MEMBERSHIP

   A.  General.

   The Corporation shall have no authority to issue capital stock. The terms
and conditions of membership in the Corporation shall be as provided in or
pursuant to this Certificate of Incorporation and the Bylaws of the Corporation
(the "Bylaws").

   B.  Classes and Series of Membership.

   Membership in the Corporation shall be divided into classes and series as
set forth in this Article IV.

   1.  Class A Membership.


   There shall be one Class A Membership, which Class A Membership shall be
held by CBOT Holdings, Inc., a Delaware corporation ("CBOT Holdings"). Except
to the extent (if any) expressly provided herein or required by law, CBOT
Holdings, as the holder of the sole Class A Membership, shall have the right to
vote on any matter to be voted on by the members of the Corporation other than
on those matters expressly reserved to the vote of the holders of Series B-1
and Series B-2, Class B memberships in the Corporation and shall have the
exclusive


<PAGE>


right to receive any dividend or other distribution (including upon
liquidation, dissolution, winding-up or otherwise) to be declared, paid or
distributed by the Corporation (except as provided in Section B(2) of this
Article IV), and no other member of or class or series of membership in the
Corporation shall be entitled to vote on any matter except as set forth below
or to receive any such dividend or other distribution (except as provided in
Section B(2) of this Article IV). In addition to those general voting rights of
the Class A membership set forth in this Section B(1) of this Article IV, the
affirmative vote of the Class A membership shall be required to permit the
Corporation to approve, in one transaction or in a series of related
transactions: (a) any merger or consolidation of the Corporation with or into
another entity, (b) any purchase by, investment in, or other acquisition or
formation by the Corporation of any business or assets which are, or are
intended to be, competitive, as determined by the Board of Directors of the
Corporation in its sole and absolute discretion, with the business conducted or
proposed to be conducted at such time by the Corporation, (c) any sale (or
other transfer) to a third party involving assets of the Corporation that
constitute a significant amount of the total assets of the Corporation, (d) any
amendment or change to (or elimination of) Sections B(1) and E of Article IV of
this Certificate of Incorporation or (e) any dissolution or liquidation of the
Corporation. For purposes of clause (c) of the foregoing provision, a
significant amount of the total assets of the Corporation shall mean 10% of the
fair market value of the assets, both tangible and intangible, of the
Corporation as of the time of the approval by the Board of Directors of the
proposed sale (or other transfer), as determined by the Board of Directors of
the Corporation in its sole and absolute discretion.


   2.  Class B Membership.

   Class B Memberships shall represent the right to trade on and otherwise
utilize the facilities of the Corporation in accordance with and to the extent
permitted by this Certificate of Incorporation, the Bylaws and the Rules and
Regulations of the Corporation (collectively, the "Rules," which shall be
incorporated into and made part of the Bylaws). There shall be authorized three
thousand seven hundred two (3,702) Class B Memberships, which shall be divided
into five (5) series ("Series") as follows:

   1,402 Series B-1, Class B Memberships;
     867 Series B-2, Class B Memberships;
     148 Series B-3, Class B Memberships;
     642 Series B-4, Class B Memberships; and
     643 Series B-5, Class B Memberships.

   Class B Memberships shall have no right to receive any dividend or other
distribution (including upon liquidation, dissolution, winding-up or otherwise)
to be declared, paid or distributed by the Corporation with the sole exception
of the dividend of shares of CBOT Holdings to be declared and paid in
connection with the restructuring of the Corporation and the creation of the
Class B Memberships. The respective rights and privileges of each Series of
Class B Membership shall be as provided in or pursuant to this Certificate of
Incorporation, the Bylaws and the Rules.

   3.  Class C Membership.

   Class C Memberships shall represent the right, subject to satisfaction of
certain requirements set forth in the Rules, to become a member of the Chicago
Options Exchange Incorporated (including any successor thereto, the "CBOE")
without having to purchase a membership on the CBOE pursuant to Article
Fifth(b) of CBOE's certificate of incorporation. There shall be one thousand
four hundred two (1,402) Class C Memberships. Class C Memberships shall have no
right to receive any dividend or other distribution (including upon
liquidation, dissolution, winding-up or otherwise) to be declared, paid or
distributed by the Corporation. The holders of Class C Memberships shall not be
entitled to vote on any matter. The respective rights and privileges of Class C
Memberships shall be as provided in or pursuant to this Certificate of
Incorporation, the Bylaws and the Rules.

   C.  Class B Voting Rights.

   Except as otherwise expressly provided in this Certificate of Incorporation,
the holders of Class B Memberships shall not be entitled to vote on any matter.
On any matter on which the holders of Series B-1,

<PAGE>


Class B Memberships and Series B-2, Class B Memberships are entitled to vote
together as a single class pursuant to this Certificate of Incorporation, each
holder of Series B-1, Class B Memberships shall be entitled to one (1) vote per
such membership and each holder of Series B-2, Class B Memberships shall be
entitled to one-sixth (1/6) of one (1) vote per such membership.


   D.  Special Rights of Class B Membership.

   The holders of each Series of Class B Membership shall have the trading
rights and other rights and privileges, and shall be subject to the
restrictions, terms and conditions, set forth below.

   1.  Series Trading Rights.

      (a)  Series B-1.  Each holder of a Series B-1, Class B Membership who
   satisfies the qualifications for and requirements of Full Membership in the
   Corporation as set forth in the Rules shall be entitled to the rights and
   privileges of, and shall be subject to the restrictions, conditions and
   limitations on, a Full Member as set forth in this Certificate of
   Incorporation, the Bylaws and the Rules.

      (b)  Series B-2.  Each holder of a Series B-2, Class B Membership who
   satisfies the qualifications for and requirements of Associate Membership in
   the Corporation as set forth in the Rules shall be entitled to the rights
   and privileges of, and shall be subject to the restrictions, conditions and
   limitations on, an Associate Member as set forth in this Certificate of
   Incorporation, the Bylaws and the Rules.

      (c)  Series B-3.   (1)  Each holder of a Series B-3, Class B Membership
   who satisfies the qualifications for and requirements of being a holder of a
   one-half Associate Membership as set forth in clause (2) of Rule 296.00 of
   the Rules shall be entitled to the rights and privileges of, and subject to
   the restrictions, conditions and limitations on, a holder of a one-half
   Associate Membership as set forth in the Certificate of Incorporation, the
   Bylaws and the Rules.

       (2)  Each holder of a Series B-3, Class B Membership who satisfies the
   qualifications for and requirements of being a holder of a GIM Membership
   Interest in the Corporation as set forth in clause (1) of Rule 296.00 of the
   Rules shall be entitled to the rights and privileges of, and shall be
   subject to the restrictions, conditions and limitations on, a holder of a
   GIM Membership Interest as set forth in this Certificate of Incorporation,
   the Bylaws and the Rules.

        (d)  Series B-4.  Each holder of a Series B-4, Class B Membership who
   satisfies the qualifications for and requirements of being a holder of an
   IDEM Membership Interest in the Corporation as set forth in the Rules shall
   be entitled to the rights and privileges of, and shall be subject to the
   restrictions, conditions and limitations on, a holder of an IDEM Membership
   Interest as set forth in this Certificate of Incorporation, the Bylaws and
   the Rules.

        (e)  Series B-5.  Each holder of a Series B-5, Class B Membership who
   satisfies the qualifications for and requirements of being a holder of a COM
   Membership Interest in the Corporation as set forth in the Rules shall be
   entitled to the rights and privileges of, and shall be subject to the
   restrictions, conditions and limitations on, a holder of a COM Membership
   Interest as set forth in this Certificate of Incorporation, the Bylaws and
   the Rules.

        (f)  In addition to the rights and privileges set forth above, except
   as otherwise provided in the Certificate of Incorporation, the Bylaws or the
   Rules, each holder of a Class B Membership of any Series shall be entitled
   to all trading rights and privileges with respect to those products that
   such holder is entitled to trade on the open outcry exchange system of the
   Corporation or any electronic trading system maintained by the Corporation
   or any of its affiliates or any of their respective successors or
   successors-in-interest.

   2.  Series B-1 and B-2, Class B Voting Rights.

      (a)  In addition to any approval of the Board of Directors required by
   this Certificate of Incorporation, the Bylaws or applicable law, the
   affirmative vote of the holders of a majority of the votes cast by the

<PAGE>

   holders of Series B-1, Class B Memberships and Series B-2, Class B
   Memberships, voting together as a class based on their respective voting
   rights at any annual or special meeting of the Corporation, shall be
   required to adopt any amendment or make any change to this Certificate of
   Incorporation, the Bylaws or the Rules that, in the sole and absolute
   determination of the Board of Directors, adversely affects:

      (1)  the allocation of products that the holders of any Series of Class B
   Membership are permitted to trade on the exchange facilities of the
   Corporation (including both the open outcry trading system and the
   electronic trading system),

      (2)  the requirement that, except as provided in that certain Agreement,
   dated August 7, 2001, between the Corporation and CBOE, as modified by those
   certain Letter Agreements, dated October 24, 2001, and September 13, 2002,
   between the Corporation, CBOT Holdings and the CBOE, in each case, as may be
   amended from time to time in accordance with their respective terms, holders
   of Class B Memberships who meet the applicable membership and eligibility
   requirements will be charged transaction fees for trades of the
   Corporation's products for their accounts that are lower than the
   transaction fees charged to any participant who is not a holder of Class B
   Membership for the same products, whether trading utilizing the open outcry
   trading system or the electronic trading system,


      (3)  the number of authorized classes or series of memberships, or number
   of memberships, in the CBOT subsidiary (it being understood that any change
   to the number of classes or series of memberships, or number of memberships,
   shall be deemed to adversely affect such right),


      (4)  the membership qualifications or eligibility requirements for
   holding any Series of Class B Membership or exercising any of the membership
   rights and privileges associated with such Series, or

      (5)  the Commitment to Maintain Open Outcry Markets set forth in Section
   F of Article IV of this Certificate of Incorporation.

   For purposes of clause (1) of this Section, the allocation of products that
the holders of any Series of Class B Membership are permitted to trade on the
exchange facilities of the Corporation shall be deemed to be adversely affected
only if a product is eliminated from the allocation of products the holders of
a particular Series of Class B Memberships are permitted to trade.


      (b)  In addition to their right to vote on the matters specified in the
   preceding paragraph (a), holders of Series B-1 and Series B-2, Class B
   Memberships shall also be entitled, at any annual or special meeting of
   members, to (i) adopt, repeal or amend the Bylaws of the Corporation, or
   (ii) make non-binding recommendations that the Board of Directors of the
   Corporation consider proposals that require the approval of the Board of
   Directors of the Corporation, including recommendations that the board
   consider a specific proposal, in each case subject to such requirements and
   conditions for the initiation of proposals by members as may be stated in
   this Certificate of Incorporation or in the Bylaws. Any proposal brought
   pursuant to this Section D(2)(b) of Article IV shall require the affirmative
   vote of the holders of a majority of the votes cast by the holders of Series
   B-1, Class B Memberships and Series B-2, Class B Memberships, voting
   together as a single class based on their respective voting rights, at any
   annual or special meeting of the Corporation.





      (c)  On any matter on which holders of Series B-1 and Series B-2, Class B
   Memberships are entitled to vote pursuant to paragraphs (a) and (b) of this
   Article IV(D)(2), such holders of Series B-1 and Series B-2, Class B
   Memberships shall be the only members of the Corporation entitled to vote
   thereon. Holders of Series B-1 and Series B-2, Class B Memberships shall
   have no other voting rights except as expressly set forth herein and shall
   not have the right to take action by written consent in lieu of a meeting.
   One-third of the total voting power of the Series B-1 and Series B-2, Class
   B Memberships present in person or by proxy shall constitute a quorum at any
   meeting to take action on the matters as to which such holders are entitled
   to vote pursuant to paragraphs (a) and (b) of this Article IV(D)(2). Series
   B-3, Series B-4 and Series B-5, Class B Memberships shall have no right to
   vote on any matters or to initiate any proposals at or for any meeting of
   members. For purposes of any vote of the holders of Series B-1, Class B
   Memberships and


<PAGE>

   Series B-2, Class B Memberships permitted by this Certificate of
   Incorporation, the Board of Directors shall be entitled to fix a record
   date, and only holders of record as of such record date shall be entitled to
   vote on the matter to be voted on.

   3.  Conversion Rights of Series B-3.

      (a)  Conversion.  Subject to, and upon compliance with, the provisions of
   this Section D(3) of Article IV, any two (2) Series B-3, Class B Memberships
   shall be convertible at the option of the holder into one (1) Series B-2,
   Class B Membership.

      (b)  Mechanics of Conversion.  A holder of Series B-3, Class B
   Memberships may exercise the conversion right specified in Section D(3)(a)
   of Article IV by delivering to the Corporation or any transfer agent of the
   Corporation written notice stating that the holder elects to convert such
   memberships, accompanied by the certificates or other instruments, if any,
   representing the memberships to be converted. Conversion shall be deemed to
   have been effected on the date when delivery of such written notice,
   accompanied by such certificate or other instrument, if any, is made, and
   such date is referred to herein as the Conversion Date. As promptly as
   practicable after the Conversion Date, the Corporation may issue and deliver
   to or upon the written order of such holder a certificate or other
   instrument, if any, representing the number of Series B-2, Class B
   Memberships to which such holder is entitled as a result of the exercise of
   such conversion right. The person in whose name the certificates or other
   instruments representing Series B-2, Class B Memberships are to be issued
   shall be deemed to have become the holder of record of such Series B-2,
   Class B Memberships on the applicable Conversion Date.

      (c)  Memberships Reserved for Issuance. The Corporation shall take all
   actions necessary to reserve and make available at all times for issuance
   upon the conversion of Series B-3, Class B Memberships, such number of
   Series B-2, Class B Memberships as are issuable upon the conversion of all
   outstanding Series B-3, Class B Memberships.

   E.  Restriction on Transfer.




   1. Except as otherwise provided in this Article IV.E, no Class B Membership
may be sold, transferred or otherwise disposed of (excluding any hypothecation
thereof) except (a) by operation of law, (b) in a transaction specifically
approved by the Board of Directors of the Corporation or a duly authorized
committee thereof or (c) in a transaction consummated in connection with and
conditioned upon the sale, transfer or disposition of shares of common stock
(including any successor interests, the "Common Stock") of CBOT Holdings, that
results in the number of shares of Common Stock of CBOT Holdings associated
with the series of such Class B Membership, as set forth hereinafter in this
Section E, being simultaneously sold, transferred or disposed of to the same
transferee of such Class B Membership. The number of shares of Common Stock of
CBOT Holdings that must be sold, transferred or otherwise disposed of in
accordance with the preceding sentence is as follows: twenty five thousand
(25,000) shares of Common Stock with one (1) Series B-1, Class B Membership;
five thousand (5,000) shares of Common Stock with one (1) Series B-2, Class B
Membership; two thousand five hundred (2,500) shares of Common Stock with one
(1) Series B-3, Class B Membership; three hundred (300) shares of Common Stock
with one (1) Series B-4, Class B Membership; and three hundred fifty (350)
shares of Common Stock with one (1) Series B-5, Class B Membership.



   2. The restrictions contained in this Article IV.E shall be terms and
conditions of membership in the Corporation and any purported sale, transfer or
other disposition of a Class B Membership not in accordance with this Article
IV.E shall be void and shall not be recorded on the books of or otherwise
recognized by the Corporation.


   F.  Commitment to Maintain Open Outcry Markets. Subject to the terms and
conditions of this Section F of Article IV, the Corporation shall maintain open
outcry markets operating as of the effective date of the

<PAGE>

amendment and restatement of this Certificate of Incorporation creating Class B
Memberships and provide financial support to each such market for technology,
marketing and research, which the Board of Directors determines, in its sole
and absolute discretion, is reasonably necessary to maintain each such open
outcry market.

   Notwithstanding the foregoing or any other provision of this Certificate of
Incorporation, the Board of Directors may discontinue any open outcry market at
such time and in such manner as it may determine if (1) the Board of Directors
determines, in its sole and absolute discretion, that a market is no longer
"liquid" or (2) the holders of a majority of the voting power of the then
outstanding Series B-1, Class B Memberships and Series B-2, Class B
Memberships, voting together as a single class based on their respective voting
rights, approve the discontinuance of such open outcry market.

   For purposes of the foregoing, an open outcry market will be deemed "liquid"
for so long as it meets either of the following tests, in each case as measured
on a quarterly basis:

      (a)  if a comparable exchange-traded product exists, the open outcry
   market has maintained at least 30 percent (30%) of the average daily volume
   of such comparable product (including for calculation purposes, volume from
   Exchange-For-Physicals transactions in such open outcry market); or

      (b)  if no comparable exchange-traded product exists, the open outcry
   market has maintained at least 40 percent (40%) of the average quarterly
   volume in that market as maintained by the Corporation in 2001 (including,
   for calculation purposes, volume from Exchange-For-Physicals transactions in
   such open outcry market).

                                   ARTICLE V

                             MANAGEMENT OF AFFAIRS

   The following provisions are inserted for the management of the business and
the conduct of the affairs of the Corporation, and for further definition,
limitation and regulation of the powers of the Corporation and of its directors
and stockholders:

      A.  In accordance with Sections 141(a) and 141(j) of the DGCL, the
   business and affairs of the Corporation shall be managed by or under the
   direction of a governing body, which shall be known as the "Board of
   Directors," and the composition of which shall be as set forth in Article VI
   of this Certificate of Incorporation. In addition to the powers and
   authority expressly conferred upon them by statute or by this Certificate of
   Incorporation, the Bylaws or the Rules, the directors are hereby empowered
   to exercise all powers and do all acts and things as may be exercised or
   done by the Corporation.

      B.  A special meeting of members shall be called by the Chairman of the
   Board or the Board of Directors upon receipt by the Chairman of the Board or
   the Secretary of the Corporation of a written demand of the holders of
   Series B-1, Class B Memberships and Series B-2, Class B Memberships entitled
   to cast 10% of the total number of votes entitled to be cast at such
   meeting. Any such written demand shall specify the purpose of such special
   meeting and the special meeting so called shall be limited to the purpose so
   set forth. The written demand shall also specify the date of such special
   meeting that shall be a business day not less than ten (10) nor more than
   sixty (60) days from the date of such written demand. The purpose of any
   special meeting shall be stated in the notice thereof.

      C.  Any action required or permitted to be taken by the members of the
   Corporation must be effected at a duly called annual or special meeting of
   members of the Corporation and may not be effected by any consent in writing
   by such members, provided that the holder of the Class A Membership shall
   have the right to effect by consent in writing any action which would
   require the approval of the holder of the Class A membership at a duly
   called annual or special meeting of the members of the Corporation.

<PAGE>

                                  ARTICLE VI

                              BOARD OF DIRECTORS


   The holder of the Class A Membership shall have the exclusive right to vote
for and elect the members of the Board of Directors. To qualify for election
to, and continued service on, the Board of Directors as of any particular time,
a person must, as of such time, be a member of the board of directors of CBOT
Holdings. The Chairman of the Board of CBOT Holdings shall, whenever he or she
is serving as a member of the Board of Directors, be Chairman of the Board of
Directors and the Vice Chairman of the Board of CBOT Holdings shall, whenever
he or she is serving as a member of the Board of Directors, be Vice Chairman of
the Board of Directors.


                                  ARTICLE VII

                              AMENDMENT OF BYLAWS


   The Board of Directors is expressly empowered to adopt, amend or repeal the
Bylaws of the Corporation, provided that any change to the matters set forth in
Section D(2)(a) of Article IV shall also require the approval of holders of
Series B-1, Class B Memberships and Series B-2, Class B Memberships as
specified therein. The Series B-1, Class B Memberships and Series B-2, Class B
Memberships shall also have power to adopt, amend or repeal the Bylaws. The
only members of the Corporation with any power to adopt, amend or repeal the
Bylaws or the Rules of the Corporation shall be the holders of the Series B-1,
Class B Memberships and Series B-2, Class B Memberships, as set forth in
Article IV.D.2 of this Certificate of Incorporation, and no other member of, or
class or series of membership in, the Corporation shall have any such power.


                                 ARTICLE VIII

                            LIMITATION OF LIABILITY

   A director of the Corporation shall not be personally liable to the
Corporation or its members for monetary damages for breach of fiduciary duty as
a director, except for liability (A) for any breach of the director's duty of
loyalty to the Corporation or its members, (B) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (C) under Section 174 of the DGCL, or (iv) for any transaction from which
the director derived an improper personal benefit. If the DGCL is amended to
authorize corporate action further eliminating or limiting the personal
liability of directors, then the liability of a director of the Corporation
shall be eliminated or limited to the fullest extent permitted by the DGCL, as
so amended.

   Any repeal or modification of the foregoing paragraph shall not adversely
affect any right or protection of a director of the Corporation existing at the
time of such repeal or modification. For purposes of this Article, the term
"director" shall, to the fullest extent permitted by the DGCL, include any
person who, pursuant to this Certificate of Incorporation, is authorized to
exercise or perform any of the powers or duties otherwise conferred upon a
board of directors by the DGCL.

                                  ARTICLE IX

                   AMENDMENT OF CERTIFICATE OF INCORPORATION


   The Corporation reserves the right to amend or repeal any provision
contained in this Certificate of Incorporation in the manner prescribed by the
laws of the State of Delaware, and all rights conferred upon the members of the
Corporation are granted subject to this reservation. Any amendment of, or
repeal of any provision contained in, this Certificate of Incorporation shall
require the approval of the Board of Directors and the holder of the Class A
Membership, provided that, on any such amendment or repeal as to which the
holders of Series B-1, Class B Memberships and Series B-2, Class B Memberships
are entitled to vote under Section D(2) of Article IV hereof, the holder of the
Class A Membership shall not be entitled to vote and such amendment or repeal
shall require the approval of the holders of a majority of the votes cast on
any such properly presented proposal at any annual or special meeting of the
members of the Corporation.


                                    * * * *

<PAGE>

                          AMENDED AND RESTATED BYLAWS
                                      OF
                             BOARD OF TRADE OF THE
                             CITY OF CHICAGO, INC.

   These Bylaws shall take effect at the effective time (the "Effective Time")
of the Amended and Restated Certificate of Incorporation (as amended from time
to time, the "Certificate of Incorporation") of Board of Trade of the City of
Chicago, Inc. (the "Corporation") to be filed with the Secretary of State of
the State of Delaware in connection with the merger of the Corporation and the
restructuring thereof (the "Restructuring") as described in the Registration
Statement filed with the Securities and Exchange Commission in connection with
the Restructuring; provided that, effective immediately upon the approval and
adoption of these Bylaws by the membership of the Corporation at the meeting
thereof called to vote upon the propositions relating to the Restructuring, for
the avoidance of doubt, any limitation or restriction heretofore contained in
the Bylaws, Rules (the "Rules") and Regulations (the "Regulations") of the
Corporation with respect to the rights of any holder of a Full Membership,
Associate Membership, one-half participation interest in an Associate
Membership, which shall constitute a membership in the Corporation of the same
class as a GIM Membership Interest, GIM Membership Interest, IDEM Membership
Interest or COM Membership Interest to receive the dividend to be declared and
distributed in connection with the Restructuring shall be and hereby is
eliminated and the holders of each of the foregoing classes of membership
shall, until the Effective Time, be deemed to be members of the Corporation (of
their respective class) as that term is used in the Delaware General
Corporation Law.

                       ARTICLE I--RULES AND REGULATIONS

   Section 1.  Incorporation of Rules and Regulations.

   In accordance with the Certificate of Incorporation of the Corporation, the
Rules and the Regulations, each as they may be amended from time to time, are
hereby incorporated by reference into and made part of these Bylaws.

   Section 2.  Member Consent to Be Bound.

   The Board of Directors may adopt, amend or repeal the Regulations, which
shall not be in conflict with the Rules, and which shall have the binding
effect of Rules. By majority vote, the Board of Directors may delegate, to
particular committees as designated by the Board of Directors, the power to
adopt, amend or repeal Regulations. Applicants for membership and any person or
entity holding any membership in the Corporation shall be required to sign a
written agreement to observe and be bound by the Certificate of Incorporation,
the Bylaws, Rules and Regulations of the Corporation, as each may be amended
from time to time. In addition, the Board of Directors may adopt
interpretations of the Certificate of Incorporation, Bylaws, Rules and
Regulations ("Interpretations") which shall be incorporated into and deemed to
be Regulations.

                            ARTICLE II--MEMBERSHIP
   Section 1.  Terms and Conditions.

   The terms and conditions of membership in the Corporation, including,
without limitation, the rights and obligations of members, member firms and
delegates, shall be as provided herein, in the Certificate of Incorporation and
in the Rules and Regulations. Without limiting the foregoing, requirements with
respect to, and restrictions and limitations on, the ownership, use, purchase,
sale, transfer or other disposition of any membership

<PAGE>

or interest therein, or any other interest of or relating to the Corporation or
membership therein, including the payment of proceeds from the sale, transfer
or other disposition of any membership or interest therein, shall be as
provided herein, in the Certificate of Incorporation and in the Rules and
Regulations, or as otherwise provided in accordance with applicable law.

   Section 2.  Voting Rights.


   Members shall have such voting rights as are specified in the Certificate of
Incorporation. To the extent authorized by the Certificate of Incorporation,
the Board of Directors shall be entitled to fix a record date for purposes of
determining the members entitled to vote on any matter. Except as expressly
provided in the Certificate of Incorporation of the Corporation, on any matter
upon which the holders of Series B-1 and Series B-2, Class B memberships in the
Corporation are entitled to vote, such members shall have the authority to
authorize such proposal on the affirmative vote of a majority of votes cast at
any annual or special meeting of the members of the Corporation.


   Section 3.  Annual and Special Meetings.


   The directors of the Corporation shall be elected by the holder of the Class
A Membership at an annual meeting to be held on a date designated by the Board
of Directors, provided that no annual meeting need be held if the holder of the
Class A Membership has elected directors by written consent without a meeting.
Special meetings of the members may be called only by those persons, and in the
manner specified, in the Certificate of Incorporation; provided that a special
meeting shall be called by the Chairman of the Board or the Board of Directors
upon receipt by the Chairman of the Board or the Secretary of the Corporation
of a written demand of Class B Members entitled to cast 10% of the total number
of votes entitled to be cast at such meeting. Any such written demand shall
specify the purpose of such special meeting and the special meeting so called
shall be limited to the purpose so set forth. The written demand shall also
specify the date of such special meeting that shall be a business day not less
than ten (10) nor more than sixty (60) days from the date of such written
demand. The purpose of any special meeting shall be stated in the notice
thereof.


   Section 4.  Notice of Meetings.

   Written notice of the place, date, and time of all meetings of the members
shall be given, not less than ten (10) nor more than sixty (60) days before the
date on which the meeting is to be held, to each member entitled to vote at
such meeting, except as otherwise provided herein or required by law (meaning,
here and hereinafter, as required from time to time by the Delaware General
Corporation Law or the Certificate of Incorporation of the Corporation). The
notice of any special meeting of members shall also state the purpose or
purposes for which such meeting is called.

   When a meeting is adjourned to another place, date or time, written notice
need not be given of the adjourned meeting if the place, date and time thereof
are announced at the meeting at which the adjournment is taken; provided,
however, that if the date of any adjourned meeting is more than thirty (30)
days after the date for which the meeting was originally noticed, or if a new
record date is fixed for the adjourned meeting, written notice of the place,
date, and time of the adjourned meeting shall be given in conformity herewith.
At any adjourned meeting, any business may be transacted which might have been
transacted at the original meeting without regard to the presence of a quorum
at such adjournment.

   Section 5.  Quorum.

   The presence of the holder of the Class A membership, in person or by proxy,
shall constitute a quorum with respect to any matter on which the holder of the
Class A Membership is entitled to vote pursuant to the Certificate of
Incorporation, or any meeting called to vote on such matters.

   With respect to any matter on which the holders of Class B Memberships are
entitled to vote pursuant to the Certificate of Incorporation, or any meeting
called to vote on such matters, the presence of holders of Class B Memberships,
in person or by proxy, representing one-third of the votes entitled to be cast
on such matters, shall constitute a quorum. If a quorum shall fail to attend
any meeting, the chairman of the meeting or, in

<PAGE>

his or her absence, the Chairman of the Board of Directors or the President, or
the holder of the Class A Membership, may adjourn the meeting to a subsequent
time.

   Section 6.  Organization.

   Such person as the Board of Directors may have designated or, in the absence
of such a person, the Chairman of the Board of Directors or, in his or her
absence, such person as may be chosen by the holder of the Class A Membership,
shall call to order any meeting of the members and act as chairman of the
meeting. In the absence of the Secretary of the Corporation, the secretary of
the meeting shall be such person as the chairman appoints.

   Section 7.  Conduct of Business.

   The chairman of any meeting of members shall determine the order of business
and the procedure at the meeting, including such regulation of the manner of
voting and the conduct of discussion as seem to him or her in order.

   Section 8.  Written Consent of Members in Lieu of Meeting.

   Except as otherwise provided in the Certificate of Incorporation, any action
required to be taken at any annual or special meeting of members of the
Corporation, or any action which may be taken at any annual or special meeting
of the members, may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action
so taken, shall be signed by the number of members that would be necessary to
authorize or take such action at a meeting at which all members entitled to
vote thereon were present and voted and shall be delivered to the Corporation
by delivery to its registered office in Delaware, its principal place of
business, or an officer or agent of the Corporation having custody of the book
in which proceedings of meetings of members are recorded. Delivery made to the
Corporation's registered office shall be made by hand or by certified or
registered mail, return receipt requested.

   Every written consent shall bear the date of signature of each member who
signs the consent and no written consent shall be effective to take the
corporate action referred to therein unless, within sixty (60) days of the date
the earliest dated consent is delivered to the Corporation, a written consent
or consents signed by a sufficient number of members to take action are
delivered to the Corporation in the manner prescribed in the first paragraph of
this Section.

                        ARTICLE III--BOARD OF DIRECTORS

   Section 1.  General.  The Board of Directors shall be comprised of such
persons, who shall be subject to such qualifications, shall be appointed in
such manner and shall have and exercise such powers, as provided in the
Certificate of Incorporation.

   Section 2.  Quorum.  A majority of the total number of directors then in
office shall constitute a quorum of the Board of Directors.

   Section 3.  Attendance at Board Meetings.

   Members of the Board of Directors or any committee who are physically
present at a meeting of the Board of Directors or any committee may adopt as
the procedure of such meeting that, for quorum purposes or

<PAGE>

otherwise, any member not physically present but in continuous communication
with such meeting shall be deemed to be present. Continuous communication shall
exist only when, by conference telephone or similar communications equipment, a
member not physically present is able to hear and be heard by each other member
deemed present, and to participate in the proceedings of the meeting.

   Section 4.  Regular Meetings.

   The Board of Directors shall hold regular meetings at such times as the
Board of Directors may determine from time to time.

   Section 5.  Special Meetings.

   Special meetings of the Board of Directors may be called by the Chairman of
the Board of Directors or the President, and shall be called by the Secretary
upon the written request of three Directors. The Secretary shall give at least
one hour's notice of such meetings either by announcement on Change or by call
letter.

   Section 6.  Certain Rights and Restrictions.

   The right of any person to vote, participate or take any action in any
capacity as a member of the Board of Directors or any committee, panel or other
body shall be subject to such requirements and restrictions as may be provided
herein, in the Certificate of Incorporation and in the Rules and Regulations.

                    ARTICLE IV--COMMITTEES AND DEPARTMENTS

   Section 1.  General.

   To the fullest extent permitted by law and the Certificate of Incorporation,
the Board of Directors shall have the power to appoint, and to delegate
authority to, such committees of the Board of Directors as it determines to be
appropriate from time to time.

   Section 2.  Additional and Standing Committees.

   In addition to such committees as may be authorized by the Board of
Directors from time to time, the Corporation shall have such additional and
standing committees, which shall be comprised of such persons having such
powers and duties, as provided in the Rules and Regulations. Any person may be
disqualified from serving on or participating in the affairs of any committee
to the extent provided in the Rules and Regulations.

   Section 3.  Departments.

   The Corporation shall have such departments as are authorized in or in
accordance with the Rules and Regulations.

                              ARTICLE V--OFFICERS

   Section 1.  General.

   The Corporation shall have such officers, with such powers and duties, as
provided herein and in the Certificate of Incorporation.

   Section 2.  Chairman of the Board.

   The Chairman of the Board of Directors of CBOT Holdings, Inc. shall,
whenever he or she is serving as a member of the Board of Directors of the
Corporation, be the Chairman of the Board of Directors of the Corporation.

<PAGE>

   Section 3.  President.

   The President shall be the Chief Executive Officer of the Corporation.
Subject to the provisions of these Bylaws and to the direction of the Board of
Directors, he or she shall have the responsibility to carry on the day to day
activities of the Corporation, subject to the Board's authority to review the
activities of the President and determine the policies of the Corporation, and
for the general management and control of the business and affairs of the
Corporation and shall perform all duties and have all powers which are commonly
incident to the office of chief executive and which are delegated to him or her
from time to time by the Board of Directors.

   Section 4.  Officers Other Than President.

   The Board of Directors shall appoint such Vice Presidents as it may deem
necessary or desirable for the efficient management and operation of the
Corporation. The Executive Vice President and any other Vice Presidents shall
be responsible to the President. The Board of Directors shall also appoint such
other officers as may be necessary. The Board of Directors may prescribe the
duties and fix the compensation of all such officers and they shall hold office
during the will of the Board of Directors.

   Section 5.  Bonding of Employees.

   The President, Secretary, Assistant Secretary, Treasurer and Assistant
Treasurer shall be placed under bond of $50,000 each, premiums to be paid out
of the general funds of the Corporation; and such other employees of the Office
of the Secretary, who handle funds of the Corporation, shall be bonded in the
sum of $5,000 each, premiums to be paid out of the general funds of the
Corporation.

   Section 6.  Secretary.

   The Secretary shall perform such duties as may be delegated to him or her by
the Board of Directors or the President. In addition he or she shall be charged
with the following specific duties:

      (a) To take charge of the books, papers, and corporate seal of the
   Corporation;

      (b) To attend all meetings of the Corporation and the Board of Directors,
   and to keep official records thereof;

      (c) To give notices when required of all Board of Directors and
   membership meetings;

      (d) To conduct the correspondence of the Corporation under the direction
   of the proper officers;

      (e) To furnish to the Chairman of every Special Committee a copy of the
   resolution whereby such Committee was created;

      (f) To post all notices which may be required to be posted upon the
   bulletin board;

      (g) To keep his or her office open during usual business hours;

      (h) To see that the rooms and property of the Corporation are kept in
   good order;

      (i) To attest, upon behalf of the Corporation, all contracts and other
   documents requiring authentication;

      (j) To permit members to examine the records of the Corporation upon
   reasonable request; and

      (k) To post on the bulletin board from time to time the names of all
   warehouses, the receipts of which are declared regular for delivery, and
   also, upon direction of the Board of Directors, to post any fact tending to
   impair the value of receipts issued by such warehouses.

   Section 7.  Assistant Secretaries.

   Assistant Secretaries shall perform such duties as the Secretary or the
Board of Directors may require, and shall act as Secretary in the absence or
disability of the Secretary.

<PAGE>

   Section 8.  Treasurer.

   The Treasurer shall have general charge of all funds belonging to the
Corporation, and shall be charged with the following specific duties:

      (a)  The Treasurer shall receive from the Secretary deposit of funds
   belonging to the Corporation. Checks in amounts over $10,000 shall be signed
   by either the President, the Chief Financial Officer, the Treasurer, the
   Secretary or the Assistant Secretary and countersigned by the Chairman of
   the Board of Directors, a Vice Chairman of the Board of Directors or one (1)
   of the three (3) other elected members of the Executive Committee;

      (b)  To make an annual report to the Corporation of all receipts and
   disbursements; and

      (c)  To keep all of his or her accounts in permanent books of account
   belonging to the Corporation, which books shall at all times be open to the
   examination of the Board of Directors or any committee thereof.

   Section 8.  Assistant Treasurer.

   The Assistant Treasurer shall perform such duties as the Treasurer or the
Board of Directors may require, and shall act as Treasurer in the absence or
disability of the Treasurer.

                              ARTICLE VI--NOTICES

   Section 1.  Notices.

   Except as otherwise specifically provided herein or required by law, all
notices required to be given to any member, director, committee member,
officer, employee or agent shall be in writing and may in every instance be
effectively given by hand delivery to the recipient thereof, by depositing such
notice in the mails, postage paid, or by sending such notice by prepaid
telegram or mailgram. Any such notice shall be addressed to such member,
director, committee member, officer, employee or agent at his or her last known
address as the same appears on the books of the Corporation. The time when such
notice is received, if hand delivered, or dispatched, if delivered through the
mails or by telegram or mailgram, shall be the time of the giving of the notice.

   Section 2.  Waivers.

   A written waiver of any notice, signed by a member, director, committee
member, officer, employee or agent, whether before or after the time of the
event for which notice is to be given, shall be deemed equivalent to the notice
required to be given to such member, director, committee member, officer,
employee or agent. Neither the business nor the purpose of any meeting need be
specified in such a waiver.

                          ARTICLE VII--MISCELLANEOUS

   Section 1.  Facsimile Signatures.

   Facsimile signatures of any officer or officers of the Corporation may be
used whenever and as authorized by the Board of Directors or a committee
thereof.

   Section 2.  Corporate Seal.

   The Board of Directors may provide a suitable seal, containing the name of
the Corporation, which seal shall be in the charge of the Secretary. If and
when so directed by the Board of Directors or a committee thereof, duplicates
of the seal may be kept and used by the Treasurer or by an Assistant Secretary
or Assistant Treasurer.

<PAGE>

   Section 3.  Reliance upon Books, Reports and Records.

   Each director and each member of any committee designated by the Board of
Directors, shall, in the performance of his or her duties, be fully protected
in relying in good faith upon the books of account or other records of the
Corporation and upon such information, opinions, reports or statements
presented to the Corporation by any of its officers or employees, or committees
of the Board of Directors so designated, or by any other person as to matters
which such director or committee member reasonably believes are within such
other person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Corporation.

   Section 4.  Fiscal Year.

   The fiscal year of the Corporation shall be as fixed by the Board of
Directors from time to time.

   Section 5.  Time Periods.

   Except as otherwise specifically provided, in applying any provision of
these Bylaws which requires that an act be done or not be done a specified
number of days prior to an event or that an act be done during a period of a
specified number of days prior to an event, calendar days shall be used, the
day of the doing of the act shall be excluded, and the day of the event shall
be included.

            ARTICLE VIII--INDEMNIFICATION OF DIRECTORS AND OFFICERS

   Section 1.  Right to Indemnification.

   Each person who was or is made a party or is threatened to be made a party
to or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (hereinafter a "proceeding"), by
reason of the fact that he or she is or was a director, officer, committee
member or employee of the Corporation or is or was serving at the request of
the Corporation as a Director, officer, trustee, committee member or employee
of another corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to an employee benefit plan
(hereinafter an "indemnitee"), whether the basis of such proceeding is alleged
action in an official capacity as a Director, officer, trustee, committee
member or employee or in any other capacity while serving as a Director,
officer, trustee, committee member or employee, shall be indemnified and held
harmless by the Corporation to the fullest extent authorized by the Delaware
General Corporation Law, as the same exists or may hereafter be amended (but,
in the case of any such amendment, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than such law
permitted the Corporation to provide prior to such amendment), against all
expense, liability and loss (including attorneys' fees, judgments, fines, ERISA
excise taxes or penalties and amounts paid in settlement) reasonably incurred
or suffered by such indemnitee in connection therewith; provided, however,
that, except as provided in Section 3 of this Article VIII with respect to
proceedings to enforce rights to indemnification, the Corporation shall
indemnify any such indemnitee in connection with a proceeding (or part thereof)
initiated by such indemnitee only if such proceeding (or part thereof) was
authorized by the Board of Directors of the Corporation.

   Section 2.  Right to Advancement of Expenses.

   The right to indemnification conferred in Section 1 of this Article VIII
shall include the right to be paid by the Corporation the expenses (including
attorney's fees) incurred in defending any such proceeding in advance of its
final disposition (hereinafter an "advancement of expenses"); provided,
however, that, if the Delaware General Corporation Law requires, an advancement
of expenses incurred by an indemnitee in his or her capacity as a Director or
officer (and not in any other capacity in which service was or is rendered by
such indemnitee,

<PAGE>

including, without limitation, service to an employee benefit plan) shall be
made only upon delivery to the Corporation of an undertaking (hereinafter an
"undertaking"), by or on behalf of such indemnitee, to repay all amounts so
advanced if it shall ultimately be determined by final judicial decision from
which there is no further right to appeal (hereinafter a "final adjudication")
that such indemnitee is not entitled to be indemnified for such expenses under
this Section 2 or otherwise. The rights to indemnification and to the
advancement of expenses conferred in Sections 1 and 2 of this Article VIII
shall be contract rights and such rights shall continue as to an indemnitee who
has ceased to be a Director, officer, committee member or employee and shall
inure to the benefit of the indemnitee's heirs, executors and administrators.

   Section 3.  Right of Indemnitee to Bring Suit.

   If a claim under Section 1 or 2 of this Article VIII is not paid in full by
the Corporation within sixty (60) days after a written claim has been received
by the Corporation, except in the case of a claim for an advancement of
expenses, in which case the applicable period shall be twenty (20) days, the
indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in
any such suit, or in a suit brought by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking, the indemnitee
shall be entitled to be paid also the expense of prosecuting or defending such
suit. In (i) any suit brought by the indemnitee to enforce a right to
indemnification hereunder (but not in a suit brought by the indemnitee to
enforce a right to an advancement of expenses) it shall be a defense that, and
(ii) in any suit brought by the Corporation to recover an advancement of
expenses pursuant to the terms of an undertaking, the Corporation shall be
entitled to recover such expenses upon a final adjudication that, the
indemnitee has not met any applicable standard for indemnification set forth in
the Delaware General Corporation Law. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel, or its members)
to have made a determination prior to the commencement of such suit that
indemnification of the indemnitee is proper in the circumstances because the
indemnitee has met the applicable standard of conduct set forth in the Delaware
General Corporation Law, nor an actual determination by the Corporation
(including its Board of Directors, independent legal counsel, or its members)
that the indemnitee has not met such applicable standard of conduct, shall
create a presumption that the indemnitee has not met the applicable standard of
conduct or, in the case of such a suit brought by the indemnitee, be a defense
to such suit. In any suit brought by the indemnitee to enforce a right to
indemnification or to an advancement of expenses hereunder, or brought by the
Corporation to recover an advancement of expenses pursuant to the terms of an
undertaking, the burden of proving that the indemnitee is not entitled to be
indemnified, or to such advancement of expenses, under this Article VIII or
otherwise shall be on the Corporation.

   Section 4.  Non-Exclusivity of Rights.

   The rights to indemnification and to the advancement of expenses conferred
in this Article VIII shall not be exclusive of any other right which any person
may have or hereafter acquire under any statute, the Corporation's Certificate
of Incorporation, Bylaws, agreement, vote of members or disinterested Directors
or otherwise.

   Section 5.  Insurance.

   The Corporation may maintain insurance, at its expense, to protect itself
and any Director, officer, committee member or employee of the Corporation or
another corporation, partnership, joint venture, trust or other enterprise
against any expense, liability or loss, whether or not the Corporation would
have the power to indemnify such person against such expense, liability or loss
under the Delaware General Corporation Law.

   Section 6.  Indemnification of Agents of the Corporation.

   The Corporation may, to the extent authorized from time to time by the Board
of Directors, grant rights to indemnification and to the advancement of
expenses to any agent of the Corporation to the fullest extent of the
provisions of this Article with respect to the indemnification and advancement
of expenses of directors and officers of the Corporation.

<PAGE>

   Section 7.  Corporation Defense Expenses.

   Any member or member firm who fails to prevail in a lawsuit or any other
type of legal proceeding instituted by that member or member firm against the
Corporation or any of its officers, Directors, committee members, employees or
agents must pay to the Corporation all reasonable expenses, including
attorney's fees, incurred by the Corporation in the defense of such proceeding.
Any member or member firm required to compensate the Corporation pursuant to
this section shall be assessed interest on such amount at the rate of Prime
plus one percent (1%), which interest shall accrue from the date such amount
was demanded in writing after the member or member firm failed to prevail in a
lawsuit or any other type of legal proceeding against the Corporation.

                            ARTICLE IX--AMENDMENTS

   The Board of Directors is expressly empowered to adopt, amend or repeal the
Bylaws of the Corporation. The holders of Series B-1 and Series B-2, Class B
memberships in the Corporation shall also have power to adopt, amend or repeal
the Bylaws of the Corporation; provided, however, that any adoption, amendment
or repeal of the Bylaws of the Corporation by the holders of Series B-1 and
Series B-2, Class B memberships shall require the affirmative vote of a
majority of the votes cast on any such properly presented proposal at any
annual or special meeting of the members of the Corporation.

                                    * * * *

<PAGE>

                  Board of Trade of the City of Chicago, Inc.


                             Rules and Regulations


                                             , 2003


   These Rules and Regulations shall take effect at the effective time (the
"Effective Time") of the Amended and Restated Certificate of Incorporation (as
amended from time to time, the "Certificate of Incorporation") of Board of Trade
of the City of Chicago, Inc. (the "Corporation") to be filed with the Secretary
of State of the State of Delaware in connection with the merger of the
Corporation and the demutualization and restructuring thereof (the
"Restructuring") as described in the Registration Statement filed with the
Securities and Exchange Commission in connection with the Restructuring.

<PAGE>

================================================================================
Chapter 1
Government
================================================================================

     Ch1 Committees........................................................  [ ]
          157.00  Business Conduct Committee...............................  [ ]
          158.00  Floor Governors Committee................................  [ ]
          159.00  Membership Committee.....................................  [ ]
          159.01  Membership Committee Panels..............................  [ ]
          163.00  Investigating Committee..................................  [ ]
          165.01  Regulatory Compliance Committee..........................  [ ]

     Ch1 Departments.......................................................  [ ]
          170.01  Office of Investigations and Audits......................  [ ]
          170.02  Office of Investigations and Audits......................  [ ]
          170.03  Department of Member Services............................  [ ]
          170.04  Department of Member Services............................  [ ]
          170.05  Department of Member Services............................  [ ]
          170.07  Market Report Department.................................  [ ]

     Ch1 General...........................................................  [ ]
          180.00  Emergencies..............................................  [ ]
          180.01  Physical Emergencies.....................................  [ ]
          180.02  Emergency Actions Under Rule 180.00......................  [ ]
          188.01  Governing Members Possessing Material, Non-Public
                  Information..............................................  [ ]
          188.02  Service on Board of Directors, Disciplinary Committees,
                  Oversight Committees and Arbitration Panels..............  [ ]
          188.03  Exchange Liability.......................................  [ ]
          188.04  Conflicts of Interest....................................  [ ]
          188.05  Board's Interpretive Authority...........................  [ ]
          189.01  Limitation of Liability of Index Licensors or
                  Administrators...........................................  [ ]
          189.02  Limitation of Liability..................................  [ ]
          190.00  Compensation Information.................................  [ ]


<PAGE>

================================================================================
Chapter 1
Government
================================================================================


Ch1 Committees

157.00  Business Conduct Committee - (See 542.00) (08/01/94)

158.00  Floor Governors Committee - (See 543.00) (08/01/94)

159.00  Membership Committee - All applications for membership shall be
referred to the Membership Committee.  The Membership Committee, in its
discretion, may require an applicant who resides in the continental United
States to appear in person for an examination either before the full committee,
a duly authorized subcommittee thereof, or a representative of the Member
Services Department.  The Committee may also impose different requirements for
other applicants in lieu of personal appearance.

The Membership Committee may, at its discretion, require the personal appearance
and examination of the sponsor.  The Membership Committee, by a majority vote
of its members present at a duly constituted meeting, shall approve or deny the
admission of the applicant to membership. A decision of the Membership Committee
to deny the application may be appealed to the Regulatory Compliance Committee.
102 (07/01/01)

159.01  Membership Committee Panels - The Chairman of the Membership Committee
may appoint panels of Committee members to hold duly constituted meetings, in
accordance with Rule 159.00, for the purpose of approving or denying
applications for membership. Any such panel must consist of not fewer than three
members of the Committee. (08/01/94)

160.00  Committee of Arbitration; Committee of Appeals - (See 600.00) (08/01/94)



<PAGE>

                                Ch1 Committees
                                --------------

163.00  Investigating Committee - (See 541.00) (08/01/94)

165.01  Regulatory Compliance Committee - The Chairman of the Board, with the
approval of the Board, shall appoint a Regulatory Compliance Committee, which
shall be comprised of the following voting members:

     -  Three members of the Board, all of whom shall be Full Members or
        Associate Members; and

     -  The chairmen of the Arbitration, Business Conduct, Financial Compliance,
        Floor Conduct, Floor Governors and Membership Committees.

Each year the Chairman of the Board shall appoint, from among the Board members
on the Committee, the Chairman of the Regulatory Compliance Committee for a one-
year term, provided that the term of the first Committee chairman so appointed
shall expire in January 1995.

The Regulatory Compliance Committee shall be responsible for (a) the approval of
legislative priorities and responses to legislative and regulatory initiatives;
(b) the determination of membership capital requirements; (c) the establishment
of risk management policies; (d) the establishment of membership criteria; (e)
hearing appeals from denials of membership applications; (f) the monitoring of
compliance policies; and (g) establishing ranges for penalties and fines for
violations of the Rules and Regulations of the Association.

The Committee shall instruct the Office of Investigations and Audits to
administer a statement of Member's Rights to each member (or employee of a
member) who is the subject of an investigation.  (See below.)

Members of the Committee shall be appointed by the Chairman of the Board with
the approval of the Board.  The Chairman of the Board, with the approval of the
Board, shall fill any vacancy in the Board members serving on the Committee by
appointing another member of the Board to serve on the Committee.


<PAGE>

                                Ch1 Committees
                                --------------


                           STATEMENT OF MEMBER'S RIGHTS
                       APPURTENANT TO EXCHANGE PROCEEDINGS

        The Chicago Board of Trade ("Exchange" or "CBOT") is a self-regulatory
organization subject to supervisory regulation of the Commodity Futures Trading
Commission ("CFTC"). In order to fulfill its self-regulatory obligations the
Exchange is required by the CFTC to undertake certain surveillance activities
and to maintain an enforcement staff that prosecutes possible violations of
Exchange rules before Exchange committees.  At the CBOT these responsibilities
are carried out by the Office of investigations and Audits ("OIA") pursuant to
CBOT Regulations 170.01 and 170.02.

        Investigations may be initiated by staff, members, the CFTC of the
public.  When an investigation is completed, an Investigations Report
concerning the alleged violation is prepared and submitted to the appropriate
Exchange disciplinary committee for review and action.  An Investigation Report
is a privileged document and not subject to disclosure, although the essential
elements of an Investigative Report include a summary of the case and evidence
gathered by OIA, along with an OIA recommendation on whether to proceed.

        A member, member firm or any other person subject to questioning during
an investigation is afforded the following rights, in addition to those rights
contained in Chapter 5 of the Exchange Rulebook:

1)  The right to be represented by counsel during questioning and at any
    subsequent proceeding before an Exchange committee.  Regulation 540.03(g).

2)  The right to be informed of the general act or conduct which is the subject
    of the investigation, in so far as is determinable at the time of
    questioning.

3)  The right not to answer any question, if the answer would convict or tend to
    convict the person of any State of Federal law.  Rule 548.00.

4)  The right to examine any statements or documents which are relevant to the
    issued charges, excluding privileged work product and the Investigative
    Report.  Regulation 540.03(a).

5)  The right to call relevant witnesses at any hearing and, for those witnesses
    within the jurisdiction of the Association, compel their attendance.

6)  The right of one peremptory (for no reason) challenge to the presence of a
    member of an Exchange disciplinary committee impaneled to hear the matter
    and unlimited challenges for cause.

In addition, members, member firms or any other persons subject to questioning
during an investigation should be aware that Section 9(a)(4) of the Commodity
Exchange Act makes it a felony to willfully falsify or conceal a material fact,
to make a false, fictitious or fraudulent statement, or to knowingly make or use
a false document to any representative of the Exchange, including OIA employees,
who are performing their official duties.

I hereby acknowledge that I have read this Statement of Member's Rights this
______ day of ________, 20 ______.

__________________________________________________

04/01/01


<PAGE>

Ch1 Departments

170.01  Office of Investigations and Audits - Under authority of Rule 170.00
there is established a Department of the Association to be known as the Office
of Investigations and Audits. The Office shall function under the supervision of
an individual who shall be at least a Vice President of the Association. The
Office of Investigations and Audits shall initiate and conduct investigations
and audits on behalf of the President and Chief Executive Officer and on behalf
of the Association. No employee of such office shall have any interest in the
business of any member, member firm, or other person with trading privileges.
The individual who supervises such Office shall function also as a liaison
officer between the Business Conduct Committee and the Financial Compliance
Committee and the Commodity Futures Trading Commission. 1785 (08/01/94)

170.02  Office of Investigations and Audits - All officers, committees and
departments of the Association shall be entitled to use and shall make the
fullest possible use of the services provided by the Office of Investigations
and Audits consistent with their respective responsibilities and special needs,
and the President shall work out and establish policies and procedures governing
the initiation and handling of needed investigations, audits and Exchange
business. All such policies and procedures shall be consistent with and not in
conflict with the following declared policies of the Board:

(a)  All information obtained by the Office of Investigations and Audits
     regarding market positions and identity of traders shall be considered
     confidential, regardless of source, and shall be disclosed only to the
     Chairman or acting Chairman of the Business Conduct Committee and/or the
     Financial Compliance Committee, and authorized Exchange employees, and
     shall be disclosed to the Business Conduct Committee and/or the Financial
     Compliance Committee sitting as a committee when and after the individual
     in charge of the Office of Investigations and Audits or the Chairman or
     acting Chairman of the Business Conduct Committee and/or the Financial
     Compliance Committee shall have reason to believe that such Committee would
     or should take preventive or disciplinary action if such information were
     presented to it. This shall not preclude the Business Conduct Committee
     and/or the Financial Compliance Committee from ordering investigations or
     audits to be made at any time for the special purpose of obtaining
     information regarding the market position and identity of any trader or
     traders, and in such cases the Office of Investigations and Audits shall
     report fully and completely to the Committee any and all such information
     so obtained or in its possession.

(b)  It shall be considered a breach of trust for any employee of the Office of
     Investigations and Audits or authorized Exchange employees to divulge, or
     allow or cause to be divulged, to any unauthorized person, any
     confidential, commercially sensitive, or non-public information, including
     any information regarding the market position, financial condition, or
     identity of any trader or firm or to disclose the name of any customer of
     one firm to any other firm, except as provided for in paragraph (a) hereof
     or when required in connection with disciplinary proceedings or other
     formal proceedings or actions of a duly authorized committee of the
     Association or of the Board, or in response to a duly authorized subpoena,
     or in response to a request or demand by any administrative or legislative
     body of government having jurisdiction of the subject matter and authority
     to obtain the information requested, or on behalf of the Association in any
     proceeding authorized by the Board of Directors. Such information shall not
     be divulged by any employee of the Office of Investigations and Audits or
     authorized Exchange employee without the prior approval of the individual
     responsible for supervision of the Office of Investigations and Audits.
     1786 (07/01/02)

170.03  Department of Member Services - Under the authority of Rule 170.00 there
is established a Department of Member Services. The function of such Department
shall be (1) to act in accordance with Regulations of the Board and policies and
procedures established by the Membership Committee and (2) to develop and
process information in behalf of the Board, the Membership Committee, the
Business Conduct Committee and all other Committees and Departments of the
Association. The services of such Department shall not, however, be used in
connection with the investigation of market positions nor shall it demand
information from which knowledge of market


<PAGE>

                                Ch1 Departments
                                ---------------

positions could be obtained. The Department shall function under the supervision
of a Vice President who shall be a full time employee of the Association. No
employee of such Department shall have an interest in the business of any member
or member firm. 1787 (08/01/94)

170.04  Department of Member Services - Any irregularities that may be found by
the Department incidental to its routine analysis of financial statements shall
be immediately reported to the Financial Compliance Committee. Except as
otherwise provided, all financial information obtained by the Department shall
be considered confidential and shall be disclosed only to the appropriate
committee or department requesting the information or to an Officer of the
Association. 1788 (08/01/94)

170.05  Department of Member Services - The Board, Committees and Departments of
the Association shall make the fullest possible use of the services provided by
the Department of Member Services consistent with their respective
responsibilities and special needs, and in cooperation with such Department
shall work out and establish policies and procedures governing the use of such
services. 1789 (08/01/94)

170.07  Market Report Department - The records and reports of the Market Report
Department shall be considered and treated as portions of the official records
of the Association and may not be given out or disseminated except pursuant to
the conditions and restrictions prescribed by these Regulations.

The Exchange shall have charge of all matters relating to collection,
dissemination, and use of quotations in connection with commodities or
securities. It shall have the power to approve or disapprove any application for
quotation service to a non-member or to telephonic or telegraphic wire or
wireless connection between the office of a member or a member's firm and the
office of any corporation, firm, or individual not a member of the Association
transacting a banking or brokerage business and it shall have power at any time
to disapprove the furnishing of any such quotation service or any such wire or
wireless connection and to require the discontinuance thereof. It may inquire
into wire or wireless connections of every kind whatsoever between the office of
a member and any member or non-member, and may require the discontinuance of any
such connection. 1030 (08/01/94)



<PAGE>

Ch1 General

180.00  Emergencies

(a)  The Board, upon the affirmative vote of two-thirds of the members voting at
     a meeting where a quorum is deemed present and at least one-third of the
     full Board is physically present, may adopt an emergency Regulation or
     Resolution which shall supersede and supplant all contrary or inconsistent
     Rules, Regulations, Resolutions or Rulings. Notice of the adoption of an
     emergency Regulation or Resolution shall be posted promptly on the floor of
     the Exchange.

(b)  An emergency Regulation or Resolution shall expire upon the happening of
     any of the following events:

     (i)  the Board shall have voted to rescind the emergency Regulation or
          Resolution in the same manner as for its adoption;

     (ii) the Commodity Futures Trading Commission shall have failed to
          authorize the extension of the emergency Regulation or Resolution
          within thirty (30) days after its adoption for a period not to exceed
          sixty (60) additional days; or

    (iii) the Board or the Members of the Association shall have failed to adopt
          the emergency Regulation or Resolution in accordance with Rules 107.00
          or 132.00 during the time period when the emergency is in effect.

(c)  All Exchange contracts shall be subject to the exercise of these emergency
     powers by the Board as well as the exercise by the Clearing House of the
     powers reserved to it by its charter, bylaws and resolutions.

(d)  The Term "emergency" shall include all emergency circumstances now or
     hereafter referenced in the Commodity Exchange Act and the regulations of
     the Commodity Futures Trading Commission thereunder, and all other
     circumstances in which an emergency can lawfully be declared by the Board.

(e)  Except as otherwise stated in an emergency Regulation or Resolution adopted
     hereunder, the powers exercised by the Board under this Rule shall be in
     addition to and not in derogation of the authority granted by the Rules and
     Regulations to a committee or officer of the Association to take action as
     specified therein. (08/01/94)

180.01  Physical Emergencies - In the event the physical functions of the
Association are, or are threatened to be, severely and adversely affected by a
physical emergency such as but not limited to fire or other casualty, bomb
threats, substantial inclement weather, power failures, communications or
automated system breakdowns, or transportation breakdowns, either the Chairman,
the President, or in their absence a member of the Executive Committee or
another officer of the Exchange, is authorized to take such action as he shall
deem necessary or appropriate to deal with such emergency including but not
limited to suspending trading, provided that no trading suspension shall
continue for more than five days without the approval of the Board under Rule
180.00; restoring trading; temporarily extending, limiting or changing the hours
of trading; and extending the last day of trading and the delivery dates for
expiring contracts. In addition, an officer of the Exchange, or his designee,
may take such action as he shall deem necessary or appropriate to deal with a
physical emergency, even if the Chairman and the President are not absent, if
such authority has been delegated by the Chairman and the President. (06/01/00)

180.02  Emergency Actions Under Rule 180.00 - Pursuant and subject to the
provisions of Rule 180.00, the Board may take or direct such actions as it deems
necessary or appropriate to meet an emergency, including but not limited to such
actions as:

(a)  limited trading to liquidation only, in whole or in part;

(b)  limited trading to liquidation only, except new sales for delivery;

(c)  extending or shortening the time for the expiration of trading;

(d)  extending the time for delivery;


<PAGE>

(e)  ordering liquidation of contracts;

(f)  ordering the fixing of settlement prices;

(g)  ordering the reduction of positions;

(h)  ordering the transfer of positions, and the money, securities and property
     securing such positions, held on behalf of customers by a member, to
     another member or members willing to assume such positions;

(i)  extending, limiting or changing the hours of trading;

(j)  suspending trading;

(k)  changing or removing daily price fluctuation limits;

(l)  modifying or suspending any of the Rules and Regulations. (08/01/94)

188.01  Governing Members Possessing Material, Non-Public Information - - No
member of the Association who is a member of the Board of Directors or a
Committee of the Association knowingly shall use or disclose, for any purpose
other than the performance of such member's official duties as a member of the
Board of Directors or any such Committee, material, non-public information
obtained as a result of such member's participation on the Board of Directors or
any such committee. (08/01/94)

188.02  Service on Board of Directors, Disciplinary Committees, Oversight
Committees and Arbitration Panels - No person shall serve on any disciplinary
committee (i.e., Appellate Committee, Business Conduct Committee, Financial
Compliance Committee, Floor Governors Committee, Floor Conduct Committee or
Hearing Committee), oversight committee (i.e. Regulatory Compliance Committee),
arbitration panel or the Board of Directors of the Association:

1)   who is found by a final decision or settlement agreement (or absent a
     finding in the settlement agreement if any acts charged included a
     disciplinary offense) to have committed a disciplinary offense, as defined
     in Commodity Futures Trading Commission ("Commission") Regulation 1.63 (a)
     (6); or

2)   whose Commission registration in any capacity has been revoked or
     suspended; or

3)   who is subject to an agreement with the Commission or any self-regulatory
     organization not to apply for registration; or

4)   who is subject to a denial, suspension or disqualification from serving on
     a disciplinary committee,




<PAGE>

     oversight committee, arbitration panel or governing board of any self-
     regulatory organization as that term is defined in Section 3(a)(26) of the
     Securities Exchange Act of 1934; or

5)   who has been convicted of any felony listed in Section 8a(2) (D) (ii)
     through (iv) of the Commodity Exchange Act;

for a period of three years from the date of such final decision or for such
time as the person remains subject to any suspension, expulsion or has failed to
pay any portion of a fine imposed for committing a disciplinary offense,
whichever is longer.

All terms used herein shall be defined consistent with Commission Regulation
1.63(a). (11/01/94)

188.03  Exchange Liability -

A.   Except as provided in the Commodity Exchange Act and/or the regulations of
     the Commodity Futures Trading Commission, and except in instances where
     there has been a finding of willful or wanton misconduct, gross negligence,
     bad faith or fraudulent or criminal acts, in which case the party found to
     have engaged in such misconduct cannot invoke the protection of this
     provision, neither the Exchange nor any of its directors, officers,
     employees, agents or consultants shall have or incur any liability
     whatsoever to its members, any persons associated therewith, their
     customers or any third parties related thereto or their successors,
     assigns, or representatives, for any loss, damage, cost, claims or expense
     (including but not limited to indirect, incidental or consequential
     damages) that arise out of the use or enjoyment of the facilities or
     services afforded by the Exchange, any interruption in or failure or
     unavailability of any a such facilities or services, any action taken or
     omitted to be taken with respect to the business of the Exchange or any
     information or data provided or withheld by the Exchange. Such limitation
     of liability shall apply to all claims, whether in contract, tort,
     negligence, strict liability or otherwise.

     The Exchange makes no warranty, express or implied, as to the results to be
     obtained by any person or entity from the use of any data or information
     transmitted or disseminated by or on behalf of the Exchange. The Exchange
     makes no express or implied warranties of merchantability or fitness for a
     particular purpose or use with respect to any data or information
     transmitted or disseminated by or on behalf of the Exchange.

B.   Subject to the limitations set forth above, neither the Exchange nor any of
     its directors, officers, employees, agents or consultants shall have or
     incur any liability whatsoever to its members, their customers or any third
     parties associated therewith, or their successors, assigns, or
     representatives, for any loss, damage, cost or expense (including but not
     limited to indirect, incidental or consequential damages) incurred by
     members or customers as a result of any failure, malfunction, fault, delay,
     omission, inaccuracy, interruption or termination of service in connection
     with the furnishing, performance, operation, maintenance or use of or
     inability to use all or any part of any Exchange systems. Such limitation
     of liability shall apply regardless of the cause of such systems failure
     even if due to Exchange error, omission or negligence. Further, such
     limitation of liability shall apply to all claims, whether in contract,
     tort, negligence, strict liability or otherwise.

     Additionally, the Exchange, its directors, officers, employees, agents or
     consultants shall have or incur absolutely no liability whatsoever for any
     errors or inaccuracies in information provided by any Exchange systems or
     for any losses resulting from unauthorized access or any other misuse of
     any Exchange systems by any person.

C.   As used in this regulation, the term "systems" includes, but is not limited
     to, electronic order entry/delivery, trading through any electronic means,
     electronic communication of market data or information, workstations used
     by members and authorized employees of members, price reporting systems and
     any and all terminals, communications networks, central computers,
     software, hardware, firmware and printers relating thereto.

D.   As used in this regulation, the term "Exchange" shall mean the Board of
     Trade of the City of Chicago, as well as any entity in which the Board of
     Trade is now or will become a general partner, a member, or a shareholder,
     including but not limited to Ceres Trading Limited Partnership, C.B.T.
     Corporation, and Chicago Board Brokerage, Inc. (08/01/97)

<PAGE>

188.04  Conflicts of Interest   -

     (a) Relationship with a Named Party in Interest

          (1) Nature of Relationship. A member of the Board of Directors, the
              Executive Committee, the Regulatory Compliance Committee, the
              Appellate Committee, the Hearing Committee, the Business Conduct
              Committee, the Floor Governors Committee, the Financial Compliance
              Committee, or the Floor Conduct Committee must recuse himself from
              such body's deliberations and voting on any matter involving a
              person or entity that is identified by name as a subject of the
              matter ("named party in interest"), except with regard to summary
              penalties for violating rules relating to decorum, attire, floor
              recordkeeping or submission of trade data to the Clearing House,
              where such member:

               (i)   is the named party in interest;

               (ii)  has a family relationship with the named party in interest.
                     A family relationship includes the member's spouse, former
                     spouse, parent, child, sibling, grandparent, grandchild,
                     uncle, aunt, nephew, niece or in-law;

               (iii) is an employer, employee, or fellow employee of the named
                     party in interest; or

               (iv)  has a direct and substantial financial relationship with
                     the named party in interest, but not including
                     relationships limited to executing futures or options
                     transactions opposite each other.

               When a CTR violation is not treated as a summary offense, and the
               preliminary penalty is not more than $5,000, a member of the CTR
               Subcommittee or the Business Conduct Committee must only recuse
               himself from deliberations and voting on the recommendation,
               issuance or settlement of charges against a member firm if the
               committee member is a principal or employee of that member firm.

           (2) Recusal. Prior to the consideration of any matter involving a
               named party in interest, each member who believes that he has a
               relationship of the type specified in section (a)(1) of this
               Regulation must voluntarily recuse himself from deliberations and
               voting on the matter. If the member is not sure if his
               relationship meets the criteria specified in section (a)(1), he
               must disclose the relationship to the designated Exchange staff
               liaison who will determine whether recusal is required based on
               the information provided by the member.

<PAGE>



     (b) Financial Interest in an Emergency Action

          (1)  Nature of Interest. A member of the Board of Directors, the
               Executive Committee, or the Business Conduct Committee must
               recuse himself from such body's deliberations and voting with
               regard to recommending or taking action to address an emergency,
               as defined in CFTC Regulation 40.1, if the member knowingly has a
               direct and substantial financial interest in the result of the
               vote based upon either Exchange or non-Exchange positions that
               could reasonably be expected to be affected by the action.

          (2)  Recusal. Prior to the consideration of an emergency action, each
               member who believes that he has such a financial interest must
               voluntarily recuse himself from deliberations and voting on the
               matter, except as provided in section (c). If the member is not
               sure if a financial interest, of which he has knowledge, is
               direct and substantial, he must disclose the interest to the
               designated Exchange staff liaison who will determine whether
               recusal is required based on the information provided by the
               member.

               In determining whether a financial interest is direct and
               substantial, a member should consider the following positions:
               (a) those held in accounts in which he has an ownership interest;
               (b) those held in accounts for which he directs trading; (c)
               those which he knows are held in proprietary accounts of any firm
               of which he is an employee or principal, as defined in CFTC
               Regulation 3.1(a); and (d) those which he knows are held in
               customer accounts of any firm of which he is an employee or
               principal.

     (c) Participation in Deliberations

          A member of the Board of Directors, the Executive Committee, or the
          Business Conduct Committee may participate in deliberations prior to a
          vote to recommend or take emergency action, from which he otherwise
          would be required by section (b)(2) to recuse himself, if the
          deliberating body determines that such participation is necessary for
          such body to achieve a quorum in the matter, or if the member has
          unique or special expertise, knowledge or experience in the matter. If
          such a member participates in deliberations, he must recuse himself
          from voting on the matter.

     (d) Business Conduct Committee Surveillance of Expiring Contracts

          A member of the Business Conduct Committee must recuse himself from
          the Committee's deliberations and voting with regard to all matters
          relating to its surveillance of expiring futures contracts, except
          with regard to recommending or taking action to address an emergency,
          which is governed by paragraph (b) above,



<PAGE>



          if the member personally owns or controls positions in the expiring
          futures contract or in its corresponding options contract.

     (e) Documentation

          The Board of Directors or the relevant committee must reflect in its
          minutes: (a) the names of all members who attended the meeting in
          person or who otherwise were present by electronic means, and (b) the
          names of any members who recused themselves from deliberating or
          voting on any matter.

* Note: Members of the Board of Directors may be required to recuse themselves
from deliberations and voting for other reasons or in other circumstances than
those discussed above, as required by Delaware corporate law.  (01/01/02)



<PAGE>

188.05  Board's Interpretive Authority - The Board of Directors, pursuant to
authority granted to it by Article I, Section 2 of the Amended and Restated
Bylaws of the CBOT (the "Bylaws"), may from time to time adopt Interpretations
of the Amended and Restated Certificate of Incorporation of the CBOT (the
"Charter"), the Bylaws, which include the Rules of the CBOT, and Regulations of
the CBOT in a manner that replicates, to the largest extent permissible under
the Delaware General Corporation Law, the comparable provisions of the Special
Charter, Rules and Regulations of the Board of Trade of the City of Chicago,
except as otherwise set forth in the Chapter, Bylaws and Regulations. (10/01/00)

189.01  Limitation of Liability of Index Licensors or Administrators -

A.   No Index Licensor or Administrator shall have any liability for any loss,
     damages, claim or expense arising from or occasioned by any inaccuracy,
     error or delay in, or omission of or from, (i) any index or index
     information or (ii) the collection, calculation, compilation, maintenance,
     reporting or dissemination of any index or index information, resulting
     either from any negligent act or omission by the Exchange, any Related
     Entity or any Index Licensor or Administrator or from any act, condition or
     cause beyond the reasonable control of the Exchange, any Related Entity or
     any Index Licensor or Administrator, including, but not limited to, flood,
     extraordinary weather conditions, earthquake or other act of God, fire,
     war, insurrection, riot, labor dispute, accident, action of government,
     communications or power failure, or equipment of software malfunction.

B.   No Index Licensor or Administrator makes any express or implied warranty as
     to results that any person or party may obtain from using any index or
     index information, for trading or any other purpose. Each Index Licensor
     and Administrator makes no express or implied warranties, and disclaims all
     warranties of merchantability or fitness for a particular purpose or use,
     with respect to any such index or index information.

C.   For purposes of this regulation, "Related Entity" includes, but is not
     limited to, any subsidiary, affiliate or related partnership or entity of
     the Chicago Board of Trade, including without limitation, Ceres Trading
     Limited Partnership, MidAmerica Commodity Exchange, Board of Trade Clearing
     Corporation, the Clearing Corporation for Options and Securities, Chicago
     Board Brokerage, L.L.C., The CBBB Partnership (including its individual
     partners) and C-B-T Corporation.

D.   For the purpose of this regulation, "Index Licensor or (and) Administrator"
     includes, but is not limited to, any person who:

     1.   licenses to the Exchange the right to use (i) an index that is the
          basis for a futures or futures option contract made available for
          trading on or through the facilities of the Exchange or a Related
          Entity or (ii) any trademark or service mark associated with such an
          index;

     2.   collects, calculates, compiles, reports and/or maintains such an index
          or index information relating to such an index;

     3.   provides price data or evaluations used in the calculation of such an
          index including, but not limited to, the entities identified in
          Appendix 19 of these Rules and Regulations

     4.   provides facilities for the dissemination of an index or index
          information; and/or

     5.   is responsible for or participates in any of the activities described
          above. (04/01/98)

189.02  Limitation of Liability -

A.   Neither the Exchange nor any Related Entity shall have any liability for
     any loss, damages, claim or expense arising from or occasioned by any
     inaccuracy, error or delay in, or omission of or from, (i) any index or
     index information or (ii) the collection, calculation, compilation,
     maintenance, reporting or dissemination of any index or index information,
     resulting either from any negligent act or omission by the Exchange, any
     Related Entity or any Index Licensor or Administrator or from any act,
     condition or cause beyond the reasonable control of the Exchange, any
     Related Entity or any

<PAGE>

     Index Licensor or Administrator, including, but not limited to, flood,
     extraordinary weather conditions, earthquake or other act of God, fire,
     war, insurrection, riot, labor dispute, accident, action of government,
     communications or power failure, or equipment or software malfunction.

B.   Neither the Exchange nor any Related Entity makes any express or implied
     warranty as to results that any person or party may obtain from using any
     index or index information for trading or any other purpose. The Exchange
     and its Related Entities make no express or implied warranties, and
     disclaim all warranties of merchantability or fitness for a particular
     purpose or use, with respect to any such index or index information.

C.   Nothing in this regulation shall limit the applicability of the Commodity
     Exchange Act or the regulations of the Commodity Futures Trading
     Commission.

D.   For purposes of this regulation, "Related Entity" includes, but is not
     limited to, any subsidiary, affiliate or related partnership or entity of
     the Chicago Board of Trade, including without limitation, Ceres Trading
     Limited Partnership, MidAmerica Commodity Exchange, Board of Trade Clearing
     Corporation, the Clearing Corporation for Options and Securities, Chicago
     Board Brokerage, L.L.C., The CBBB Partnership (including its individual
     partners) and C-B-T Corporation.

E.   For the purpose of this regulation, "Index Licensor or (and) Administrator"
     includes any person who:

     1.   licenses to the Exchange the right to use (i) an index that is the
          basis for a futures or futures option contract made available for
          trading on or through the facilities of the Exchange or a Related
          Entity or (ii) any trademark or service mark associated with such an
          index;

     2.   collects, calculates, compiles, reports and/or maintains such an index
          or index information relating to such an index;

     3.   provides price data or evaluations used in the calculation of such an
          index including, but not limited to, the entities identified in
          Appendix 19 of these Rules and Regulations;

     4.   provides facilities for the dissemination of an index or index
          information; and/or

     5.   is responsible for or participates in any of the activities described
          above. (04/01/98)



<PAGE>

   Resolution - The following Resolution was adopted by the Board of Directors
                on June 24,1987:

WHEREAS, the Board of Trade of the City of Chicago ("Board of Trade") has
consistently followed a policy of trading options contracts on all liquid
futures contracts to the maximum extent permitted by federal law and regulation;
and

WHEREAS, it is the unanimous consensus of this Board of Directors that options
on futures contracts have proven to be a successful product of great benefit to
both the membership and public market participants; and

WHEREAS, the Board of Directors this day approved and recommended for membership
approval an agreement to establish a joint venture with the Chicago Board
Options Exchange which includes commitments regarding future trading on options
on futures contracts;

THEREFORE, BE IT HEREBY RESOLVED: That it is the unanimous consensus of this
Board of Directors and the recommendation of this Board to future Boards of
Directors that the policy of establishing options on liquid futures contracts to
the maximum extent permissible by law be continued when in the best interest of
the membership and the public.




<PAGE>


<TABLE>
<CAPTION>
==========================================================================================
Chapter 2
Membership
==========================================================================================
<S>                 <C>                                                                <C>
     Ch2 Applicants..................................................................
          200.00    Applicants for Membership........................................
          201.00    Application for Membership.......................................
          201.00A   Examination Requirement..........................................
          201.01    Responsibilities of Applicant for Membership and His Sponsors....
          201.01A   Sponsoring Applicants for Membership.............................
          201.02    Maintenance of Membership Qualifications.........................
          202.00    Approval for Membership..........................................
          202.01    Delegation of Authority to Approve Change in Status Request......
          202.02    Procedures for Hearings on Preliminary Denials by the Membership
                    Committee........................................................
          202.03    Membership Committee's Preliminary Decisions.....................
          203.01    Procuring a Membership or Membership Interest....................
          204.00    Membership Obtained by Fraud.....................................
          205.00    Agreement to Observe Rules and Regulations.......................
          205.01    Acquisition of Class A Units of Ceres Trading Limited
                    Partnership......................................................
          206.02    Gratuities.......................................................
          207.00    Office Address...................................................
          207.01    Primary Clearing Member..........................................
          208.00    Conducting Business Under a Firm Name............................
          208.01    Conducting Business Under a Firm Name............................
          209.00    Indemnification of Association...................................
          209.01    Floor Trading Permits............................................
          209.02    Mini-Sized Contract Permit Holders' Trading Privileges...........
          209.03    Product Sponsor Programs.........................................
          209.04    MidAmerica Members' and Permit Holders' Trading Privileges.......
          209.05    Membership in OneChicago, LLC....................................
          210.00    Full Member CBOE "Exercise" Privilege............................
          211.00    Associate Memberships............................................
          212.00    Reciprocal Trading Privileges with LIFFE.........................
          213.00    Assessments and Fees.............................................
          214.00    Obligations and Duties...........................................
          215.00    Associate Members Committee......................................
          217.00    Applicants.......................................................
          219.00    Communications From Floor........................................
          220.00    Violations.......................................................
          221.00    Delegation.......................................................
          221.01    Delegation by Deceased Member's Estate...........................
          221.02    Floor Access of Delegating Members and Delegates.................
          221.03    Minimum Delegation Term..........................................
          221.05    Delegates' Clearing Members......................................
          221.07    Voting Rights....................................................
          221.08    Requirements for Delegates of Membership Interests...............
          221.09    Delegation of Firm-Owned Memberships and Membership Interests....
          221.10    Indemnification of Delegators....................................
          221.11    Delegation by Trust..............................................
          222.00    Multiple Memberships.............................................
          224.00    Trades of Non-Clearing Permit Holders............................
          225.00    General Enabling Rule for Market Maker Programs..................
     Ch2 Registration................................................................
          230.00    Registration.....................................................
          230.01    Eligible Business Organizations..................................
          230.02    Registration of Membership for Eligible Business Organizations...
</TABLE>



<PAGE>

<TABLE>
<S>                 <C>                                                                <C>
          230.03    Designated Persons...............................................
          230.04    Cooperative Association of Producers.............................
          230.05    Registration for Trading on the Floor in Cash Grain..............
          230.06    Eligible Business Organization Status Upon Death or Withdrawal
                    of Registered Member.............................................
          230.07    Primary Clearing Member Permission for Member Registration.......
          230.08    Doing Business in Firm (or Trade) Name...........................
          230.09    Formation of Partnerships or Limited Liability Companies.........
          230.10    Suspended or Insolvent Members...................................
          230.11    Discipline of Partners or Members of Limited Liability Companies.
          230.12    Dissolution of Partnership or Limited Liability Company..........
          230.13    Relations Controlling Policy.....................................
          230.14    Delegation of Approval Authority.................................
          230.15    Financial Requirements...........................................
          230.16    Designated Liaison...............................................
          230.17    Changes in Organization..........................................
          231.00    Ownership and Registration of Associate Memberships..............

     Ch2 Assessments and Fees........................................................
          240.00    Assessments......................................................
          241.00    Members in Military Service......................................
          241.01    Dues of Members in Military Service..............................
          242.00    Neglect to Pay Assessment........................................
          243.00    Transfer Fees....................................................
          243.01    Sale and Transfer of Membership Privileges.......................

     Ch2 Purchase and Sale or Transfer of Membership or Membership Interest..........
          249.01    Purchase and Sale or Transfer of Membership or
                    Membership Interest..............................................
          250.01    Sale and Transfer of Membership Privileges.......................
          250.02    Memberships Held Under Regulation 249.01(b)......................
          250.03    Power-of-Attorney................................................
          251.00    Membership Transfer..............................................
          251.01    Member Under Investigation.......................................
          252.00    Proceeds of Membership - ........................................
          252.00A   Claims Filed by Corporations.....................................
          252.00B   Interpretation of Rule 252(e)....................................
          253.00    Filing Claims....................................................
          253.01    Pending Arbitration..............................................
          255.00    Deceased or Incompetent Member...................................
          256.00    Expelled Member..................................................

     Ch2 Insolvency..................................................................
          270.00    Insolvency.......................................................
          270.01    Restrictions on Operations.......................................
          270.02    Procedures for Member Responsibility Actions.....................
          270.03    Finality of Disciplinary Decisions and Member
                    Responsibility Actions...........................................
          271.00    Announcement of Suspension.......................................
          272.00    Insolvent Member.................................................
          272.01    Bankruptcy of a Member or Non-Member.............................
          272.02    Deliveries in Bankruptcy Situation...............................
          273.00    Investigation....................................................
          273.01    Insolvency.......................................................
          274.00    Reinstatement....................................................
          275.00    Suspended or Expelled Member Deprived of Privileges..............
          276.00    Suspended Member-Time for Settlement.............................
          277.00    Discipline During Suspension.....................................
          278.00    Suspension for Default...........................................
          278.01    Arbitration of Default...........................................
          285.01    Financial Questionnaire..........................................
          285.02    Audits...........................................................
</TABLE>


<PAGE>


<TABLE>
<S>                 <C>                                                                <C>
          285.03    Notification of Capital Reductions...............................  239
          285.04    Restrictions on Operations.......................................  240
          285.05    Financial Requirements...........................................  240
          285.08    Financial Arrangements...........................................  241
          285.09    Trading Associations.............................................  241
          286.00    Trades of Non-Clearing Members...................................  241
          287.00    Advertising......................................................  242

     Ch2 Membership Interests........................................................  243
          290.00    Market Categories................................................  243
          290.01    Agricultural and Associated Market (AAM).........................  243
          290.02    Government Instruments Market (GIM)..............................  243
          290.03    Index, Debt and Energy Market (IDEM).............................  243
          290.04    Commodity Options Market (COM)...................................  243
          291.00    GIM Membership Interest..........................................  243
          292.00    IDEM Membership Interest.........................................  244
          293.00    COM Membership Interests.........................................  245
          293.01    COM Membership Rights............................................  246
          293.02    AM and COM Membership Rights.....................................  246
          293.03    AM and COM Membership Rights.....................................  246
          293.05    COM Membership Rights............................................  246
          293.06    COM Membership Rights............................................  246
          293.07    AM and COM Membership Rights.....................................  246
          293.08    AM and COM Membership Rights.....................................  246
          293.09    AM and COM Membership Rights.....................................  246
          293.10    COM Membership Rights............................................  247
          293.12    IDEM Membership Rights...........................................  247
          293.14    AM and COM Membership Rights.....................................  247
          293.15    COM Membership Rights............................................  247
          293.16    IDEM Membership Rights...........................................  247
          293.17    COM Membership Rights............................................  247
          294.00    Membership Interest Participations...............................  247
          294.01    Transfer of Membership Interest Participations...................  247
          294.02    Registration of Membership Interests.............................  247
          294.03    Dues and Assessments on Membership Interest Participations.......  248
          294.04    Accumulation of Membership and Membership Interest Participations
                    by the Board.....................................................  248
          294.05    Time Limit for Accumulating AM Participations....................  248
          294.06    Claims Procedures Regarding Membership Interest Fractional
                    Participations...................................................  248
          296.00    Elimination of GIM Membership Interests..........................  248
          296.01    Transfer of Associate Membership Participations..................  249
          296.02    Registration of New Associate Memberships........................  249
          296.03    Additional Associate Membership Participations or GIM Membership
                    Interests........................................................  249
          296.04    Waiver of Transfer and Registration Fees.........................  250
          296.05    Dues and Assessments.............................................  250
          296.06    Claims Procedures Regarding Associate Membership Participations..  250
</TABLE>




<PAGE>

===============================================================================
Chapter 2
Membership
===============================================================================

Ch2 Applicants

200.00    Applicants for Membership - Any individual, other than an employee of
the Association, at least twenty-one years of age, of good character,
reputation, financial responsibility and credit who satisfies the Membership
Committee that such individual is suitable to assume the responsibility and
privileges of membership shall be eligible. 100 (08/01/94)


201.00    Application for Membership - Each application for membership shall be
in writing and filed with the Exchange together with the names of one member
sponsor. All applicants for membership shall be investigated as to the
representations contained in the application. Upon receipt of the application
for membership, the Secretary shall, within fifteen days thereafter, make
available to members of the Association the name of the applicant and of the
sponsor, and shall post the same information on the bulletin board for a period
of at least ten days after such notification to the Membership.

The foregoing provisions do not apply to those applicants seeking to become Full
Members or Full Member Delegates of the Exchange solely for the purpose of
becoming regular members of the Chicago Board Options Exchange ("CBOE") pursuant
to Rule 210.00 and Article FIFTH(b) of the CBOE's Certificate of Incorporation.
Such applicants need only submit an application in writing in the form and
manner prescribed by the Exchange. 101 (07/01/01)


201.00A   Examination Requirement - Individuals applying for membership, who
have not evidenced a broad experience in the commodity industry, will be
required to pass a general futures examination covering the basics of the
commodity industry before their membership application can be approved. 47R
(12/01/02)


201.01    Responsibilities of Applicant for Membership and His Sponsors - Any
undue delay by an applicant or his sponsors in the submission of documents
required for processing of the membership application or any undue delay by the
applicant or his sponsors in appearing may be deemed as a withdrawal of the
membership application. 1807A (08/01/94)


201.01A   Sponsoring Applicants for Membership - When the Exchange considers the
qualifications of applicants for membership in the Chicago Board of Trade, it
relies to a large extent upon the statements of members who are sponsoring the
applicant.

Sponsorship, therefore, entails considerable responsibility; and the Exchange
feels that such responsibility is not met when a member recommends for
membership an individual whom the member sponsor does not know to be fully
qualified. Such sponsorship is of no assistance whatever to the Exchange and
only results in the rejection of the sponsorship-often to the embarrassment of
both the applicant and the sponsor.


The Exchange requires that an applicant have one sponsor.

-    For applicants who will not have a primary clearing member ("PCM") firm,
     the sponsor must be either: (1) a registered member, partner or officer of
     a CBOT(R) member firm; or (2) a member who has been acquainted with the
     applicant for a period of at least ninety days.

-    For applicants who will have a PCM, the member sponsor must be a registered
     member, partner or officer of the applicant's PCM.


<PAGE>

                                Ch2 Applicants
                                --------------

In every case it is imperative that a sponsor make a thorough investigation of
the applicant and be fully informed regarding the applicant's character,
integrity, financial standing and business history.


21R (12/01/02)


201.02    Maintenance of Membership Qualifications

1.   Each applicant for membership, in accordance with the provisions of
     Regulation 203.01, member and member firm immediately shall notify the
     Association, in writing, upon the occurrence of any of the following
     events:

     -    Such member's suspension or expulsion from any other contract market
          or self-regulatory organization;

     -    Such member's plea of guilty to or conviction of any felony.

     Failure to so notify the Association within ten days shall be an act
     detrimental to the Association. For the purpose of this regulation,
     "felony" shall mean any criminal sanction that is punishable by
     imprisonment of more than a year or a fine in excess of $10,000.

     Upon the Association's receipt of notification, by whatever means, of the
     occurrence of any of the above-referenced events, the matter shall be
     referred to the Membership Committee, which immediately shall review the
     matter to determine if there is sufficient basis to recommend that
     membership status be reconsidered. The Membership Committee shall advise
     the Chairman of the Association of its determinations in this regard.

2.   The Chairman of the Association, upon the advice of the Membership
     Committee, is authorized to take summary action pursuant to this
     regulation, when immediate action is necessary to protect the best
     interests of the marketplace, without affording prior opportunity for
     hearing. The following procedures shall apply to such actions:

     (a)  The respondent shall, whenever practicable, be served with a notice
          before the action is taken. If prior notice is not practicable, the
          respondent shall be served with a notice at the earliest possible
          opportunity. The notice shall:

          (1)  State the action,

          (2)  Briefly state the reasons for the action, and

          (3)  State the effective time and date and the duration of the action;

     (b)  The respondent shall have the right to be represented by legal counsel
          or any other representative of his choosing in all proceedings
          subsequent to any summary action taken;

     (c)  The respondent shall be given an opportunity for a subsequent hearing,
          within five business days, before the Membership Committee. The
          hearing shall be conducted in accordance with the following
          requirements:

          (1)  The hearing shall be promptly held before disinterested members
               of the hearing body after reasonable notice to the respondent. No
               member of the hearing body may serve on that body in a particular
               matter if he or any person or firm with which he is affiliated
               has a financial, personal or other direct interest in the matter
               under consideration.

          (2)  Formal rules of evidence need not apply, but the hearing shall
               not be so informal as to be unfair;

          (3)  The respondent shall have the right to invoke Rule 548.00, if
               applicable;

          (4)  The Member Services Department shall be a party to the hearing
               and shall present its case on those matters which are the subject
               of the hearing;

          (5)  The respondent shall be entitled to appear personally at the
               hearing and to be represented by counsel;


<PAGE>

                                Ch2 Applicants
                                --------------

          (6)  The respondent shall be entitled to cross-examine any person(s)
               appearing as witness(es);

     (d)  Within five business days following the conclusion of the hearing, the
          Membership Committee shall render a written decision based upon the
          weight of the evidence contained in the record of the proceeding and
          shall provide a copy to the respondent. The decision shall include:

          (1)  A description of the summary action taken;

          (2)  The reasons for the summary action;

          (3)  A brief summary of the evidence produced at the hearing;

          (4)  Findings and conclusions;

          (5)  A determination that the summary action should be affirmed,
               modified, or reversed; and

          (6)  A declaration of any action to be taken pursuant to the
               determination specified in (5) above and the effective date and
               duration of such action.

3.   After the hearing conducted pursuant to Section 2(c) above is held before
     the Membership Committee, the following additional provisions shall apply.

     The Regulatory Compliance Committee, pursuant to the provisions of Rule
     540.00 and Regulation 540.05, shall consider the Membership Committee's
     findings and recommendations, as well as the record developed before the
     Membership Committee, at the next regularly scheduled meeting of the
     Regulatory Compliance Committee or at a meeting specially called by the
     Chairman as the Chairman may direct. The member under review shall have the
     opportunity to appear before and address the Reguatory Compliance Committee
     solely with regard to the record made before the Membership Committee; the
     Regulatory Compliance Committee shall not be required to entertain any new
     evidence absent a showing that such evidence could not reasonably have been
     presented previously to the Membership Committee. Upon full consideration
     of all the evidence before it, the Regulatory Compliance Committee may
     confirm the member's good standing status, restrict the member's membership
     status, deny the member's floor access, issue fines, or recommend to the
     Board of Directors that the member should be expelled or prohibited from
     association with any member or member firm.

4.   The Regulatory Compliance Committee shall vote by secret ballot to take any
     action pursuant to this regulation. If two-thirds of the members present
     and voting cast votes in favor of such action, the action shall be adopted.
     (03/01/01)

202.00    Approval for Membership - If two-thirds of the Membership Committee
present and voting cast affirmative votes, the applicant shall be approved. The
power to deny such applications is expressly reserved to the Regulatory
Compliance Committee. 103 (08/01/94)

202.01    Delegation of Authority to Approve Change in Status Request - The
          Chairman of the Membership Committee or a member of the Membership
          Committee who has been designated by the Membership Committee
          Chairman, or upon delegation by the Chairman, the Member Services and
          Member Firm Staff Service Department, will have the power to approve
          the request of a Full or Associate Member, a Membership Interest
          Holder or a Full Member of the MidAmerica Commodity Exchange to obtain
          additional Full or Associate Memberships, Membership Interests, or to
          change his or her delegate status. The power to deny such a request is
          expressly reserved to the Regulatory Compliance Committee.

For the purpose of this regulation, the Chairman may not delegate approval
authority to the Member Services and Member Firm Staff Services Department when
the following factors are present:

     1.   The applicant has answered affirmatively to any question in the
          "Disciplinary Action" section of the application;

     2.   The applicant has indicated on the application that he or she is
          indebted to any member or

<PAGE>

                                Ch2 Applicants
                                --------------

          member firm;

     3.   The applicant has indicated that he or she has a negative net worth;
          or

     4.   The applicant has trading privileges on the MidAmerica Commodity
           Exchange only.

The foregoing provisions shall not apply to a Full Member or Full Member
Delegate of the Exchange who was initially approved for membership pursuant to
Regulation 202.01A, unless such applicant intends to become a Full Member or
Full Delegate solely for the purpose of becoming a regular member of the Chicago
Board Options Exchange ("CBOE") pursuant to Rule 210.00 and Article FIFTH(b) of
the CBOE's Certificate of Incorporation. (11/01/99)




202.02    Procedures for Hearings on Preliminary Denials by the Membership
Committee - In connection with all hearings conducted with respect to
preliminary denials of applications for membership or any other denial by the
Membership Committee, the following procedures shall be followed:

(a)  The respondent shall be entitled in advance of the hearing to examine all
     books, documents, or other tangible evidence in the possession or under the
     control of the Association upon which the Member Services and Member Firm
     Staff Services Department will rely in presenting the issue(s) contained in
     the Preliminary Denial Letter or which are relevant to that (those)
     issue(s). Respondent shall make its request to examine any materials by
     submitting it in writing to the Member Services and Member Firm Staff
     Services Department as soon as practicable. At least ten (10) business days
     in advance of the hearing, the respondent shall submit to the hearing
     officer, with a copy to the Member Services and Member Firm Staff Services
     Department, copies of all documents which the respondent intends to rely
     upon in presenting his or her case, as well as the names of any witnesses
     the respondent intends to call.

(b)  The Member Services and Member Firm Staff Services Department shall be
     entitled in advance of the hearing to examine all books, documents, or
     other tangible evidence in the possession or under the control of the
     respondent which will be relied upon by the respondent in presenting the
     issue(s) contained in the Preliminary Denial Letter or which are relevant
     to those issues. The Member Services and Member Firm Staff Services
     Department shall make its request to examine any materials by submitting it
     in writing to the respondent as soon as practicable. At least ten (10)
     business days in advance of the hearing, the Member Services and Member
     Firm Staff Services Department shall submit to the hearing officer, with a
     copy to respondent, copies of all documents which the Member Services and
     Member Firm Staff Services Department intends to rely upon in presenting
     its case, as well as the names of any witnesses the Department intends to
     call;

(c)  Any dispute over a request to examine any book, document. or other tangible
     evidence in the possession or under the control of either party shall be
     submitted to the Chairman of the Committee for resolution only after the
     parties have made all reasonable attempts to resolve the dispute among
     themselves;

(d)  If objected to or upon its own motion, the hearing panel may refuse to
     consider any book, record, document or other tangible evidence which was
     not made available to the opponent of the evidence or was not disclosed in
     accordance with this paragraph. The panel may also exclude the testimony of
     any witness whose name was not submitted to the opponent of the witness as
     provided above. The hearing panel may consider such evidence or testimony
     upon a clear showing that such evidence was not ascertainable by due
     diligence at least ten (10) business days in advance of the hearing and
     that there was insufficient time prior to the hearing to bring such
     evidence to the attention of the opposing party;




<PAGE>

                                Ch2 Applicants
                                --------------

(e)  The hearing shall be promptly held before disinterested member of the
     Membership Committee or any duly appointed Subcommittee thereof after
     reasonable notice to the parties. No member of the Membership Committee may
     serve on a hearing panel in a particular matter if he or she or any person
     or firm with which he or she is affiliated has financial, personal or other
     direct interest in the matter under consideration. After service of the
     preliminary denial letter, both parties to the hearing are prohibited from
     making any ex parte contacts with any member of the Membership Committee.
     For the purpose of this paragraph, an "ex parte contact" shall mean any
     communication, either written or oral, which relates directly or indirectly
     to the issue to be heard and which is made to a member of the Membership
     Committee who will be a member of the panel which shall decide the issue.

(f)  Formal rules of evidence need not apply, but the hearing shall not be so
     informal as to be unfair;

(g)  The respondent shall have the right to invoke Rule 548.00, if applicable;

(h)  The Member Services and Member Firm Staff Services Department shall be a
     party to the hearing and shall present its case on those issues which are
     the subject of the hearing;

(i)  The respondent shall be entitled to appear personally at the hearing and to
     be represented by counsel;

(j)  The parties shall be entitled to cross-examine any person(s) appearing as
     witness(es);

(k)  The parties shall be entitled to call witnesses and to present such
     evidence as may be relevant to he issue(s) presented;

(l)  Pursuant to Rule 545.00, all persons within the jurisdiction of the
     Association who are called as witnesses shall be obliged to appear at the
     hearing and/or to produce evidence;

(m)  Substantially verbatim record of the hearing, capable of being accurately
     transcribed, shall be made and shall become part of the record of the
     proceeding.  (07/01/97)

202.03    Membership Committee's Preliminary Decisions - All preliminary
decisions rendered by the Membership Committee shall be in writing and be based
upon the weight of the evidence contained in the record of the proceeding. A
copy of the decision shall be provided to the respondent and shall include:

(a)  The issue(s) presented to the Committee;

(b)  The response submitted by the applicant or member, if any, or a summary of
     the answer;

(c)  A brief summary of the evidence produced at the hearing;

(d)  A statement of findings and conclusions with respect to the issue(s)
     presented;

(e)  A declaration containing the Committee's preliminary decision;

(f)  All such decisions shall be rendered within thirty business days after the
     conclusion of the hearing, unless, by virtue of the complexity of the issue
     or other special circumstances, additional time is required;

(g)  The Committee shall give respondent reasonable notice of the date on which
     its recommendation, based on its preliminary decision, will be forwarded to
     the Regulatory Compliance Committee for its consideration. (07/01/97)

203.01    Procuring a Membership or Membership Interest - An individual who
wishes to procure a membership privilege may do so either prior or subsequent to
being approved for a particular membership status. A person who has acquired a
membership privilege prior to being approved for a particular membership status
as provided in Regulation 249.01 shall become a member or membership interest
holder following such approval upon signing the appropriate register of the
Association. A person approved for a particular membership status prior to
acquiring a membership or membership interest shall become a member or
membership interest holder if within six (6) months after he/she has been
notified of such approval, or within such extension of said period as may be
granted by the Exchange, he/she shall procure a membership or membership
interest and sign the appropriate register of the Association; otherwise his/her
approval for a particular membership status



<PAGE>

                                Ch2 Applicants
                                --------------

shall be deemed vacated. (03/01/01)

204.00    Membership Obtained by Fraud - A membership obtained by fraudulent
representations or concealment shall be disposed of by the Board. 106 (08/01/94)

205.00    Agreement to Observe Rules and Regulations - Applicants for membership
shall be required to sign a written agreement to observe and be bound by the
Charter, Rules, and Regulations of the Association, and all amendments
subsequently made thereto. 107 (08/01/94)

205.01    Acquisition of Class A Units of Ceres Trading Limited Partnership -
Any person or entity who acquires ownership of a membership or a membership
interest after July 17, 1992 shall, simultaneously with the acquisition of
ownership of such membership or membership interest, purchase a Class A unit of
limited partnership interest of Ceres Trading Limited Partnership, a Delaware
limited partnership, of the appropriate sub-class (as set forth in Section 3.8
of the Agreement of Limited Partnership governing Ceres Trading Limited
Partnership) from the person or entity from which he, she or it is acquiring
ownership of the membership or membership interest (the "Transferor"), or if
such Transferor does not own a unit of limited partnership interest of Ceres
Trading Limited Partnership, from the General Partner of Ceres Trading Limited
Partnership. The proceeds payable to a Transferor who does not own a unit of
limited partnership interest of Ceres Trading Limited Partnership shall be equal
to (a) the aggregate proceeds paid by the Purchaser for the membership or
membership interest plus a unit of limited partnership interest reduced by (b)
the amount paid to the General Partner for such unit of limited partnership
interest under Section 10.3(b) of the Agreement of Limited Partnership. The
acquisition of ownership of a membership or membership interest shall constitute
a request of the acquirer that the books and records of Ceres Trading Limited
Partnership reflect the acquirer's admission as a substituted limited partner
thereof, and shall constitute the acquirer's agreement to be bound by the
Agreement of Limited Partnership. (08/01/94)

206.02    Gratuities - No member of the Association shall employ any employee of
the Association or of the Clearing House, for any service outside the hours of
regular employment by the Association or such corporation, without having first
obtained the approval therefor of the President or of said Clearing House, as
the case may be, and registering therewith the name of said employee, the nature
of the services rendered, and the amount of said compensation.

No member shall give any compensation or gratuity to an employee of the Clearing
House unless the giving of such compensation or gratuity be first submitted in
writing to the Clearing House and approved.

No member, member firm or employee thereof shall directly or indirectly give or
offer to give any compensation or gratuity in excess of $250 (or having a
reasonable aggregate value in excess of $250) per person per year to any
employee of the Association. Employees of the Association are forbidden to
accept any compensation or gratuity in excess of $250 from any member, member
firm or employee thereof for any service rendered or to be rendered unless the
giving of such compensation or gratuity be first submitted in writing to the
President and approved. A gift of any kind is considered a gratuity.

No member, member firm or employee thereof, shall give or offer to give
gratuities to any other member, member firm or employee thereof in an amount
exceeding that which may be considered reasonable and proper under normal
business practices as determined by the Business Conduct Committee. The giving
or offering to give gratuities to a member, member firm or employee thereof is
not to become a vehicle to obtain Exchange related business in a non-competitive
fashion. Failure to comply with this Regulation may be deemed an act detrimental
to the interest or welfare of the Association. (08/01/94)

207.00    Office Address - Every member shall register with the Secretary an
address and subsequent changes thereof where notices may be served. 128
(08/01/94)

207.01    Primary Clearing Member - Every member shall register the name and
clearing house number of his or her Primary and Secondary Clearing Member with
the Member Services and Member Firm Staff Services Department. If applicable,
the registration shall include the name and clearing house number of any
division of the clearing member firm. In addition, every member shall notify the

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                                Ch2 Applicants
                                --------------

Member Services and Member Firm Staff Services Department of any changes in his
or her Primary and/or Secondary Clearing Member, including the name and clearing
house number of the division thereof if applicable. (07/01/97)

208.00    Conducting Business Under a Firm Name - An individual may conduct his
business under a firm name provided it is clearly stated on all letterheads,
statements, and other business forms that the individual is the sole owner of
the firm. 132 (08/01/94)

208.01    Conducting Business Under a Firm Name - An individual conducting
business under a firm name as a sole proprietor pursuant to Rule 208.00 shall
submit a statement to the Department of Member Services of this Association
giving the name, address, and nature of the business conducted. The member shall
report immediately any change in the required information. 1803 (08/01/94)

209.00   Indemnification of Association - In any legal proceeding brought
against the Association and alleging its failure to prevent, detect or require
certain conduct of a member or registered eligible business organization, which
conduct or inaction is alleged to be in violation of any law or of the Rules and
Regulations of the Association, such member or registered eligible business
organization shall indemnify and hold the Association harmless for the full
amount of any expense (including attorney's fees), judgment or settlement paid
by it in respect to such proceeding. 134 (04/01/98)

209.01    Floor Trading Permits - The Board of Directors may at any time in its
discretion establish a limited number of floor trading permits as needed to
promote orderly and liquid markets in new and existing contracts. Such permits
shall convey to qualified individuals a temporary right to trade as principal
and/or broker for others in designated contracts on the floor of the Exchange.
Such permits shall not be convertible into memberships or membership interests
or carry any other rights or incidents not expressly specified in creating such
permits. (08/01/94)

209.02    MidAmerica Floor Access Members' Trading Privileges - Floor Access
Members of the MidAmerica Commodity Exchange shall be eligible to trade as
principal and as broker for others in Institutional Index futures contracts on
the Exchange Floor. Such persons may communicate from the Exchange Floor with
non-member customers in the same manner as members may do so, but only with
respect to Institutional Index futures contracts.

In the exercise of these privileges, such persons shall be subject to the
jurisdiction of the Association and to all duties and obligations imposed upon
members, registered firms or other approved persons under the Rules and
Regulations; provided, however, that the Board may exempt such persons from any
such duty or obligation which, in its sole judgement, is incompatible or in
conflict with, or is unrelated to, the activities performed by them. (08/01/94)

209.03    Product Sponsor Programs - The Board of Directors may at any time in
its discretion establish product sponsor programs as needed to promote orderly
and liquid markets in new contracts. A product sponsor program shall convey to
qualified members and member firms such inducements as the Board may grant in
return for a product sponsor's participation in a particular contract market. A
product sponsor program shall not create any interests or carry any other rights
or incidents thereto which are not expressly specified in creating the program.
(08/01/94)

209.04    Mini-Sized Contract Permit Holders' Trading Privileges - Floor
Access Members of the MidAmerica Commodity Exchange who are on record as of
September 1, 2001 and who remain Floor Access Members thereafter shall be
reclassified as CBOT Mini-Sized Contract Permit Holders and thereby will be
eligible to trade as principal and as broker for others in CBOT mini-sized
contracts in 30 Year Treasury Bond, 10 Year Treasury Note, Eurodollar, NY
Silver, NY Gold, Corn, Soybean, and Wheat futures on the a/c/e trading platform
and in Rough Rice futures and futures options contracts on the Exchange Floor
through December 31, 2002. Such persons may communicate from the Exchange Floor
with non-member customers in the same manner as members may do so, but only with
respect to Rough Rice contracts.

In the exercise of these privileges, such persons shall be subject to the
jurisdiction of the Association and to all duties and obligations imposed upon
members, registered firms or other approved persons under the Rules and
Regulations; provided, however, that the Association may exempt such persons
from any such duty or obligation which, in its sole judgement, is incompatible
or in conflict with, or is unrelated to, the activities performed by them.
(10/01/01)


209.05    Membership In OneChicago, LLC - Each holder of Full, Associate, COM,
GIM or IDEM member trading privileges is a member of OneChicago, LLC, and to the
extent provided in OneChicago rules, becomes bound by OneChicago rules and
subject to the jurisdiction of OneChicago by accessing or entering any order
into the OneChicago System. (11/01/02)


210.00    Full Member CBOE "Exercise" Privilege - In accordance with the
Agreement entered into on September 1, 1992 (the "Agreement") between the
Exchange and the Chicago Board Options Exchange ("CBOE"), Eligible CBOT Full
Members who maintain all appurtenant trading rights and

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                                Ch2 Applicants
                                --------------

privileges of a full membership, including any new trading rights or privileges
granted, assigned or issued to a CBOT full membership to the extent such right
or privilege is deemed under the provisions of such Agreement to be appurtenant
to a CBOT Full Membership, are eligible to become regular members of the CBOE
pursuant to Article Fifth(b) of CBOE's Certificate of Incorporation. A CBOT Full
Member may delegate all of his trading rights and privileges of full membership
to an individual who will then be eligible to become a regular CBOE member
pursuant to Article Fifth(b) of CBOE's Certificate of Incorporation; provided,
however, if a CBOT Full Member delegates some, but not all, of the appurtenant
trading rights and privileges of full membership, then neither the member nor
the delegate will be eligible to be a CBOE regular member pursuant to Article
Fifth(b). No person who is not either an Eligible CBOT Full Member or an
Eligible CBOT Full Member Delegate (See Rule 221.00(g)(ii)) shall knowingly
apply to become, or knowingly remain, a regular member of CBOE pursuant to
Article Fifth(b) of CBOE's Certificate of Incorporation.

For purposes of the Agreement entered into on September 1, 1992 between the
Exchange and the CBOE, an Eligible CBOT Full Member means an individual who at
the time is the holder of one of the One Thousand Four Hundred Two (1,402) CBOT
full memberships ("CBOT Full Memberships") existing on the date of the Agreement
and who is in possession of all trading rights and privileges appurtenant to
such CBOT Full Membership. In the event a CBOT Full Membership is registered for
a partnership, corporation or other entity, only the individual who is the
holder of such CBOT Full Membership and who is in possession of all trading
rights and privileges appurtenant to such CBOT Full Membership shall be deemed
to be an "Eligible CBOT Full Member." "Trading rights and privileges appurtenant
to such CBOT Full Membership" means (1) the rights and privileges of a CBOT Full
Membership which entitle a holder or delegate to trade as principal and broker
for others in all contracts traded on the CBOT, whether by open outcry, by
electronic means, or otherwise during any segment of a trading day when trading
is authorized; and (2) every trading right or privilege granted, assigned or
issued by CBOT after the effective date of this Agreement to holders of CBOT
Full Membership, as a class, but excluding any right or privilege which is the
subject of an option granted, assigned or issued by CBOT to a CBOT Full Member
and which is not exercised by such CBOT Full Member. (08/01/94)

211.00    Associate Memberships - A personal privilege designated as an
Associate Membership is hereby created to promote orderly and liquid markets and
to provide for the future growth of the Association through increased liquidity
and participation in the trading on the Floor of the Exchange. Associate Members
shall be allowed to trade, as hereinafter provided, all existing and prospective
future contracts and options contracts which shall be listed from time to time
in the Government Instruments Market; Index, Debt and Energy Market; and
Commodity Options Market categories pursuant to Rule 290.00. An Associate Member
shall have the right, subject to the Rules and Regulations of the Association,
to trade as principal and as broker for others and to solicit orders from others
on the Floor of the Exchange, in all eligible contracts and options as
designated above. Associate Memberships shall not carry with them the attributes
of full memberships of the Association under the Fifth Article of the
Certificate of Incorporation of the Chicago Board Options Exchange. In the event
of liquidation of the Association, the Associate Member's share of the proceeds
from dissolution shall be 1/6th of a full member's share. (08/01/94)

212.00    Reciprocal Trading Privileges with LIFFE -

(a)  (1) Subject to the provisions of the Link Agreement with LIFFE and the
LIFFE rules, one who owns or is registered for an undelegated Full or Associate
Membership and is authorized by the Association for these purposes may (A) enter
the trading floor of the LIFFE market, (B) trade contracts in the terms of
Designated CBOT Contracts on the trading floor of the LIFFE market and (C)
communicate from the trading floor of the LIFFE market to persons not on that
floor, with respect to Designated CBOT Contracts.

     (2) A member who trades contracts in the terms of Designated CBOT Contracts
on the trading floor of the LIFFE market shall be eligible for member
transaction fees assessed by the Exchange on positions transferred to the
Clearing House.

     (3) During any period when the rights granted by this Rule are being
exercised at LIFFE, the membership may not be used by anyone to trade on the
floor of the Exchange.



<PAGE>

                                Ch2 Applicants
                                --------------

(b)  (1) Subject to the provisions of the Link Agreement with LIFFE and the
     rules and regulations of the Association, a member of LIFFE or a trader
     registered with a member of LIFFE (but not a leaseholder) who is authorized
     by LIFFE for these purposes, may (A) enter the floor of the Exchange, (B)
     trade contracts in the terms of Designated LIFFE Contracts on the floor of
     the Exchange and (C) communicate from the Floor of the Exchange with
     persons not on the Floor of the Exchange, with respect to Designated LIFFE
     Contracts.

     (2) The primary clearing member of such a person, referred to in (b)(1)
above, shall guarantee his obligations under Rules 252.00 and 253.00.

     (3) Upon revocation of such a person's primary clearing authorization, the
Secretary shall give written notice thereof to all members and delegates.
Thereafter, all members and delegates who may have claims against him may file
claims in the same manner as provided in Rules 252.00 and 253.00 of the
Association. The primary clearing member shall be responsible for the payment of
those claims allowed by the Board and not satisfied promptly by such a person
whose primary clearing authorization has been revoked. (06/01/97)

213.00    Assessments and Fees - Associate Members shall be responsible for all
operating assessments and exchange service fees as if a full member of the
Association. 863 (08/01/94)

214.00    Obligations and Duties - Associate Members shall be subject to all
Rules and Regulations of the Association including all specific duties and
obligations imposed on them by the Rules and Regulations, as well as those
duties and obligations imposed upon members, registered firms or other approved
persons under the Rules and Regulations; provided, however, the Board may exempt
Associate Members from any such duty or obligation which is incompatible with or
in conflict with or unrelated to, the activities performed by them. 864
(08/01/94)

215.00    Associate Members Committee - There will be an elected Committee of
Associate Members whose purpose will be to represent the rights and privileges
of the Associate Membership and to promote those rights and privileges to the
mutual benefit of the general membership.

The Committee shall consist of fifteen (15) Associate Members elected on the
Annual Election date by the Associate Membership. At the first election
following the adoption of this Rule, eight members will be elected for a two-
year term and seven members will be elected for a one-year term. Thereafter,
seven members will begin a new two-year term each even-numbered year and eight
members will begin a new two-year term each odd-numbered year. The Committee
will select its Chairman and Vice Chairman. The Chairman of this Committee will
be the liaison to the Chairman of the Board of Directors. 865 (08/01/94)

217.00    Applicants - Applicants for Associate Memberships shall be approved in
the same manner and under the same conditions and procedures as are applicants
for full membership. 867 (08/01/94)

219.00    Communications From Floor - Associate Members may communicate from the
Floor of the Exchange during business hours with non-member customers in the
same manner as members, but only with respect to eligible futures contracts or
options as defined in Rule 211.00. 869 (08/01/94)

220.00    Violations - In addition to being bound to comply with the Rules and
Regulations of the Association to which all members are bound, unless exempted
by the Board under Rule 214.00, it shall be an offense against the Association
for an Associate Member to:

(1)  Execute a trade in any futures contracts or options that are not eligible
     as defined in Rule 211.00;

(2)  Place an order on the Floor of the Exchange for the execution of any
     futures contracts or options that are not eligible as defined in Rule
     211.00; or

(3)  Engage in words or deeds which represent, or are reasonably calculated to
     represent, that he is a holder of a full membership. 870 (08/01/94)

221.00    Delegation - An individual member may delegate the rights and
privileges of Full and/or Associate Memberships to an individual (a "delegate")
upon the following terms and conditions:

(a)  The delegate shall first be approved by the Exchange under the standards of
     Rule 200.00 and shall sign a written agreement to observe and be bound by
     the Charter, Rules, and Regulations of the


<PAGE>

                                Ch2 Applicants
                                --------------

     Association, and all amendments subsequently made thereto: Provided,
     however, an approved delegate having no outstanding disciplinary penalties
     and no restrictions pursuant to Rule 511.00 or 512.00 shall remain approved
     to enter a new delegation agreement within six (6) months following the
     termination of the previous delegation agreement. The Exchange may, in its
     discretion, grant extensions of this six (6) month approval period.

(b)  The delegation agreement, any amendment thereto, and any termination,
     revocation, or renewal thereof, shall be in writing in such form as the
     Exchange may prescribe, and a copy thereof shall be filed by the member
     with the Exchange as a precondition to its effectiveness: Provided,
     however, the delegation agreement shall be null and void automatically upon
     the happening of any of the following events:

     (1)  Loss of any of the qualifications for entering a delegation agreement,
          such as sale of the membership of the member or expulsion of the
          member or the delegate; or

     (2)  The suspension of the member by the Association within three months of
          the date of the filing of the delegation agreement by the member with
          the Exchange;

(c)  (1) The member shall remain liable (for an amount up to, but not in excess
     of, the value of the seat the member has leased) for the debts, acts and
     delinquencies of the delegate arising from the delegate's exercise of
     rights and privileges of membership. The membership so delegated may be
     sold to satisfy any such liability in accordance with the Rules and
     Regulations of the Association. Delegation shall not relieve the member of
     any of his obligations or liabilities which he might otherwise have by the
     virtue of being a member of the Association to other members of the
     Association;

     (2) Upon the termination or expiration of the delegation agreement, the
     Secretary shall make notice thereof available to the membership.
     Thereafter, all members and delegates who may have claims against the
     delegate may file claims in the same manner as provided in Rule 252.00 of
     the Association. The member entering into a delegation agreement shall be
     responsible for the payment of those claims allowed by the Board and not
     satisfied promptly by the delegate, but only to the extent of the value of
     the membership so delegated;

(d)  A delegate shall not be entitled to register under Rule 230.00 for an
     eligible business organization;

(e)  The Finance Committee, in its discretion, may impose fees, charges and
     assessments upon members and delegates under this Rule; and

(f)  Upon the filing of a delegation agreement or renewal notice with the
     Exchange, notice thereof shall be posted promptly on the bulletin board,
     and shall be made available upon request to the Membership and to the
     primary clearing member for the member party to the delegation agreement.

(g)(i) In accordance with the Agreement entered into on September 1, 1992 ("the
     Agreement") between the Exchange and the Chicago Board Options Exchange
     ("CBOE"), only an individual who is an "Eligible CBOT Full Member" or an
     "Eligible CBOT Full Member Delegate", as those terms are defined in the
     Agreement, is a "member" of the Exchange within the meaning of paragraph
     (b) of Article Fifth of CBOE's Certificate of Incorporation ("Article
     Fifth(b)") and only such individuals are eligible to become and to remain
     regular members of the CBOE pursuant to Article Fifth(b).  No person who is
     not either an Eligible CBOT Full Member or an Eligible CBOT Full Member
     Delegate shall knowingly apply to become, or knowingly remain, a regular
     member of CBOE pursuant to Article Fifth(b) of CBOE's Certificate of
     Incorporation.

(g)(ii) For purposes of the "Agreement" referenced in Rule 221.00(g)(i), an
     "Eligible CBOT Full Member Delegate" means the individual to whom a CBOT
     Full Membership is delegated (leased) and who is in possession of all
     trading rights and privileges appurtenant to such CBOT Full Membership.
     "Trading rights and privileges appurtenant to such CBOT Full Membership"
     means (1) the rights and privileges of a CBOT Full Membership which entitle
     a holder or delegate to trade as principal and broker for others in all
     contracts traded on the CBOT, whether by open outcry, by electronic means,
     or otherwise, during any segment of a trading day when trading is
     authorized; and (2) every trading right or privilege granted, assigned or
     issued by CBOT after the effective date of this Agreement to holders of
     CBOT Full Memberships, as a class, but excluding any right or privilege
     which is the subject of an option granted, assigned or issued by CBOT to a
     CBOT Full Member



<PAGE>

                                Ch2 Applicants
                                --------------

     and which is not exercised by such CBOT Full Member.  (05/01/01)

221.01    Delegation by Deceased Member's Estate - The legal representative of
a deceased member's estate, during the pendency of probation of the deceased
member's estate, may delegate such deceased member's trading privileges in
accordance with Rule 221.00. Upon transfer of the estate assets to the deceased
member's heirs, the provisions of Regulation 249.01 shall apply. (08/01/94)

221.02    Floor Access of Delegating Members and Delegates

(a)  A full or associate member who has delegated the rights and privileges of
     his only membership, or of all his memberships, for any of the three
     trading segments, pursuant to Rule 221.00, and who does not hold a Floor
     Clerk or Broker Assistant badge, shall not have physical access to the
     Floor of the Exchange for such trading segment(s) during the effective
     period of such delegations; provided that this Regulation shall not apply
     to "Twenty-Five Year Members" as described in Regulation 301.10.

     Provided further, that members of the Board of Directors who have delegated
     the rights and privileges of their only membership, or of all of their
     memberships, may have physical access to the Floor of the Exchange to the
     same extent as do "Twenty-Five Year Members" as described in Regulation
     301.10.

(b)  A delegate who does not hold a Floor Clerk or Broker Assistant badge shall
     not have physical access to the Floor of the Exchange during the trading
     segment(s) in which he is not entitled to the rights and privileges of
     membership. (07/01/99)

221.03    Minimum Delegation Term - No delegation agreement shall have a term of
less than thirty (30) days. The foregoing limitation shall not apply to
delegation agreements for Full Member Delegates who will utilize their
memberships solely for the purpose of becoming a regular member of the Chicago
Board Options Exchange ("CBOE") pursuant to Rule 210.00 and Article FIFTH(b) of
the CBOE's Certificate of Incorporation. (11/01/99)

221.05    Delegates' Clearing Members -

(1)  Except as provided in paragraph (2) below, no delegate may receive clearing
     authorization from any Primary Clearing Member, or from any other Clearing
     Member, pursuant to Rule 333.00 without first having:

     (a)  obtained written permission from his/her member-delegator; and

     (b)  filed such written permission with the Department of Member Services.

(2)  In the event that a delegate cannot obtain written permission from his/her
     member-delegator before he or she receives clearing authorization from a
     new Primary Clearing Member, such delegate may nevertheless obtain such
     clearing authorization if the new Primary Clearing Firm executes and
     submits to the Department of Member Services a suretyship agreement inuring
     to the benefit of the member-delegator and in a form approved by the
     Exchange. However, the delegate must obtain his/her member-delegator's
     permission within 30 days of changing Primary Clearing Members. If the
     delegate does not obtain the permission within that period, he or she will
     be denied access to the floor. The delegate will not be able to regain
     access to the floor until such permission is submitted to the Department of
     Member Services. (04/01/99)

221.07    Voting Rights - On and after June 21, 1982, no full or associate
member may delegate to any other person the right to vote on any matter subject
to a ballot vote among the general membership. (08/01/94)

221.08    Requirements for Delegates of Membership Interests* - The Board, in
its discretion, may require that each person who is granted status as a delegate
of a COM, GIM or IDEM Membership Interest pursuant to a delegation agreement
entered into on or after (effective date to be determined), execute up to a
specified percentage, not to exceed 20%, or a specified number not to exceed 200
of such person's round turn principal transactions per month in one or more
contracts designated by the Board.

The Board may establish different proportions or levels applicable to each
membership interest

<PAGE>

                                Ch2 Applicants
                                --------------

category, and any such proportion or level shall be applied in uniform fashion
to every delegate in each respective membership interest category. Consistent
with these standards, the Board may alter such proportion or level at any time.

Failure to comply with the provisions of this regulation or the directives of
the Board adopted pursuant to this regulation may be considered an act
detrimental to the welfare of the Association. Effective June 1, 1984.
(08/01/94)

221.09    Delegation of Firm-Owned Memberships and Membership Interests - An
eligible business organization registered as a member firm under Rule 230.00 may
delegate the rights and privileges of a firm-owned membership or membership
interest to an individual ("delegate") upon the terms and conditions set forth
in Rule 221.00, but only if the membership being leased is not necessary to
satisfy the requirements for registration as a member firm or, if applicable, as
a clearing member firm. (04/01/98)

221.10    Indemnification of Delegators - To the extent consistent with the
Association's claims Rules and Regulations, the Board of Directors shall honor
and enforce valid indemnifications given by a clearing member to a member or
membership interest holder who delegates the rights and privileges of his
membership or membership interest (the "delegator") in connection with the
delegator's potential liability under Rule 221.00 (c). The indemnification shall
be in writing in such form as the Exchange may prescribe. (08/01/94)

221.11    Delegation by Trust - A trust may delegate the rights and privileges
of any membership(s) or membership interest(s) held by the trust upon the terms
and conditions set forth in Rule 221.00. (07/01/95)

222.00    Multiple Membership - A member may own more than one membership in his
name, and a member firm may own the title and value of more than one membership
pursuant to Regulation 249.01(b). 872 (08/01/94)

224.00    Trades of Non-Clearing Permit Holders - Each permit holder's Primary
Clearing Member is responsible for the payment of the permit holder's dues, fees
and assessments. (08/01/94)

225.00    General Enabling Rule for Market Maker Programs - The Chief Executive
Officer of the Exchange shall have the authority to approve the implementation
of Market Maker programs, pursuant to which Market Makers would be authorized to
maintain two-sided markets, for products in the municipal bond complex, the
equity index complex, and all products launched after December 31, 1999. To the
extent that the terms of any such Market Maker program may be in conflict with
any Rules or Regulations of the Exchange, such terms shall supersede such Rules
or Regulations. However, nothing in this Rule shall alter or waive a member's
responsibility to comply with provisions of the Commodity Exchange Act or Rules
or Regulations of the Commodity Futures Trading Commission unless exempted by
the Commission. (04/01/01)



<PAGE>


Ch2 Registration

230.00    Registration - An eligible business organization as determined by the
Membership and Financial Compliance Committees may be a member firm of this
Association with respect to all contracts by virtue of a Full membership held in
the name of one of its managerial employees. An eligible business organization
as determined by the Membership and Financial Compliance Committees, which is
wholly owned by one or more members or member firms, or which wholly owns a
member firm, may be a member firm of this Association only with respect to those
contracts in which Associate Members have trading privileges, by virtue of an
Associate Membership held in the name of one of its managerial employees. A
managerial employee who desires to designate an eligible business organization
for either of the above purposes shall make application to the Membership
Committee, giving therein such information as may be requested. If the
application is granted, the membership shall be registered for the benefit of
the eligible business organization, and such eligible business organization
shall be entitled to member firm privileges with respect to all contracts or
only with respect to Contracts in which Associate Members have trading
privileges, as the case may be. For purposes of this Rule and the regulations
hereunder, the term "managerial employee" shall mean any senior employee of the
eligible business organization who is in a managerial position and who is in a
position to influence the firm's operations with respect to commodity futures
and options business on this Exchange. Whether or not a particular employee
qualifies as "managerial employee" shall be in the sole discretion of the
Membership Committee and shall be based on the circumstances and qualifications
of the individual applicant.

A member firm may be a member of the Clearing House and entitled to privileges
therein with respect to all contracts, pursuant to the membership registration
requirements of Rule 703.00. All such memberships shall be registered hereunder
in the manner described above, and under the criteria prescribed in Rule 703.00.
Member firms shall be subject to all requirements and prohibitions contained in
the Rules and Regulations applicable to members, and in such cases, all
registered members shall be subject to discipline and their memberships subject
to sale by the Board for the acts or delinquencies of the firm for which they
are registered. All such designations may be terminated at any time by the
Board, or by the registered member with the written approval of the Exchange.


A member who is a partner of a partnership, an officer, director or substantial
stockholder of a corporation, or a member or manager of a limited liability
company which is engaged in the securities, commodities, or grain business on a
broker or dealer basis or in the processing or storing of commodities shall
register his or her membership for the benefit of such partnership, corporation,
or limited liability company pursuant to the provisions of this Rule, unless
another membership is already registered for such partnership corporation, or
limited liability company; or unless such partnership, corporation, or limited
liability company has filed with the Exchange a duly authorized undertaking that
it will, when required by the Exchange, submit its books and papers or any
portion thereof to the Exchange and furnish any information to or cause any of
its officers, directors, partners, managers, members, and/or employees to appear
and testify before the Exchange. 226 (08/01/01)


230.01    Eligible Business Organizations - Trading Authority - Each member of
the Association whose membership privilege is registered for the use of an
eligible business organization must have the authority to enter into Exchange
and Members' contracts for or on behalf of his or her eligible business
organizational. Each registered partnership must keep on file with the Exchange
a copy of its Partnership Agreement and amendments thereto showing the authority
of its designated managerial employees to transact business on the Exchange for
or on behalf of the partnership. Each registered corporation must keep on file
with the Exchange copies of resolutions of its directors, attested to by the
secretary of the corporation, showing the authority of its designated managerial
employees to transact business on the Exchange for or on behalf of the
corporation. Each registered limited liability company must keep on file with
the Exchange copies of the Unanimous Consent of the Members showing the
authority of its designated managerial employees to transact business on the
Exchange for or on behalf of the limited liability company. 1783

Notwithstanding any other Regulation, any member or membership interest holder
who is associated as a partner, shareholder, member, officer, manager, employee,
or consultant with any entity or natural person that is or should be registered
as an Introducing Broker, a Futures Commission Merchant, or a Commodity Trading
Advisor as those terms are defined in Section 1a of the Commodity Exchange Act
and/or 17 C.F.R. 1.3 may not solicit orders of others from the Floor of the
Exchange unless the entity or natural person for which or for whom the member is
soliciting orders is also a member firm or a member of the Exchange. (08/01/01)




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                               Ch2 Registration
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230.02  Registration of Membership for Eligible Business Organizations - A
member desiring to register his or her membership for an eligible business
organization under Rule 230.00 shall submit a statement giving the name of the
eligible business organization and the business in which it is engaged. If the
eligible business organization is organized as a corporation, the statement must
also include the corporation's authorized and outstanding capital stock. The
statement must also show that the member is a managerial employee of the
eligible business organization and is duly empowered by the eligible business
organization to enter into contracts for and on behalf of the eligible business
organization. In addition, the statement must designate the type of business
activity, as measured by the following list, for which registration is
requested:

(1a)   Registered Futures Commission Merchants ("FCM) - Clearing.

(1b)   Registered FCM - Non-clearing.

(2a)   Non-FCM - Clearing.

(2b)   Non-FCM - Non-clearing.

(2c)   Non-FCM - Non-clearing Associate Member affiliate of another member firm.

(3)    e-cbot member firm


If activity level (1a) or (1b) has been designated; the member shall submit the
following financial information of the eligible business organization: a
certified financial statement prepared by an independent Certified Public
Accountant as of the most recent fiscal year end, and a financial statement
(which need not be certified) which is current as of the most recent preceding
calendar month end. If any other activity level is designated, the member shall
submit the following financial information of the eligible business
organization: its most recent certified financial statement (if applicable) and
a financial statement (which need not be certified) which is current as of the
most recent preceding calendar month end. This financial information is not
required if the member is registering for an eligible business organization
which already is a registered member firm of the Exchange and is not changing
its type of business to (1a) or (1b) from any other type of business.

The Exchange may in its discretion waive or modify the foregoing requirements in
the case of changes in registration necessitated by reorganization of firms
currently registered with the Exchange.

Approval is required for a registered eligible business organization changing or
expanding its type of business to a higher level of business activity as set
forth above. An eligible business organization requesting approval to operate as
a type (1a) or (1b) firm which was previously registered as any other type firm
must first submit the financial information required for approval as a type (1a)
or (1b) firm as specified above.

The Exchange may in its discretion grant temporary approval in the case of
changes in registration necessitated by reorganization of firms currently
registered with the Exchange.

Upon receipt of an application for new firm registration for an eligible
business organization, the Secretary shall, within fifteen days thereafter, make
available to the membership the name of the eligible business organization, and
shall post the same information on the bulletin board for a period of at least
ten days after such notification to the Membership.

No member may register his or her membership for more than one eligible business
organization.

No member may register his or her membership for any eligible business
organization under the Rules of this Exchange, where such membership is or
becomes delegated under the provisions of Rule 221.00.

An eligible business organization which has been conditionally approved for
member firm status shall have six (6) months after the date that it was notified
of such approval, or within such extension of siad period as may be granted by
the Exchange, to satisfy any conditions or contingencies imposed on such
approval. If the conditions or contingencies are not satisfied by the applicable
deadline, the Committee's approval of the eligiblie business organization for
member firms status shall be deemed void. 1060 (09/01/02)


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                               Ch2 Registration
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230.03    Designated Persons -

(a)  Subject to approval by the Association, which approval is in the absolute
     discretion of the Association, each eligible business organization
     ("member") of the Association shall designate one or more senior managerial
     employees responsible for the member's financial, compliance, operational
     and ultimate supervisory obligations and activities as a member. Such
     individuals must either: (i) have a membership registered on behalf of the
     member, or (ii) be registered with the Association by the member as a
     "Designated Person". A Designated Person shall be subject to the Rules and
     Regulations of the Association as if a member; provided, however, that a
     Designated Person shall not be liable for the actions and/or omissions of
     other employees, agents or independent contractors if the member of the
     Designated Person demonstrates to the satisfaction of the Association that
     all of his or her relevant conduct on behalf of the member was performed in
     good faith with reasonable care.

     (b)  Any individual not a registered member or Designated Person or
     nonmember eligible business organization which holds more than a 25%
     financial interest in a member eligible business organization ("member") or
     who exercises actual control over the management of the member may, at the
     Association's sole discretion, be required to execute a Consent to
     Jurisdiction in such form as may be prescribed by the Association. Upon the
     member's request, the Membership and Financial Compliance Committees may
     exempt individuals and/or eligible business organizations from this
     requirement for good cause shown. (04/01/98)

230.04    Cooperative Association of Producers - A lawfully formed and conducted
cooperative association of producers having adequate financial responsibility,
engaged in any cash commodity business, conforming to the following
requirements:

     FIRST: The Cooperative Association must have not less than 75 per centum of
     the voting capital stock or membership capital, in good faith owned and
     controlled, directly or indirectly by producers of agricultural products;

     SECOND: The Cooperative Association, if organized without capital stock,
     shall not allow a member of the Cooperative Association more than one vote,
     or if organized with capital stock, the Cooperative Association shall not
     pay dividends on any class of capital stock in excess of 8 per cent per
     annum cumulative;

     THIRD: The Cooperative Association shall not, during any fiscal year, deal
     in the products of non- members of the Cooperative Association to an amount
     greater in value than such as is handled by it for members of the
     Cooperative Association;

     FOURTH: The Cooperative Association, not more frequently than semi-
     annually, may pay out of its accumulated or current earnings and savings,
     patronage dividends to members of the Cooperative Association only and upon
     the basis of business transacted with such members for the period covered
     by transactions in which such earnings and savings have accrued; and

     FIFTH: The Cooperative Association, if organized under the Cooperative Laws
     of any state, or recognized as a cooperative association of producers by
     the United States Government, or any agency thereof;

may be a member firm of the Association with respect to all contracts and may be
entitled to do business in cash grain on the Floor, by virtue of a membership
held in the name of one of its duly authorized representatives and registered
under Rule 230.00 on behalf of the cooperative association. A member who desires
to designate such a cooperative association of producers for that purpose shall
make application to the Membership Committee, giving therein such information as
may be requested

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                               Ch2 Registration
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(Rule 230.00). Such designation may be terminated at any time by the Board, or
by such member with the written approval of the Exchange. A cooperative
association of producers shall be subject to all requirements and prohibitions
contained in the Rules and Regulations applicable to members (except as may be
exempted by the Commodity Exchange Act and the regulations of the Commodity
Futures Trading Commission issued thereunder) and in such cases the member shall
be subject to discipline and the membership subject to sale by the Board for the
acts or delinquencies of the cooperative association. 1062 (04/01/98)

230.05    Registration for Trading on the Floor in Cash Grain - An eligible
business organization may be entitled to trade in cash grain in its own name if
one of its managerial employees, a member of the Association, has registered his
or her membership for the eligible business organization in accordance with Rule
230.00 and Regulation 230.02. 1061 (04/01/98)

230.06    Eligible Business Organization Status Upon Death or Withdrawal of
Registered Member - Upon the death or withdrawal of a member whose membership is
registered on behalf of an eligible business organization, where such death or
withdrawal would result in failure of the eligible business organization to meet
the requirements of Rule 230.00, Rule 703.00, Regulation 230.02 or Regulation
230.05, the Exchange may, upon application of the registered eligible business
organization, grant the eligible business organization an extension of
privileges under the applicable Rules and Regulations for such period and under
such conditions as the Exchange may fix. Upon the death or withdrawal of a
member whose membership is registered on behalf of an eligible business
organization, the eligible business organization shall, within five business
days of such death or withdrawal, notify the Exchange of the departure of its
registered member. Failure to comply with the provisions of this Regulation
shall be referred to the Business Conduct Committee, for possible disciplinary
action pursuant to Rule 540.00. 1063 (04/01/98)

230.07    Primary Clearing Member Permission for Member Registration - A member
may register his or her membership for an eligible business organization under
Rule 230.00, if that eligible business organization is not his or her Primary
Clearing Member, only if he or she has written permission to do so from his or
her Primary Clearing Member. Such written permission of the Primary Clearing
Member must be filed with the Member Services Department. (04/01/98)

230.08    Doing Business in Firm (or Trade) Name - No member may conduct
business with the public as a partnership under a firm name unless the
partnership has at least one general partner other than such member; provided,
however, that if by death or otherwise, the member becomes the sole general
partner of the firm, he or she may continue business in the firm name for such
period as may be allowed by the Exchange. 1070 (04/01/98)

230.09    Formation of Partnerships or Limited Liability Companies - When a
member intends to form a partnership or admit other individuals to an existing
partnership, he or she shall notify the Secretary in writing to that effect. On
receipt of such notice from a member, the Secretary shall cause the same to be
posted upon the bulletin board of the Association. A member shall promptly
notify the Secretary of the retirement of any partner from the member firm
partnership or of the dissolution of such partnership.

When a member intends to form a limited liability company or admit other
individuals to an existing limited liability company, he or she shall notify the
Secretary in writing to that effect. On receipt of such notice from a member,
the Secretary shall cause the same to be posted upon the bulletin board of the
Association. A member shall promptly notify the Secretary of the retirement of
any other member from the member firm limited liability company or of the
dissolution of such limited liability company. (04/01/98)

230.10    Suspended or Insolvent Members - A member shall not form a partnership
or limited liability company nor, unless permitted by the Regulatory Compliance
Committee, continue in a partnership or limited liability company with any of
the following:

     (a)  A member whose membership privileges have been suspended by the
          Association;

     (b)  Any person who has been expelled from the Association as permitted by
          Rule 560.00;

     (c)  An insolvent person; or

     (d)  Any previous member of the Association against whom any member holds a
          claim which



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                               Ch2 Registration
                               ----------------

          arises out of transactions made during the time of such membership and
          which have not been released or settled. (04/01/98)

230.11    Discipline of Partners or Members of Limited Liability Companies - A
member of the Association who is a general partner of a member firm of the
Association is liable to the same discipline and penalties for any act or
omission of said firm as for his or her own personal act or omission, but the
Regulatory Compliance Committee may, in its discretion, by a vote of not less
than two-thirds of its members present, relieve him or her from the penalty
therefor.

A member of the Association who is also a member of a limited liability company
which is a member firm of the Association is liable to the same discipline and
penalties for any act or omission of said firm as for his or her own personal
act or omission, but the Regulatory Compliance Committee may, in its discretion,
by a vote of not less than two-thirds of its members present, relieve him or her
from the penalty therefor. 1076 (04/01/98)

230.12    Dissolution of Partnership or Limited Liability Company - Whenever it
shall appear to the Regulatory Compliance Committee that a member has formed a
partnership or limited liability company or has become an officer, employee, or
stockholder of a corporation or established an office or headquarters or is
individually, or through any member of his or her firm, interested in a
partnership or other business organization, or has formed any business
connection whatever whereby the interest or good repute of the Association may
suffer, the Regulatory Compliance Committee may require the dissolution of any
such partnership or limited liability company or discontinuance of such business
office, or headquarters, or business connection as the case may be. (04/01/98)

230.13    Relations Controlling Policy - Whenever it shall appear to the
Regulatory Compliance Committee that a member individually or through his or her
firm or a partner or partners therein, has such a business connection with a
corporation or other business organization that the corporation or other
business organization dominates the business of the member or firm or controls
the policy of such business, the Regulatory Compliance Committee may require the
discontinuance of such business connection. (04/01/98)

230.14    Delegation of Approval Authority - The Chairman of the Membership
Committee, or a member of the Membership Committee who has been designated by
the Membership Committee Chairman or the Member Services and Member Firm Staff
Services Department upon delegation by the Chairman, will have the authority to
approve the application of a Full or Associate Member to register his or her
membership for an eligible business organization under Rule 230.00 and the
regulations thereunder; provided that the eligible business organization is
currently registered in accordance with Rule 230.00. The power to deny such
applications is expressly reserved to the Regulatory Compliance Committee. With
respect to firm-owned Full and Associate Memberships under Regulation 249.01(b),
the Chairman of the Membership Committee or a member of the Membership Committee
who has been designated by the Membership Committee Chairman may determine that
such memberships are needed by the registered eligible business organization to
carry out its business at the Association.

For the purpose of this regulation, the Chairman may not delegate approval
authority to the Member Services and Member Firm Staff Services Department when
the applicant has answered affirmatively to any question in the "Disciplinary
Action" section of the Member Firm Registration application. (12/01/98)

230.15    Financial Requirements - (See Reg. 285.05) (04/01/97)

230.16    Designated Liaison - An eligible business organization registered as a
member firm of this Association under Rule 230.00 and Regulation 230.02 is
required to designate a specific managerial employee as liaison to the Exchange.
This designated liaison will be responsible for ensuring the firm's compliance
with and understanding of the Exchange's Rules and Regulations, and must have a
command of the English language. This designated liaison must have a membership
registered for the eligible business organization. (04/01/98)

230.17    Changes in Organization - Any change in the organizational structure
of a member firm requires the Exchange's prior approval. Organizational changes
shall include, but not be limited to: i) a corporation, limited liability
company, general partnership, limited partnership or sole proprietorship



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                               Ch2 Registration
                               ----------------

which changes to another form; or ii) replacement of any general partner or
member of any limited liability company. Any failure to comply with this
Regulation and any such change in organizational structure that does not comply
with the requirements to be a member firm shall be referred to the Business
Conduct Committee for possible disciplinary action pursuant to Rule 540.00. The
Exchange may grant the member firm a period of time in which to come into
compliance with the requirements for member firm status. The Business Conduct
Committee may also determine whether such a member firm is entitled to member
transaction fees for any time period in which the firm fails to comply with
requirements. (04/01/98)

231.00    Ownership and Registration of Associate Memberships - With the
approval of the Membership Committee ownership of title and value of an
Associate membership of an individual, approved under Rules 200.00, 201.00,
159.00, and 202.00, may be vested in an eligible business organization
registered in accordance with Rule 230.00 provided that all of the provisions of
Regulation 249.01 - Transfer of Membership - are complied with, where
applicable.

Associate memberships may be registered on behalf of an eligible business
organization pursuant to Rule 230.00. 875 (04/01/98)



<PAGE>


Ch2 Assessments and Fees

240.00  Assessments - The Board, prior to the Annual Meeting and quarterly
thereafter during each year, shall levy upon the membership such assessments as
it may deem necessary or advisable to meet any anticipated operating deficit of
the ensuing quarter and any actual deficit of the preceding quarter and such
assessment as the Board may deem necessary or advisable to meet any capital
expenditures of the ensuing quarter, including the retirement of mortgage
indebtedness encumbering the Board of Trade Building. It shall be the duty of
the President to prepare and submit to the Board, in advance of the meeting at
which any such assessment is levied, a detailed budget showing the deficit, if
any, for the preceding quarter and the amount of each such assessment proposed
to be levied. Each such quarterly assessment shall be billed to the members as
near the beginning of the quarter as may be practicable and shall become due and
payable within thirty days after such billing. 108 (08/01/94)

241.00  Members in Military Service - The Board shall have authority to remit
the assessments of a member during the period in which such member is in the
military service of the United States, as such service is defined in the
Soldiers' and Sailors' Civil Relief Act of 1940, as passed by Congress and as it
may be amended. 108B (08/01/94)

241.01  Dues of Members in Military Service - In accordance with the authority
granted the Board under the provisions of Rule 241.00 no assessment of a member
shall be remitted under Rule 241.00 except under the following conditions:

1.   Each petition for the benefits of Rule 241.00 will be considered on its
     merits.

2.   No petition will be considered unless accompanied with funds sufficient to
     pay all dues up to and including the full month in which the Board acts on
     the request.

3.   No petition will be approved unless the petitioner became a member of the
     Association prior to January 1, 1953.

4.   When a petition is granted the member is required to notify the Secretary
     promptly of the termination of his military service. 1844A (08/01/94)

242.00  Neglect to Pay Assessment - Any member who neglects to pay his
assessment, or installments thereof, within thirty days after such assessment,
or installments thereof, has been called for payment may be suspended until such
assessment, or installments thereof, is paid. If a member neglects to pay such
assessment, or installments thereof, during a period of six consecutive months,
his membership (a) may be disposed of by the Board; (b) or may be forfeited and
cancelled by the Board. 109 (08/01/94)

243.00  Transfer Fees - No transfer of membership may be consummated unless the
transferee pays to the Association a transfer fee. The amount of this fee is
established from time to time, by the Board of Directors. The transfer fee so
collected shall be used to purchase, retire or redeem indebtedness to finance
improvements to the Board of Trade Buildings or to pay the cost of such
improvements. The transfer fee described in this Rule 243.00 shall not apply
when the transferor is the estate of a deceased member or membership interest
holder and the transferee is the decedent's spouse or the decedent's child. 111
(07/01/98)

243.01  Sale and Transfer of Membership Privileges - Each individual submitting
an application for membership shall include with the application a non-
refundable application fee established by the Board. The application fee
described in this Regulation 243.01 shall not apply when the applicant is the
spouse or the child of a deceased member or membership interest holder. The
application fee will also not apply when a deceased member or membership
interest holder's membership or membership interest is held in trust pursuant to
Regulation 249.01(i), the applicant is the spouse or the child of the decedent,
and under the terms of the trust, the applicant is the successor trustee to the
deceased member or membership interest holder. 1807 (04/01/98)



<PAGE>


Ch2 Purchase and Sale or Transfer of Membership or Membership Interest

249.01  Purchase and Sale or Transfer of Membership or Membership Interest -
Membership status in this Association is a personal privilege, not subject to
sale or transfer except as herein authorized.

(a)  Purchase and Sale of Memberships and Membership Interest by Individuals -

     (i)  When an individual wishes to sell his full or associate membership or
          membership interest, he shall sign an offer to sell including an offer
          price, in such form as shall be prescribed by the Exchange.

          When an offer is matched to a bid, the member or registered eligible
          business organization may receive the sale proceeds prior to the
          expiration of the claims period or the resolution of any claims by
          depositing treasury bills with the Association, equivalent to the sale
          price of the membership or membership interest. All amounts deposited
          shall be available, without restriction, to satisfy claims against the
          departing member or the registered eligible business organization
          under this Chapter. In lieu of a deposit, the member or registered
          eligible business organization may file a clearing firm guaranty,
          letter of credit, or such other form as the Association may permit,
          equivalent to the sale price of the membership or membership interest,
          for the satisfaction of claims.

     (ii) Any individual who wishes to purchase a full or associate membership
          or membership interest subsequent to his approval for a particular
          membership status shall execute and deliver to the Department of
          Member Services a bid to purchase such membership or membership
          interest, in such form as may be prescribed by the Exchange. The bid
          shall be accompanied by a certified or cashier's check representing an
          earnest money deposit in the amount of fifteen percent of the bid, by
          an irrevocable letter of credit in the amount of fifteen percent of
          the bid, or by an agreement on a form prescribed by the Exchange and
          executed by a clearing member of the Association as provided in this
          section (ii).

          Any individual who wishes to purchase a full or associate membership
          or membership interest prior to his approval for a particular
          membership status shall execute and deliver to the Department of
          Member Services a bid to purchase such membership or membership
          interest, in such form as may be prescribed by the Exchange. The bid
          shall be accompanied by a check in the amount of the applicable
          transfer fee. The bid shall also be accompanied by a certified or
          cashier's check in the amount of such bid or by an agreement on a form
          prescribed by the Exchange and executed by a clearing member of the
          Association which shall provide that in the event the prospective
          purchaser's bid is matched to an offer, as provided in section (iii)
          below, and the prospective purchaser fails to make payment in the
          amount of his bid by 5:00 p.m. of the next business day following the
          day on which he was notified by the Department of Member Services that
          his bid was matched to an offer, such clearing member shall purchase
          the membership or membership interest in question for the full amount
          of such bid.

          The bid shall contain an agreement by such individual to take no
          recourse against the Association in the event he is not approved for
          membership, except as may be permitted under Section 8c of the
          Commodity Exchange Act as amended and a release of the Association of
          any claim or right that such individual would otherwise have had by
          reason of such failure to be so elected. The bid also shall contain an
          agreement by such individual that he or she consents to and accepts
          the Exchange's jurisdiction with respect to any disciplinary action or
          other matter within the purview of any Exchange committee from the
          date of purchase of a membership or membership interest until the date
          the individual is approved for membership status or, if such
          individual fails to be approved for membership status, until the date
          of a sale of the membership or membership interest is effected in
          accordance with this regulation. With respect to the purchase of a
          membership which will be registered pursuant to Rule 230.00 for the
          benefit of an eligible business organization which is not currently a
          member firm, a consent to jurisdiction also must be executed on behalf
          of the firm. The consent to jurisdiction shall expressly state that
          the Exchange may hold the membership or membership interest pending
          the disposition of any proceeding before any Exchange Committee and
          apply the proceeds from the sale of the membership or membership
          interest toward the satisfaction of any decision that may be rendered
          against the individual or firm.



<PAGE>


     Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
     ----------------------------------------------------------------------

          Nothing herein shall be construed in any way to limit the Exchange's
          jurisdiction over all individuals and firms which have been approved
          for membership. If any purchase of a membership or membership interest
          is being financed by a person other than the purchaser, such purchaser
          shall file satisfactory proof as required by the Department of Member
          Services that the financing party is aware of the provisions of this
          Regulation and Rule 252.00.

    (iii) The Department of Member Services shall post continually on the
          Bulletin Board the lowest offer to sell and the highest bid to buy
          full and associate memberships and membership interests, respectively.
          In the event of a match between any such bid and offer, the Department
          of Member Services shall notify the purchaser and the seller. In the
          event there are two bids and/or two offers in the same amount, the
          oldest offer shall be matched to the oldest bid. Title and value of
          the membership or membership interest shall be transferred to the
          purchaser upon payment being effected in the full amount of the bid.

          In the event that the prospective purchaser fails to make payment in
          the amount of his bid by 5:00 p.m. of the next business day following
          the day on which he was notified by the Department of Member Services
          that his bid was matched to an offer, the clearing member who has
          executed an agreement to purchase the membership or membership
          interest as provided in section (a)(ii) of this Regulation shall make
          payment in the full amount of the bid by 5:00 p.m. of the business day
          following the day upon which payment was due from the prospective
          purchaser. Upon becoming the owner of the title and value of the
          membership or membership interest, the clearing member shall either
          sell or transfer the membership or membership interest or cause the
          membership or membership interest to be registered on its behalf in
          accordance with Rule 230.00 of these Rules and Regulations.

          Failure to fulfill the obligations set forth in said agreement shall
          constitute acts detrimental to the interest and welfare of the
          Association.

          Within ten (10) business days of notice to the purchaser by the
          Department of Member Services that his or her bid has been matched to
          an offer, each purchaser of a full or associate membership who is not
          a full or associate member in good standing, and each purchaser of a
          membership interest who is not a full or associate member, membership
          interest holder or nominee thereof, or delegate in good standing,
          shall file with the Department of Member Services an application for
          the appropriate membership status, in such form as may be prescribed
          by the Exchange, in order to be eligible for approval for membership
          status. Such form shall include an agreement by the applicant to take
          no recourse against the Association in the event he or she is not
          approved for a particular membership status, except as may be
          permitted under Section 8c of the Commodity Exchange Act as amended
          and a release of the Association of any claim or right that such
          individual would otherwise have had by reason of such failure to be so
          elected. No person may exercise the rights of a particular membership
          status until he or she is approved for such membership status in
          accordance with these rules.

     (iv) If a purchaser of a membership or membership interest fails to file an
          application with the Department of Member Services as required in
          paragraph (iii) above, is not approved for membership status, or if
          for any reason his application is withdrawn, the Exchange shall retain
          the transfer fee and the purchaser shall assume all risk of gain or
          loss from the resale of the membership or membership interest
          purchased by him. The purchaser shall take all necessary steps to
          effect a sale of the membership or membership interest purchased by
          him within thirty (30) days of notification of his failure to be
          approved for membership status, withdrawal of his application, or the
          purchase of the membership or membership interest if he failed to file
          an application.

      (v) If the purchaser fails to effect a sale within the time period
          specified in paragraph (iv) above, the Department of Member Services
          shall effect a sale at the price of the highest bid to purchase then
          on file with the Department of Member Services on the next business
          day following the thirtieth (30) day after notification of his failure
          to be approved for membership status, withdrawal of his application,
          or the purchase of the membership or membership interest if he failed
          to file an application. If on the next business day following the
          thirtieth day after such notification, withdrawal, or purchase if he
          failed to file an application, there is no bid to purchase on file
          with the Department of Member Services, the membership or membership



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     Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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          interest shall be offered for sale by the Exchange at the same price
          as the lowest offer to sell then on file with the Department of Member
          Services. Such offer shall be matched with a bid in accordance with
          Regulation 249.01(a)(iii). The total amount realized from the sale of
          the membership or membership interest shall be remitted to the
          unsuccessful applicant in full satisfaction of all obligations of the
          Association, subject to Exchange Rule 252.00.

     (vi) An individual whose offer to sell his only membership or membership
          interest has been accepted by a purchaser, shall not make any Exchange
          contracts after the date of such consummation of the transfer.

          An individual whose membership or membership interest status was
          terminated through a sale in accordance with this paragraph (a), and
          who was a member or membership interest holder in good standing, not
          subject to any Exchange investigation, charges, suspension or
          disciplinary action at the time of such sale, shall remain eligible,
          for a period of six (6) months following such sale, to purchase
          another membership or membership interest under the provisions of this
          paragraph (a), to be the transferee of a membership or membership
          interest pursuant to subparagraphs 249.01(b) (c) or (d) or to become a
          delegate, in accordance with provisions of Regulation 202.01. The
          Exchange may, in its discretion, grant extensions to this six (6)
          month approval period.

(b)  Transfer by registered eligible business organization

     (i)  With the approval of the Membership Committee, ownership of the title
          and value of a full or associate membership of an individual, approved
          under Rules 200.00, 201.00, 159.00 and 202.00 may be vested in an
          eligible business organization registered in accordance with Rule
          230.00 provided that (i) the approved individual is a managerial
          employee as that term is defined in Rule 230.00 of such registered
          eligible business organization; (ii) the managerial employee's
          membership is registered for such eligible business organization; and
          (iii) the Membership Committee determines that such membership is
          needed by the registered eligible business organization to carry on
          its business at the Association. Additionally, with the approval of
          the Membership Committee, a registered eligible business organization
          may own GIM, COM and IDEM membership interests on behalf of individual
          nominees who are full-time employees of such firm in accordance with
          the provisions of Rules 291.00, 292.00 and 293.00. In such
          circumstances, all rights and responsibilities of membership shall
          remain the exclusive personal privilege of the approved individual,
          except that the registered eligible business organization shall be
          entitled to transfer such membership or membership interest, and to
          receive the net proceeds from transfer of such membership or
          membership interest after satisfaction of all claims against the
          approved individual, or against the registered eligible business
          organization, in accordance with Rules 252.00 and 253.00 of this
          Chapter.

     (ii) A registered eligible business organization owning the title and value
          of a full membership, associate membership, or membership interest may
          transfer said membership or membership interest to another approved
          individual who is also a managerial employee of the eligible business
          organization, by delivering to the Department of Member Services a
          report of intention to transfer upon such form as shall be prescribed
          by the Exchange. In addition, with respect to the transfer of a full
          or associate membership, the firm must deposit with the Department of
          Member Services an amount equal to the weighted average of all full or
          associate membership sales for the preceding calendar month, as
          appropriate. With respect to the transfer of a membership interest,
          the firm must deposit the greater of $50,000 or an amount equal to the
          weighted average of all GIM, COM or IDEM sales, for the preceding
          calendar month, as appropriate. Such amount may be deposited in cash,
          treasury bills, or such other form as the Association may permit. All
          amounts deposited shall be available, without restriction, to satisfy
          claims against the departing approved individual or against the
          registered eligible business organization under this Chapter. In lieu
          of a deposit, a firm may file a clearing firm guaranty for the
          satisfaction of claims in an amount that accords with the formulas set
          forth in this sub-paragraph. Should the departing approved individual
          be leaving the employ of the member firm, the application for
          membership or transfer documents of the transferee must be submitted
          to the Association within thirty (30) days from the termination date
          of the departing approved individual. The Exchange may, in its
          discretion, grant extensions of this 30 day approval period. No such
          extension shall exceed 60 days total length for any individual.



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    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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     (iii)  Nothing herein shall preclude or impair the right of the Exchange to
            impose discipline upon the registered eligible business
            organization, or upon the approved individual, or to dispose of the
            membership or membership interest of any approved individual, for
            the acts or delinquencies of the registered eligible business
            organization, or for the acts or delinquencies of the approved
            individual, in accordance with the Rules and Regulations of the
            Association.

     (iv)   An approved individual whose only remaining membership or membership
            interest has been transferred in accordance with this paragraph (b)
            shall not make any Exchange contracts after the date of such
            transfer.

     (v)    In the event that a registered eligible business organization owning
            the title and value of a full or associate membership or membership
            interest is acquired by another registered eligible business
            organization through the purchase of 100% of the partnership or
            limited liability company property or corporate stock, the acquiring
            eligible business organization may transfer said membership or
            membership interest to another approved individual who is a
            managerial employee of the acquiring eligible business organization
            by complying with the procedures set forth in sub-paragraph (ii),
            hereof.

            A registered corporation that owns the title and value of a full or
            associate membership or member interest may transfer said membership
            or membership interest to another approved individual who is a
            managerial employee of its wholly-owned registered subsidiary
            corporation or its registered parent partnership or corporation
            which owns 100% of its stock, or a sister corporation that is 100%
            owned by the parent entity, by complying with the procedures set
            forth in sub-paragraph (ii), hereof. A registered partnership that
            owns the title and value of a full or associate membership or
            membership interest may transfer said membership or membership
            interest to another approved individual who is a managerial employee
            of its wholly-owned registered subsidiary or a sister entity that is
            100% owned by the parent entity, by complying with the procedures
            set forth in sub-paragraph (ii), hereof. A registered limited
            liability company that owns the title and value of a full or
            associate membership or membership interest may transfer said
            membership or membership interest to another approved individual who
            is a managerial employee of its wholly-owned registered affiliate or
            a sister affiliate that is 100% owned by the parent entity by
            complying with the procedures set forth in sub-paragraph (ii),
            hereof. Each such transfer of a GIM Membership Interest shall count
            toward the two transfers specified in Rule 296.00 (2).

     (vi)   The parties to the transfer set forth in sub-paragraph (ii) of this
            paragraph may elect not to deposit a sum of money or file a clearing
            firm guaranty agreement as provided therein, in which case the
            transferee shall, for a period of time equal to that set forth in
            paragraph (e) of this Regulation, be ineligible to exercise any of
            the rights and privileges of the transferred membership or
            membership interest and, during this time and no other, all claims
            as set forth in sub-paragraph (ii) of this paragraph against the
            transferor shall be filed. If such claims are filed the transferee
            shall remain ineligible until the claims are satisfied or otherwise
            disposed. In order to satisfy claims set forth in sub-paragraph
            (ii), which have been properly filed and allowed by the Association,
            as provided by the Rules and Regulations, the transferred membership
            or membership interest may be sold by the Association. In the event
            of such sale and after the claims have been paid, the remaining
            surplus, if any, of the proceeds of sale shall be paid to the
            registered eligible business organization upon execution by it of a
            release which is satisfactory to the Association. In order to
            preclude the sale of the membership or membership interest by the
            Association for the satisfaction of claims, and for the transferee
            to become immediately eligible to exercise the rights and privileges
            of the transferred membership or membership interest, the registered
            eligible business organization may, in the alternative, deposit a
            sum of money or file a clearing firm guaranty as provided in sub-
            paragraph (ii) hereof.

     (vii)  An approved individual whose membership or membership interest
            status was terminated through a transfer in accordance with this
            paragraph (b), and who was a member or membership interest holder in
            good standing, not subject to any Exchange investigation, charges,
            suspension or disciplinary action at the time of such transfer,
            shall remain eligible, for a period of thirty (30) days following
            such transfer, to purchase another membership or membership interest
            under the provisions of this paragraph (a) or to be the transferee
            of a membership or membership interest pursuant to subparagraphs
            249.01 (b) (c) or (d) in accordance with provisions of Regulations
            202.01 and/or 230.18, as applicable. The



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            Exchange may, in its discretion, grant extensions of this 30 day
            approval period. No such extension shall exceed 60 days in total
            length for any individual.

(c) Transfer by member under loan agreement -

     (i)    Whenever, under the Rules and Regulations, a registered eligible
            business organization is required to register a certain number of
            full or associate memberships or is required to maintain memberships
            for other purposes, such eligible business organization may execute
            with an employee, approved for membership under this Chapter, a loan
            agreement in such form as the Association may prescribe, advancing
            to such employee the cost of membership and providing for the
            enforced repayment of such advance. The employee may transfer his
            membership to another employee of the same registered eligible
            business organization, approved for membership under this Chapter,
            upon the deposit with the Department of Member Services of an amount
            equal to the sum specified in sub-paragraph (ii) of paragraph (b) of
            this Regulation. All amounts so deposited shall be available,
            without restriction, to satisfy claims under this Chapter. Should
            the transferor be leaving the employ of the registered eligible
            business organization, the application for membership of the
            transferee must be submitted to the Association within thirty (30)
            days from the termination date of the transferor.

     (ii)   Transfer under this paragraph (c) except as provided in sub-
            paragraph (i) hereof, shall be governed by the provisions of
            paragraph (a) of this Regulation.

(d) Transfer within family -

     (i)    It shall be permissible, under the Rules and Regulations, to
            transfer a full or associate membership or membership interest
            between members of the same family (a spouse, parent, child,
            grandparent, or grandchild), or a decedent's membership or
            membership interest within the same family, provided such transferee
            is approved for the appropriate membership status under this Chapter
            and a clearing firm guaranty is filed, or sum of money as described
            in paragraph (b) is deposited with the Department of Member Services
            in order to satisfy claims.

     (ii)   The parties to the transfer may elect not to deposit a sum of money
            as provided in paragraph (b), in which case the transferee shall,
            for a period of time equal to that set forth in paragraph (e) of
            this Regulation, be ineligible to exercise any of the rights and
            privileges of the transferred membership or membership interest, and
            during this time and no other, all claims against the transferor
            shall be filed. If such claims are filed the transferee shall remain
            ineligible until the claims are satisfied or otherwise disposed. In
            order to satisfy claims against the transferor, which have been
            properly filed and allowed by the Association, as provided by the
            Rules and Regulations, the transferred membership or membership
            interest may be sold by the Association. In the event of such sale
            and after the claims have been paid, the remaining surplus, if any,
            of the proceeds of sale shall be paid to the transferee, or his
            legal representative, upon execution by him of a release which is
            satisfactory to the Association. In order to preclude the sale of
            the membership or membership interest by the Association for the
            satisfaction of claims, and to become immediately eligible to
            exercise the rights and privileges of the transferred membership or
            membership interest, the transferee may, in the alternative, comply
            with the provisions of sub-paragraph (i), hereof.

     (iii)  Transfer under this paragraph (d), except as provided in sub-
            paragraph (i) and (ii) hereof, shall be governed by the provisions
            of paragraph (a) of this Regulation.

(e) Notice of membership sale or transfer and filing claims -

     (i)    On the first and sixteenth calendar day of each month (or if the
            first or sixteenth is not a business day on the following business
            day ("notice days")), the Secretary shall post on the bulletin board
            located on the Exchange floor a notice listing each sale or transfer
            of a membership, each termination or expiration of a delegation
            agreement, each termination of an individual member registration and
            each termination of a member firm registered in accordance with the
            provisions of Rule 230.00 that occurred during the period beginning
            on the preceding notice day and ending on the business day preceding
            the current notice day. The Secretary shall also make this
            information available to the membership. The last day for filing
            claims pursuant to Rule 253.00 against the proceeds of the sale or



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    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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            transfer of a membership, the termination of an individual member
            registration, a termination of a member firm or pursuant to Rule
            221.00 (c)(2) against a delegate whose delegation agreement has
            terminated or expired is the business day immediately preceding the
            notice day that follows the notice day on which the Secretary posts
            a notice on the bulletin board announcing such sale or transfer or
            such termination or expiration of a delegation agreement. The
            Exchange shall hold the proceeds from the sale or transfer of a
            membership until such time as the relevant claims period has run
            and/or any disputed claims have been resolved.

     (ii)   Upon the effective date of sale or transfer of an individual's sole
            membership, all Exchange contracts of the seller or transferor shall
            mature, and if not settled, shall be closed out as in the case of
            insolvency, unless the same are assumed or taken over by another
            member of the Association.

     (iii)  The name of a member whose membership or membership interest has
            been disposed of by the Board shall be posted as in the case of a
            voluntary sale and such posting shall have the same effect in
            respect to open contracts and unmatured debts and obligations of the
            former member as in the case of a voluntary sale.

(f) Sale by Legal Representative -

     (i)    The membership or membership interest of a deceased member or
            membership interest holder may be sold pursuant to an offer to sell
            executed by the executor, administrator or other duly qualified and
            appointed legal representative of his estate.

     (ii)   The full or associate membership or membership interest of a member
            or membership interest holder who has been adjudicated incompetent
            may be sold pursuant to an offer to sell executed by his duly
            appointed guardian, conservator or other duly qualified legal
            representative.

(g) Indirect Exchange of Memberships -

     (i)    A member may exchange an associate membership for a full membership
            (an "AM Swap"), a full membership for an associate membership (an
            "FM Swap"), a GIM membership interest for an associate membership (a
            "GIM to AM Swap"), a GIM membership interest for a full membership
            (a "GIM to FM Swap"), a COM membership interest for an associate
            membership (a "COM to AM Swap"), a COM membership interest for a
            full membership (a "COM to FM swap") a COM membership interest for
            an IDEM membership interest (a "COM" to IDEM Swap"), an IDEM
            membership interest for an associate membership (an "IDEM to AM
            swap"), an IDEM membership interest for a full membership (an "IDEM
            to FM swap") or an IDEM membership interest for a COM membership
            interest (an "IDEM to COM Swap"), by signing an offer to exchange in
            such form as shall be prescribed by the Exchange. The offer to
            exchange shall specify the category of membership being relinquished
            (the "relinquished membership"); the category of membership the
            exchanging member wishes to acquire (the "replacement membership"),
            and the "Price Differential" at which the exchange is to be effected
            (as described below).

            The offer to exchange shall be accompanied by: (1) In the case of an
            AM, GIM to AM, GIM to FM, COM to AM, COM to FM, IDEM to AM or IDEM
            to FM Swap, a certified or cashier's check in the amount of the
            Price Differential, or an agreement of a clearing member of the
            Association as described in section (a)(ii) of this Regulation; and
            (2) an agreement of a clearing member of the Association to pay to
            the Association in cash upon demand the amount of any assessments or
            claims against the exchanging member's relinquished membership
            according to Rule 252.00 up to the value of the relinquished
            membership at the time the exchange is accepted. For this purpose,
            the value of the relinquished membership will be the bid price for
            such membership. In the case of a COM to IDEM Swap or an IDEM to COM
            Swap, the offer to exchange shall be accompanied by a certified or
            cashier's check in the amount of the Price Differential, or an
            agreement of a clearing member of the Association as described in
            section (a)(ii) of this Regulation if the value of the relinquished
            membership exceeds the value of the replacement membership. For the
            purpose of the preceding sentence, the value of the relinquished
            membership will be the bid price for such membership and the value
            of the replacement membership shall be the offer price of such
            membership.

     (ii)   The Department of Member Services shall post continually on the
            Bulletin Board the highest Price Differential for AM, GIM to AM, GIM
            to FM, COM to AM, COM to FM, COM to IDEM, IDEM to AM, IDEM to FM and
            IDEM to COM swaps, and the lowest Price Differential for FM swaps.
            In the event there are two or more AM swaps, two or more FM swaps,
            two or more GIM to AM Swaps, two or more GIM to FM Swaps, two or
            more COM to AM Swaps, two or more COM to FM Swaps, two or more IDEM
            to AM swaps two or more IDEM to FM Swaps, or two or more COM to IDEM
            Swaps (or IDEM to COM swaps) offered at the same Price Differential,
            the oldest offer shall be listed first.


     (iii)  The Department of Member Services shall notify an exchanging member
            that the member's offer to exchange has been accepted when (1) the
            difference between the bid price for



<PAGE>

    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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            memberships in the category of the relinquished membership and the
            offer price for memberships in the category of the replacement
            membership equals (2) the Price Differential for the offer to
            exchange. Upon notification of acceptance of the offer to exchange,
            the Department of Member Services shall cause the Association to
            acquire the relinquished membership from the exchanging member, sell
            the relinquished membership at its bid price, acquire the
            replacement membership at its offered price, and transfer the
            replacement membership to the exchanging member. The exchanging
            member shall pay the applicable transfer fee not later than 5:00
            p.m. of the first business day following acceptance of the offer to
            exchange.

     (iv)   If, prior to acceptance of an offer to exchange, the posted Price
            Differential for AM Swaps matches the posted Price Differential for
            FM Swaps, the Department of Member Services will notify the
            respective members and will effect a direct exchange of their
            memberships according to paragraph (h) below.

     (v)    Title and value of the relinquished membership shall pass to the
            Association, and title and value of the replacement membership shall
            be transferred to the exchanging member, upon notification by the
            Association that the exchange offer has been accepted.

     (vi)   The proceeds from the sale of the relinquished membership shall be
            applied to payment for the replacement membership. Any excess
            proceeds shall be applied in the manner specified in Rule 252.00 to
            satisfy assessments and claims against the relinquished membership.
            The exchanging member shall only be entitled to the replacement
            membership and any excess proceeds (subject to application of Rule
            252.00); in no event shall the exchanging member be entitled to
            demand receipt of the proceeds from the sale of the relinquished
            membership in lieu of receipt of the replacement membership.


     (vii)  If the exchanging member in an AM, GIM to AM, GIM to FM, COM to AM,
            COM to FM, IDEM to AM, IDEM to FM, COM to IDEM, or IDEM to COM swap
            fails to make payment for the Price Differential by 5:00 p.m. of the
            next business day following the day on which the member was notified
            by the Department of Member Services that the member's offer to
            exchange was accepted, the exchanging member shall forfeit ownership
            of the title and value of the replacement membership and the
            clearing member who has executed an agreement to purchase the
            membership as provided in section (a)(ii) of this Regulation shall
            make such payment by 5:00 p.m. of the next business day following
            the day upon which payment was due from the exchanging member. Upon
            such payment, the clearing member shall be the owner of the title
            and value of the replacement membership. The clearing member shall
            either sell or transfer the replacement membership or cause the
            replacement membership to be registered on its behalf in accordance
            with Rule 230.00 of these Rules and Regulations. The clearing member
            shall account to the exchanging member for the portion of the
            replacement membership bid price paid from the proceeds from the
            sale of the relinquished membership.


            Failure to fulfill the obligations set forth in said agreement shall
            constitute acts detrimental to the interest and welfare of the
            Association.

     (viii) The person who purchases the relinquished membership from the
            Association and the person who sells the replacement membership to
            the Association shall follow the procedures specified in section (a)
            or (b) of this regulation as applicable. Exchanges under this
            section (g), except as provided herein, shall be governed by the
            provisions of this Chapter.

(h) Direct Exchange of Memberships -


     (i)    A member in good standing may transfer (1) an associate membership
            in direct exchange for a full membership of another member, (2) a
            full membership for an associate membership of another member, (3) a
            GIM membership interest for an associate membership of another
            member, (4) a GIM membership interest for a full membership of
            another member, (5) a COM membership interest for an associate
            membership of another member, (6) a COM membership interest for a
            full membership of another member, (7) an IDEM membership interest
            for an associate membership of another member, (8) an IDEM
            membership interest for a full membership of another member, (9) an
            IDEM membership interest for a COM membership interest of another
            member or (10) a COM membership interest for an IDEM membership
            interest of another member. The exchanging members shall jointly
            execute and deliver to the Department of Member Services an
            agreement of direct exchange in such form as may be prescribed by
            the Exchange and setting forth the agreed Price Differential between
            the memberships. The agreement shall be accompanied by (1) a check


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        Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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          from each member in the amount of the applicable transfer fee, (2) a
          certified or cashier's check for the Price Differential, and (3) for
          each member, an agreement of a clearing member of the Association to
          pay to the Association in cash upon demand the amount of any
          assessments or claims against the exchanging member's relinquished
          membership according to Rule 252.00 up to the value of the
          relinquished membership at the time the exchange is accepted. For this
          purpose, the value of the relinquished membership shall be the average
          of the posted bid and offer prices for such memberships; provided that
          if there is either no posted bid or no posted offer, the value shall
          be the price paid in the last sale of such memberships. Title and
          value of the memberships shall be transferred to the respective
          exchanging members upon notification from the Department of Member
          Services that it has accepted the exchange.

     (ii) Exchanges under this section (h), except as provided herein, shall be
          governed by the provisions of this Chapter.

(i)  Transfer to a Trust -

     (i)   A member or membership interest holder (collectively referred to as
           "member" under this section) or a member's personal representative
           (including his or her agent under a durable power of attorney) may
           transfer his or her membership(s) or membership interest(s) to a
           trust of which the member is a grantor, if: (1) while the member is
           living and competent, the member is the sole trustee of the trust,
           (2) the member retains the right to revoke the trust during his or
           her life, and (3) all beneficiaries of the trust are members of the
           grantor's family who would be eligible for a family transfer from the
           grantor pursuant to section (d) of this regulation.

     (ii)  A trust shall take the membership subject to all of the rules of the
           Exchange, including Rules 230.00 and 252.00; however, Rule 252.00
           shall not apply to the transfer of a membership or membership
           interest to a trust wherein the member/grantor is the trustee. The
           transfer of a GIM membership interest to a trust wherein the
           member/grantor is the trustee shall not constitute a transfer under
           Rule 296.00(1).

     (iii) The interests in the membership that inure to the beneficiaries of
           the trust shall be subject to all of the rules of the Exchange; the
           Exchange's rights with respect to the membership shall be superior to
           those of the beneficiaries; and the Exchange shall have no liability
           to the beneficiaries of the trust in the event of the mishandling of
           the trust assets by the trustee. The grantor and the trustee (and any
           successor) shall each provide in the form provided by the Exchange an
           acknowledgement that the trust takes the membership subject to all of
           the rules of the Exchange and that the trust is in compliance with
           the requirements of this regulation.

     (iv)  The trustee (and any successor), if not already a member, shall be
           required to qualify for membership and satisfy the requirements of
           Chapter 2 of these Rules and Regulations.

     (v)   The grantor's liability to the Exchange under Rule 209.00 shall
           continue with respect to any claim arising out of an act or omission
           occurring prior to such transfer, and the membership will continue to
           be treated as the asset of the grantor for the purposes of Rule
           209.00 and for otherwise meeting any obligations to the Exchange
           arising out of the grantor's use of the membership prior to the
           transfer to the trust, including fines imposed with respect to
           conduct occurring prior to the transfer.

           A membership or membership interest held in a trust of which the
           member/grantor is the sole trustee may be temporarily transferred,
           subject to the provisions of section (j) of this regulation, to an
           individual within the member/grantor's same family, as defined in
           section (d)(I) of this regulation.

     (vi)  A membership held in trust may not be registered for member firm
           privileges.

     (vii) Subparagraph (vi) shall not apply to self-owned registered
           memberships, provided that the member demonstrates, to the
           satisfaction of the Association and before the membership is placed
           in trust, that the declaration of the trust into which the membership
           will be transferred incorporates by express reference the Rules and
           Regulations of the Association.

           This subparagraph shall have no effect on the provision of Regulation
           249.01(j)(iv) that prohibits the use of a membership that is the
           subject of a revocable intra-family transfer for



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    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
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            member firm privileges.

     (viii) The transfer shall be revoked and the membership shall revert to the
            transferor upon official notice to the Exchange that the trust has
            been revoked.

(j)  Notwithstanding the provisions of section (d) of this regulation pertaining
     to permanent family transfers, a member or membership interest holder may
     temporarily transfer his or her respective membership or membership
     interest to a member of his or her immediate family, as defined in section
     (d)(i) of this regulation, who shall be subject to all Exchange Rules and
     Regulations.

     Transfers under this section shall be subject to the following terms and
     conditions:

     (i)    The transferor may revoke the transfer upon written notice to the
            transferee, and a copy thereof shall be filed by the transferor with
            the Member Services Department as a precondition to its
            effectiveness. The transferee shall remain approved for membership
            under the same conditions which are applicable in the event of a
            termination of a delegation agreement, as set forth in Rule
            221.00(a).

     (ii)   The transfer shall be revoked and the membership or membership
            interest shall revert to the transferor's estate or conservator upon
            official notice of the death or formally declared incompetence of
            the transferor.

     (iii)  Upon election to membership, the transferee shall be treated as a
            member for all purposes, except that the transferee shall have no
            authority to sell, transfer or assign the membership or membership
            interest. The right to vote on all matters subject to a ballot vote
            among the general membership will remain with the transferor. A Full
            or Associate Member shall not be ineligible for elective office or
            committee appointments based on such member's having temporarily
            transferred his or her Full or Associate Membership pursuant to this
            section (j).

     (iv)   While a transfer under this section is in effect, the membership
            involved would not qualify the transferee for elective office and
            the membership may not be registered under Rule 230.00 for member
            firm privileges.

     (v)    The provisions of Rule 221.00(c) shall apply to the transferor and
            the transferee in the same manner that those provisions apply to a
            member and his delegate.

     (vi)   The transferor may sell or transfer the membership at any time in
            accordance with the provisions of this regulation. The family
            transfer shall automatically be null and void upon such a sale or
            transfer by the transferor. The proceeds of the sale of the
            membership will be distributed to the transferor following the
            settlement of all claims pursuant to Rule 252.00

     (vii)  The transfer of a GIM membership interest under this section shall
            not constitute a transfer under Rule 296.00(1).


     (viii) In the case of a membership or membership interest held in trust
            pursuant to subsection (i), the trustee may transfer the membership
            or membership interest in accordance with the provisions of this
            subparagraph (j). The trustee shall have the rights, duties and
            obligations of a transferor as provided by this subsection (subject
            to the provisions of subsection (i)). Where the transferor is the
            trustee of a membership or membership interest held in trust
            pursuant to subsection (i), and either (1) the trustee revokes the
            transfer; (2) the settlor is officially declared dead or (3) the
            settlor is decreed to be legally incompetent by a court of proper
            jurisdiction, then the membership or membership interest shall
            automatically revert to the trustee. (10/01/02)


250.01  Sale and Transfer of Membership Privileges - A member or his legal
representative desiring to sell his membership or membership interest shall
deliver to the Department of Member Services a signed authorization of sale
which is notarized or otherwise officially authenticated, or a telecopy thereof,
in the form prescribed below. The authorization of sale shall contain a specific
offer price. The member must also deliver to the Department of Member Services a
signed consent to jurisdiction in a form prescribed by the Exchange before his
authorization of sale will be accepted. With respect to the sale of a firm-owned
membership, the consent to jurisdiction must be signed by the last member
holding the membership and, if the sale would terminate the firm's member firm
status, a consent to jurisdiction must also be executed on behalf of the firm.
The consent to jurisdiction form provides that the member and, if applicable,
the member firm, consents to and accepts the



<PAGE>

    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
    ----------------------------------------------------------------------

Association's jurisdiction with respect to any potential or current disciplinary
matter of which the Association is aware or becomes aware prior to the
distribution of proceeds and further that the Exchange may retain all of the
proceeds from the sale of the member's seat pending the outcome of any
disciplinary action. The following shall apply to persons elected to membership
and to registered member firms for a period of five years after the termination
of such individual's or firm's membership status. Each such individual and firm:

     -    Remains responsible for any violations of Exchange rules and
          regulations committed while a member or member firm; and

     -    Agrees to have any disputes which arose while a member or member firm
          and which relate to or arose out of any transaction upon the Exchange
          or membership in the Exchange, resolved in accordance with Exchange
          rules and regulations.

An individual wishing to purchase a membership or membership interest shall
inform the Department of Member Services in such form as shall be prescribed by
the Exchange of his desire to purchase a membership or membership interest. When
the purchaser's bid has been matched with an offer to sell, the purchaser shall
sign a confirmation of purchase and shall by 5:00 p.m. of the next business day
following the day on which he was notified by the Department of Member Services
that his bid was matched to an offer deposit with the Department of Member
Services the balance, if any, owing on the purchase price on the membership or
membership interest.

                             AUTHORIZATION OF SALE

     To the Department of Member Services,                   ---------20--------

     Board of Trade of the City of Chicago

     I hereby offer to sell my membership privilege on the Board of Trade of the
     City of Chicago for the sum of $----------to any purchaser, and I authorize
     you to transfer my membership privilege to such purchaser upon his deposit
     of said purchase price with you and his payment of the transfer fee, it
     being understood that I shall pay all assessments up to the end of the
     quarter in which my membership is thus transferred. I have this date
     knowingly entered the date and offer price set forth above.

     ---Please check here if this offer revises and replaces a previous offer to
     sell your membership privilege.

     I ACKNOWLEDGE THAT I AM PERSONALLY LIABLE FOR ANY DAMAGES THAT MAY RESULT
     IF THIS OFFER REVISES AND REPLACES A PREVIOUS OFFER AND I FAIL TO NOTE THIS
     BY CHECKING THE SPACE INDICATED ABOVE.

                                                          ----------------------

                                         Social Security Number
                                                               -----------------

     Subscribed and sworn to before me on this         Day of                  ,
                                               -------        -----------------
     20
       ------------------


     ---------------------------
            Notary Public

                           CONFIRMATION OF PURCHASE

     Mr.                                                              , 20
        ---------------------                             ------------    ------

     I hereby confirm my purchase of your membership privilege on the Board of
     Trade of the City of Chicago in accordance with Regulations 243.01 and
     250.01 for the sum of $___________, it being understood that I have paid to
     the Board of Trade of the City of Chicago the transfer fee of $___________.


                                                         -----------------------

     Signed in the presence of



<PAGE>

    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
    ----------------------------------------------------------------------

    --------------------------
    (01/01/00)

250.02  Memberships Held Under Regulation 249.01(b) - The title and value of a
membership procured under Regulation 249.01(b) is owned by the registered
eligible business organization acquiring it, but the personal privileges of that
membership can only be exercised by one of the registered firm's managerial
employees who has been approved by the Membership Committee. For that reason,
the registered firm is allowed to designate a qualified individual to exercise
the personal privileges of that membership. Any such designation can be
terminated by the registered firm at any time. In that event, the individual's
right to exercise the personal privileges of that membership terminates
immediately and automatically. In the event that an individual wrongfully
exercises any personal privilege of membership after termination, the registered
firm shall remain responsible for that individual's liabilities and actions
until written notice of the termination has been posted on the bulletin board.
1806 (04/01/98)

250.03  Power-of-Attorney - In connection with membership transfers and
delegations, a power-of- attorney is permitted to be used only for the following
functions;

1.   To submit a bid to purchase a membership or membership interest.

2.   To sign the membership register.

3.   To execute, amend, terminate or file a delegation agreement. (08/01/94)

251.00  Membership Transfer - All purchases or sales of membership privileges
shall be made pursuant to Regulations adopted by the Exchange and no commission
or other compensation for services in connection with the purchase or sale of a
membership in the Association shall be paid. 127 (08/01/94)

251.01  Member Under Investigation - No member may transfer his membership
privilege by intrafamily transfer and no member firm may transfer a firm-owned
membership from one member employee to another employee under Regulation
249.01(b), unless the approval of the Regulatory Compliance Committee is first
secured, when the member is under investigation by any standing committee or by
a special committee appointed under the provisions of Rule 541.00 or when
charges are preferred against him or when he is under suspension for causes
other than default, insolvency, or non-payment of assessments. 1835 (08/01/94)

252.00  Proceeds of Membership -

(a)  ORDER OF DISTRIBUTION. Upon any transfer of membership, whether made by a
     member voluntarily or by the Board, the proceeds shall be applied to the
     following purposes and in the following order of priority:

     (1)  FIRST, the payment of all dues, assessments, service fees, fines,
          contributions, and charges payable to the Association by the member
          whose membership is transferred, and all other indebtedness of such
          member to the Association.

     (2)  SECOND, the payment of all dues, assessments, fines and charges
          payable by such member to the Clearing House, and all other
          indebtedness of such member to the Clearing House.

     (3)  THIRD, the payment to such member's Primary Clearing Member or
          Members, as specified in Rule 333.00, of all claims filed under
          Rule 253.00 for trading losses of such member arising out of
          Transactions on Change, and which claims have been allowed by the
          Board.

     (4)  FOURTH, the payment to other Clearing Members of all claims filed
          under Rule 253.00 for trading losses of such member arising out of
          Transactions on Change, and which claims have been allowed by the
          Board.

     (5)  FIFTH, the payment to members and member firms of all claims filed
          under Rule 253.00 for money owed on loans which had been made to the
          member whose membership was transferred, exclusively for the purpose
          of financing the purchase of such membership, and

<PAGE>

    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
    ----------------------------------------------------------------------

          which had been promptly recorded with the Secretary of the
          Association, and which claims have been allowed by the Board.

     (6)  SIXTH, the payment to members and member firms of all claims filed
          under Rule 253.00 otherwise arising from Member's Contracts, exclusive
          of personal debts which are not related to the conduct of business as
          a broker, trader or commission merchant, and which claims have been
          allowed by the Board. Provided, however, that this provision shall not
          apply to a membership subject to Regulation 249.01(b) or 249.01(c).

(b)  PRO RATA PAYMENT. If the proceeds of a transfer of membership are
     insufficient to pay all filed claims allowed by the Board, such claims,
     within the priorities listed in (a) above, shall be paid pro rata, except
     as provided in (e) below.

(c)  SURPLUS, IF ANY. Claims which are not filed during the period specified in
     Regulation 249.01 but which would otherwise qualify under (a) above may, if
     allowed by the Board, be paid out of any surplus after all other claims
     allowed by the Board have been paid in full and shall be paid in preference
     to claims referred to in (e) below. The remaining surplus, if any, of the
     proceeds of a transfer of membership, after payment of all claims allowed
     by the Board under this Rule, shall be paid to the person whose membership
     is transferred, or to his legal representatives, upon the execution by him
     or them of a release or releases satisfactory to the Board.

(d)  VALUATION.

     (1)  Claims which have not matured at the time of the transfer of the
          membership may be treated as though they had matured, and the amount
          due may be fixed and determined by the Board on the basis of market
          values or such other basis as the Board deems to be fair and just.

     (2)  If a claim is contingent or the amount that will ultimately be due
          cannot be immediately ascertained and determined, the Board may
          reserve and retain such amount from the proceeds as it deems
          appropriate, pending determination of the amount due on the claim.

     (3)  A claim shall be allowed by the Board only for the amount due after
          credit is given for the proceeds of the sale of any collateral held by
          the claimant of the fair value of such collateral as determined by the
          Board, The Board may require, before passing on the claim, that all
          such collateral be sold.

(e)  CLAIMS OF PARTNERS. Claims growing out of transactions between partners,
     who are members of the Association, shall not share in the proceeds of the
     membership of one of such partners until all other claims as allowed by the
     Board have been paid in full.

(f)  RIGHTS OF CREDITORS OF DECEASED, INCOMPETENT, SUSPENDED, OR EXPELLED
     MEMBER. The death, incompetency, expulsion or suspension of a member shall
     not affect the right of creditors under the provisions of this Rule.

(g)  DEATH OR INCOMPETENCY OF CREDITOR MEMBERS. When a member is in debt to
     another member, the death or incompetency of the creditor member or the
     transfer of his membership either by his estate or by the Board, shall not
     affect the rights of the creditor member, his firm, corporation, or estate,
     to share in proceeds of the membership of the debtor member under this
     Rule, in the same manner and to the same extent as if the creditor member
     had not died, become incompetent or his membership had not been
     transferred.

(h)  DEBTS EXISTING AS OF THE EFFECTIVE DATE OF THIS RULE AS AMENDED. Within 20
     business days after the effective date of this Rule, as amended, all
     members and member firms shall notify the Secretary of the Association of
     all member debts outstanding as of the effective date which debts have
     arisen out of members' contracts had between the parties thereto in the
     ordinary course of business. The Secretary shall record such debts. All
     recorded debts still remaining unpaid at the time of the transfer of the
     debtor's membership, if allowed by the Board, shall be included in Category
     3 of this Rule to be paid pro rata if necessary along with claims under
     that category, provided such debts are determined by the Board to have
     arisen out of members contracts had between the parties thereto in the
     ordinary course of business. The notice to the Secretary shall include the
     debtor member's acknowledgment of the debt; provided, however, that

<PAGE>

    Ch2 Purchase and Sale or Transfer of Membership or Membership Interest
    ----------------------------------------------------------------------

     any contested debts will be provisionally recorded by the Secretary.
     (08/01/94)

252.00A  Claims Filed by Corporations - Your Rules and Claims and Insolvencies
Committees concur in the attorney's opinion that a corporation cannot share in
the proceeds of the sale of memberships against which the corporation has filed
claims (even claims filed prior to the cancellation of the registration of its
officer's membership) after the member has cancelled the registration of his
membership for the benefit of the corporation, leaving no other member
registered for the corporation. 3R (08/01/94)

252.00B  Interpretation of Rule 252(e) - The Rules Committee has interpreted
Rule 252(e) as follows:

Where a partnership is the primary or other clearing member for one of its
member partners, such partnership may make claims against the proceeds from the
sale of such partner's membership under the provisions of Rule 252.00(a) (3) or
(4) for trading losses. A partnership may make claims against the proceeds from
the sale of a partner's membership under Rule 252.00(a) (5) where such loan had
been made exclusively for the purpose of financing the purchase of the partner's
membership. (08/01/94)

253.00  Filing Claims - A member to establish his claim and to become entitled
to his rights under Rule 252.00 of this Chapter to share in the proceeds of a
membership, shall file a statement of his claim during the period specified in
Regulation 249.01. Claims if not so filed and allowed by the Board may be paid
out of any surplus after all claims allowed by the Board have been paid in full
and shall be paid in preference to claims referred to in Rule 252.00(e) of this
chapter. 113 (08/01/94)

253.01  Pending Arbitration - In the event an Exchange arbitration action is
pending against a member who sells his membership, the entire proceeds from such
membership sale shall be reserved and retained by the Exchange towards
satisfaction of any resulting arbitration award in accordance with Rule 252.00.
However, prior to the arbitration hearing, a selling member whose sale proceeds
are being held by the Exchange pending the outcome of an arbitration may make
application to the Executive Committee who, upon such application, shall have
the discretion to authorize release to the selling member of any of the proceeds
in excess of the amount claimed in the arbitration and claims filed pursuant to
Rule 252.00. (08/01/94)

255.00  Deceased or Incompetent Member - When a member dies, or when a
conservator is appointed for him or his estate, his membership may be disposed
of by the Board. If the deceased or incompetent member has neglected to pay
assessments, Rule 242.00 shall apply to the disposition of his membership by the
Board. 115 (08/01/94)

256.00  Expelled Member - When a member is expelled or becomes ineligible for
reinstatement, his membership may be disposed of forthwith by the Board. 116
(08/01/94)







<PAGE>

Ch2 Insolvency

270.00  Insolvency - A member, or any other person with trading privileges, who
fails to perform his contracts, is insolvent, or is the subject of petition for
bankruptcy, or whose membership is registered for a member firm which fails to
perform its contracts, is insolvent, or is the subject of a petition for
bankruptcy, shall immediately inform the Secretary in writing that he or his
firm or corporation is unable to meet his or its engagements, and prompt notice
thereof shall be given to the Association. Subject to the provisions of
Regulation 540.06, he shall thereby become suspended from membership until,
after having settled with his creditors or the creditors of his firm or
corporation, he has been reinstated by the Board.

If a clearing member firm learns that any of the above-specified conditions
apply to a member or member firm whose trades it clears, the clearing member
firm must also immediately provide written notice thereof to the Secretary, and
prompt notice thereof shall be given to the Association. For purposes of this
provision, a clearing member firm will be deemed to have learned of such
conditions, if a member who is registered for the firm, and is also a general
partner of a partnership, an officer or director of a corporation, or a manager
of a limited liability company, has actual knowledge thereof.

Nothing in this Rule shall preclude disciplinary action for the violation of any
Rule or Regulation of the Association which contributed to the condition for
which the person is suspended under this Rule. (06/1/00)

270.01  Restrictions on Operations - The Financial Compliance Committee shall
advise the Chairman or Acting Chairman of the Board whenever it appears that a
member, registered eligible business organization, wholly-owned affiliate of
such member or registered eligible business organization or any other person
with trading privileges is insolvent; is failing to meet the minimum capital
requirements of the Association and cannot demonstrate its ability to achieve
compliance; is in such financial condition that it cannot be permitted to
continue in business with safety to its customers, its creditors, or the
Association; or such other condition or practice exists which may adversely
affect the safety of funds or positions carried for others. Upon the receipt of
such advice, the Chairman or Acting Chairman may, subject to the provisions of
Regulation 540.06, impose any restriction upon the operations of a member,
registered eligible business organization, wholly-owned affiliate or any other
person with trading privileges as he deems appropriate in the circumstances,
including but not limited to the following:

(a)  Restrictions upon the solicitation and or acceptances of new positions or
     new accounts;

(b)  In the case of positions or funds not otherwise protected by law which are
     carried for the benefit of others, restrictions upon the uses to which such
     positions or funds may be applied, and

(c)  Restrictions upon the carrying of funds or positions of others on an
     omnibus account basis.

Any member, registered eligible business organization, their wholly-owned
affiliates, or persons with trading privileges failing or refusing to comply
promptly with a restriction imposed by the Chairman shall be fined, suspended,
or expelled by the Board.

Nothing in this Regulation shall preclude disciplinary action for the violation
or any Rule or Regulation of the Association which contributed to the condition
for which restrictions are imposed under this Regulation. 1794 (04/01/98)

270.02  Procedures for Member Responsibility Actions - (See 540.06) (08/01/94)

270.03  Finality of Disciplinary Decisions and Member Responsibility Actions -
(See 540.07) (08/01/94)

271.00  Announcement of Suspension - Whenever a member, registered eligible
business organization or any other person with trading privileges has been
suspended pursuant to Regulation 540.06, the Secretary shall immediately
announce to the Association the suspension of such member, eligible business
organization, or other person. If such suspension is modified or rescinded after
hearing, the Secretary shall announce the revised action to the membership. 120
(04/01/98)

272.00  Insolvent Member - When announcement is made of a suspension of a
member, firm or

<PAGE>

                                Ch2 Insolvency
                                --------------

corporation pursuant to the Rules and Regulations, members have Exchange
contracts with the member, firm or corporation may proceed to close the same on
the Exchange or in the best available market, except insofar as the By-Laws and
Resolutions of the Clearing House are applicable and provide the method of
closing. Should a contract not be closed, as above provided, the price of
settlement shall be fixed by the Regulatory Compliance Committee.

Such suspended member, firm or corporation shall upon request of any customer
immediately arrange for the transfer of each open position of such customer to
such other person, firm or corporation as such customer may designate. 121
(08/01/94)

272.01  Bankruptcy of a Member or Non-Member - Whenever an order for relief
under the Bankruptcy Code as defined in Regulation 272.02 is entered for a
member, firm or corporation, or for a non-member, members having Exchange
contracts with the bankrupt member or non-member may proceed to close the same
on the Exchange in accordance with the provisions of Rule 272.00. (08/01/94)

272.02  Deliveries in Bankruptcy Situation -

(a)  For purposes of this Regulation:

     (i)  The term "customer" shall mean any person for whom a member carries an
          Exchange futures contract except a non-public customer as that term is
          defined in CFTC Regulation 190.01(bb).

    (ii)  The term "debtor" shall mean any member with respect to which an order
          for relief is entered under the Bankruptcy Code.

    (iii) The term "order for relief" means the filing of a petition in
          bankruptcy in a voluntary case and the adjudication of bankruptcy in
          an involuntary case.

    (iv)  The term "tender" with respect to a notice of delivery shall mean, in
          the case of a short clearing member that has presented such a notice
          to the Clearing House, the assignment of such notice by the Clearing
          House to a long clearing member, and, in the case of a long clearing
          member, the acceptance by such member of such notice from the Clearing
          House if such notice is not transferred by such long clearing member
          within the time permitted under the Rules of the Association or the
          Clearing House.

(b)  This Regulation shall apply only in the event and under the circumstances
     set forth in paragraph (c) hereof, and only in the event that the opposite
     clearing member referred to in said paragraph (c) is not itself a debtor.

(c)  Any provisions of the Rules or the Clearing House Rules to the contrary
     notwithstanding, in the event that any member becomes a debtor, and that at
     that time such member carries for a customer any Exchange futures contract
     in the current delivery month with respect to which the underlying physical
     commodity has not become a part of the debtor's estate on the date of the
     entry of the order for relief, and with respect to which:

     (i)   trading has ceased on the date of the entry of the order for relief;
           or (ii) notice of delivery has been tendered on or before the date of
           the entry of the order for relief; or

     (iii) trading ceases before such futures contract can be liquidated by the
           trustee of the debtor's estate;

     then, any customer for whose account such member is holding any such
     futures contract shall make delivery of and receive payment for, or receive
     delivery of and make payment for, the physical commodity as required to
     fulfill such contract directly between the customer and the opposite
     clearing member identified by the Clearing House as the party to whom
     delivery should be made or from whom delivery should be taken by such
     customer, through and in accordance with the bylaws of the Clearing House,
     and such opposite clearing member shall receive delivery of and make
     payment for, or make delivery of and receive payment for, such commodity in
     accordance with the bylaws of the Clearing House; provided, however, that
     nothing contained herein shall prevent such customer and such opposite
     clearing member from settling any such contract on such terms as may be
     mutually agreed upon.

<PAGE>

                                Ch2 Insolvency
                                --------------

(d)  The making or taking of delivery or payment with respect to any futures
     contract in accordance with paragraph (c) shall discharge in full the
     obligations of such customer and such opposite clearing member to the
     debtor and to every other person with respect thereto, but shall not
     discharge the debtor from any of its obligations with respect to such
     contract except to the extent that such delivery or payment is made.

(e)  Nothing contained in this Regulation shall relieve any customer of its
     obligation to make or take delivery under any Exchange futures contract for
     the sole reason that delivery must be made to or taken from a commodity
     broker which is a debtor. (08/01/94)

273.00  Investigation - Every person suspended under the provisions of Rule
270.00 shall immediately afford every facility required by the Office of
Investigations and Audits for the investigation of his affairs, and shall, after
the announcement of his suspension, file with the Office of Investigations and
Audits a written statement covering all information required by the Office of
Investigations and Audits, including a complete list of his creditors and amount
owing to each. 122 (08/01/94)

273.01  Insolvency - When the Financial Compliance Committee from any
preliminary investigations or otherwise, has reason to suspect that any member
of the Association is threatened with insolvency, it shall co-operate with such
member, in any feasible manner not contrary to the Rules and Regulations of the
Association, to save such member from open and judicial bankruptcy. When this is
not practicable, the Committee shall then take such other action as will in its
judgment assist in securing a prompt, efficient, and economic administration of
the member's assets for the bankrupt, as well as for the members of the
Association and customers of such bankrupt, who are creditors. Nothing herein,
however, shall authorize such Committee to bind the Association to any pecuniary
obligation. 1815 (08/01/94)

274.00 Reinstatement - When a person suspended under the provisions of this
Chapter applies for reinstatement, the Secretary shall make notice thereof
available to the membership and shall post notice thereof, upon the bulletin
board at least fifteen days prior to the consideration by the Board of such
application. The applicant shall furnish to said Board the list of his
creditors, a statement of the amounts originally owing and the nature of the
settlement in each case. The application shall be heard in accordance with
Regulation 540.03.

If the applicant fails to receive the approving vote of two-thirds of the
members of the Board present, the applicant shall be entitled to be balloted for
at two subsequent regular meetings of the Board to be designated by himself;
provided, however, that the three ballots to which the applicant shall be
entitled, shall be within six months from the date of his suspension, or until
such time as the membership is sold, or within such further extended time for
settlement as may have been granted by the Board. 124 (05/01/01)

275.00  Suspended or Expelled Member Deprived of Privileges - (See 561.00)
(08/01/94)

276.00  Suspended Member-Time for Settlement - If a person suspended under the
provisions of this Chapter fails to settle with his creditors and fails to apply
for reinstatement within (30) thirty days from the date of his suspension, or
within such further time as the Board may grant, or fails to obtain
reinstatement as elsewhere herein provided, his membership may be disposed of by
the Board.

The Board may, by a two-thirds vote of the members present, extend the time of
settlement for periods not exceeding one year each. 123 (06/01/99)

277.00  Discipline During Suspension - (See 562.00) (08/01/94)

278.00  Suspension for Default - Where a member, or any other person with
trading privileges, fails or refuses to (a) perform an Exchange contract with
(b) pay obligations arising out of such contracts to another member, or (c) pay
obligations owed to the Association, the defaulting member, on complaint of the
other member or, in the case of a debt owed to the Association, of the Treasurer
of the Association, shall, subject to the provisions of Regulation 540.06, be
suspended until the contract is performed or the debt satisfied. Registered
firms and corporations shall be deemed members under this Rule. Application for
reinstatement shall allege, under oath, that all such debts have been
discharged, and notice of such application shall be posted on the bulletin board
fifteen days prior to the hearing of such application pursuant to Rule 274.00.



<PAGE>

                                Ch2 Insolvency
                                --------------

Nothing in this Rule shall preclude disciplinary action for the violation of any
Rule or Regulation of the Association which contributed to the condition for
which the member is suspended under this Rule. 130 (12/01/96)

278.01  Arbitration of Default - If the member alleged to be in default pursuant
to Rule 278.00 denies the default, he shall be entitled to have the claim
arbitrated. If the claim is admitted or established by a final arbitration
award, the defaulting member shall be suspended until he has satisfied and
discharged the debts owing to members on Exchange contracts. (08/01/94)

285.01  Financial Questionnaire - Each member, registered eligible business
organization or wholly-owned affiliate of such member or registered eligible
business organization shall furnish to the Business Conduct Committee or the
Financial Compliance Committee, at such times as the Committee may designate, an
answer to a financial questionnaire in such form as the Committee may prescribe.
1781 (04/01/98)

285.02  Audits - The Business Conduct or Financial Compliance Committee may
require any member, registered eligible business organization or its wholly-
owned affiliates carrying margin accounts for customers or transacting business
involving the purchase and sale of cash commodities for customers, to cause to
be made as of the date of an answer to a financial questionnaire, an audit of
his or its assets, liabilities, accounts and affairs, including securities held
for safekeeping, in accordance with such audit requirements as may be prescribed
by said Committee, and to file with said Committee a statement to the effect
that such an audit has been made and that the answers to the questionnaire are
in accord therewith.

Such statement shall in the case of any such member of the Association not a
partner of a registered partnership, a manager of a registered limited liability
company, nor an officer of a registered corporation, be signed by such member.
In the case of a registered partnership, such statement shall be signed by two
general partners of the partnership, one of whom must be a member of the
Association. In the case of a registered corporation, such statement shall be
signed by at least two of the bona fide, active executive officers of the
corporation, one of whom must be a member of the Association whose membership is
registered on behalf of the corporation. In the case of a registered limited
liability company, such statement shall be signed by at least two managers of
the limited liability company, one of whom must be a member of the Association
whose membership is registered on behalf of the limited liability company. In
the case of a wholly-owned affiliate of a member, registered partnership,
registered limited liability company or registered corporation, such statement
must be signed as indicated above, as well as by an active executive officer of
the wholly-owned affiliate. The statement must also certify that a copy of it
has been made available to each general partner in the case of partnerships, to
each of the members of a limited liability company and in the case of
corporations each member of the Association whose membership is registered on
behalf of the corporation.

The signature of a partner of such partnership, a member of such limited
liability company or an officer of such corporation, may be waived by the
Committee at the discretion of the Committee.

Such above statement shall in all cases be attested to by the auditors and a
copy of the report of the audit signed by the auditors shall be retained as part
of the books and records of the member, registered partnership or registered
corporation. 1782 (04/01/98)


285.03  Notification of Capital Reductions - Any firm that has been approved to
deliver against a CBOT contract must

     notify the Exchange in writing within two business days of any event or
     series of events, including any withdrawal, advance, loan or loss that, on
     a net basis, causes a twenty percent (20%) or more reduction of its Net
     Worth as last reported by submission of a financial statement or financial
     questionaire. Failure to so notify the Financial Compliance Committee shall
     be considered an act detrimental to the interest and welfare of the
     Association under Rule 504.00. (07/01/01)


<PAGE>

                                Ch2 Insolvency
                                --------------

285.04  Restrictions on Operations - (See 270.01) (08/01/94)

285.05  Financial Requirements -

A.   All member firms that are registered as Futures Commission Merchants must
     comply with the requirements set forth in the following CFTC Regulations:

     1.   1.10 - Financial reports of futures commission merchants; and

          a.   In addition to the requirements set forth in CFTC Regulation 1.10
               each FCM member firm must file:

               1.   An unaudited quarterly financial statement as of the firm's
                    fiscal year end; and

               2.   Submit with the certified year-end financial report a
                    reconciliation between the certified financial report and
                    the quarterly unaudited report; and

               3.   For all financial statement filings, submit a Statement of
                    Income (Loss) for the period between the date of the most
                    recent financial statement or, at the option of the member,
                    the most recent certified financial statement filed with the
                    Exchange; and

               4.   Each member FCM which also is a member of any other security
                    or commodity exchange or self-regulatory organization or
                    federal agency must promptly submit to the Exchange, unless
                    specifically exempted, copies of any financial statements
                    (for example, Focus Reports) submitted pursuant to the
                    requirements of those exchanges, organizations or agencies.

          b.   Statement Certification and Attestation Requirements:

               1.   For a member FCM which is a registered partnership,
                    financial report must be signed in a manner as determined by
                    the Exchange (i.e. - electronic or manual) by the individual
                    designated as the Chief Financial Officer (or as having
                    these responsibilities), in accordance with Chicago Board of
                    Trade Regulation 230.03(a), provided that he is a general
                    partner.

               2.   For a member FCM which is any type of eligible business
                    organization other than a partnership, financial reports
                    must be signed in a manner as determined by the Exchange
                    (i.e. - electronic or manual) by the individual designated
                    as the Chief Financial Officer (or as having these
                    responsibilities) in accordance with Chicago Board of Trade
                    Regulation 230.03(a).

               3.   An attestation letter must accompany all audited financial
                    reports which are filed with the Exchange, as well as any
                    financial reports which are not filed electronically. The
                    attestation letter must certify that copies of the financial
                    reports must be made available to: (a) each member of the
                    Chicago Board of Trade whose membership is registered for
                    the FCM: (b) each individual designated by the FCM, in
                    accordance with Regulation 230.03(a): and (c) each general
                    partner in the case of a partnership.

               4.   The signature of the Chief Financial Officer, or the person
                    who has these responsibilities, may be waived by the
                    Exchange, at the discretion of the Exchange. In the event of
                    such waiver, an FCM will be required, in the case of a
                    partnership, to have a general partner sign the financial
                    reports. In the case of any other type of eligible business
                    organization, the FCM will be required to have the Chief
                    Executive Officer sign the financial reports. In either
                    event, this individual must either be a member of the
                    Chicago Board of Trade, or must have been designated by the
                    FCM, in accordance with Regulation 230.03(a).

               5.   Financial report audited by an independent public accountant
                    must be attested to by the independent public accountant.

               6.   Financial reports which are filed through Exchange-approved
                    electronic transmission must be accompanied by the CBOT
                    assigned Personal



<PAGE>

                                Ch2 Insolvency
                                --------------

                    Identification Numbers (PINS) of the authorized signers. The
                    PIN number will constitute and become a substitute for the
                    manual signature of the authorized signer to the
                    electronically filed financial report. The PIN is a
                    representation by the authorized signer that, to the best of
                    his or her knowledge, all information contained in the
                    statement being transmitted under the PIN is true, correct
                    and complete.

               7.   The unauthorized use of a CBOT assigned Personal
                    Identification Number for electronic attestation by an
                    unauthorized party is forbidden.

     2.   1.12 - Maintenance of minimum financial requirements by futures
          commission merchants; and

     3.   1.16 - Qualifications and reports of accountants; and

     4.   1.17 - Minimum financial requirements for futures commission merchants
          and introducing brokers; and

     5.   1.18 - Records for and relating to financial reporting and monthly
          computation by futures commission merchants; and

     6.   1.20 through 1.30 - Customers' Money, Securities, and Property; and

     7.   1.32 - Segregated account; daily computation and record; and

     8.   30.7 - Treatment of foreign futures or foreign options secured amount.

     Notwithstanding the foregoing requirements, the CBOT may impose additional
     accounting, reporting, financial and/or operational requirements as
     determined necessary.

B.   For firms that are regular to deliver agricultural products see
     Appendix 4E.

C.   For firms that are regular to deliver Rough Rice see Appendix 37D.
     (07/01/00)




285.08  Financial Arrangements - Each member who makes an arrangement to finance
his transactions must identify to the Exchange the source of the financing and
its terms. The Exchange must be informed immediately of the intention of any
party to terminate or change any such arrangement. (12/01/94)

285.09  Trading Associations - Each member who makes an arrangement to be on the
floor of the Exchange or on the Project A electronic trading system for the
purpose of making discretionary trading decisions and executing discretionary
trades for a firm must ensure that the firm is registered as a member firm of
the Exchange. (08/01/99)

286.00  Trades of Non-Clearing Members - On the first business day of each month
each clearing member who is creditor of any member as a result of debts related
to the conduct of business as a broker, trader or commission merchant shall
report to the Business Conduct Committee the name of each member whose unsecured
indebtedness to him is in the amount of five thousand dollars ($5,000) or more.
The Business Conduct Committee is authorized to furnish to any clearing member,



<PAGE>

                                Ch2 Insolvency
                                --------------

on written request, the names of all members or member firms, to whom a
specified member is indebted as reported hereunder, and the names of members and
member firms as reported pursuant to Rule 252.00(h).

The phrase "unsecured indebtedness" as used in the rules means the amount of
indebtedness in excess of collateral security valued in accordance with the
provisions of paragraph 3 and 4 of Regulation 431.02.

Failure of a member or member firm to report such indebtedness may be considered
to be an act detrimental to the interest or welfare of the Association under the
provisions of Rule 504.00 and may be relied on by the Board of Directors in
deciding not to allow a claim for such indebtedness under Rules 252.00 and
253.00. (08/01/94)

287.00  Advertising - No member shall publish any advertisement of other than
strictly legitimate business character. 604 (08/01/94)



<PAGE>

Ch2 Membership Interests

290.00  Market Categories - Each existing and prospective futures contract and
options contract traded on the Exchange shall be listed in one of the following
four market categories: Agricultural and Associated Market (AAM), Government
Instruments Market (GIM), Index, Debt and Energy Market (IDEM), and Commodity
Options Market (COM). The Board shall provide for the initial listing of such
futures contracts and options contracts by adopting Regulations and may alter
any such listing by amending these Regulations. No such listing shall affect any
of the rights of full or associate members or other persons with trading access,
except as may be specifically provided for herein. (08/01/94)

290.01 Agricultural and Associated Market (AAM) - The AAM consists of the
following futures contracts: soybeans, soybean meal, soybean oil, oats, wheat,
corn, anhydrous ammonia, diammonium phosphate, barge freight rate index,
FOSFA International Edible Oils Index, sunflower seeds, catastrophe insurance
and rough rice. (09/01/01)

290.02  Government Instruments Market (GIM) - The GIM consists of the following
futures contracts: U.S. Treasury Bonds, U.S. Treasury Notes (6-10 years), U.S.
Treasury Notes (5 years), U.S. Treasury Notes (2 years), Long Term and Medium
Term Agency (Fannie Mae(R) Benchmark and Freddie Mac Reference) NotesSM,
Mortgage, Inflation-Indexed U.S. Treasury Bonds, Long-Term Inflation-Indexed
Treasury Notes, Medium-Term Inflation-Indexed Treasury Notes, German Government
Bonds, Canadian Government Bonds (10 year), Cash Settled U.S. Treasury Notes (2
years), Zero Coupon Treasury Bonds, Zero Coupon Treasury Notes, U.S. Treasury
Bills (90 days), Long-Term Japanese Government Bonds, Mortgage-Backed 10-Year
Interest Rate Swap, 5-Year Interest Rate Swap, GNMA-CDR, Domestic CDs, and
Treasury Repos (30-day and 90-day) (when designated). (07/01/02)


290.03 Index, Debt and Energy Market (IDEM) - The IDEM consists of the following
futures contracts: 30-Day Fed Fund, Portfolios (when designated), Stock Indexes,
CBOT Dow Jones - AIG Commodity Index(SM), CBOT X-Fund, Corporate Bond Index,
Commercial Paper (30 days), Commercial Paper (90 days), Municipal Bonds (when
designated), 10-Year Municipal Note Index, Municipal Bond Index, Eurodollars,
Crude Oil (when designated), Leaded Gasoline (when designated), Unleaded
Gasoline (when designated), Heating Oil (when designated), Silver, Gold, Gold
Coins (when designated) Plywood, Structural Panel Index, CBOT U.S. Dollar
Composite Index, CBOT Argentina, Brazil and Mexico Brady Bond Indexes, U.S.
Treasury Yield Curve Spread, ComEdTM and TVA Hub Electricity. (11/01/02)


290.04  Commodity Options Market (COM) - The COM consists of the following
options contracts: U.S. Treasury Bond Futures Options and all other options that
are listed for trading by the Exchange. (08/01/94)

291.00  GIM Membership Interest - A GIM Membership Interest is a personal right,
which shall entitle the holder thereof to trade as principal and broker for
others in all contracts listed in the GIM pursuant to Regulation 290.02. In
addition, the holder of a GIM Membership Interest may communicate from the Floor
of the Exchange with persons not on the Floor of the Exchange in the same manner
as may members, but only with respect to contracts traded in the GIM. An
eligible business organization may own a GIM Membership Interest on behalf of an
individual nominee who is a full-time employee of the eligible business
organization, provided that the Membership Committee determines that such GIM
Membership Interest is needed by the eligible business organization to carry on
its business at the Association and that all rights and obligations of the GIM
Membership Interest shall remain the exclusive responsibility of the individual
nominee. An eligible business organization which owns a GIM Membership Interest
may transfer it from one nominee to another individual employee of the eligible
business organization who has been duly approved for membership subject to the
provisions of Regulation 249.01(b).

(A)  A GIM Membership Interest shall not carry any voting rights on any matter
     which is the subject of a ballot vote of the general membership.

(B)  GIM Membership Interest holders, annually, may elect a Committee consisting
     of 11 GIM Membership Interest holders, including a Chairman thereof. The
     Chairman of this Committee shall be liaison to the Chairman of the Board.

(C)  In the event of full liquidation of the Association, the holder of a GIM
     Membership Interest shall


<PAGE>

                           Ch2 Membership Interests
                           ------------------------

     share in the proceeds from dissolution in an amount equal to eleven percent
     (.11) of a full member's share. No holder of a GIM Membership Interest
     shall have the right to share in any other distribution made by the
     Association.

(D)  No GIM Membership Interest shall carry with it the attributes of membership
     in the Association under the Fifth Article of the Certificate of
     Incorporation of the Chicago Board Options Exchange.

(E)  Each holder of a GIM Membership Interest shall be responsible for paying
     all dues, fees and assessments that are applicable to full memberships for
     each GIM Membership Interest held.

(F)  Each GIM Membership Interest may be sold or delegated according to the
     Rules and Regulations applicable to the sale and delegation of full and
     associate memberships. No GIM Membership Interest may be registered on
     behalf of an eligible business organization.

(G)  Each person who seeks to purchase or be delegated a GIM Membership Interest
     shall make application according to the Rules and Regulations governing
     applications for full and associate membership. Each such applicant shall
     be considered eligible to assume the rights and obligations of a GIM
     Membership Interest according to the procedures and standards that apply to
     full and associate members, as set forth in the Rules and Regulations.

(H)  Each holder of a GIM Membership Interest shall be subject to all Rules and
     Regulations of the Association including all specific duties and
     obligations imposed on such holders by the Rules and Regulations, as well
     as those duties and obligations imposed upon members or other approved
     persons under the Rules and Regulations; provided however, the Board may
     exempt holders of GIM Membership Interests from any such duty or obligation
     which is incompatible with, or in conflict with or unrelated to the duties
     performed by them. All references to "members" and "membership" in the
     Rules and Regulations shall apply with equal force to holders of GIM
     Membership interest and GIM Membership Interests, respectively, unless
     superseded or specifically negated by this Rule or by Rule 290.00 or Rule
     294.00 or the Regulations thereunder. (04/01/98)

292.00  IDEM Membership Interest - An IDEM Membership Interest is a personal
right, which shall entitle the holder thereof to trade as principal and broker
for others in all contracts listed in the IDEM pursuant to Regulation 290.03. In
addition, the holder of an IDEM Membership Interest may communicate from the
Floor of the Exchange with persons not on the Floor of the Exchange in the same
manner as may full members, but only with respect to contracts traded in the
IDEM. An eligible business organization may own an IDEM Membership Interest on
behalf of an individual nominee who is a full-time employee of the eligible
business organization, provided that the Membership Committee determines that
such IDEM Membership Interest is needed by the eligible business organization to
carry on its business at the Association and that all rights and obligations of
the IDEM Membership Interest shall remain the exclusive responsibility of the
individual nominee. An eligible business organization which owns an IDEM
Membership Interest may transfer it from one nominee to another individual
employee of the eligible business organization who has been duly approved for
membership subject to the provisions of Regulation 249.01(b).

(A)  An IDEM Membership Interest shall not carry any voting rights on any matter
     which is the subject of a ballot vote of the general membership.

(B)  IDEM Membership Interest holders, annually, may elect a Committee
     consisting of 11 IDEM Membership Interest holders, including a Chairman
     thereof. The Chairman of this Committee shall be liaison to the Chairman of
     the Board.

(C)  In the event of full liquidation of the Association, the holder of an IDEM
     Membership Interest shall share in the proceeds from dissolution in an
     amount equal to one-half of one percent (.005) of a full member's share. No
     holder of an IDEM Membership Interest shall have the right to share in any
     other distribution made by the Association.

(D)  No IDEM Membership Interest shall carry with it the attributes of
     membership in the Association under the Fifth Article of the Certificate of
     Incorporation of the Chicago Board Options Exchange.

(E)  Each holder of an IDEM Membership Interest shall be responsible for paying
     all dues, fees and assessments that are applicable to full memberships for
     each IDEM Membership Interest held.



<PAGE>

                           Ch2 Membership Interests
                           ------------------------

(F)  Each IDEM Membership Interest may be sold or delegated according to the
     Rules and Regulations applicable to the sale and delegation of full and
     associate memberships. No IDEM Membership Interest may be registered on
     behalf of a eligible business organization.

(G)  Each person who seeks to purchase or be delegated an IDEM Membership
     Interest shall make application according to the Rules and Regulations
     governing applications for full and associate membership. Each such
     applicant shall be considered eligible to assume the rights and obligations
     of an IDEM Membership Interest according to the procedures and standards
     that apply to full and associate members, as set forth in the Rules and
     Regulations.

(H)  Each holder of a IDEM Membership Interest shall be subject to all Rules and
     Regulations of the Association including all specific duties and
     obligations imposed on such holders by the Rules and Regulations, as well
     as those duties and obligations imposed upon members or other approved
     persons under the Rules and Regulations; provided however, the Board may
     exempt holders of IDEM Membership Interests from any such duty or
     obligation which is incompatible with, or in conflict An eligible business
     organizationith or unrelated to the duties performed by them. All
     references to "members" and "membership" in the Rules and Regulations shall
     apply with equal force to holders of IDEM Membership Interest and IDEM
     Membership Interests, respectively, unless superseded or specifically
     negated by this Rule or by Rule 290.00 or Rule 294.00 or the Regulations
     thereunder. (04/01/98)

293.00  COM Membership Interests - A COM Membership Interest is a personal
right, which shall entitle the holder thereof to trade as principal and broker
for others in all contracts listed in the COM pursuant to Regulation 290.04. In
addition, the holder of a COM Membership Interest may communicate from the Floor
of the Exchange with persons not on the Floor of the Exchange in the same manner
as may full members, but only with respect to options contracts traded in the
COM. An eligible business organization may own a COM Membership Interest on
behalf of an individual nominee who is a full-time employee of the eligible
business organization, provided that the Membership Committee determines that
such COM Membership Interest is needed by the eligible business organization to
carry on its business at the Association and that all rights and obligations of
the COM Membership Interest shall remain the exclusive responsibility of the
individual nominee. An eligible business organization which owns a COM
Membership Interest may transfer it from one nominee to another individual
employee of the eligible business organization who has been duly approved for
membership subject to the provisions of Regulation 249.01(b).

(A)  A COM Membership Interest shall not carry any voting rights on any matter
     which is the subject of a ballot vote of the general membership.

(B)  COM Membership Interest holders, annually, may elect a Committee consisting
     of 11 COM Membership Interest holders, including a Chairman thereof. The
     Chairman of this Committee shall be liaison to the Chairman of the Board.

(C)  Upon the inception of options trading on the Exchange, and in the event of
     full liquidation of the Association, the holder of a COM Membership
     Interest shall share in the proceeds from dissolution in an amount equal to
     one-half of one percent (.005) of a full member's share. No holder of a COM
     Membership Interest shall have the right to share in any other distribution
     made by the Association.

(D)  No COM Membership Interest shall carry with it the attributes of membership
     in the Association under the Fifth Article of the Certificate of
     Incorporation of the Chicago Board Options Exchange.

(E)  Each holder of a COM Membership Interest shall be responsible for paying
     all dues, fees and assessments that are applicable to full memberships for
     each COM Membership Interest held.

(F)  Each COM Membership Interest may be sold or delegated according to the
     Rules and Regulations applicable to the sale and delegation of full and
     associate memberships. No COM Membership Interest may be registered on
     behalf of an eligible business organization.

(G)  Each person who seeks to purchase or be delegated a COM Membership Interest
     shall make application according to the Rules and Regulations governing
     applications for full and associate membership. Each such applicant shall
     be considered eligible to assume the rights and obligations of a COM
     Membership Interest according to the procedures and standards that apply to
     full and associate members, as set forth in the Rules and Regulations.



<PAGE>

                           Ch2 Membership Interests
                           ------------------------

(H)  Each holder of a COM Membership Interest shall be subject to all Rules and
     Regulations of the Association including all specific duties imposed on
     such holders by the Rules and Regulations, as well as those duties and
     obligations imposed upon members or other approved persons under the Rules
     and Regulations; provided however, the Board may exempt holders of COM
     Membership Interests from any such duty or obligation which is incompatible
     with, or in conflict with or unrelated to the duties performed by them. All
     references to "members" and "membership" in the Rules and Regulations shall
     apply with equal force to holders of COM Membership Interest and COM
     Membership Interests, respectively, unless superseded or specifically
     negated by this Rule or by Rule 290.00 or Rule 294.00 or the Regulations
     thereunder.

(I)  Upon the effective date of any termination of commodity options trading by
     the Commodity Futures Trading Commission, all rights and privileges
     specified in this Rule shall automatically expire and become null and void.
     (04/01/98)

293.01  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, or in writing to brokers
in the underlying Treasury Bond futures, Long-Term Municipal Bond Index futures,
Short-Term Treasury Note futures, Medium-Term Treasury Note futures or in Long-
Term Treasury Note futures from the Treasury Bond options trading pit provided
that such orders are for hedge purposes only. (09/01/97)

293.02  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Soybean futures from the
Soybean Options trading pit provided that such orders are for hedge purposes
only. (08/01/94)

293.03  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Corn futures from the Corn
Options trading pit provided that such orders are for hedge purposes only.
(08/01/94)


293.05  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, or in writing to brokers
in the underlying Long-Term Treasury Note futures, Long-Term Municipal Bond
Index futures, Medium-Term Treasury Note futures, Short-Term Treasury Note
futures or in U.S. Treasury Bond futures from the Long-Term Treasury Note
Options trading pit provided that such orders are for hedge purposes only.
(09/01/97)

293.06  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, or in writing to brokers
in the underlying Long-Term Municipal Bond Index futures, Long-Term Treasury
Note futures, Medium-Term Treasury Note futures, Short-Term Treasury Note
futures or in U.S. Treasury Bond futures from the Long-Term Municipal Bond Index
Options trading pit provided that such orders are for hedge purposes only.
(09/01/97)

293.07  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Wheat futures from the Wheat
Options trading pit provided that such orders are for hedge purposes only.
(08/01/94)

293.08  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Soybean Meal futures from
the Soybean Meal Options trading pit provided that such orders are for hedge
purposes only. (08/01/94)

293.09  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Soybean Oil futures from the
Soybean Oil Options trading pit provided that such orders are for hedge purposes
only. (08/01/94)



<PAGE>

                           Ch2 Membership Interests
                           ------------------------

293.10  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, or in writing to brokers
in the underlying Short-Term Treasury Note futures, Medium-Term Treasury Note
futures, Long-Term Treasury Note futures, Long-Term Municipal Bond Index futures
or in U.S. Treasury Bond futures from the Short-Term Treasury Note Options
trading pit provided that such orders are for hedge purposes only. (09/01/97)

293.12  IDEM Membership Rights - Holders of IDEM Membership Interests shall be
permitted to transmit orders verbally, by hand signals or in writing to brokers
in U.S. Treasury Bond futures, Long- Term Treasury Note futures, Short-Term
Treasury Note futures, or Medium-Term Treasury Note futures from the Municipal
Bond Index futures pit, provided that such orders are for hedge purposes only.
(08/01/94)

293.14  AM and COM Membership Rights - Holders of Associate Memberships and COM
Membership Interests shall be permitted to transmit orders verbally, by hand
signals, or in writing to brokers in the underlying Oat futures from the Oat
Options trading pit provided that such orders are for hedge purposes only.
(08/01/94)

293.15  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, or in writing to brokers
in the underlying Medium-Term Treasury Note futures, Short-Term Treasury Note
futures, Long-Term Municipal Bond Index futures, Long-Term Treasury Note futures
or in U.S. Treasury Bond futures from the Medium-Term Treasury Note Options
trading pit provided that such orders are for hedge purposes only. (09/01/97)

293.16  IDEM Membership Rights - Holders of IDEM Membership Interests shall be
permitted to transmit orders verbally., by hand signals, in writing, or by any
other means deemed acceptable by the Board to brokers in options on CBOT(R) Dow
Jones Industrial AverageSM Index futures, from the CBOT(R) Dow Jones Industrial
AverageSM Index futures trading pit, provided that such orders are for hedge
purposes only. (11/01/97)

293.17  COM Membership Rights - Holders of COM Membership Interests shall be
permitted to transmit orders verbally, by hand signals, in writing, or by any
other means deemed acceptable by the Board to brokers in CBOT(R) Dow Jones
Industrial AverageSM Index futures, from the CBOT(R) Dow Jones Industrial
AverageSM Index options trading pit, provided that such orders are for hedge
purposes only. (11/01/97)

294.00  Membership Interest Participations - On April 30, 1982 there shall be
created one thou- sand four hundred and two (1,402) one-quarter participations
each in GIM Membership Interests, IDEM Membership Interests, and COM Membership
Interests. Each full member of the Association as of the close of business on
April 30, 1982 shall be entitled to receive as of May 3, 1982 a one-quarter
participation in a GIM Membership Interest, a one-quarter participation in an
IDEM Membership Interest and a one-quarter participat ion in a COM Membership
Interest for each full membership held by such full member. Further, on April
30, 1982 there shall be created a quantity of one-half participations each in
IDEM Membership Interests and COM Membership Interests equal to the number of
associate memberships that appear on the membership list of the Association as
of the close of business on April 30, 1982. Each associate member of the
Association as of the close of business on April 30, 1982 shall be entitled to
receive as of May 3, 1982 a one-half participation in an IDEM Membership
Interest and a one-half participation in a COM Membership Interest for each
associate membership held by such associate member. (08/01/94)

294.01  Transfer of Membership Interest Participations - One-quarter
participations in GIM Membership Interests, IDEM Membership Interests and COM
Membership Interests, and one-half participations in IDEM Membership Interests
and COM Membership Interests shall be transferable only to and among full,
associate and conditional associate members of the Association; GIM, IDEM and
COM Membership Interest holders; and member firms. Membership Interest
fractional participations may be sold or purchased by authorized individuals or
firms in accordance with the mechanics of the bid/ask market for Membership and
Membership Interests as set forth in Regulation 249.01(a) or may be transferred
intra-family between authorized individuals in accordance with the transfer
procedures set forth in Regulation 249.01(d), including the deposit requirement.
Membership Interest fractional participations may not be sold or transferred in
any other manner. (08/01/94)

294.02  Registration of Membership Interests - Any authorized person or firm who
acquires or

<PAGE>

                           Ch2 Membership Interests
                           ------------------------

accumulates four one-quarter participations in GIM Membership Interests may
surrender to the Association such four one-quarter participations for one GIM
Membership Interest, subject to meeting all qualifications required by the Rules
and Regulations relating to membership. Any authorized person or firm who
acquires or accumulates any combination of one-quarter and/or one-half
participations in IDEM Membership Interests that equals one full participation
may surrender to the Association such fractional participations for one IDEM
Membership Interest, subject to meeting all qualifications required by the Rules
and Regulations relating to membership. Any authorized person or firm who
acquires or accumulates any combination of one-quarter and/or one-half
participations in COM Membership Interests that equals one full participation
may surrender to the Association such fractional participations for one COM
Membership Interest, subject to meeting all qualifications required by the Rules
and Regulations relating to membership. Any person or firm who surrenders
participations in accordance with this Regulation shall pay a registration fee
as may be established by the Board. (08/01/94)

294.03  Dues and Assessments on Membership Interest Participations - No
authorized person who holds fractional participations in GIM, IDEM, or COM
Membership Interests shall be responsible for the payment of any dues, fees or
assessments in respect of such fractional participations. (08/01/94)

294.04  Accumulation of Membership and Membership Interest Participations by the
Board - The Board of Directors, in its discretion, may accumulate, pool and
require all outstanding fractional participations in Associate Memberships and
IDEM and COM Membership Interests to be surrendered between April 30, 1989 and
August 31, 1989. All such fractional participations in Associate Memberships and
IDEM and COM Membership Interests so surrendered shall be accumulated into full
Associate Memberships or IDEM or COM Membership Interests respectively and sold
at prevailing market prices to any individuals who are authorized to purchase
such Memberships or Membership Interests under the Rules and Regulations. The
proceeds from the sale of such Associate Memberships and IDEM and COM Membership
Interests shall be distributed pro- rata to those authorized persons
surrendering such fractional participations in Associate Memberships and IDEM
and COM Membership Interests in proportion to the number of such fractional
participations in Associate Memberships and IDEM and COM Membership Interests
respectively surrendered by the authorized person to the total number of such
fractional participations in Associate Memberships and IDEM and COM Membership
Interests respectively surrendered by all authorized persons. (08/01/94)

294.05  Time Limit for Accumulating AM Participations - To implement the
provisions of Rule 294.00, any member or associate member who accumulates one-
quarter AM participations and surrenders them for an associate membership by the
close of business on May 28, 1982 shall be entitled to receive as of June 1,
1982, in respect of each such associate membership, a one-half participation in
an IDEM Membership Interest and a one-half participation in a COM Membership
Interest. A sufficient quantity of such IDEM and COM Membership Interest
participations shall be created on May 28, 1982 to allow any such distribution.
(08/01/94)

294.06  Claims Procedures Regarding Membership Interest Fractional
Participations - Proceeds from the sale of a Membership Interest fractional
participation, and the deposit required for Membership Interest fractional
participations transferred pursuant to Regulations 249.01 (d) and 294.01, shall
be deemed to be subject to the provisions of Rule 252.00. Claims may be filed
against such proceeds in the same manner and subject to the same terms as set
forth in Rule 253.00 and Regulation 249.01 (e) with respect to the filing of
claims against the proceeds of the sale or transfer of a Membership or
Membership Interest. The Secretary shall provide notice of sales or transfers of
Membership Interest fractional participations in the same manner as he provides
notice pursuant to Regulation 249.01(e) of sales or transfers of Memberships and
Membership Interests. (08/01/94)

296.00  Transfer Restrictions on GIM Membership Interests/One-Half Associate
Memberships--At the Effective Time, each GIM Membership and one-half Associate
Membership shall be subject to the restrictions, conditions and limitations set
forth below.

        (1)  Non-Transferred GIM Memberships. Except as otherwise provided
             below, GIM Memberships that have not been sold or transferred prior
             to the Effective Time ("Non-Transferred GIM Memberships") may
             continue as a GIM Membership holder following the Effective Time
             with all the privileges and obligations such Membership entails.
             However, in the event that any Non-Transferred GIM Membership is
             sold or transferred after the Effective Time, such Non-Transferred
             GIM Membership shall be treated as a Transferred GIM Membership (as
             defined in clause (2) below). This limitation shall not apply when
             (x) the transferor is the estate of a deceased

<PAGE>

                           Ch2 Membership Interests
                           ------------------------

             Non-Transferred GIM Membership holder and the transferee is the
             decedent's spouse and (y) the Non-Transferred GIM Membership has
             not already been transferred pursuant to this sentence.

        (2)  Transferred GIM Memberships/One-Half Associate Memberships. One-
             half Associate Memberships and Non-Transferred GIM memberships that
             have been sold or transferred after the Effective Time in a manner
             other than as permitted in clause (1) above below (collectively,
             "Transferred GIM Memberships") shall not be permitted to exercise
             the trading rights and privileges associated with the GIM
             Memberships; provided that Transferred GIM Memberships shall retain
             the right to be converted into a one-half Associate Memberships,
             but shall have no further rights or privileges associated with the
             GIM Membership. Except as set forth below, Transferred GIM
             Memberships shall carry no privileges of a Membership, including
             but not limited to trading and voting privileges.

        None of the foregoing shall preclude the holders of Transferred GIM
Memberships or Non-Transferred GIM Memberships from exercising their right to
convert their GIM Membership into an one-half Associate Membership and to redeem
two one-half Associate Memberships in exchange for an Associate Membership.

296.01  Transfer of Associate Membership Participations - In accordance with the
mechanics of the bid/ask market for Memberships and Membership Interests as set
forth in Regulation 249.01(a), member firms and individuals may purchase or sell
one-eighth or one-half participations in Associate Memberships created pursuant
to Rule 296.00 or Regulation 296.03. Individuals may also transfer Associate
Membership fractional participations in accordance with the transfer procedures
set forth in Regulation 249.01(d), including the deposit requirement. Associate
Membership fractional participations may not be sold or transferred in any other
manner. Each individual who acquires a fractional participation in an Associate
Membership but who is not a Full Member, Associate Member, GIM Membership
Interest holder or GIM Membership Interest nominee in good standing shall apply
for election to Associate Membership status under the same procedures and
requirements as are specified in Regulation 249.01(a)(iii) for purchasers of
Associate Memberships, and also shall be subject to the provisions of Regulation
249.01(a)(iv) and (v). However, any individual whose status as a GIM Membership
Interest holder or nominee automatically ceases pursuant to Rule 296.00 on the
effective date of such Rule shall have 60 days thereafter in which to acquire an
Associate Membership and become an Associate Member without applying for
election to Associate Membership status. Any individual required to apply for
Associate Membership status under this regulation and who is elected to such
status must acquire an Associate Membership within 60 days of notification of
such election or within such extension of this period as may be granted by the
Board of Directors. If he is unable to do so, he must, at his option, either re-
apply for Associate Membership status or take all necessary steps to effect a
sale of the Associate Membership fractional participations he has acquired
within 30 days of the end of the period specified in the preceding sentence.
(08/01/94)

296.02  Registration of New Associate Memberships - Any person or firm which
acquires and accumulates any combination of fractional participations in
Associate Memberships that equals one complete Associate Membership may
surrender such fractional participations to the Department of Member Services
for one Associate Membership, subject to meeting all qualifications required by
the Rules and Regulations relating to membership. Any GIM Membership Interest
holder or nominee in good standing who surrenders fractional participations
under this Regulation shall not be required to apply for election to Associate
Membership status. Once two or more fractional participations have been
combined, they may not be separated. (08/01/94)

296.03  Additional Associate Membership Participations or GIM Membership
Interests - The

<PAGE>

                           Ch2 Membership Interests
                           ------------------------

Board of Directors may at any time at its discretion create additional
fractional participations in Associate Memberships but only if necessary to
facilitate the combination of existing fractional participations into Associate
Memberships. The Board of Directors may also create new GIM Membership Interests
to sell to individuals who applied for approval as GIM Membership Interest
holders prior to January 21, 1986, and/or to individuals whose bids to purchase
GIM Membership Interests were on file with the Association as of January 21,
1986. Such new GIM Membership Interests shall be created and sold only if, in
the judgement of the Board, GIM Membership Interests are not otherwise available
to such individuals through bona fide purchases in the Exchange's bid/ask
market. (08/01/94)

296.04  Waiver of Transfer and Registration Fees - No fees shall be charged for
transfers of fractional participations in Associate Memberships effected through
the Exchange's bid/ask market or for registrations of new Associate Memberships
acquired by accumulation of fractional participations under Regulation 296.02.
(08/01/94)

296.05  Dues and Assessments - Associate Members shall pay full dues, fees and
assessments as provided for by the Association. However, each person or firm who
acquires an Associate Membership by the accumulation and surrender of fractional
participations pursuant to Regulation 296.02 shall be exempted from member dues
assessed on such Associate Membership pursuant to Rule 240.00 for a period of
twelve (12) consecutive calendar quarters beginning with the quarter following
the quarter in which the fractional participations for such Associate Membership
are surrendered. Only the original owner of each newly created Associate
Membership shall be eligible for the dues waiver referenced herein. (08/01/94)

296.06  Claims Procedures Regarding Associate Membership Participations - The
proceeds of Associate Membership fractional participation sales, and the deposit
required for Associate Membership fractional participations transferred pursuant
to Regulations 249.01(d) and 296.01, shall be deemed proceeds of membership for
purposes of Rule 252.00. Claims may be filed against such proceeds in the same
manner and subject to the same terms as set forth in Rule 253.00 and Regulation
249.01(e) with respect to the filing of claims against the proceeds of the sale
or transfer of a membership or membership interest. The Secretary shall provide
notice of sales or transfers of Associate Membership fractional participations
in the same manner as he provides notice pursuant to Regulation 249.01(e) of
sales or transfers of memberships and membership interests.

Interpretation - The Board of Directors adopted the following on April 17, 1990
as a formal rule interpretation which confirms established Exchange practice:

     "A person shall achieve Full Membership status (i.e. - Full Membership
voting rights and trading privileges) only through the purchase of a Full
Membership.

     The foregoing shall not affect the existing Exchange provisions for the
delegation, member firm transfer, or intra-family transfer of Full Memberships."
(08/01/94)



<PAGE>


<TABLE>
====================================================================================================================================
Chapter 3
Exchange Floor Operations and Procedures
====================================================================================================================================
<S>                                                                                                                   <C>
     Ch3 Exchange Halls.............................................................................................
          300.00  Exchange Halls....................................................................................
          301.00  Admission to the Floor............................................................................
          301.01  Non-Members.......................................................................................
          301.02  Guest Badges......................................................................................
          301.03  Guests............................................................................................
          301.04  Press.............................................................................................
          301.05  Floor Clerks......................................................................................
          301.05  Floor Clerks......................................................................................
          301.07  Floor Clerk-Special Badges........................................................................
          301.08  Trainee Non-Members...............................................................................
          301.10  Twenty-Five Year Member...........................................................................
          301.11  AP................................................................................................
          301.12  Membership Floor Access Badges....................................................................
          305.00  Exchange Floor Fines..............................................................................
          310.00  Time and Place for Trading........................................................................
          310.01  Access to Trading Pit.............................................................................
          311.00  Hours for Trading.................................................................................
          311.00A Hours for Trading.................................................................................
          312.01  Holidays..........................................................................................
          313.00  Sundays or Holidays...............................................................................

     Ch3 Market Quotations..........................................................................................
          320.02  Wire and Other Connections........................................................................
          320.03  Decisions of Exchange.............................................................................
          320.04  Consent Required for Wires........................................................................
          320.05  Registration with Exchange........................................................................
          320.06  Notice of Discontinuance of Communications........................................................
          320.07A Telephones........................................................................................
          320.08  Conduct of Private Offices........................................................................
          320.09  Telephone Wires and Television....................................................................
          320.12  Radio Broadcasting................................................................................
          320.13  Commodity and Commodity Option Quotations.........................................................
          320.14  Transactions Made at other than Current Market....................................................
          320.15  Market Quotations.................................................................................
          320.16  Fast Quotations...................................................................................
          320.17  Authority of Pit Committees over Quotation Changes and Insertions.................................
          320.17B Authority of Pit Committees over Quotation Changes and Insertions.................................
          320.18  Authority of the Market Report Department and the Regulatory Compliance Committee over Quotation
                  Changes and Insertions............................................................................
          320.19  Opening and Closing Orders........................................................................
          321.00  Price Limits......................................................................................

     Ch3 Market Information.........................................................................................
          325.02  Foreign Crop Reports..............................................................................

     Ch3 Floor Practices............................................................................................
          330.00  Floor Brokers.....................................................................................
          330.00A Brokers and Clearing Members......................................................................
          330.01  Floor Broker and Floor Trader Registration........................................................
          330.02  Maintenance of Floor Broker and Floor Trader Registration.........................................
          330.03  Broker Associations...............................................................................
          330.04  Registration of Members Trading in U.S. Treasury Bond Futures.....................................
</TABLE>


<PAGE>

<TABLE>
<S>                                                                                                                   <C>
          331.01  Price of Execution Binding........................................................................
          331.01A Acceptable Orders.................................................................................
          331.02  Acceptable Orders.................................................................................
          331.03  All-Or-None Transactions..........................................................................
          331.04  Execution of Simultaneous Buy and Sell Orders for Different Account Owners........................
          332.00  Orders Must Be Executed in The Public Market......................................................
          332.01  Open Market Execution Requirement.................................................................
          332.01A Bidding and Offering Practices....................................................................
          332.01B Conformation with Section 1.39 of The Commodity Exchange Act......................................
          332.02  Trade Data........................................................................................
          332.03  Lost Orders.......................................................................................
          332.04  Records of Floor Traders..........................................................................
          332.041 Accountability of Trading Cards...................................................................
          332.05  Card Collection...................................................................................
          332.06  Records of Proprietary Orders.....................................................................
          332.07  Accountability of Trading Documents...............................................................
          332.08  CTR Recordkeeping and Data Entry Requirements.....................................................
          332.09  Member Trading for Another Member on the Trading Floor............................................
          332.10  Prohibition of Trading or Placing Verbal or Flashed Orders from the Clerks Step in Financial
                  Futures and Options Contracts.....................................................................
          333.00  Trades of Non-Clearing Members....................................................................
          333.01  Error Accounts....................................................................................
          333.02  Primary Clearing Members' Membership File Review..................................................
          333.03  Funds in Trading Accounts Carried by Clearing Members.............................................
          334.00  Trades of Non-Clearing Members....................................................................
          335.00  Bids and Offers in Commodities Subject to First Acceptance........................................
          336.00  Bids and Offers in Commodities Subject to Partial Acceptance......................................
          336.01  Guaranteeing Terms of Execution...................................................................
          337.01  Orders Involving Cancellations Accepted on a 'Not Held' Basis.....................................
          350.00  Trade Checking Penalties..........................................................................
          350.01  Failure to Check Trades...........................................................................
          350.02  Responsibility For Customer Orders................................................................
          350.03  Identification of Floor Trading Personnel and Floor Traders.......................................
          350.04  Errors and Mishandling of Orders..................................................................
          350.05  Floor Practices...................................................................................
          350.06  Give-Ups..........................................................................................
          350.07  Checking and Recording Trades.....................................................................
          350.08  Notification of Unchecked Trades..................................................................
          350.10  Exemption for Certain Joint Venture Products......................................................
          350.11  Resolution of Outtrades...........................................................................
          352.01  Spreading Transactions............................................................................
          352.01A Unacceptable Spread Orders........................................................................
          352.02  Joint Venture Intermarket and Inter-Regulatory Spreads............................................
          360.01  Pit Supervisory and Enforcement Authority of the Respective Pit Committees........................
</TABLE>


<PAGE>

================================================================================
Chapter 3
Exchange Floor Operations and Procedures
================================================================================

Ch3 Exchange Halls

300.00    Exchange Halls - The Board shall provide Exchange Halls which shall be
open for trading during such hours as the Board of Directors shall designate.
For the purpose of Exchange rules, Exchange Halls may be deemed to include an
approved automated order entry facility. Complete jurisdiction over the Exchange
Halls, all parts of the building and any automated systems of the Association is
vested in the Board. 69 (08/01/94)

301.00    Admission to the Floor - No one but a member shall make any
transaction or execute orders in securities or commodities traded in or upon the
Floor of the Exchange. No one but a member shall be admitted to the Floor of the
Exchange, except as provided by Regulations adopted by the Regulatory Compliance
Committee. 259 (08/01/94)

301.01    Non-Members - No non-member shall be admitted to the Floor of the
Exchange except as provided in this Chapter 3. Persons not wearing a valid badge
shall not be admitted to the floor of the Exchange. 1370 (08/01/94)

301.02    Guest Badges - The Safety and Security Department may, upon
application of a member, issue a badge to a guest of the Exchange or, upon its
own initiative, issue a badge to a guest permitting access to the floor of the
Exchange. 1371 (08/01/94)

301.03    Guests - All guests of a member shall be accompanied by a member while
on the Exchange Floor and shall obey all Rules and Regulations respecting floor
conduct established herein for members. Members shall be responsible for all
violations of the Chicago Board of Trade Rules and Regulations committed by
their guests and for resulting fines. 1372 (08/01/94)

301.04    Press - Annual courtesy cards to the Press, permitting admission to
the Exchange Hall, may be issued and recalled by the written authorization of
the Communications Department. 1373 (08/01/94)

301.05    Floor Clerks - With the prior approval of the Floor Conduct Committee,
or designated Exchange staff pursuant to delegated authority, a non-member
employee of a member or member firm registered under Rule 230.00 may be admitted
to the Exchange Floor upon the payment by the employer of such periodic fees as
may be established by the Finance Committee. No floor clerk shall be permitted
to enter the Exchange Floor without a badge. Floor clerks may perform only such
services and other clerical, telephone and informational duties as may be
specifically permitted by the Regulatory Compliance Committee. (See Appendix
3B.)

Floor clerks are strictly prohibited from soliciting orders. Floor clerks may
not be registered as an Associated Person except as provided in Regulation
301.07. They may communicate orders to the pit from their position or
communications instrument by use of hand signals or verbal notification. When
communicating orders in either fashion, a record must immediately be made and
time-stamped in accordance with Regulation 465.01.

Floor clerks are not permitted to run on the Exchange Floor or in the corridors
of the building and shall at all times maintain decorum. The Floor Conduct
Committee may recall floor clerk badges for cause and may exclude from the Floor
any non-member employee of any member.

The responsibility of conduct and appearance of employees on the Exchange Floor
shall be that of the member employer.

Notwithstanding Rule 420.00, nonmembers holding a Floor Clerk badge or a Broker
Assistant badge shall not have any interest whatsoever in a commodity futures or
commodity options account which contains positions in contracts traded on the
Exchange or the MidAmerica Commodity Exchange. No member or member firm may
jointly hold such an account with a nonmember Floor Clerk or Broker Assistant,
and no member firm may accept or carry any such account in which a nonmember
Floor


<PAGE>

Clerk or Broker Assistant holds any interest. Provided, however, that the
following shall apply to any person who has Associate Membership, Membership
Interest, or permit holder status on the Exchange or Membership status on the
MidAmerica Commodity Exchange and who also holds a Floor Clerk or Broker
Assistant badge:

Such person shall not trade for, or carry in his account or an account in which
he has any interest, any positions in contracts traded on the Exchange or the
MidAmerica Commodity Exchange except for those contracts which he is entitled to
trade as principal or broker for others by virtue of his Membership, Membership
Interest or permit holder status as referenced above.  However, a Member,
Membership Interest Holder or permit holder who holds a Broker Assistant badge,
and who stands in an area designated for broker assistants outside of a
financial futures or financial options pit, may carry in his account or an
account in which he has an interest, any positions in contracts traded on the
Exchange or the MidAmerica Commodity Exchange, provided that the orders for such
positions are placed through the normal customer order flow process.

These provisions shall not be interpreted to prohibit an individual from being
employed as a Floor Clerk or a Broker Assistant simply because another family
member is a member of the Exchange who trades for his or her own personal
account, whether such individual is employed by the family member or by another
member.  However, Floor Clerks and Brokers Assistrants are strictly prohibited
from initiating trades or advising on the initiation of trades for a family
member's account or any other account.

Violations of this Regulation shall be cause for suspension or revocation of a
person's floor access privileges and for suspension or expulsion of his
employer, or such other action as the Floor Conduct Committee may deem
appropriate, in accordance with the applicable procedures set forth in Chapter
5. In the event a floor clerk is registered as an Associated Person in violation
of this Regulation, after notice and for good cause shown, the Floor Conduct
Committee may cause such floor clerk's floor access keycard to be immediately
deactivated and take whatever other disciplinary action it deems necessary
consistent with this Regulation. Upon termination of the Associated Person
status, a floor clerk's keycard may be reactivated.

A non-clearing member holding a Floor Clerk or Broker Assistant badge shall be
required to notify his Primary Clearing Member, as defined in Rule 333.00, of
the name, address and immediate supervisor of the member or member firm by whom
he is employed as a Floor Clerk or Broker Assistant. Upon a Primary Clearing
Member's revocation of clearing authorization in accordance with Rule 333.00(c),
the Primary Clearing Member immediately shall give written notice to the member
or member firm who employs a non-clearing member as a Floor Clerk or Broker
Assistant that the non-clearing member's clearing authorization has been
revoked. A non-clearing member holding a Floor Clerk or Broker Assistant badge
shall be denied floor access privileges upon the revocation of clearing
authorization by his Primary Clearing Member. The floor  access privileges of a
non-clearing member who holds a Floor Clerk or Broker Assistant badge may be
reinstated upon the filing of a release with the Member Services Department by
the non-clearing member's Primary Clearing Member in accordance with Rule
333.00(d).  (04/01/97)

301.06    Floor Access by Annual Election Candidates and Non-Member (Public)
Directors -

The following are permitted physical access to the Floor of the Exchange:
a)   Candidates in the current year's Annual Election who:

     -    Have been nominated either by the Nominating Committee or by petition
          pursuant to Rule 102.00; and

     -    Do not already have Exchange Floor access by virtue of a membership
          privilege.

b)   Non-member (public) Directors on the Association's Board.

Individuals who are admitted to the Exchange Floor pursuant to this regulation
shall not be authorized thereby to execute trades or to perform any other
functions which are reserved to members or clerks on the Exchange Floor.
(06/01/00)

301.07    Floor Clerk-Special Badges - The Floor Conduct Committee, or
designated Exchange staff pursuant to delegated authority, may issue special
badges authorizing non-member employees of

<PAGE>

                              Ch3 Exchange Halls
                              ------------------

members or member firms to perform the duties of a "Floor Clerk" as defined in
Regulation 301.05. Such authorization shall be for a specific period not to
exceed two weeks. The Member Firm Staff Services Department shall maintain
proper records of these authorizations.

When such non-member employees are Associated Persons, such authorization may be
granted for a specific period not to exceed three business days but only if the
employer demonstrates to the satisfaction of the Floor Conduct Committee, or
designated staff pursuant to delegated authority, that it temporarily lacks
enough available Floor Clerks to meet its business needs. No particular employee
can be so authorized for more than three days in any calendar month.  Applicants
for membership may be issued special badges by the Exchange Services Department
for a period of ten business days.  (08/01/94)

301.08    Trainee Non-Members - The Floor Conduct Committee, or designated
Exchange staff pursuant to delegated authority, shall, upon written request
signed by a member and directed to the Secretary, issue badges to trainee non-
member employees of members or member firms, authorizing admission of such
trainees to the Exchange Hall. Such authorization shall be limited to a thirty-
day period as to any trainee and no member or member firm shall be allowed to
have more than one trainee on the Exchange Floor at any one time. Trainees may
perform the duties of a "Floor Clerk" as defined in Regulation 301.05. The
member or member firm which is the employer of the trainee shall be responsible
for his conduct while he is on the Floor. The Member Firm Staff Services
Department shall maintain proper records of these authorizations. No member or
member firm shall use the provisions of this Regulation to avoid the purchase of
a membership. 1377 (08/01/94)

301.10    Twenty-Five Year Member - When a member who has been a member for
twenty-five years or more transfers his Membership privilege or delegates the
rights and privileges of his Membership under Rule 221.00, said member shall be
issued an Honorary Membership Badge by the Secretary's Office which will entitle
the former member to access to the Trading Floor (with the exception of the
Trading Pits), and to remain on the Association's mailing lists. 1379 (11/01/94)

301.11    AP - With the prior approval of the Floor Conduct Committee, or
designated Exchange staff pursuant to delegated authority, an Associated Person
and an applicant for membership may be admitted to the Floor of the Exchange for
the limited purpose of observing various Floor activities of the members and
other privileged non-members who have been allowed access to the Floor. Such
admittance shall be limited to a period of two weeks (ten business days). 1380
(08/01/94)

301.12    Membership Floor Access Badges - Any member, membership interest
holder or delegate whose floor access trading privileges have been revoked,
suspended or lawfully discontinued for any reason must return the floor access
membership badge and access card to the Member Services and Member Firm Staff
Services Department within 30 days from the termination of floor access
privileges. Any failure to comply with this Regulation will be referred to the
Floor Conduct Committee.

Willful possession of a membership floor access badge or access cards by anyone
not then entitled to the privileges of that membership shall be an act
detrimental to the Association.  (09/01/00)

305.00    Exchange Floor Fines - (See 519.00) and (See 520.00A) (08/01/94)

310.00    Time and Place for Trading - Dealings upon the Exchange shall be
limited to the hours during which the Exchange is open for the transaction of
business, and no member shall make any transaction in securities with another
member except at the post designated for the particular security in which the
transaction is made and no member shall make any transaction for future delivery
of a commodity except in the pit assigned to trading in such commodity, except
as provided in Regulations 444.01, 444.03, and Chapter 9B. No member shall make,
in the rooms of the Association, a transaction with a non-member, in any
commodity or in any security admitted to dealing on the Exchange; but this
Regulation shall not apply to transactions with an employee of the Association
or of the Clearing House engaged in carrying out arrangements approved by the
Regulatory Compliance Committee to facilitate the borrowing and lending of
money. 258 (11/01/94)

310.01    Access to Trading Pit - Trading in any commodity or option thereon
shall be limited to an area specified by the Exchange Services Department. Non-
members shall not be authorized to enter the trading areas except as otherwise
provided in the Rules and Regulations. (08/01/94)


<PAGE>

                              Ch3 Exchange Halls
                              ------------------

311.00    Hours for Trading - (See 1007.00) (08/01/94)

311.00A   Hours for Trading - Your Rules and Floor Committees have given careful
consideration to reports of trading outside of the hours prescribed and
recommend enforcement of Rule 1007.00. We feel that disciplinary action is
warranted on any infractions.

Strict observance of the above requires that after the closing bell no orders
should be transmitted to the Floor, nor should any orders be accepted by brokers
for filling, nor should any public wire orders be sent to the pit,-all such
being reported back to senders 'received too late, market closed.'

All members should caution clients who want orders filled on or near the close
to enter such orders to be filled 'about the close,' so that the broker may
handle them properly. On the last trading day of a current month it is essential
that all orders to close contracts reach the traders in sufficient time to
permit filling without congestion.

Members who trade the options underlying the Soybean Meal, Soybean Oil, Oat and
Silver Futures markets may enter futures orders during the respective futures
markets' "closing call rotations" providing that the futures orders are entered
for the purpose of hedging an option position. 13R (04/01/99)

312.01    Holidays - The following days are declared to be holidays, to wit: New
Year's Day (January 1), Martin Luther King, Jr. Day (3rd Monday in January),
Washington's Birthday (3rd Monday in February), Good Friday, Memorial Day (last
Monday in May), Independence Day (July 4), Labor Day (1st Monday in September),
Thanksgiving Day (4th Thursday in November) and Christmas Day (December 25).

When any such holidays fall on Sunday, the Monday next following shall be
considered such holiday. When any such holidays fall on Saturday, the Friday
immediately preceding shall be considered such holiday. 1937 (12/01/99)

313.00    Sundays or Holidays - When a contract in commodities matures on
Sunday, or on a holiday, performance thereof shall be made on the preceding
business day. 256 (08/01/94)


<PAGE>

Ch3 Market Quotations

320.02    Wire and Other Connections - The privilege of telephonic or other wire
connection between the office of a member and the Exchange shall not be enjoyed
as a right of the member, but shall rest in the discretion of the Exchange.

The Exchange, in its discretion may grant or withhold such privilege from a
member, and, in its discretion, without being obliged to assign any reason or
cause for its action, may disconnect or cause to be disconnected any apparatus
or means for such communication or may deprive any member of the privilege of
using any public telephone or means of communication installed by the Exchange
for the use of members. This Regulation shall not apply to wire or other
connections relating to the Exchange's e-cbot system. 1031 (09/01/00)

320.03    Decisions of Exchange - Every decision of the Exchange, whereby a
member is deprived of any such privilege, shall be immediately posted upon the
bulletin board in the Exchange, and every member shall be deemed to have notice
thereof.

No member shall, after such notice shall have been posted directly or indirectly
furnish to the member named therein any facilities for communication between the
office of the member so named and the Floor of the Exchange or between the
office of the member so named and the office of any other member. 1032
(10/01/94)

320.04    Consent Required for Wires - No member shall establish or maintain
wire connection of any description whatsoever or permit wireless communication
between his office and the office of any nonmember corporation, firm, or
individual transacting a banking or brokerage business, without having first
obtained the approval of the Exchange therefor.

The applications for such connections or means of communication shall be in a
form prescribed by the Exchange.

The use of public telephone or telegraph service in such manner as to amount to
private connection shall be deemed to be within this Regulation. 1033
(08/01/94)

320.05    Registration with Exchange - Every such means of communication shall
be registered with the Exchange, together with the telegraphic, telephonic, or
wireless calls used in connection therewith; the Exchange may make such
requirements governing said matters as it shall deem necessary or desirable.
1034 (08/01/94)

320.06    Notice of Discontinuance of Communications - Notice of the
discontinuance of any such means of communication shall be promptly given to the
Exchange; and the Exchange shall have power, at any time in its discretion, to
order any such means of communication discontinued.

No such communication shall be other than by means of a wire or wireless system
approved by the Exchange. 1035 (08/01/94)

320.07A   Telephones - Exchange policy permits direct telephone communications
to the Trading Floor from the members or member firms to the table or booth of a
clearing member on the Trading Floor. 34R (08/01/94)

320.08    Conduct of Private Offices - The Exchange is empowered to examine into
the conduct of all private offices or places of business receiving the
continuous market quotations of the Association, and, in such places where the
Exchange shall deem the continuance of such service detrimental to the best
interests of this Association, the Exchange shall forthwith order a
discontinuance of the quotations and shall report the facts immediately to the
Finance Committee, which shall take whatever further action is necessary to
uphold the good name and dignity of this Association. 1040 (08/01/94)

320.09    Telephone Wires and Television - No member of this Association shall,
by messenger, signal, telephone, telegraph, or any other means whatsoever,
convey or transmit continuously the market quotations from the Floor of the
Exchange to any person, firm, or corporation located off the Floor of the
Exchange, except with the permission and pursuant to the requirements of the
Exchange. This does not prohibit ordinary conversation where dissemination of
quotations is not contemplated.


<PAGE>

                              Ch3 Market Quotations
                              ---------------------

Such permission for telephone wires, if granted, shall be subject to charges as
prescribed by Regulation 320.13. Such permission for closed-circuit television,
if granted, shall be subject to charges as may be prescribed by the Finance
Committee. 1041 (08/01/94)

320.12    Radio Broadcasting   -

(a) No member, firm, corporation or employee thereof shall transmit, by any kind
    of radio service, any market quotations, either securities, futures, cash
    grain on spot or to arrive, or any market information or gossip without the
    approval of the Exchange.

(b) No quotations except those prevailing at the opening of the market; and at
    each thirty minutes thereafter; and at the close of the market, may be used
    for broadcasting.

(c) Radio broadcasting stations must name the periods at which the quotations
    prevailed and designate them as furnished by the Board of Trade of the City
    of Chicago.

(d) No member, firm, corporation, or employee thereof shall in any manner claim
    or be given credit for furnishing information for radio service, except as
    provided in section (c) of this Regulation.

(e) Upon application, the Exchange may grant permission to individuals, firms,
    corporations, or employees thereof, to furnish the quotations of this
    Association to radio stations. The name of the individual, firm,
    corporation, or employees thereof, may be mentioned at the beginning and at
    the end of each period at which quotations are broadcast. In case there is
    more than one request to furnish this service at any location, the Exchange
    may divide the time equally upon a yearly basis. 1044 (08/01/94)

320.13    Commodity and Commodity Option Quotations - The transmission by
private wire or other means of market quotations of any commodity or commodity
option made on the Exchange shall be subject to the approval and control of the
Exchange. Such quotations shall include all bids, asks, and market prices of any
commodity or commodity option traded on the Exchange each business day between
the opening of trading in such commodity or option and until thirty minutes
after the close of such trading. Such quotations constitute valuable property of
the Board of Trade which are not within the public domain. The transmission and
receipt of such quotations shall be subject to such conditions, including the
payment of applicable fees, as the Exchange shall impose. Failure to comply with
such conditions shall subject any member receiving or distributing such
quotations to disciplinary action including suspension from the Association.
(08/01/94)

320.14    Transactions Made at other than Current Market - Transactions made at
a price above that at which the same futures contract or options series is
offered, or below that at which such futures or options contract is bid, are not
made at the current market price for such futures or options contracts and shall
be disallowed by the action of any two members of the relevant Pit Committee. If
so disallowed, such transactions shall not be reported or recorded by the
Exchange or, if already reported, shall be cancelled. A determination on whether
a price(s) should be disallowed must be made within 10 minutes after the Pit
Committee has been notified that the price has been called into question,
otherwise the quote(s) in question must stand. A determination pursuant to this
Regulation to disallow a transaction shall be final. (05/01/97)

320.15    Market Quotations - The reporter in each pit shall be the judge of
what constitutes a proper range of quotations to be sent out, subject to the
supervision of the Pit Committee in the respective pits.

Quotations sent out must be based on transactions made in the open market. The
term "open market" means a bid or an offer openly and audibly made by a public
outcry and in such a manner as to be open to all members in the pit at the time.

It is not permissible for members to reform a trade by changing the price at
which orders have been filled, nor to report as filled orders that have not been
filled. Any quotations based on a transaction made in the open market, already
distributed or sent out over the wire, shall not be cancelled except as provided
by Regulations 320.17, 320.18 and 320.14. (08/01/94)

320.16    Fast Quotations - Whenever price fluctuations in the pit(s) are rapid
and the volume of business is large, the pit reporter, upon authorization of the
Pit Committee Chairman or his designated representative from the Pit Committee,
shall cause the "FAST" symbol to be used in conjunction with


<PAGE>

                              Ch3 Market Quotations
                              ---------------------

all Exchange quotation displays and records. (The "FAST" symbol shall be
abbreviated "F" when used on Exchange quotation and display devices.) The Pit
Committee shall determine at what time "FAST" market conditions began and
terminated. When a market is designated "FAST", the Pit Reporter shall endeavor
to activate a "FAST" market indicator clearly visible to the entire trading
floor.

All prices in the range between those quoted immediately prior to and
immediately following the "FAST" market designation are considered officially
quoted whether or not such prices actually appear as trades on Exchange
quotation displays and records. There shall be no discontinuances.

The consequence of "FAST" market conditions is that a penetrated limit order may
not be able to be executed at the specified limit price.

In the event that a dispute arises concerning the execution of an order, the
fact that a market was designated "FAST" shall constitute evidence that market
conditions were rapid and volatile.  A "FAST" designation does not nullify or
reduce the obligations of the floor broker to execute orders with due diligence
according to the terms of the order.  Trading activities which violate the Rules
and Regulations of the Exchange remain violations under "FAST" market
conditions. (08/01/94)

320.17    Authority of Pit Committees over Quotation Changes and Insertions   -

(a) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees
    may change an opening range only within 30 minutes after the opening of the
    commodity.

(b) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees
    may change a closing range only within 15 minutes after the closing of the
    commodity.

(c) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees
    may authorize the insertion of a quotation which affects a high or low at
    any time prior to 15 minutes after the closing of the commodity.

(d) The Pit Committee Chairmen, Vice Chairmen or their Pit Committee designees
    may authorize any quotation change or insertion which does not affect an
    open, high, low or close at any time prior to the opening of the commodity
    on the next business day.

No Pit Committee member may authorize any quotation change, insertion or
cancellation, if such individual has a personal or financial interest in such
change, insertion or cancellation.

All quotation changes, insertions, or cancellations must be authorized by at
least two Pit Committee members.  However, if there is only one Pit Committee
member who does not have a personal or financial interest in a change, insertion
or cancellation, that one Pit Committee member may authorize such change,
insertion or cancellation.

When a Pit Committee member is requested to authorize a quotation change,
insertion or cancellation, the relevant pit shall be notified of such request.
1037 (09/01/96)




320.17B   Authority of Pit Committees over Quotation Changes and Insertions -
Futures Options (Puts and Calls) - In respect to Quotation Changes and
Insertions under Regulation 320.17, the Pit Committee may change a closing range
only within 30 minutes after the close of each Futures Options contract (Puts
and Calls) and may authorize the insertion of a quotation which affects a high
and low at any time prior to 30 minutes after the close of each Futures Options
contract (Puts and Calls). (08/01/94)

320.18    Authority of the Market Report Department and the Regulatory
Compliance Committee over Quotation Changes and Insertions -


(a) The Market Report Department may review and authorize any request for a
    quotation change or insertion which was not reviewed by the Pit Committee or
    which is not encompassed by Regulation 320.17.


<PAGE>

                              Ch3 Market Quotations
                              ---------------------

1038 (09/01/02)


320.19    Opening and Closing Orders - For open outcry Regular Trading Hours,
orders entered prior to or on the opening (or resumption) of the market, as
applicable and orders effected by such opening (or resumption) orders, as
applicable shall not be required to be executed at a specified price due to the
unique and rapid market conditions existing during an opening or a resumption.
Similarly, orders entered for execution on the close of the market and orders
effected by such closing orders shall not be required to be executed at a
specific price due to the unique and rapid market conditions existing during a
close.


If stop orders are elected within the opening or resumption range, floor brokers
who are unable to execute those orders within the opening or resumption range,
as applicable, while diligently acting in conformity with the rules and
regulations of the Association, shall not be held liable.  Stop orders elected
during the opening (or resumption) range automatically become market orders and
should be executed at the prevailing market, which may or may not be within the
opening (or resumption) range.  If stop orders are elected within the closing
range, floor brokers who are unable to execute such orders, while diligently
acting in conformity with the rules and regulations of the Association, shall
not be held liable. (09/01/98)

321.00    Price Limits - The Regulatory Compliance Committee at any time, upon
ten hours' notice by Regulation, may provide that there shall be no trading
during any day in any grain, provisions, or cottonseed oil for delivery in any
specified month at prices more than a fixed limit above or below the average
closing price of the preceding business day. 83 (C.R. 1008.01) (08/01/94)


<PAGE>

Ch3 Market Information

325.02   Foreign Crop Reports - When a member, employing a crop reporter,
receives from the reporter a statement concerning foreign crop conditions to
which publicity is given, the member shall file immediately a verbatim copy of
the report in the office of the Secretary. 1802

(08/01/94)


<PAGE>

Ch3 Floor Practices

330.00    Floor Brokers - A member, who executes orders for another member and
who is not a member of the Clearing House, must immediately give up the name of
a clearing member. A floor broker trading for a member shall be liable as
principal for the performance of the contract except that in the case of
commodities his liability shall terminate when the transaction is accepted by
the principal. 200 (08/01/94)

330.00A   Brokers and Clearing Members - Trades between members of the Clearing
House must be confirmed within one hour by depositing at the office of the
Clearing House a check slip or memorandum giving the name of the buyer and
seller, the commodity sold, the amount thereof, the delivery month, and the
purchase price. 4R (08/01/94)

330.01    Floor Broker and Floor Trader Registration - No member may execute any
trade on the floor of the Exchange for any other person unless the member is
registered or has been granted a temporary license as a floor broker, nor may a
member execute any trades on the floor of the Exchange for his or her own
account unless the member is registered or has been granted a temporary license
as a floor trader, or has been granted a temporary license as a floor broker to
act as a floor trader, in accordance with Section 4f of the Commodity Exchange
Act and Commodity Futures Trading Commission Regulations 3.11 and 3.40, and such
temporary license or registration has not been terminated, revoked or withdrawn.

A floor broker or floor trader shall be prohibited from engaging in any
activities requiring registration, or from representing himself to be registered
or the representative or agent of any registrant, during the period of any
suspension of registration or membership privileges or the denial of floor
access.  Willful failure to comply with this Regulation may be deemed an act
detrimental to the interest of the Association. (08/01/94)

330.02    Maintenance of Floor Broker and Floor Trader Registration - Each
member registered as a floor broker or floor trader must promptly submit to the
Exchange any changes in the information contained in such member's registration
application (Form 8-R) or any supplement thereto. All floor brokers and floor
traders must review their registration information every three years in
accordance with Commodity Futures Trading Commission ("CFTC") Regulation
3.11(d). Additionally, the Exchange shall periodically require such members to
confirm that their floor broker registration applications contain complete and
accurate information.

Requests for withdrawal of floor broker or floor trader registration must be
made on Form 8-W and filed with the National Futures Association and the
Association in accordance with CFTC Regulation 3.33.


All registered floor brokers and floor traders must comply with Appendix B to
Part 3 of the CFTC's Regulations - Statement of Acceptable Practices with
respect to Ethics Training.  In this regard, all registered floor brokers and
floor traders shall become familiar with, and keep abreast of changes to, the
Rules and Regulations  of the Exchange, rule interpretations issued by the
Exchange, and relevant provisions of the Commodity Exchange Act and CFTC
Regulations. (12/01/01)

330.03    Broker Associations - Two or more Exchange members with floor trading
privileges, of whom at least one is acting as a floor broker, shall be required
to register with the Exchange as a Broker Association, within ten days after
establishment of the Broker Association, if they: (1) engage in floor brokerage
activity on behalf of the same employer, (2) have an employer and employee
relationship which relates to floor brokerage activity, (3) share profits and
losses associated with their brokerage or trading activity, or (4) regularly
share a deck of orders.

The Broker Association shall file its registration statement in a form provided
by the Exchange.  Such registration statement shall specifically disclose
whether the members of the broker association share commissions, profits, losses
or expenses associated with their brokerage or trading activity with each other
or with any other individual or entity.  In addition, such registration
statement shall disclose whether or not the members of the broker association
have any other business relationships with one another, whether related or
unrelated to Exchange business.  Members of the broker association shall be
required to provide information regarding such other business relationships,
including books and records relating to such businesses, upon the request of
OIA.  Any registration information provided to the Exchange which becomes
deficient or inaccurate must be updated or corrected promptly.

A member of a Broker Association shall be prohibited from receiving or executing
an order unless the Broker Association is registered with the Exchange.


<PAGE>

                              Ch3 Floor Practices
                              -------------------

Members of a broker association may not share profits or losses associated with
their personal trading activity by direct or indirect means.

No registered broker association or member thereof shall permit a non-member or
non-member firm to have any direct or indirect profit or ownership interest in a
registered broker association.  Moreover, no registered broker association or
member thereof shall permit a member who is not involved in the pre-execution or
execution of customer orders to have any direct or indirect profit or ownership
interest in a registered broker association.

The Board may establish limits on the percentage of trading between a member of
a broker association and (1) other members of broker associations with which he
is affiliated; or (2) members of other broker associations which are positioned
contiguously to his broker association in the trading pit.

Any such limits established by the Board shall take account of liquidity and
such other conditions, from contract to contract, and shall only apply to the
most active month or months of any contract.  Compliance shall be measured
separately for each full calendar month.

The Regulatory Compliance Committee may grant exceptions to the percentage
limits on intra-association  or contiguous association trading in circumstances
where a broker association can demonstrate that compliance with the limits may
reduce liquidity or impede the creation of new business in the affected market.
(04/01/98)

330.04    Registration of Members Trading in U.S. Treasury Bond Futures - Each
Exchange member with floor trading privileges who customarily stands on the top
step of the U.S. Treasury Bond futures pit shall be required to register with
the Exchange, identifying his affiliation, location and occupation or duties.
Such individuals shall file their registration statements in a form provided by
the Exchange. Any registration information provided to the Exchange which
becomes deficient or inaccurate must be updated or corrected promptly.
(09/01/94)

331.01    Price of Execution Binding - The price at which an order for
commodities is executed on the Exchange shall be binding notwithstanding the
fact that an erroneous report in respect thereto may have been rendered. A
member shall not guarantee the price of execution to any customer, but a floor
broker's or clearing firm's error in handling a customer order may be resolved
by a monetary adjustment in accordance with Regulation 350.04. 1841 (09/01/94)

331.01a   Acceptable Orders - Market orders to buy or sell, closing orders to
buy or sell, spread orders, straight limit orders to buy or sell, and straight
stop orders to buy or sell shall be permitted during the last day of trading in
an expiring future. Time orders, contingency orders of all kinds, market on
close intermonth spread orders involving an expiring future and cancellations
that reach the Trading Floor after 11:45 a.m. on the last day of trading in an
expiring future may involve extraordinary problems and hence will be accepted
solely at the risk of the customer. This Regulation shall only apply to open
outcry Regular Trading hours. 32R (09/01/98)

331.02    Acceptable Orders - The following orders are acceptable for execution
in this market.

(1). Market order to buy or sell - A market order is an order to buy or sell a
     stated amount of commodity futures contracts at the best price obtainable.

(2). Closing orders to buy or sell - A closing order to buy or sell is a market
     order which is to be executed at or as near the close as practicable or on
     the closing call in a call market.

(3). Limit order to buy or sell - A limit order is an order to buy or sell a
     stated amount of commodity futures contracts at a specified price, or at a
     better price, if obtainable.

(4). Stop order to buy or sell - A stop order to buy becomes a market order when
     the stop price is bid or a transaction in the commodity futures contracts
     occurs at or above the stop price. A stop order to sell becomes a market
     order when the stop price is offered or a transaction in the commodity
     futures contract occurs at or below the stop price.

(5). Stop limit order to buy or sell (where the price of the limit is the same
     as the stop price only) - A stop limit order to sell becomes a limit order
     executable at the limit price or at a better price, if obtainable when a
     transaction in the commodity futures contract is offered or occurs at or
     below the stop price. A stop limit order to buy becomes a limit order
     executable at the limit price or at a


<PAGE>

                              Ch3 Floor Practices
                              -------------------

     better price, if obtainable when a transaction in the commodity futures
     contract is bid or occurs at or above the stop price.

(6). DRT ("Disregard Tape" or "Not Held") Order - An order giving the floor
     broker complete discretion over price and time in execution of a trade,
     including discretion to execute all, some or none of the order.  It is
     understood the floor broker accepts such an order solely at the risk of the
     customer on a "not held" basis.

(7). All-Or-None order to buy or sell - An order to be executed only for its
     entire quantity at a single price and with a size at or above a
     predetermined threshold.  Such orders must be executed in accordance with
     Regulation 331.03.

Orders other than those listed above will be accepted solely at the broker's
discretion on a not held basis. This Regulation shall only apply to Regular and
Night trading hours. (07/01/00)

331.03  All-Or-None Transactions - Board of Directors shall determine the
minimum thresholds for and the commodities in which All-Or-None transactions
shall be permitted.  The following provisions shall apply to All-Or-None
trading:

(a)       A member may request an All-Or-None bid and/or offer for a specified
          quantity at or in excess of the applicable minimum threshold
          designated. The request shall be made during the hours of regular
          trading in the appropriate trading area.


(b)       A member may respond by quoting an All-Or-None bid or offer price. A
          bid or offer in response to an All-Or-None request shall be made only
          when it is the best bid or offer in response to such request, but such
          price need not be in line with the bids and offers currently being
          quoted in the regular market.


(c)       A member shall not execute any orders by means of an All-Or-None
          transaction unless the order includes specific instructions to execute
          an All-Or-None transaction or the All-Or-None bid offer is the best
          price available to satisfy the terms of the order.



(d)       An All-or-None bid or offer may be accepted by one or more members
          provided that the entire quantity of the All-or-None order is executed
          at a single price and that each counterparty to the order accepts a
          quantity at or in excess of the designated minimum counterparty
          threshold. Each order executed opposite an All-or-None order must be
          for a quantity that meets or exceeds the minimum counterparty
          threshold. Separate orders may not be bunched to meet the minimum
          counterparty threshold.


(e)       The price at which an All-Or-None transaction is bid, offered or
          executed will not elect conditional orders (e.g., limit orders, stop
          orders, etc.) in the regular market or otherwise affect such orders.



(f)       All-or-None transactions must be reported to the reporter in each pit
          who shall designate the price quotes for All-Or-None transactions as
          All-or-None price quotes.


(g)       Under no circumstances shall All-or-None orders to buy and sell both
          be executed in their entirety opposite each other.


(h)       All-or-None transactions are permitted in the following contracts
          subject to the listed minimum quantity threshold.


    ----------------------------------------------------------------------------
                    Contract                      All-or-None     Counterparty
                                                    Minimum          Minimum
    ----------------------------------------------------------------------------

     10-Year Interest Rate Swap futures              1,000             100
    ----------------------------------------------------------------------------

     10-Year Interest Rate Swap futures options      1,000             100
    ----------------------------------------------------------------------------

     5-Year Interest Rate Swap futures               1,000             100
    ----------------------------------------------------------------------------

     5-Year Interest Rate Swap futures options       1,000             100
    ----------------------------------------------------------------------------

     10-Year Agency Note futures                       200              50
    ----------------------------------------------------------------------------

     10-Year Agency Note/10-Year T-Note spread         100              50
    ----------------------------------------------------------------------------

     5-Year Agency Note futures                        200              50
    ----------------------------------------------------------------------------

     5-Year Agency Note/5-Year T-Note spread           100              50
    ----------------------------------------------------------------------------

     2-Year Treasury Note futures                      200              50
    ----------------------------------------------------------------------------

     10-Year Municipal Note Index futures              200              50
    ----------------------------------------------------------------------------


All-or-None intra-commodity spread transactions may be executed in permitted
contracts provided that each leg of the spread meets the All-or-None threshold
for that contract. (01/01/03)


<PAGE>

                              Ch3 Floor Practices
                              -------------------

331.04    Execution of Simultaneous Buy and Sell Orders for Different Account
Owners - A member who has received both buying and selling orders from different
account owners for the same commodity and the same delivery month or, for
options, the same option, may execute such orders for and directly between such
account owners provided that the member shall first bid and offer openly and
competitively by open outcry at the same price, stating the number of contracts.
If neither the bid nor the offer is accepted within a reasonable time, the
orders may then be matched by the member in the presence of a member of the Pit
Committee. If either the bid or the offer is accepted in part, the remainder of
the orders may be matched pursuant to the requirements of this Regulation. The
member making the trade shall clearly identify it on the order or other document
used to record the trade, shall note thereon the time of execution to the
nearest minute, and shall present such record to such member of the Pit
Committee for verification and initialing. (10/01/02)



332.00    Orders Must Be Executed in The Public Market - All orders received by
any member of this Association, firm or corporation, doing business on Change,
to buy or sell for future delivery any of the commodities dealt in upon the
Floor of the Exchange (except when in exchange for cash property) must be
executed competitively by open outcry in the open market in the Exchange Hall
during the hours of regular trading and, except as specifically provided in
Regulations 331.03, 331.04 and 350.10 under no circumstances shall any member,
firm or corporation assume to have executed any of such orders or any portion
thereof by acting as agent for both buyer and seller either directly or
indirectly, in their own name or that of an employee, broker or other member of
the Association; provided, that on transactions where brokers as agents for
other members meet in the execution of orders in the open market and without
prearrangement unintentionally consummate a contract for the one and same
clearing member principal, such transactions shall not be considered in
violation of this Rule. 202A (07/01/00)

332.01    Open Market Execution Requirement - All futures transactions resulting
in change of ownership (except those involving the exchange of futures in cash
transactions) must be made in the open market in the manner prescribed by Rules
332.00 and 310.00. 1866 (08/01/94)

332.01A   Bidding and Offering Practices - Bidding and offering practices on the
Floor of the Exchange must at all times be conducive to competitive execution of
orders, as required by Rule 332.00. Bids or offers of 'all the way to,' 'all you
have up (or down) to, 'everything you have up (or down) to,' and similar
expressions, are not conducive to competitive execution of orders, and are
expressly deemed to be in violation of Rule 332.00. 47R (08/01/94)

332.01B   Conformation with Section 1.39 of The Commodity Exchange Act - The
Board of Directors at their regular meeting held on Tuesday, September 6th,
1955, ruled that inasmuch as the Chicago Board of Trade has no Rule that
conforms to Section 1.39 of the Commodity Exchange Act, Rule 332.00 of the
Board's Rules and Regulations prevails. 28R (08/01/94)


332.02    Trade Data - Each member executing transactions on the Floor of the
exchange shall enter or cause to be entered on the record of those transactions
an indicator designating the time bracket within the trading session in which
each execution occurred. Each clearing member shall enter only the bracket
information submitted to the clearing member by the member executing the trades
in the designated form on the record of transactions submitted to the Clearing
House. The brackets and their designations will be as follows:

<TABLE>
<S>                         <C>      <C>                      <C>         <C>                      <C>
7:00-7:15 a.m.              A        11:30-11:45 a.m.         S           5:00-5:15 p.m.           A
--------------------------------------------------------------------------------------------------------
7:15-7:30 a.m.              B        11:45-12:00 noon         T           5:15-5:30 p.m.           B
--------------------------------------------------------------------------------------------------------
7:30-7:45 a.m.              C        12:00-12:15 p.m.         U           5:30-5:45 p.m.           C
--------------------------------------------------------------------------------------------------------
7:45-8:00 a.m.              D        12:15-12:30 p.m.         V           5:45-6:00 p.m.           D
--------------------------------------------------------------------------------------------------------
8:00-8:15 a.m.              E        12:30-12:45 p.m.         W           6:00-6:15 p.m.           E
--------------------------------------------------------------------------------------------------------
8:15-8:30 a.m.              F         12:45-1:00 p.m.         X           6:15-6:30 p.m.           F
--------------------------------------------------------------------------------------------------------
8:30-8:45 a.m.              G          1:00-1:15 p.m.         Y           6:30-6:45 p.m.           G
--------------------------------------------------------------------------------------------------------
8:45-9:00 a.m.              H          1:15-1:30 p.m.         Z           6:45-7:00 p.m.           H
--------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

                             Ch3 Floor Practices
                             -------------------

<TABLE>
--------------------------------------------------------------------------------------------------------
<S>                      <C>      <C>                      <C>        <C>                        <C>
   9:00-9:15 a.m.        I        1:30-1:45 p.m.           2          7:00-7:15 p.m.             I
--------------------------------------------------------------------------------------------------------
   9:15-9:30 a.m.        J        1:45-2:00 p.m.           3          7:15-7:30 p.m.             J
--------------------------------------------------------------------------------------------------------
   9:30-9:45 a.m.        K        2:00-2:15 p.m.           4          7:30-7:45 p.m.             K
--------------------------------------------------------------------------------------------------------
  9:45-10:00 a.m.        L        2:15-2:30 p.m.           5          7:45-8:00 p.m.             L
--------------------------------------------------------------------------------------------------------
 10:00-10:15 a.m.        M        2:30-2:45 p.m.           6          8:00-8:15 p.m.             M
--------------------------------------------------------------------------------------------------------
 10:15-10:30 a.m.        N        2:45-3:00 p.m.           7          8:15-8:30 p.m.             N
--------------------------------------------------------------------------------------------------------
 10:30-10:45 a.m.        O        3:00-3:15 p.m.           8          8:30-8:45 p.m.             O
--------------------------------------------------------------------------------------------------------
 10:45-11:00 a.m.        P        3:15-3:30 p.m.           9          8:45-9:00 p.m.             P
--------------------------------------------------------------------------------------------------------
 11:00-11:15 a.m.        Q                                            9:00-9:15 p.m.             Q
--------------------------------------------------------------------------------------------------------
 11:15-11:30 a.m.        R                                            9:15-9:30 p.m.             R
--------------------------------------------------------------------------------------------------------
</TABLE>

The first time bracket in the trading session of each respective commodity will
be less than 15 minutes, as determined by the Regulatory Compliance Committee
for each particular contract, and will be designated by a "dollar" sign "$".

The last time bracket in the trading session of each respective commodity will
be one minute or less, as determined by the Regulatory Compliance Committee for
each particular contract, and will be designated by a "percent" sign "%";
provided however, that each respective contract market's close may be expanded
or reduced by an amount of time which shall not exceed one minute due to unique
market conditions on a particular trade date as determined in the discretion of
each commodity's Pit Committee; any closing period other than that established
by the Regulatory Compliance Committee shall be communicated to the market at
least five minutes prior to the commencement of the revised close for that date.

The modified closing call in the trading session of each respective commodity
will be designated by a "pound" sign "#".

If the member executing the trades does not submit a bracket designation to the
clearing member, the clearing member shall enter "?" as the bracket designation
when submitting the record of such transaction to the Clearing House. 1979
(09/01/94)

332.03    Lost Orders - Any broker who has reason to believe that an order has
been lost or misplaced, shall immediately notify the Secretary of the Exchange,
who shall thereupon have the matter investigated. (08/01/94)

332.04    Records of Floor Traders - Each member executing transactions on the
Floor of the Exchange for his or her personal account [Type 1 trades as defined
in CFTC Regulation 1.35(e)] must execute such transactions on the Floor of the
Exchange using pre-printed sequentially pre-numbered trading cards. A new
trading card must be used at the beginning of each time bracket as designated in
Regulation 332.02.

Each member must record the transactions in exact chronological order of
execution on sequential lines of the trading card (no lines may be skipped).
Provided, however, that if lines remain after the last execution recorded on a
trading card, the remaining lines must be marked through.  All transactions
which are recorded on a single trading card must be recorded on the same side of
such trading card.  No more than six transactions may be recorded on each
trading card.

The trading cards must contain pre-printed member identification which will
include, but will not be limited to, the trading acronym and the full name of
the member.  The trading cards must also contain preprinted bracket
designations. (01/01/96)

332.041   Accountability of Trading Cards - Each member executing transactions
on the Floor of the Exchange, and his clearing member(s), shall establish and
maintain procedures that will assure the complete accountability of all pre-
printed sequentially pre-numbered trading cards used by such member on a daily
basis. Such trading cards must be distinguishable from other trading cards used
by the member during a one week period. (08/01/94)

332.05    Card Collection - At such times and in such manner as designated by
the Regulatory Compliance Committee, each member shall provide his clearing
member with trading documents which are relied upon for transactional
information necessary for submission to the clearing system


<PAGE>

                              Ch3 Floor Practices
                              -------------------

containing those trades that have been executed thus far during that day.
Trading documents include trading cards of members' personal and proprietary
trades, trading cards of one member reflecting trades of another member (CTI 3
pursuant to CFTC Regulation 1.35 (e)) and floor order tickets.

A member may correct any errors on trading documents by crossing out erroneous
information without obliterating or otherwise making illegible any of the
originally recorded information.  Alternatively, with regard to trading cards
only, a member may correct any errors by rewriting the trading card.  However,
if a trading card is rewritten to correct erroneous information, the member
shall provide his clearing member with the top ply of the original trading card,
or in the absence of plies, the original trading card, which has been
subsequently rewritten, in accordance with the same collection schedule
designated by the Regulatory Compliance Committee for trading documents relied
upon for clearing purposes.

Following the collection of the above-stated documents, the clearing member
shall ensure that all such documents receive an Exchange-designated time stamp
upon collection. (12/01/96)

332.06    Records of Proprietary Orders - Immediately upon receipt on the Floor
of the Exchange of an order from a proprietary or house account (Type 2 trades
as defined in CFTC Regulation 1.35(e)) each member or registered eligible
business organization shall prepare a written record of the order. It shall be
dated and time stamped when the order is received and shall show the account
designation.

Such written records of proprietary orders of both clearing and non-clearing
member firms need not be prepared if the members executing such transactions on
the Floor of the Exchange are employed by such member firms and meet the
recordkeeping requirements set forth in Regulation 332.04.  However, such
members must register with the Exchange and may not trade for their personal
accounts.  The executing members may record proprietary orders in this manner if
they have initiated such orders, or if their employing firm has placed
proprietary orders with them for execution. (10/01/00)

332.07    Accountability of Trading Documents - A member is accountable for all
documents used in the execution of trades, including trading cards used for his
personal account and other documents used by the member in the execution of
trades made for others.

Floor brokers who record flashed order executions on broker cards must record on
the broker card, the corresponding clearing firm number and order ticket number
for every flashed order execution.  In addition, floor brokers who record
flashed order executions on broker cards must use non-erasable ink and may
correct any errors by crossing out the erroneous information without
obliterating or otherwise making illegible any of the originally recorded
information. (12/01/96)

332.08    CTR Recordkeeping and Data Entry Requirements - Pursuant to
Regulations 332.02, 332.04, 332.041, 332.05, 332.06 and 332.07 and 332.09, each
member and member firm shall keep, in an accurate and complete manner, all books
and records required to be made or maintained under the Rules and Regulations
regarding submission of data to the Exchange or the Clearing Corporation for CTR
purposes. All trade data submissions must be done in a correct and timely
manner.

Trade data includes, but is not limited to, the time bracket, executing broker,
opposite broker, transaction type, customer type indicator ("CTI") code [as
defined in CFTC Regulation 1.35 (e)], trade timing and trade sequencing
information.

If the member executing the trade does not provide the required data to the
clearing member, the clearing member shall enter "?" as the designation when
submitting the record of such transaction to the Clearing House. If the trade
cannot clear without the specific information, it is the clearing firm's
obligation to enter a "?" designation and to obtain promptly from the member who
executed the trade the complete and correct information concerning the trade.
(08/01/94)

332.09    Member Trading for Another Member on the Trading Floor -

(a) At the time of execution, every order, which is not reduced to writing, that
    a member receives from another member who is present on the trading floor
    must be recorded. The member executing the order must record the time of
    execution to the nearest minute on the trading card or other document used
    to record the trade and must return this card or document to the initiating
    member.

    A member placing a verbal order, except for orders involving options-futures
    combinations and other spread trades where the initiating member personally
    executes at least one leg of the spread,


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    shall simultaneously make a written record of the order and record the time
    of placement to the nearest minute. The order and the time shall be recorded
    on the member's trading card, which shall be in sequence with other trading
    cards used by that member. The trading card used to record the placement of
    the verbal order and the trading card or document used to record the
    execution of the order must be submitted together to the clearing member by
    the member placing the order or designated representative in accordance with
    the collection schedule established by the Exchange.

(b) Every written order that is initiated by a member for his own account while
    on the Exchange floor must be dated and time stamped upon transmission for
    execution, and when returned or, in the case of an arbitrage or a flashed
    transaction, when confirmed or cancelled. (08/01/94)

332.10    Prohibition of Trading or Placing Verbal or Flashed Orders from the
Clerks Step in Financial Futures and Options Contracts - Any Exchange member who
performs the functions of a floor clerk or broker assistant who also stands in
the area designated for broker assistants in any financial future or option pit
which is clearly defined as the area behind the top step is prohibited from
placing verbal orders or flashed orders for his personal account while standing
in that location. Such members are also prohibited from executing trades while
standing in this location. For the purposes of this Regulation, trading is
defined as executing trades for one's personal account, an account of another
member or a customer. Such members may only enter orders for their personal
accounts by placing such orders through the normal customer order flow process
which requires that the member leave the pit to place an order. (07/01/97)

333.00    Trades of Non-Clearing Members -

(a) PRIMARY CLEARING MEMBER. Each non-clearing member who executes trades on
    Change must have one and only one Primary Clearing Member who will accept
    and clear the member's personal trades. A written authorization must be on
    file with the Member Services Department authorizing such non-clearing
    member, without qualification, to submit trades through such Primary
    Clearing Member, and designating such clearing member as the non-clearing
    member's Primary Clearing Member. Such Primary Clearing Member acts as
    Commission merchant for the non-clearing member. Such Primary Clearing
    Member, acting as commission merchant, shall be liable upon all trades made
    by the non-clearing member for the account of the Primary Clearing Member
    (unless authorization is revoked as provided in (c) below) and shall be a
    party to all disputes arising from trades between the authorized non-
    clearing member and another member or member firm made for the account of
    the Primary Clearing Member.

(b) OTHER CLEARING MEMBERS.  A non-clearing member may have one or more clearing
    members, in addition to his Primary Clearing Member, through whom he may
    also clear his trades, provided he has written permission to do so from his
    Primary Clearing Member. However, as provided in Rule 252.00, such clearing
    member's claims shall be subordinated to the claims of the Primary Clearing
    Member(s). Such written permission of the Primary Clearing Member must be
    filed with the Member Services Department. Written authorization from the
    other clearing member, authorizing the nonclearing member to make trades  on
    Change for the account of the clearing member, must also be filed with the
    Member Services Department. Thereafter, such clearing member acting as
    commission merchant, shall be liable upon all trades made by the non-
    clearing member for the account of the clearing member (unless authorization
    is revoked as provided for in (c) below) and shall be a party to all
    disputes arising from trades between the authorized non-clearing member and
    another member or member firm made for the account of the clearing member.
    Notwithstanding the above, a non-clearing member may only obtain clearing
    authorization for transactions entered through the e-cbot system from a
    single clearing member in accordance with 9B.08.

(c) REVOCATION OF AUTHORIZATION. A revocation of authorization, either by a
    Primary Clearing Member or another clearing member, must, to be effective,
    be in writing and be posted by the Secretary upon the bulletin board of the
    Exchange. A non-clearing member whose Primary Clearing Member has revoked
    authorization shall be denied access to the Floor until another clearing
    member has designated itself as the non-clearing member's Primary Clearing
    Member, pursuant to (a) above. Revocation of a non-clearing member's
    authorization to execute transactions through the e-cbot system shall be in
    accordance with 9B.08.


<PAGE>

                              Ch3 Floor Practices
                              -------------------

(d) The non-clearing member will not be permitted to submit a new primary
    clearing member authorization or clear trades through a new primary clearing
    member until such time as the former primary clearing member files a release
    with the Member Services Department. A primary clearing member who has
    revoked primary clearing member status to a non-clearing member must give
    the non-clearing member release upon the non-clearing member's request when
    the non-clearing member has obtained a new primary clearing member unless
    (1) the non-clearing member has current debts related to the conduct of
    business as a broker, trader or commission merchant at the primary clearing
    member equal to or greater than the amount specified in Rule 286.00; or (2)
    the clearing member is the guarantor under an existing valid guarantee of a
    loan which had been made to the non-clearing member exclusively for the
    purpose of financing the purchase of the non-clearing member's membership,
    such guarantee in an amount equal to or greater than the amount specified in
    Rule 286.00.

(e) PRIORITY OF DEBTS FOR PURPOSES OF RULE 252.00. Upon transfer of the non-
    clearing member's membership, any indebtedness owed to a former Primary
    Clearing Member at the time of revocation which was incurred subsequent to
    authorization and which continues to be owed such former Primary Clearing
    Member(s) shall be paid in the chronological order of revocation (oldest
    debt first), in the manner and to the extent allowed under Rule 252.00. 204
    (09/01/00)

333.01    Error Accounts -

(a) Each non-clearing member who acts as a floor broker or is registered with
    the Commodity Futures Trading Commission or a registered futures association
    as a floor broker (i) shall maintain a personal account with his Primary
    Clearing Member into which he places brokerage errors; (ii) may maintain
    personal error accounts at one or more secondary clearing members, in
    addition to his Primary Clearing Member, provided he has written permission
    to do so from his Primary Clearing Member on file with Member Services
    Department.

(b) Each clearing member who carries an error account agrees to accept and clear
    the broker's trades involving brokerage errors. A written authorization must
    be filed with the Member Services Department authorizing the broker, without
    qualification, to submit trades involving brokerage errors through such
    clearing member. Such clearing member shall be liable upon all trades
    involving brokerage errors that are submitted to the error account (unless
    authorization is revoked as provided herein) and shall be a party to all
    disputes involving trades between the broker, in his capacity as a broker,
    and another member or member firm that may ultimately be submitted to the
    error account. Revocation of authorization granted pursuant to this
    Regulation must be filed in writing with the Member Services Department and
    will become effective when written notice thereof is posted on the Exchange
    bulletin board by the Secretary. (08/01/94)

333.02    Primary Clearing Members' Membership File Review - Before a clearing
member grants Primary Clearing Member authorization to any individual pursuant
to Rule 333.00 a duly authorized representative of such clearing member must:

a)  review such individual's membership file as maintained by the Association;
    and

b)  confirm, in writing, to the Department of Member Services of the
    Association, that this review was conducted.

The written confirmation referenced above will be on a form prescribed by the
Association and will be retained by the Association in the applicable individual
membership file. (08/01/94)

333.03    Funds in Trading Accounts Carried by Clearing Members - The following
shall apply to trading accounts which are carried for non-clearing members by
clearing members pursuant to Rule 333.00:

(a) If a non-clearing member trades in excess of written limits prescribed by
    the carrying clearing member, and/or if the non-clearing member is alleged
    to have engaged in reckless and unbusinesslike dealing inconsistent with
    just and equitable principles of trade, the disposition of any and all funds
    in the applicable trading accounts(s) may be suspended by the carrying
    clearing member, or by the Association through the Board of Directors,
    Executive Committee, Floor Governors Committee or Arbitration Executive
    Committee pending a determination by the Arbitration Committee regarding the
    appropriateness of the non-clearing member's conduct.


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    Any Arbitration Committee decision to release trading account funds to the
    non-clearing member shall include the payment of interest by the clearing
    member to the non-clearing member as determined by the Arbitration
    Committee.

(b) Either the carrying clearing member or the Association may direct that the
    disposition of trading account funds be suspended pursuant to subparagraph
    a) of this regulation.  However, if such suspension is initiated by the
    clearing member the suspension will be subject to review within one business
    day by the Board or one of the Committees designated in paragraph (a).  The
    purpose of this review will be determine if sufficient grounds exist to
    warrant continuation of the suspension pending a final determination by the
    Arbitration Committee.  Association proceedings in this regard will be
    conducted in accordance with Regulation 540.60 "Procedures for Member
    Responsibility Actions". (05/01/94)

334.00    Trades of Non-Clearing Members - (See 431.00) (08/01/94)

335.00    Bids and Offers in Commodities Subject to First Acceptance - Any offer
made on Change to buy or sell any commodity for future delivery is subject to
immediate acceptance by any other member. All such offers shall be general
offers and shall not be specified for acceptance by particular members. 254
(08/01/94)

336.00    Bids and Offers in Commodities Subject to Partial Acceptance - If an
offer is made on Change (the Exchange) to buy or sell any specified quantity of
any commodity for future delivery, such offer shall be deemed an offer to buy or
sell all or any part of such specified quantity and, if not immediately accepted
for the entire quantity, it may be accepted for a quantity less than specified.
Orders or offers to buy or sell a specified quantity or none shall not be
allowed, except as specifically provided in Regulation 331.03. 255 (07/01/00)

336.01    Guaranteeing Terms of Execution - Any member or member firm who
receives an order to buy or sell a futures contract or option on a futures
contract for execution on the Exchange is prohibited from directly or indirectly
guaranteeing the execution of the order or any of its terms such as the quantity
or price. A member may only report an execution that has occurred as a result of
open outcry or has been effected through an Exchange approved automated order
entry facility.

This regulation shall not be construed to prevent a member or member firm from
assuming or sharing in the losses resulting from an error or mishandling of an
order. (08/01/94)

337.01    Orders Involving Cancellations Accepted on a 'Not Held' Basis - All
orders involving cancellations that reach the Trading Floor 10 minutes or less
before the opening or resumption of the market, as applicable and all orders
involving cancellations that reach the Trading Floor 10 minutes or less before
the close of the market may involve extraordinary problems and hence will be
accepted solely at the risk of the customer on a 'not held' basis.


All orders must be received by the floor broker within a reasonable time prior
to the opening, the resumption or the close of the market, as applicable. Such
other orders not received by the floor broker within a reasonable time prior to
the opening, the resumption or the close of the market will be accepted solely
at the risk of the customer on a 'not held' basis. 1847 (09/01/98)

350.00    Trade Checking Penalties - (See 563.00) (08/01/94)

350.01    Failure to Check Trades - If any member, firm or corporation is unable
with diligent effort to check any future delivery transaction made with another
member, firm or corporation, then such transaction shall be closed out for the
account of whom it may concern by the member, firm or corporation claiming the
contract at the earliest reasonable opportunity in order to establish any claim
for loss because of such failure to check by the other party to the contract.
1811 (08/01/94)

350.02    Responsibility For Customer Orders - A floor broker or clearing member
shall exercise due diligence in the handling and execution of customer orders.
The Exchange's Arbitration Committee is authorized to determine whether a broker
or clearing firm fulfilled their obligations and whether an adjustment is due to
the customer. The Committee may consider the nature of the order and existing
market conditions, including the existence of a "FAST" market, at the time the
broker or clearing member acted or failed to act. However, a "FAST" designation
does not nullify or reduce the


<PAGE>

                              Ch3 Floor Practices
                              -------------------

obligations of the floor broker to execute orders with due diligence according
to the terms of the order.

Except in instances where there has been a finding of willful or wanton
misconduct, in which case the party found to have engaged in such conduct cannot
avail itself of the protections in this provision, neither floor brokers nor
member firms, or other persons acting as agents nor any of their officers,
directors or employees, shall be liable for any loss, damage or cost (including
attorney's fees and court costs), whether direct, indirect, special, incidental,
consequential, lost profits or otherwise of any kind, regardless or whether any
of them has been advised or is otherwise aware of the possibility of such
damages, arising out of the use or performance of the CBOT's Electronic Order
Routing System, any component(s) thereof, or any fault, failure, malfunction or
other alleged defect in the Electronic Order Routing System, including any
inability to enter or cancel orders, or any fault in delivery, delay, omission,
suspension, inaccuracy or termination, or any other cause in connection with the
furnishing, performance, maintenance, use of or inability to use all or any part
of the Electronic Order Routing System, including but not limited to, any
failure or delay in transmission of orders or loss of orders resulting from
malfunction of the Electronic Order Routing System, disruption of common carrier
lines, loss of power, acts or failures to act of any third party, natural
disasters or any and all other causes.

The foregoing shall apply regardless of whether a claim arises in contract,
tort, negligence, strict liability or otherwise.  The foregoing limitations are
cumulative and shall not limit or restrict the applicability or any other
limitation or any rule, regulation or bylaw of the Exchange or the Clearing
House.  The foregoing shall not limit the liability of any floor broker or
member firms, or other person acting as agent or any of their respective
officers, directors or employees for any act, incident, or occurrence within
their control.

If any of the foregoing limits on the liability of the floor brokers or member
firms or other persons acting as agents or any of their officers, directors or
employees should be deemed to be invalid, ineffective, or unenforceable and a
customer sustains a loss, damage or cost (including attorney's fees and court
costs) resulting from use of the Electronic Order Routing System, the entire
liability of the floor brokers or member firms and their agents or any of their
officers, directors or employees shall not exceed the brokerage commissions and
any other charges actually paid by the customer.

Notwithstanding any of the foregoing provisions, this provision shall in no way
limit the applicability of any provision of the Commodity Exchange Act, as
amended, and Regulations, thereunder.  (01/01/99)

350.03    Identification of Floor Trading Personnel and Floor Traders - Every
member is required to wear an identification badge issued by the Association in
a prominent position and in proper fashion to be admitted to the Trading Floor
and must so wear the badge at all times while he is on the Trading Floor.
Failure to wear a badge shall be considered an act detrimental to the welfare of
the Association (Rule 504.00). 1955 (08/01/94)

350.04    Outtrades and Errors and Mishandling of Orders -


A.   Outtrades - If a floor broker discovers, either intraday or interday, that
all or some portion of a customer order was executed but cannot be cleared, the
broker shall do one of the following:


     1.  Re-execute the order in the market and adjust the customer by check if
         the re-execution price is worse than the original execution price. If
         the re-execution price is better than the original execution price, the
         customer is entitled to the better price.

     2.  Assign the opposite side of the portion that cannot be cleared to his
         or her error account and assign a fill to the customer at the execution
         price. The floor broker shall not liquidate the assigned position until
         at least ten minutes have elapsed after the execution of the order
         giving rise to the outtrade and, in any event, after the bracket period
         in which the outtrade arose has ended. These liquidation restrictions
         shall not apply to a liquidation during a Modified Closing Call. Any
         profits resulting from the liquidation of the assigned position belong
         to the floor broker, and may be retained or disbursed to whomever he
         chooses, in his discretion.

A floor broker may not use the assignment process to clear unfilled or
underfilled orders, orders that were


<PAGE>

                              Ch3 Floor Practices
                              -------------------

erroneously executed in the wrong contract month, strike price, put vs. call or
side of the market, or price outtrades.

B.  Errors and Mishandling of Orders - If a broker fails to execute an order in
accordance with its instructions, or underbuys or undersells on an order, and
the order, or the remainder of the order, is subsequently filled at a better
price, then the customer is entitled to the better price.  The customer is also
entitled to an adjustment if he incurs a loss because of the delay in execution.
However, if a broker overbuys or oversells on an order, the customer is not
entitled to any of the excess.

  A position that has been established in an erroneous or mishandled attempt to
  execute a customer order must be placed in the error account of the broker or
  firm responsible for the error or mishandling.  When an order has been
  executed in the wrong contract month or strike price, and the erroneous
  transaction has been placed in the broker's or firm's error account, the error
  may be corrected by a spread transaction, in accordance with Regulation
  352.01.  Any profits resulting from the liquidation of the trades placed in a
  broker's or firm's error account belong to the relevant broker or firm, and
  may be retained or disbursed to whomever they choose at their discretion.
  (10/01/99)

350.05    Floor Practices - The following acts are detrimental to the welfare of
the Association:

(a) for a floor broker to purchase any commodity for future delivery, purchase
    any call commodity option or sell any put commodity option for his own
    account, or for any account in which he has an interest, or for those
    accounts falling within the exception of paragraph (c) of this Regulation,
    while holding an order of another person for the purchase of any future,
    purchase of any call commodity option, or sale of any put commodity option,
    in the same commodity which is executable at the market price or at the
    price at which such purchase or sale can be made for the member's own
    account or the account in which he has an interest, or for those accounts
    falling within the exception of paragraph (c) of this Regulation.

(b) for a floor broker to sell any commodity for future delivery, sell any call
    commodity option or purchase any put commodity option for his own account,
    or for any account in which he had an interest, or for those accounts
    falling within the exception of paragraph (c) of this Regulation, while
    holding an order of another person for the sale of any future, sale of any
    call commodity option, or purchase of any put commodity option in the same
    commodity which is executable at the market price or at the price at which
    such sale or purchase can be made for the member's own account or the
    account in which he has an interest, or for those accounts falling within
    the exception of paragraph (c) of this Regulation;

(c) for a floor broker to execute a transaction in the trading pit for an
    account over which he has discretionary trading authority.

    The above restriction shall not apply to:

        1.  transactions for another member of the Exchange;

        2.  transactions for members of the floor broker's family which include;
            spouse, parent, child, grandparent, grandchild, brother, sister,
            uncle, aunt, nephew, niece, or inlaw;

        3.  transactions for proprietary accounts of member firms.

(d) for a member to disclose at any time that he is holding an order of another
    person or to divulge any order revealed to him by reason of his relationship
    to such other person, except pursuant to paragraph (c) of this Regulation,
    in the legitimate course of business or at the request of an authorized
    representative of the Exchange or of the Commission; the mere statement of
    opinions or indications of the price at which a market may open or resume
    trading does not constitute a violation of the Association's Rules and
    Regulations; however, nothing herein shall alter or waive a member's
    responsibility to comply with existing provisions of the Commodity Exchange
    Act, Commission Rules, and the Rules and Regulations of the Association;
    furthermore, it shall be a violation of this Regulation for any individual
    to solicit or induce a member to disclose order information in a manner
    prohibited by this Regulation;

(e) for a member to take, directly or indirectly, the other side of any order of
    another person revealed to him by reason of his relationship to such other
    person, except with such other person's prior consent and in conformity with
    Exchange rules or except for transactions done in accordance with


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    Regulation 350.04 to resolve bonafide outtrades;

(f) for a member to make any purchase or sale which has been pre-arranged;

(g) for a member to withhold or withdraw from the market any order or part of an
    order of another person for the convenience of another member;

(h) for a member to execute any order after the closing bell is sounded except
    in a call market close;

(i) for a member to buy and sell as an accommodation at any time or, except as
    specifically provided in Regulations 331.03, 331.04 and 350.10, to use one
    order to fill another order, or any part thereof;

(j) for parties to a transaction to fail to properly notify the pit recorder of
    the price at which trades have been consummated;

(k) for a floor broker to allocate executions of orders in any manner other than
    an equitable manner.

(l) for a member to initiate during the same trading session a transaction for
    future delivery in a CBOE 50 or CBOE 250 Stock Index future(s) for his or
    her own account, or for any account in which he or she has an interest, or
    for the account of his or her family including spouse, parents, children,
    grandparents, grandchildren, brothers, sisters, uncles, aunts, nephews,
    nieces  and in-laws, and to execute as a floor broker any order for future
    delivery in a CBOE 50 or CBOE 250 Stock Index future(s). This restriction
    shall not apply to any transaction made by the member to offset a
    transaction made in error by the same floor member.  (07/01/00)

350.06    Give-Ups - A member must have prior permission from a clearing member
to give-up its name for a trade executed on the Exchange. For give-up orders,
the executing clearing member must first clear the trade and then transfer it in
accordance with Regulation 444.01(f). A floor broker is prohibited from giving
up in the pit a name other than the executing clearing member placing the order.
Give-up orders are prohibited when used as a pricing mechanism in connection
with cash market contracts. Pricing in connection with cash market contracts
must be done only on a versus-cash basis pursuant to the requirements of
Regulation 444.01. (11/01/97)

350.07    Checking and Recording Trades - Members must within fifteen minutes
after each transaction confirm with the opposite member trader every execution
of a futures transaction with respect to executing member, price, quantity,
commodity, future and respective clearing members. Members must within fifteen
minutes after each transaction confirm with the opposite member trader every
execution of an options transaction with respect to executing member, premium,
quantity, option series, and respective clearing members. Each record of
transactions must show the relevant foregoing information and also must include
and clearly identify the date and appropriate time bracket, and the opposite
executing member.

In addition, each member who, on the Floor of the Exchange receives a customer's
or options customer's order which is not in the form of a written record
including the account identification, order number and date and time, to the
nearest minute, such order was received on the floor of the Exchange, shall
immediately upon receipt thereof prepare a written record of such order,
including the account identification and order number, and shall record thereon
the date and time, to the nearest minute, such order is received.

Non-erasable ink must be used to record all such information.  (11/01/94)

350.08    Notification of Unchecked Trades - Any clearing firm that is unable
with diligent effort to check a transaction with another member, shall notify
the floor member who executed the transaction. Such notice shall be given prior
to the following day's Regular Trading Hours opening or resumption, as
applicable. In the case of agricultural contracts, such notice shall be given no
later than twenty minutes prior to the following day's opening or resumption, as
applicable.

In all cases, such notice shall be given in sufficient time as to allow the
floor member to make provisions for any adjustment.  In the case of agricultural
contracts, the floor member will have resolved his trades by no later than
twenty minutes prior to the relevant opening or resumption, as applicable.

The opening range or resumption range, as applicable, of the following day's
Regular Trading Hours


<PAGE>

                              Ch3 Floor Practices
                              -------------------

market shall be the limit of liability as a result of an unchecked trade.
(09/01/98)

350.10    Exemption for Certain Joint Venture Products - Notwithstanding any
other provisions of these Rules and Regulations, a member who simultaneously
holds orders on behalf of different principals to buy and sell any of the inter-
regulatory or intermarket spreads designated below, may execute such spread
orders for and directly between principals; provided that the member shall first
offer such spread orders competitively by open outcry in the open market (a) by
both bidding and offering at the same price, and neither such bid nor offer is
accepted or (b) by bidding and offering to a point where such offer is higher
than such bid by not more than the minimum permissible price fluctuation
applicable to such spread orders and neither such bid nor offer is accepted. If
any such order is not accepted within a reasonable amount of time, then the
member may, execute such order for and directly between the principals. The
following requirements must also be met in the execution of such spread orders:

(1) The member who executes such order must do so in the presence of a Chicago
    Board Options Exchange Floor Official, who is a member qualified to trade
    Joint Venture futures contracts.

(2) Such member shall clearly identify all such spreads on his trading card or
    similar record by appropriate symbol or descriptive words and shall note on
    such card or record the exact time of execution. Such member shall thereupon
    promptly present said card or record to the Floor Official for verification
    and initialing.

(3) No futures commission merchant or floor broker who receives any of the
    inter-regulatory or intermarket spread orders designated below from another
    person shall take the other side of such spread orders, except with such
    other person's prior consent.

This Regulation applies to the following spread strategies:

(a) inter-regulatory strategies involving a CBOE 50 and/or CBOE 250 Stock Index
    future(s) spread against a Standard and Poor's 100 and/or Standard and
    Poor's 500 option(s) traded on the Chicago Board Options Exchange;

(b) intermarket futures spreads involving a CBOE 50 Stock Index future(s) spread
    against a CBOE 250 Stock Index future(s); or

(c) any other inter-regulatory or intermarket spread designated under this
    Regulation by the Board of Directors of the Association.  (08/01/94)

350.11    Resolution of Outtrades - Outtrades shall be resolved by issuing a
check in an amount agreed to by the members making the trade(s).

A.   Price Outtrades

When an outtrade exists due to a discrepancy as to price, members making the
trade may choose to resolve the discrepancy by electing either of the two prices
in question, if they agree that the trade was executed at that price.

If an outtrade involves a price discrepancy between a local and a broker, and
the members cannot agree on the price of execution, the price recorded by the
broker shall be used to clear the trade.  Any adjustments shall then be made by
check, in compliance with this Regulation.

If an outtrade between locals or an outtrade between brokers involves a price
discrepancy, and these members cannot agree on the price of execution, the
buyer's price shall be used to clear the trade.  Any adjustments shall then be
made by check, in compliance with this Regulation.

B.   Quantity Outtrades

When an outtrade exists due to a discrepancy as to quantity, members making the
trade may choose to resolve the discrepancy by electing either of the two
quantities in question, if they agree that the trade was executed in that
quantity.

If any outtrade between locals involves a quantity discrepancy and these members
cannot agree on the quantity that was executed, the higher quantity shall be
used to clear the trade.  Any adjustments shall then be made by check, in
compliance with this Regulation.

<PAGE>

                              Ch3 Floor Practices
                              -------------------

A broker may assign the opposite side of any excess quantity on his order, which
he believes that he has executed, to his error account, pursuant to Regulation
350.04, and he may agree to the clearing of the transaction according to the
quantity recorded by the other member, whether the other member was a broker or
a local.

C.  Bona Fide Contract Month, Strike, Put vs. Call and Side of Market (Buy vs.
Buy or Sell vs. Sell) Outtrades

When an outtrade exists due to a discrepancy as to the contract month, strike
price, whether an option trade involved a put or a call, or side of the market,
and any party who executed a customer order believes that the order has been
executed in accordance with its instructions, the outtrade may be resolved in
any one of the following ways:


     1.   The trade may be busted. If a broker re-executes his order, any losses
          incurred by the customer as a result of the delay in execution must be
          adjusted by check. If the order is executed at a more favorable price,
          the customer is entitled to the better price.

     2.   The members making the trades(s) may agree that either trade or both
          trades may be cleared in accordance with the members' recorded trade
          data.

     3.   A broker may assign the opposite side of his own order to his error
          account, pursuant to Regulation 350.04, and he may agree to the
          clearing of the transaction according to the terms of the other
          member's recorded trade data, whether the other member was a broker or
          a local.

     4.   If both members were brokers, they may both assign their respective
          trades to their error accounts, pursuant to Regulation 350.04.

A customer shall not be entitled to any portion of any profits realized by a
local who was on the opposite side of an outtrade between the local and the
customer's broker, as a result of the local's liquidation of his position.  Such
profits belong to the local, and may be retained or disbursed to whomever he
chooses, in his discretion.  If the local chooses to disburse any portion of
such profits to the broker, and the broker's customer has received a fill in
accordance with the broker's recorded trade data, the broker is not obligated to
offer such profits to this customer.

It shall be an offense against the Association for members to prearrange a trade
to reconcile an outtrade.

Nothing herein shall in any way limit a member's right to submit an outtrade to
Exchange arbitration if an outtrade cannot be resolved by agreement.  (10/01/99)

352.01    Spreading Transactions - A spread transaction involving options, or
the purchase and sale of different futures, at a price or yield difference or
simultaneously at a separate price for each side of the spread is permitted on
this Exchange provided:

1.  that each side of the spread (the purchase of one future and the sale of
    another future) is for the same account, or in the case of spreads in
    options, all sides are for the same account. Provided that, when an order
    has been executed in the wrong month, wrong strike price or wrong commodity,
    and the erroneous transaction has been placed in the broker's or firm's
    error account, the error may be corrected by a spread transaction in which
    one leg of the spread offsets the position in the error account and the
    other leg is the correct execution of the order. Provided further that the
    liability of the floor broker or FCM shall be determined in accordance with
    Regulation 350.04.

2.  that all sides of the spread are priced at prices within the daily trading
    limits specified in Regulation 1008.01;

3.  that the spread is offered by public outcry in the pit assigned to the
    commodity(ies) or option(s) involved.

4.  that the transaction shall be reported, recorded and publicized as a spread
    in the ratio in which it was executed.

5.  that when such transactions are executed simultaneously, the executing
    member on each side of


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    the transaction shall designate each part of the trade as a spread on his
    cards by an appropriate word or symbol clearly identifying each part of such
    transaction.

6.  that for options the spreads must conform to one of the following
    definitions, any multiple or combination of these strategies, or any
    generally accepted relationship between options and the underlying futures,
    including but not limited to:

    a.  Vertical and Horizontal Spreads. Short one call (put) and long another
        call (put) with a different strike price and/or expiration month.

    b.  Straddles. Short (long) puts and calls in a generally accepted spread
        ratio.

    c.  Conversions and Reverse Conversions. Short (long) calls, long (short)
        puts, and long (short) futures in a generally accepted spread ratio.

    d.  Butterflies. Two vertical spreads which share one common strike price.

    e.  Boxes. Long a call and short a put at one strike price and short a call
        and long a put at another strike price.

    f.  Synthetic Straddles. Long (short) futures and short (long) calls or long
        (short) puts in a generally accepted spread ratio.

    g.  Ratio Spreads. Long calls (puts) and short calls (puts) in a generally
        accepted spread ratio.

    h.  Ratio Writes. Short calls (puts) and long (short) futures in a generally
        accepted spread ratio.

    i.  Ratio Purchases. Long calls (puts) and short (long) futures in a
        generally accepted spread ratio.

    j.  Synthetic Futures. Long calls (puts) and short puts (calls) in a
        generally accepted spread ratio.

7.  that in executing a ratio spread, a member shall bid or offer by open outcry
    either both the spread portion at a price difference and the remaining
    portion (i.e., the "tails") at a specific price for each, or the entire
    ratio spread at a separate price for each side of the transaction. A ratio
    spread and if applicable each part of it must be executed competitively by
    open outcry in accordance with this regulation and Rule 332.00. A bid or
    offer for a ratio spread is subject to partial acceptance in ratioed units
    in accordance with Rule 336.00.

8.  that for spread transactions at a yield difference the following conditions
    are met:

    a.  one side of the spread is a yield-based futures contract, i.e. where the
        final contract settlement price is calculated by subtracting a yield
        measurement from 100.

    b.  the sides are priced at the price spread implied by the yield spread.

    c.  the prices for Short, Medium, and Long Term U.S. Treasury Note and U.S.
        Treasury Bond futures are those implied for 8% coupon, semi-annual non-
        amortizing instruments with exactly two, five, ten, and twenty years
        remaining maturity as calculated and published by the Exchange.

    d.  the prices for the yield-based futures contracts are calculated by
        subtracting the yield from 100.

    e.  the yields are quoted in increments no smaller than one half basis
        point.

    f.  the Regulatory Compliance Committee has designated the spread for
        trading on a yield basis.

Brokers may not couple separate orders and execute them as a spread, nor may a
broker take one part of a spread for his own account and give the other part to
a customer on an order.  (08/01/00)

352.01A   Unacceptable Spread Orders - Certain orders that involve the trading
of different contracts, when the contracts involved are traded in different
designated trading pits and when the resulting positions do not offset to reduce
economic risk, do not represent legitimate spreading transactions and are
specifically deemed to be unacceptable orders. Such transactions must be


<PAGE>

                              Ch3 Floor Practices
                              -------------------

executed on separate orders in the respective designated trading areas. The
foregoing provisions apply to, but are not limited to, the following examples:

    There are separate trading pits for options and futures. An order to buy a
    put (or sell a call) and sell the underlying future establishes a short
    position only, and therefore there is no offsetting feature. An order to
    sell a put (or buy a call) and buy the underlying future establishes a long
    position only, and therefore there is no offsetting feature. These orders
    are unacceptable as spread orders.  (08/01/94)

352.02    Joint Venture Intermarket and Inter-Regulatory Spreads - -
Notwithstanding any other provisions of these Rules and Regulations to the
contrary, the following principles shall apply to spreading transactions
involving Joint Venture Products.

1.  Futures spreads involving CBOE 50 and/or CBOE 250 Stock Index futures
    contracts may be bid or offered at a differential and if so bid or offered,
    such spreads may not be separated into their individual components.

2.  Inter-Regulatory spread strategies involving CBOE 50 or CBOE 250 Stock Index
    futures spread against Standard and Poor's 100 or Standard and Poor's 500
    options traded on the Chicago Board Options Exchange ("CBOE") may be bid or
    offered at a differential. If such spreads are bid or offered at a
    differential, they may not be separated into individual parts. The futures
    side of such spreads must be priced within the daily quotation range. The
    price of the options side of such spreads shall not touch the best bid or
    offer contained in the CBOE order book but may touch but shall not go
    through the current best bid or offer prevailing in the trading crowd. The
    prices for both sides of such spreads shall be disseminated immediately and
    shall be identified as a spread. The price differential shall also be
    disseminated immediately.

3.  Inter-Regulatory spreads involving CBOE 50 and/or CBOE 250 Stock Index
    futures contracts spread against Standard and Poor's 100 and/or Standard and
    Poor's 500 options may be executed in any location in the Standard and
    Poor's 100 or the Standard and Poor's 500 option pit(s).

4.  Joint Venture inter-regulatory or intermarket spreads may not be used to
    establish opening prices for Joint Venture futures contracts.  (08/01/94)

360.01    Pit Supervisory and Enforcement Authority of the Respective Pit
Committees - It shall be the function and duty of the Pit Committees to
supervise and enforce decorum and trading etiquette within their respective
trading pits.

I.  Supervision and Enforcement of Pit Decorum

    Each Pit Committee shall have the authority over its respective pit to
    discipline any individual who has committed a decorum offense within the
    pit, as set forth in Rule 519.00, by the imposition of a fine not to exceed
    $5,000.00

    Pit Committee members shall issue a ticket to the offender notifying the
    offender that the Pit Committee has imposed a warning or designated fine in
    accordance with the following schedule guidelines:

<TABLE>
<S>                                                       <C>
          ---------------------------------------------------------------------------
          1st offense                                     Warning or fine between
                                                          $250.00 - $2,500.00
          ---------------------------------------------------------------------------
          2nd offense and subsequent offenses             Fine between $500.00 -
                                                          $5,000.00
          ---------------------------------------------------------------------------
</TABLE>

    Any Exchange member may request that the Pit Committee issue a ticket;
    however, the Pit Committee Chairman or Vice-Chairman or in the alternative,
    a member of the Floor Governors Committee, must sign and thereby authorize
    each and every ticket issued by the Pit Committee.  Any ticket not
    authorized by the Pit Committee Chairman or Vice-Chairman, or in the
    alternative, a member of the Floor Governors Committee, will be deemed to be
    invalid.

    The recipient of a Pit Committee ticket may either pay the corresponding
    fine or request a summary hearing before the respective Pit Committee to
    contest the ticket.  The summary hearing shall be held after the close of
    trading on the afternoon of the day the ticket was issued or as soon


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    as possible thereafter. The attendance of either a simple majority or five
    members of the respective Pit Committee, whichever is less, shall constitute
    a quorum for the purpose of a summary hearing.

    Application of Regulations -   The Chairman, Vice-Chairman, or Pit Committee
                                   Member who initiated a ticket may not sit on
                                   the panel; however, he may participate at the
                                   hearing as a witness. The Chairman or Vice-
                                   Chairman who simply authorized, but did not
                                   initiate the ticket, may sit on the panel
                                   that hears the matter.

    No member of the summary hearing panel may have a direct financial or
    personal interest in the outcome of the matter.

    If a ticket was issued by the Pit Committee at the request of a member, the
    requesting member must appear at the summary hearing.  If the requesting
    member fails to appear, the ticket will be voided.  Furthermore, the
    requesting individual's failure to appear may be deemed to constitute an act
    detrimental to the welfare of the Association.

    Members may not be represented by an attorney at the summary hearing.

    The decision of the summary hearing panel shall be final; however, a member
    shall have a limited right to appeal the decision to the Exchange's
    Appellate Committee on the grounds that the decision was:

    a.  In excess of the summary hearing panel's authority, jurisdiction, or
        limitations; or

    b.  Without observance of the required procedures.

    Any member or individual with floor access privileges who has received a Pit
    Committee ticket for a decorum offense of Disorderly Conduct, Intentional
    Physical Abuse, Sexual Harassment, and/or Use of Profane or Obscene Language
    and during the same trading session, engages in a further Rule or Regulation
    violation relating to Disorderly Conduct, Intentional Physical Abuse, Sexual
    Harassment, and/or Use of Profane or Obscene Language may, in addition to
    other sanctions (including but not limited to fines, suspensions, and
    expulsions imposed by the Association pursuant to the Rules and
    Regulations), be immediately and summarily removed from the Exchange trading
    floor and denied trading floor access for the remainder of the trading
    session pursuant to the following procedures:

    a.  Certification by a Chairman of the Pit Committee (or, in the Chairman's
        absence, by a Vice-Chairman of the Pit Committee) that the individual
        has continued to engage in Disorderly Conduct, Intentional Physical
        Abuse, Sexual Harassment, and/or Use of Profane or Obscene Language
        after having previously received a Pit Committee ticket for the same
        offense in the same trading session; and

    b.  Approval of such summary action by a member of the Floor Governors
        Committee and a member of the Board of Directors or by two members of
        the Board of Directors, provided that no individual granting such
        approval shall have been involved in the altercation.

Additionally, should the first such offense be of such a serious nature, the
individual may be denied trading floor access for the duration of the trading
session pursuant to the above procedure.

II. Supervision and Enforcement of Pit Trading Etiquette

    Each Pit Committee shall have the authority over its respective pit to issue
    a ticket to any member who has allegedly violated the pit's trading
    etiquette.  Each pit, by and through its Pit Committee, shall be responsible
    for determining the nature and extent of its pit trading etiquette.
    However, the Floor Governors Committee will be responsible for standardizing
    the pit trading etiquette that is common to all of the Exchange's trading
    pits.

    A breach of trading etiquette does not in itself constitute a specific
    violation of an Exchange Rule or Exchange Regulation.  However, any
    particularly egregious violation of a trading etiquette or repeated
    violation of trading etiquette may result in disciplinary action by the
    Floor Governors Committee pursuant to the general provisions of Exchange
    Rule 500.00 (Inequitable Proceedings) and/or Rule 504.00 (Acts Detrimental
    to the Welfare of the Association).


<PAGE>

                              Ch3 Floor Practices
                              -------------------

     Any member may request that a ticket be issued and any member of the
     respective Pit Committee may issue a ticket. However, the Pit Committee
     Chairman or Vice-Chairman must sign and thereby authorize each ticket.

     If the recipient of a ticket wishes to contest the ticket he shall
     immediately notify the Chairman or Vice-Chairman of the Pit Committee and a
     summary hearing shall be held by the Pit Committee after the close of that
     day's trading, or as soon as possible thereafter.

     The purpose of the hearing will be for the Pit Committee, to determine by
     majority vote, whether the ticket should stand or whether the ticket should
     be voided.

     The attendance of either a simple majority or five members, whichever is
     less, shall constitute a Pit Committee Hearing Panel quorum.

     No member of the Pit Committee Hearing Panel may have a financial or
     personal interest in the matter.

     The Chairman, Vice-Chairman or Pit Committee Member who initiated a ticket
     may not sit on the panel, however, he may participate at the hearing as a
     witness.  The Chairman or Vice-Chairman who simply authorized, but did not
     initiate the ticket, may sit on the panel that hears the matter.

     Failure of the member who requested the ticket to appear will result in the
     ticket being voided, and the failure to appear may constitute an act
     detrimental to the Association.

     Members may not be represented by an attorney at a hearing.

     Staff will not be present during any hearing, except at the specific
     request of the Pit Committee.

     Decisions of the panel will be final.  Respondents will not be able to
     appeal the panel's decision.

     If a member reaches a total of any three violations (all pits inclusive),
     within six months, the member shall be automatically referred to Floor
     Governors for possible disciplinary action pursuant to Rule 500.00 and/or
     Rule 504.00.  However, a pit committee may, at its discretion, refer any
     single offense committed within its respective pit to the Floor Governors
     Committee.  A simple majority of the pit committee shall be required before
     a single offense may be referred to the Floor Governors Committee.

     A ticket will expire and be expunged from any and all records after twelve
     months from the date of the ticket's issuance unless the ticket has been
     referred to Floor Governors Committee.  In the event that a ticket has been
     referred to Floor Governors Committee, the ticket will expire and be
     expunged from the records only after the Floor Governors Committee decides
     not to pursue formal charges.

     Tickets referred to the Floor Governors Committee will serve as the basis
     of O.I.A's investigation, and the tickets may be submitted as evidence in
     support of O.I.A.'s case before the Floor Governors Committee. However,
     O.I.A. will conduct its own separate and distinct investigation of the
     matter.

III. Pit Committee Grievance Meetings

     On a monthly basis, or more frequently as needed, each Pit Committee shall
     convene and hold an informal grievance meeting. The purpose of the informal
     grievance meetings will be to:

     a.   review and discuss general issues relating to pit etiquette and pit
          trading practices;

     b.   formulate and submit to the Floor Governors Committee recommendations
          for trading standards;

     c.   review and consider specific complaints relating to pit etiquette and
          pit trading practices; and

     d.   determine by simple majority whether to recommend that the Floor
          Governors Committee investigate specific instances of pit etiquette
          and pit trading practices that the Pit Committee believes may be
          inequitable.

    The Pit Committees shall conduct and determine the time, location, manner
    and form of their


<PAGE>

                              Ch3 Floor Practices
                              -------------------

    respective Pit Committee Grievance Meetings. Staff will not be present
    during any Pit Committee Grievance Meeting, except at the specific request
    of the Pit Committee. (01/01/00)


<PAGE>


<TABLE>
<CAPTION>
================================================================================
Chapter 4
Futures Commission Merchant
================================================================================
         <C>       <S>                                              <C>
     Ch4 General.....................................................
          400.00    Commission Merchant..............................
          401.00    Corporations and Partnerships....................
          401.01    Partnerships and Corporations....................
          401.02    Registration of Membership for Corporation.......
          401.03    Registration of Membership for Partnership.......
          402.00    Business Conduct Committee.......................
          403.00    Testimony and Production of Books and Papers.....
          403.01    Approval of Customer Accounts....................
          403.02    Financial Questionnaire..........................
          403.03    Audits...........................................
          403.04    Reduction of Capital.............................
          403.05    Restrictions on Operations.......................
          403.07    Financial Requirements...........................
          403.08    Expulsion from a Designated Contract Market......
          404.00    Advertising......................................
          405.00    Trade Checking Penalties.........................

     Ch4 Customer Accounts...........................................
          414.00    Trades of Non-Clearing Members...................
          415.00    Trades of Non-Clearing Members...................
          416.01    Correspondent Accounts...........................
          416.02    Members Responsible for Correspondents...........
          416.02A   Correspondents...................................
          416.04    Correspondent Accounts...........................
          416.05    Limitations On Acceptance of Agent Business......
          417.01    Notice and Processing of Transfer of Accounts....
          418.01    Non-Members' Accounts............................
          419.00    Trading for Employees............................
          420.00    Trading by Employees.............................
          420.01    Gratuities.......................................
          420.01A   Elective Officers and Non-Member Directors.......
          421.00    Confirmation to Customers........................
          421.01    Confirmations....................................
          421.02    Options Confirmations............................
          421.03    Average Price Orders.............................
          421.05    Allocation of Exercise Notices...................
          422.00    Investment Company Accounts......................
          423.00    Discretionary Orders.............................
          423.01    Discretionary Accounts...........................
          423.01B   Discretionary Trading............................
          423.02    Presumption That Trades Are Pursuant to
                      Discretionary Authority........................
          423.03    Supervision of Discretionary Trading by
                      Employees......................................
          423.04    Customer Orders During Concurrent Sessions.......

     Ch4 Position Limits and Reportable Positions....................
          425.01    Position Limits..................................
          425.02    Bona Fide Hedging Positions......................
          425.03    Reporting Requirements For Bona Fide or
                      Economically Appropriate
</TABLE>



<PAGE>


<TABLE>
         <C>       <S>                                              <C>
                       Hedging Positions in Futures in Excess of
                       Limits........................................
          425.04    Exemptions From Position Limits..................
          425.05    Exemption from Aggregation for Position Limit
                       Purposes......................................
          425.06    Position Accountability for U.S. Treasury Bonds..
          425.07    Position Accountability for Long-Term and
                       Medium-Term Treasury Notes....................
          425.08    Position Accountability for 30-Day Fed Funds
                       Futures.......................................
          425.09    Position Accountability for mini-sized U.S.
                       Treasury Bonds................................
          425.10    Position Accountability for mini-sized Long-Term
                       U.S. Treasury Notes...........................

          425.11    Position Accountability in CBOT 10-Year Municipal
                       Note Index Futures ...........................
          425.12    Position Accountability in CBOT 10-Year Interest
                       Rate Swap Contracts ..........................
          425.13    Position Accountability in CBOT 5-Year Interest
                       Rate Swap Contracts ..........................
          430.00    Deposits by Customers............................
          431.00    Margins..........................................
          431.00A   Permit Holder Interpretation.....................
          431.01    Margins - Non-Clearing Members...................
          431.02    Margin Requirements..............................
          431.02A   Hedging Transactions.............................
          431.03    Margin on Futures................................
          431.03A   Margins..........................................
          431.03B   Margins..........................................
          431.04    Notice of Undermargined Omnibus Accounts.........
          431.05    Margin on Options................................
          431.06    Margin on Options - Non-Clearing Members.........
          432.00    Customers' Securities............................
          433.00    Agreement for Use of Securities..................
          433.01    Construction of Rules 432.00 and 433.00..........

     Ch4 Transfer Trades/Exchange Service Fees.......................
          443.00    Exempt Transactions..............................
          444.01    Transfer Trades; Exchange of Futures for
                       Physicals and Give-up Transactions............
          444.01A   Transfer Trades and Inter-Market Spreads.........
          444.01B   Prohibition on Exchange of Futures for Cash
                       Commodities Swap or OTC Ag Transactions
                       Involving Multi-Parties...........
          444.02    Clearance of Exchanges of Futures for
                       Physicals, Swap, or OTC Ag Option
                       Transactions .................................
          444.03    Transfer Trades in a Delivery Month..............
          444.04    Exchange of Futures For, or in Connection with,
                       Swap Transactions Involving Dow Jones - AIG
                       Commodity Index(SM) Futures, Municipal Bond
                       Index Futures, 10-year Interest Rate Swap
                       Futures, and Long-Term and Medium Term Fannie
                       Mae(R) Benchmark and Freddie Mac Reference
                       Note(SM) Futures..............................
          444.05    Transfer Trades for the purpose of offsetting
                       mini-sized Dow(SM) Futures & CBOT DJIA
                       Futures.......................................
          444.06    Exchange of Futures For, or in Connection with,
                       OTC Agricultural Option Transactions Involving
                       Wheat, Oat and Rice Futures ..................
          450.00    Exchange Service Fees............................
          450.01    Exchange Service Fees............................
          450.01A   Exchange Service Fees............................
          450.02    Member's Own Account and Member Firm's Account...
          450.02A   Member's Own Account.............................
          450.02B   Member's Own Account in Trust....................
          450.02C   Member Firm's Proprietary Account................
          450.02D   Affiliates of Member Firms.......................
          450.02E   Joint Accounts ..................................
          450.02F   Transaction Fees for e-cbot Member Firms ........
          450.04    Exchange Service Fees - Adjustments..............
          450.05    Fees.............................................
          450.06    Member Fee Cap Clarification.....................

     Ch4 Adjustments.................................................
          460.01    Errors and Mishandling of Orders.................
          460.02    Checking and Reporting Trades....................
          460.03    Failure to Check Trades..........................
          460.04    Price of Execution Binding.......................

     Ch4 Customer Orders.............................................
          465.01    Records of Customers' Orders.....................
          465.02    Application and Closing Out of Offsetting
                       Long and Short Positions......................
          465.02A   Exchange's No Position Stance on FCM's
                       Internal Bookkeeping Procedures...............
          465.03    Orders and Cancellations Accepted On A
                       'Not Held' Basis..............................
          465.04    Records of Floor Order Forms.....................
          465.05    Floor Order Forms................................
</TABLE>


<PAGE>


<TABLE>
         <C>       <S>                                              <C>
          465.06    Broker's Copy of Floor Orders....................
          465.07    Designation of Order Number Sequences............
          465.08    Post-Execution Allocation........................
          466.00    Orders Must be Executed in the Public Market.....

     Ch4 Offices and Branch Offices..................................
          475.00    Offices and Branch Offices.......................

     Ch4 APs and Other Employees.....................................
          480.01    APs..............................................
          480.02    Employers Responsible for APs....................
          480.09    Other Employees..................................
          480.10    Supervision......................................

     Ch4 Options Transactions........................................
          490.00    Application of Rules and Regulations.............
          490.02    Option Customer Complaints.......................
          490.03    Supervision Procedures...........................
          490.03A   Introducing Brokers Guaranteed by Member
                      FCMs/Supervision Procedures....................
          490.05    Disclosure.......................................
          490.06    Promotional Material.............................
          490.07    Sales Communication..............................
          490.09    Reports by Commission Merchants..................
</TABLE>

<PAGE>

================================================================================
Chapter 4
Futures Commission Merchant
================================================================================

Ch4 General

400.00  Commission Merchant - A member who makes a trade, either for another
member or for a non-member, but who makes the trade in his own name and becomes
liable as principal as between himself and the other party to the trade. 13
(08/01/94)

401.00  Corporations and Partnerships - (See 230.00)  (08/01/94)

401.01  Partnerships and Corporations - Trading Authority - (See 230.01)
        (08/01/94)

401.02  Registration of Membership for Corporation - (See 230.02)  (08/01/94)

401.03  Registration of Membership for Partnership - (See 230.06)  (08/01/94)

402.00  Business Conduct Committee - (See 542.00)  (08/01/94)

403.00  Testimony and Production of Books and Papers - (See 545.00)
        (08/01/94)

403.01  Approval of Customer Accounts - No firm or any of its wholly-owned
affiliates shall carry customer accounts without prior approval obtained either
at the time of registration under Regulation 230.02 or 230.06 or prior to change
in the nature of business previously authorized. In order to originate and carry
on a business with public customers, a firm is subject to the minimum capital
requirements established by the Financial Compliance Committee.

No member sole proprietorship shall carry customer accounts without prior
approval. A member requesting approval to carry customer accounts shall submit
a certified financial report of the sole proprietorship, prepared by an
independent Certified Public Accountant as of a date which is no more than 90
days prior to the date of submission. In order to originate and carry on a
business with public customers, a sole proprietorship is subject to the minimum
capital requirements established by the Financial Compliance Committee. 1780
(08/01/94)

403.02  Financial Questionnaire - (See 285.01)  (08/01/94)

403.03  Audits - (See 285.02)  (08/01/94)

403.04  Reduction of Capital - (See 285.03)  (08/01/94)

403.05  Restrictions on Operations - (See 285.04)  (08/01/94)

403.07  Financial Requirements - (See 285.05)  (04/01/97)

403.08  Expulsion from a Designated Contract Market - Upon review of the
decision or record which resulted in a person or a firm's expulsion from
membership in, or the privileges of membership on, any recognized domestic or
foreign board of trade or securities exchange, should the Board of Directors
find that there exists a demonstrable connection between the type of conduct
which resulted in the expulsion and the protection afforded the Exchange, its
members and customers through a trading prohibition against the expelled
individual or firm, the Board may direct that no member or member firm may carry
any account, accept an order, or handle a transaction, relating to futures
contracts or options on futures contracts traded on the Exchange, for or on
behalf of such expelled person or firm. Such an order may by modified or revoked
by a vote of two-thirds of the Directors. (08/01/94)

404.00  Advertising - (See 287.00)  (08/01/94)

405.00  Trade Checking Penalties - (See 563.00)  (08/01/94)



<PAGE>

Ch4 Customer Accounts

414.00   Trades of Non-Clearing Members - - (See 286.00) and (See 431.00)
         (08/01/94)

415.00   Trades of Non-Clearing Members - (See 333.00)  (08/01/94)

416.01   Correspondent Accounts - Each registered eligible business
organization must maintain a complete listing of all correspondent accounts
carried on its books. Such list shall be promptly provided to authorized
representatives of the Association. Information for each correspondent account
must include name and address, classification of the account as customer or
house, regulated or non-regulated. 1780A (04/01/98)

416.02   Members Responsible for Correspondents - Members doing business with
correspondents must keep themselves well informed regarding their financial
standing and shall immediately report to the Secretary any information that does
in any way indicate that a correspondent is insolvent, or threatened with
insolvency, or guilty of any irregularities or practices affecting the good name
of the Association. 1043 (08/01/94)

416.02A  Correspondents - In May, 1935, the Rules Committee ruled that the word
"correspondents" as it is used in Regulation 416.02 means the following:

1.   A correspondent, under the provisions of Regulation 170.07 is a person,
     firm or corporation (member or non-member) transacting a banking or a
     brokerage business connected by telephone or telegraphic wire or wireless
     connection with the office of a member.

2.   A non-clearing member who solicits and turns over security or future
     delivery orders to a clearing member for execution, is a correspondent of
     the clearing member whether or not his office is connected by telephonic,
     telegraphic wire connections to that of the clearing member.

3.   Under the provisions of Regulation 416.02, any member doing business with
     correspondents has the responsibilities therein outlined. 17R  (08/01/94)

416.04  Correspondent Accounts - Consistent with its duties under Rule 542.00,
the Business Conduct Committee may require that the identities and positions of
the beneficial owners of any correspondent account be immediately disclosed to
the Business Conduct Committee or to authorized representatives of the
Association. If disclosure is not provided and the Business Conduct Committee
determines that such failure to provide information is an impediment to the
Committee in the discharge of its duties under Rule 542.00, appropriate summary
action may be ordered up to and including immediate liquidation of all or a
portion of the positions in the correspondent account. Any such summary action
shall be taken in accordance with the procedures set forth in Regulation 540.06.
(08/01/94)

416.05  Limitations On Acceptance of Agent Business - No member FCM shall
solicit or accept any options order for execution on the Exchange which has been
solicited, accepted or serviced by any person who is not registered as an
associated person of such member FCM. Provided, however, that at such time as
any futures association registered under Section 17 of the Commodity Exchange
Act has determined to provide for the regulation of the options-related activity
of its members in a manner equivalent to that required of contract markets by
the Commission, any FCM member of such futures association may solicit or accept
options orders for execution on the Exchange in the same manner as FCMs which
are members of the Exchange.

Further, no member FCM may solicit or accept options orders from any person whom
it has reason to believe may be soliciting options orders in contravention of
this Regulation or Regulation 33.3 or the Commission.  (08/01/94)

417.01  Notice and Processing of Transfer of Accounts - When a commission
merchant goes out of business, or closes one or more offices, or withdraws
ordinary facilities for transacting business from one or more offices, the
following shall apply:



<PAGE>

Upon the transfer of customer accounts in commodity futures contracts by a
member or registered eligible business organization, to any other futures
commission merchant (member or non-member), the transferor shall immediately
give written notice of the transfer to the Secretary of the Association.  Such
written shall notice shall contain:  (1) the name and address of the transferee;
(2) the date of the transfer; (3) the number of customer accounts; (4) the net
equity of customer funds, and (5) a statement certified by the member, or by a
general partner or executive officer whose membership is registered for the
transferor, that (a) the transferor has provided prior notice of the transfer to
each customer whose account is thus transferred and (b) the transfer has been
preceded by reasonable investigation of the transferee by the transferor and
that the transferee is a suitable recipient of the transferred accounts.

Upon the transfer of customer accounts by a non-member of the Association, to
any member or registered eligible business organization, the transferee shall
immediately notify the Secretary in writing that such transfer has occurred and
such written notice shall identify the transferor, the date of transfer, the
number of customer accounts, and the net equity of customer funds being
transferred to such member or registered eligible business organization.

A member or registered eligible business organization, acting as a transferor or
transferee, must be able to facilitate a bulk transfer of accounts by use of an
automated system as prescribed by the Association.

This regulation applies to all transfers of customer accounts involving members
or registered eligible business organizations, who or which are closing
facilities unless they are initiated at the unsolicited request of the
customers. 1809C  (04/01/98)

418.01  Non-Members' Accounts - When a non-clearing member has trading
authority over a non-members account carried on a disclosed basis he shall so
inform the clearing member carrying the account.

Non-clearing members may be permitted to carry both omnibus and disclosed
accounts with clearing members provided that when the non-clearing member used
both types of accounts, he shall guarantee the clearing member carrying any
disclosed accounts against any loss in such accounts.

The non-clearing member must notify the carrying member that he is carrying both
omnibus and disclosed accounts. 1819  (08/01/94)

419.00  Trading for Employees - No member shall accept orders or clear trades
for a non-member who is employed by another member nor shall another member
accept orders or clear trades for a member who is employed by another member
when the name of the employer appears in the transaction. 205 (08/01/94)

420.00  Trading by Employees - No member shall accept marginal accounts of any
employee, whether member or non-member, of the Association or of the Clearing
House or of another member unless written consent of the employer be first
obtained. 206  (08/01/94)

420.01  Gratuities - (See 206.02)  (08/01/94)

420.01A  Elective Officers and Non-Member Directors - For purposes of Rule
420.00, Elective Officers and non-member Directors of the Association shall not
be considered employees of the Association.  (08/01/94)

421.00  Confirmation to Customers - A commission merchant who makes a trade
for a member or non-member customer shall confirm the trade to the customer no
later than the business day following the day upon which the transaction was
consummated. Such confirmation shall be in writing and shall show the commodity
or security bought or sold, the amount, the price, and the name of  the other
party to the contract, and, in the case of a commodity, the delivery month. A
non-resident member may give to his customer the name of his resident commission
merchant in lieu of the name of the other party to the contract, subject to the
right of the customer to receive the name of the other party to the contract
upon request.



<PAGE>

Where a trade is made by a branch office of a resident member, such branch
office being outside of Illinois, the branch office may confirm the trade to the
customer without giving the name of the other party to the contract, provided
the confirmation has prominently printed or stamped thereon the words, "Name of
other party to contract furnished on request." 207  (08/01/94)

421.01    Confirmations - A confirmation of a commission merchant to the
customer need not contain the name of the other party to the contract, provided
the confirmation has prominently printed or stamped thereon the words, "name of
other party to contract furnished on request." 1845 (08/01/94)

421.02  Options Confirmations -

(a)  A commission merchant who makes an options trade for a member or non-member
     customer shall confirm the trade to the customer no later than the business
     day following the day upon which the transaction was consummated. Such
     confirmation shall be in writing and shall indicate the customer's account
     identification number; a separate listing of the amount of the premium and
     all other commissions, costs and fees; the option series; the expiration
     date; and the date of the transaction.

(b)  In addition, upon the expiration or exercise of any commodity option, each
     commission merchant must furnish to each customer holding any such option
     which has expired or been exercised, not later than the next business day,
     a written confirmation statement which shall include the date of such
     occurrence, a description of the option involved, and in the case of
     exercise, the details of the futures position which resulted therefrom.

(c)  Notwithstanding paragraphs (a) and (b) of this Regulation, a commodity
     options transaction that is executed for a commodity pool (investment
     company) need be confirmed only to the operator of the commodity pool.

(d)  With respect to any account controlled by any person other than the
     customer for whom the account is carried, each commission merchant shall
     promptly furnish in writing to such other person the information set forth
     in paragraphs (a) and (b) of this Regulation. (08/01/94)

421.03    Average Price Orders - Member firms may confirm to customers an
average price when multiple execution prices are received on an order or series
of orders for futures, options or combination transactions. An order or series
of orders executed during the same trading day at more than one price may only
be averaged pursuant to this regulation if each order is for the same account or
group of accounts and for the same commodity and month for futures, or for the
same commodity, month, put/call and strike for options.

Any member or member firm that accepts an order pursuant to this regulation must
comply with requirements of this regulation and all order recordation
requirements.

Upon receipt of an execution at multiple prices for any order subject to this
regulation, an average price will be computed by multiplying the execution
prices by the quantities at those prices divided by the total quantities. An
average price for a series of orders will be computed based on the average
prices of each order in that series.

Each Clearing firm that confirms to a customer an average price, must indicate
on the confirmation and monthly statement that the price is not an execution
price.  (10/01/01)

421.05    Allocation of Exercise Notices - The Clearing House, in an equitable,
random manner, shall assign exercise notices tendered by options purchasers to
clearing members holding open short options positions; and each clearing member
and commission merchant, in an equitable, random or proportional manner, shall
assign exercise notices it receives on behalf of customer accounts to such
customer accounts holding open short options positions.  (08/01/94)

422.00    Investment Company Accounts - (See 507.00)  (08/01/94)

423.00    Discretionary Orders - No member or registered eligible business
organization shall permit any employee, whether member or non-member, to
exercise discretion in the handling of any transaction for a customer for
execution on this Exchange, unless prior written authorization for the exercise
of such



<PAGE>

discretion has been received. A discretionary order is defined as an
order that lacks any of the following elements: the commodity, year and delivery
month of the contract, number of contracts, and whether the order is to buy or
sell.

All partners of a registered partnership, all managers and members of a
registered limited liability company and all officers of a registered
corporation, shall be considered employees of their firm or corporation for
purposes of these discretionary rules and regulations. 151  (04/01/98)

423.01    Discretionary Accounts   - It shall be a violation of this regulation
for any member or registered eligible business organization

1.   To accept or carry an account over which the member or employee thereof
     exercises trading authority or control for another person in whose name the
     account is carried, without-

     a.   obtaining a signed copy of the Power of Attorney, trading
          authorization, or other document by which such trading authority or
          control is given;

     b.   sending direct to the person in whose name the account is carried a
          written confirmation of each trade as provided in Rule 421.00 and a
          monthly statement showing the exact position of the account, including
          all open trades figured to the market; and

     c.   reflecting the discretionary nature of the account on all statements
          sent to the account owner.

2.   To accept or carry an account over which any third party individual or
     organization other than the person in whose name the account is carried
     exercises trading authority or control, without -

     a.   obtaining a signed copy of the Power of Attorney, trading
          authorization, or other document by which such trading authority or
          control is given; and

     b.   obtaining a written acknowledgment from the person in whose name the
          account is carried that he has received a copy of the account
          controller's disclosure document, prepared pursuant to CFTC Regulation
          4.31, or a written statement explaining why the account controller is
          not required to provide a disclosure document to the customer.

     (The above acknowledgement of paragraph b. need not be obtained (i) when
     the person in whose name the account is carried and the individual given
     trading authority or control are of the same family; or (ii) when the
     person given trading authority or control is (A) a member, (B) an officer,
     partner, member, manager or managerial employee of the eligible business
     organization carrying the account; (C) a bank or trust company organized
     under federal or state laws or (D) an insurance company regulated under the
     laws of any state; or (iii) when the account is carried in the name of (A)
     an employee benefit plan subject to ERISA or organized under the laws of
     any state (B) an investment company registered under the Investment Company
     Act of 1940, (C) a bank or trust company organized under federal or state
     law, (D) an insurance company regulated under the laws of any state; or (E)
     an exempt organization, as defined in section 501 (c) (3) of the Internal
     Revenue Code, with net assets of more than $100 million.)

3.   To accept or carry the account of a non-member who has given trading
     authority to a member unless the member carrying the account requires that
     all orders entered for the account be executed by an individual or
     individuals  other than the member to whom such trading authority is given.
     This requirement shall not apply where the non-member customer and the
     member having such trading authority are of the same family. This
     Regulation shall only apply to open outcry Regular and open outcry Night
     Trading Hours.

4.   For purposes of this Regulation, a person does not exercise trading
     authority or control if the person in whose name the account is carried or
     the account controller specifies (1) the precise commodity interest to be
     purchased or sold, and (2) the exact amount of the commodity interest to be
     purchased or sold.  Provided the foregoing provisions are met, the
     provisions of this Regulation shall not apply to discretion as to the price
     at which or the time when an order shall be executed.

The provisions of this Regulation relate only to transactions executed on this
Exchange. 1990  (04/01/98)

423.01B   Discretionary Trading - The increasing utilization of trading by
programmed recommendations, whether by computer, charts or by any means, has
brought several questions to the



<PAGE>

Rules Committee regarding discretion. These methods tend to create situations
requiring the use of discretion and the Rules Committee recommends that member
firms treat all such accounts as discretionary accounts unless the member can be
certain that the customer(s) has given specific instructions, including price
limits and any subsequent price changes relative to orders placed in connection
with such trading.

In connection with the above, your attention is called to Rule 423.00 and
Regulations 423.01 through 423.03 all having to do with the handling of
discretionary accounts. 41R  (08/01/94)

423.02    Presumption That Trades Are Pursuant to Discretionary Authority -
Every trade in an account over which any individual or organization other than
the person in whose name the account is carried exercises trading authority or
control shall be rebuttably presumed to have been made pursuant to such trading
authority or control. The Power of Attorney, trading authorization or other
document by which any individual or organization other than the person in whose
name an account is carried exercises trading authority or control over such
account can be terminated only by a written revocation signed by the person in
whose name the account is carried; by the death of the person in whose name the
account is carried; or, where the individual or organization that exercises
authority or control over the account is the member carrying the account or an
employee thereof, by written notification from the member to the person in whose
name the account is held that such member will no longer act pursuant to such
trading authorization as of the date provided in the notice. 1991  (08/01/94)

423.03    Supervision of Discretionary Trading by Employees - A Power of
Attorney or trading authorization signed by the customer and naming the employee
to whom trading authority is given will be considered written authorization of
the customer with respect to any discretionary transaction  handled by such
employee pursuant to such Power of Attorney or trading authorization.

Each account with respect to which an employee has discretionary authority must
be given daily supervision by the employer, or by a partner or officer or such
other person designated as a compliance officer if the employer is an eligible
business organization, to see that trading in such account is not excessive in
size or frequency in relation to financial resources in that account. The
provisions of this paragraph shall not apply where only one employee of an
eligible business organization member firm has discretionary authority if that
individual is also the only principal who supervises futures trading activity.

No employee who has not been registered for a minimum of two continuous years as
an Associated Person (AP) under CFTC Regulations may exercise the discretion
permitted by Rule 423.00. The foregoing requirement may be waived in particular
cases by the Business Conduct Committee upon a showing by the applicant of
experience equivalent to such a two-year registration. 1992  (04/01/98)

423.04    Customer Orders During Concurrent Sessions - For orders involving
concurrently traded contracts, the customer will designate whether the order is
to be executed in the open outcry market or on e-cbot.  (09/01/00)




<PAGE>

Ch4 Position Limits and Reportable Positions
425.01  Position Limits -
(a) For the purposes of this Regulation, the following are definitions of titles
    used in position limit chart-

    Spot Month - Spot month futures-equivalent position limit net long or net
    short effective at the start of trading on the first business day prior to
    the first trading day of the spot month.

    Single Month - Futures-equivalent position limit net long or net short in
    any one month other than the spot month.

    All Months - Position limit net long or net short in all months and all
    strike prices combined. Note: Long futures contracts, long call options, and
    short put options are considered to be on the long side of the market while
    short futures contracts, long put options, and short call options are
    considered to be on the short side of the market. For each commodity, the
    futures-equivalents for both the options and futures contracts are
    aggregated to determine compliance with the net long or net short same side
    position limits.

    Reportable Futures Level - Reportable futures position in any one month.

    Reportable Options Level - Reportable options position in any one month in
    each option category. Note: Option categories are long call, long put, short
    call, and short put.

    Net Equivalent Futures Position - Each option contract has been adjusted by
    the prior day's risk factor, or delta coefficient, for that option which has
    been calculated by the Board of Trade Clearing Corporation.

    For the purpose of this Regulation:

    (i)   An option contract's futures-equivalency shall be based on the prior
          day's delta factor for the option series, as published by the Board of
          Trade Clearing Corporation. For example, 8 long put contracts, each
          with a delta factor of 0.5, would equal 4 futures-equivalent short
          contracts.

    (ii)  Long futures contracts shall have a delta factor of +1, and short
          futures contracts shall have a delta factor of -1.

    (iii) Long call options and short put options shall have positive delta
          factors.

    (iv)  Short call options and long put options shall have negative delta
          factors.

    (v)   An eligible option/option or option/futures spread is defined as an
          intra-month or inter-month position in the same Chicago Board of Trade
          commodity in which the sum of the delta factors is zero.



<PAGE>

(b)  Except as provided in Regulations 425.03, 425.04 and 425.05, the maximum
positions which any person may own, control, or carry are as follows:

(Note: All position limits and reportable positions are in number of contracts
and are based on futures or *Net Equivalent Futures Positions.

*Please see section (a) of this Regulation for definition.


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                              *SPOT        *SINGLE        *ALL           *REPORTABLE           *REPORTABLE
CONTRACT                                      MONTH         MONTH         MONTH         FUTURES LEVEL         OPTIONS LEVEL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>          <C>            <C>                <C>                   <C>
Long Term Fannie Mae(R) Benchmark             5,000         None          5,000              100                   100
 Notes/sm/ and Freddie Mac Reference
 Notes/sm/
------------------------------------------------------------------------------------------------------------------------------------
Medium Term Fannie Mae(R) Benchmark           5,000         None          5,000              100                   100
 Notes/sm/ and Freddie Mac Reference
 Notes/sm/
------------------------------------------------------------------------------------------------------------------------------------
10-Year Interest Rate Swap                    None          None          None               500                   500
------------------------------------------------------------------------------------------------------------------------------------
5-Year Interest Rate Swap                     None          None          None               500                   500
------------------------------------------------------------------------------------------------------------------------------------
CBOT X-Fund                                   5,000         5,000         5,000               25
------------------------------------------------------------------------------------------------------------------------------------
CBOT Dow Jones Industrial
 Average/sm/ Index                            None          None         50,000              100                   100
                                                                        (aggregate
                                                                         DJIA/sm/
                                                                          limit,
                                                                          see #9)
------------------------------------------------------------------------------------------------------------------------------------
CBOT mini-sized Dow/sm/                       None          None         50,000              100
 ($5 multiplier)                                                        (aggregate
                                                                         DJIA/sm/
                                                                          limit,
                                                                          see #9)
------------------------------------------------------------------------------------------------------------------------------------
CBOT Dow Jones - AIG
Commodity Index(SM)                           None          None         15,000               25
------------------------------------------------------------------------------------------------------------------------------------
CBOT mini-sized N.Y. Silver                   1,500         1,500         3,000              750
------------------------------------------------------------------------------------------------------------------------------------
CBOT mini-sized N.Y. Gold                     4,000         4,000         6,000              600
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds                           None          None           None            1,000                 1,000
------------------------------------------------------------------------------------------------------------------------------------
mini-sized U.S. Treasury Bonds                None          None           None            1,000
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes (5 yr.)                   None          None           None              800                   800
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes (6 1/2-10 yr.)            None          None           None            1,000                 1,000
------------------------------------------------------------------------------------------------------------------------------------
mini-sized U.S. Treasury Notes                None          None           None            1,000
(6 1/2-10 yr.)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes (2 yr.)                   5,000         None          5,000              500                   500
------------------------------------------------------------------------------------------------------------------------------------
30 Day Fed Fund                               None          None           None              300
------------------------------------------------------------------------------------------------------------------------------------
10. Year Municipal Note Index                 5,000         None          5,000              100
------------------------------------------------------------------------------------------------------------------------------------
mini-sized Eurodollars                       10,000        10,000        10,000              400
------------------------------------------------------------------------------------------------------------------------------------
Corn                                            600         5,500         9,000              150                   150
                                                           (see #1)    (see #1, 3)
------------------------------------------------------------------------------------------------------------------------------------
Soybeans                                        600         3,500         5,500              100                   100
                                                           (see #1)    (see #1, 4)
------------------------------------------------------------------------------------------------------------------------------------
Wheat                                           600         3,000         4,000              100                   100
                                            (see #8)      (see #1)    (see #1, 7)
------------------------------------------------------------------------------------------------------------------------------------
Oats                                            600         1,000         1,500               60                    60
                                                           (see #1)    (see #1, 6)
------------------------------------------------------------------------------------------------------------------------------------
Rough Rice                                      250           500           750               50                    50
                                             (see #5)                    (see #2)
------------------------------------------------------------------------------------------------------------------------------------
Soybean Oil                                     540         3,000         4,000               200                  200
                                                         (see #1,7)     (see #1,7)
------------------------------------------------------------------------------------------------------------------------------------
Soybean Meal                                    720         3,000         4,000               200                  200
                                                         (see #1,7)     (see #1,7)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


#1 Additional futures contracts may be held outside of the spot month as part of
futures/futures spreads within a crop year provided that the total of such
positions, when combined with outright positions, do not exceed the all months
combined limit. In addition, a person may own or control additional options in
excess of the futures-equivalent limits provided that those option contracts in
excess of the futures-equivalent limits are part of an eligible option/futures
spread.

#2 No more than 500 futures-equivalent contracts net on the same side of the
market are allowed in a single month in all strike prices combined. Additional
options contracts may be held as part of option/options or option/futures
spreads between months within the same crop year provided that the total of such
positions, when combined with outright positions, does not exceed the all
months combined limit. The futures-equivalents for both the options and futures
contracts are aggregated to determine compliance with these net same side single
month position limits.

#3 No more than 5,500 futures-equivalent contracts net on the same side of the
market are allowed in a single month in all strike prices combined. Additional
options contracts may be held as part of option/option or option/futures spreads
between months within the same crop year provided that the total of such
positions, when combined with outright positions, does not exceed the all months
combined limit. The futures-equivalents for both the options and futures
contracts are aggregated to determine compliance with these net same side single
month position limits.

#4 No more than 3,500 futures-equivalent contracts net on the same side of the
market are allowed in a single month in all strike prices combined. Additional
options contracts may be held as part of option/option or option/futures spreads
between months within the same crop year provided that the total of such
positions, when combined with outright positions, does not exceed the all months
combined limit. The futures-equivalents for both the options and futures
contracts are aggregated to determine compliance with these net same side single
month position limits.

#5 On and after the first notice day of the expiring futures months of July, the
limit for the July futures month will be reduced to 200 contracts, for both
hedging and speculative positions.

#6 No more than 1,000 futures-equivalent contracts net on the same side of the
market are allowed in a single month in all strike prices combined. Additional
options contracts may be held as part of option/option or option/futures
spreads between months within the same crop year provided that the total of such
positions, when combined with outright positions, does not exceed the all months
combined limit. The futures/equivalents for both the options and futures
contracts are aggregated to determine compliance with these net same side single
month position limits.

#7 No more than 3,000 futures-equivalent contracts net on the same side of the
market are allowed in a single month in all strike prices combined. Additional
options contracts may be held as part of option/option or option futures spreads
between months within the same crop year provided that the total of such
positions, when combined with outright positions, does not exceed the all months
combined limit. The futures-equivalents for both the options and futures
contracts are aggregate to determine compliance with these net same side single
month limits.

#8 In the last five trading days of the expiring futures month, the speculative
position limit for the March futures month will be 350 contracts and for the May
futures month the limit will be 220 contracts.


#9 The aggregate position limit in CBOT mini-sized Dow/sm/ ($5 multiplier)
futures and CBOT DJIA/sm/ futures and options is 50,000 DJIA/sm/ contracts, net
long or net short in all contract months combined. For the purposes of these
regulations, one mini-sized Dow/sm/ ($5 multiplier) contract shall be deemed to
be equivalent to one-half of a DJIA/sm/ futures contract.


Except for the interest of a limited partner or shareholder (other than the
commodity pool operator) in a commodity pool, ownership, including a 10% or
more financial ownership interest, shall constitute control over an account
except as provided in Regulation 425.05.

The maximum positions which any person, as defined in Regulation 425.01 (c),
may own or control shall be as set forth herein. However, with respect to the
maximum positions which a member firm may carry for its customers, it shall not
be a violation of the limits set forth herein to carry customer positions in
excess of such limits for such reasonable period of time as the firm may require
to discover and liquidate the excess positions or file the appropriate hedge or
exemption statements for the customer accounts in question in accordance with
Regulations 425.03 and 425.04. For the purposes of this regulation, a
"reasonable period of time" shall generally not exceed one business day for
those positions that are not subject to the provisions of Regulations 425.03 and
425.04.

However, for any option position that exceeds position limits for passive
reasons such as a market move or exercise assignment, the person shall be
allowed one business day to liquidate the excess position without being
considered in violation of the limits. In addition, if at the close of trading,
an option position exceeds position limits when evaluated using the previous
day's delta factors, but does not exceed the limits when evaluated using the
delta factors for that day's close of trading, then the position shall not
constitute a position limit violation.

<PAGE>



Note: The Commodity Futures Trading Commission has imposed speculative position
limits on Corn, Oats, Soybean, Wheat, Soybean Oil and Soybean Meal futures
contracts as provided in Part 150 of CFTC Regulations.
(c)  The term "net" shall mean the long or short position held after offsetting
     long futures positions against short futures positions. The word "person"
     shall include individuals, associations, partnerships, limited liability
     companies, corporations and trusts.

<PAGE>



(d)  The foregoing limits on positions shall not apply to bona fide hedging
     positions which meet the requirements of Regulations 425.02 and 425.03, nor
     to positions subject to particular limits granted pursuant to Regulation
     425.04.

(e)  The Board, or a Committee authorized by the Board may direct any member or
     registered eligible business organization owning, controlling or carrying a
     position for a person whose total position as defined in subsection (f)
     below exceeds the position limits as set forth in subsection (b) above or
     as specifically determined pursuant to Regulations 425.03 or 425.04 to
     liquidate or otherwise reduce the position.

(f)  In determining whether any person has exceeded the position limits
     specified in subsection (b) of this Regulation or those limits determined
     pursuant to Regulations 425.03 or 425.04, or whether a position is a
     reportable position as set forth in subsections (b) and (g) herein, all
     positions in accounts for which such person by power of attorney or
     otherwise directly or indirectly controls trading, except as provided in
     Regulation 425.05, shall be included with the positions held by such
     person. Such limits upon positions shall apply to positions held by two or
     more persons acting pursuant to an expressed or implied agreement or
     understanding, the same as if the positions were held by a single person.

(g)  If a person owns, controls or carries a position equal to or greater than
     the number of contracts specified in subsection (b) above long or short in
     any one month, then all such futures and options on such futures contract
     owned, controlled or carried by that person, whether above the given level
     or not, shall necessarily be deemed reportable positions. Every member or
     registered eligible business organization shall report each and every
     reportable position to the Office of Investigations and Audits at such
     times and in such form and manner as shall be prescribed by the Business
     Conduct Committee.

     (1) On or before the first day on which any position must be reported as
         provided above, the member or registered eligible business organization
         carrying the position must furnish to the Office of Investigations and
         Audits a report, in the form, manner and content prescribed by the
         Business Conduct Committee, identifying the owner of the account for
         which the position must be reported and all persons associated with the
         account as described in subsection (f) above.


     (2) Every member or registered eligible business organization must report
         each and every reportable position and provide the report required in
         subsection (1) above for each person within any account carried on an
         omnibus basis, unless, upon application of the member or registered
         eligible business organization to the Business Conduct Committee, the
         nonmember omnibus account specifically is approved to report directly
         to the Office of Investigations and Audits. (01/01/03)


<PAGE>



425.02    Bona Fide Hedging Positions -

(a)  General Definition. Bona fide or economically appropriate hedging positions
     in futures or options shall mean positions in a contract or positions in
     options on a contract for future delivery on this Exchange, where such
     positions normally represent a substitute for positions to be taken at a
     later time in a physical marketing channel, and where they are economically
     appropriate to the reduction of risks in the conduct and management of a
     commercial enterprise, and where they arise from:

     (1)  The potential change in the value of assets which a person owns,
          refines or merchandises or anticipates owning, refining or
          merchandising,

     (2)  The potential change in the value of liabilities which a person owes
          or anticipates incurring, or

     (3)  The potential change in the value of services which a person provides,
          purchases or anticipates providing or purchasing.

     Notwithstanding the foregoing, no positions of a person shall be classified
     as bona fide hedging unless their purpose is to offset price risks
     incidental to that person's commercial cash or spot operations and such
     positions are established and liquidated in an orderly manner in accordance
     with sound commercial practices and unless the provisions of Regulation
     425.03 have been satisfied.

(b)  Enumerated Hedging Positions. For purposes of Regulation 425.03, the
     definition of bona fide or economically appropriate hedging positions in
     subsection (a) above includes, but is not limited to, the following
     specific positions:

     (1)  Sales of any commodity for future delivery, purchases of any put
          options on futures contracts and/or sales of any call options on
          futures contracts, which do not exceed in quantity:

          (i) Ownership of the same cash commodity by the same person, and

          (ii) Fixed-price purchases of the same cash commodity by the same
               person.


<PAGE>

     (2)  Purchases of any commodity for future delivery, sales of any put
          options on futures contracts and/or purchases of any call options on
          futures contracts, which do not exceed in quantity:

          (i)  Fixed-price sales of the same cash commodity by the same person;
               and

          (ii) The quantity equivalent of fixed-price sales of the cash products
               and derivative products of such commodity by the same person.

     (3)  Sales and purchases of commodities for future delivery or of options
          on contracts for future delivery described in subsections (b)(1) and
          (b)(2) may also be offset by the same or other quantities of a
          different cash commodity, provided that the fluctuations in the value
          of the position for future delivery or of the commodity underlying the
          option contract are substantially related to the fluctuations in the
          value of the actual cash position.

(c)  Non-Enumerated Hedging Positions. The Board, or a Committee authorized by
     the Board, may recognize positions other than those enumerated in
     subsection (b) as bona fide or economically appropriate hedging positions,
     in accordance with the general definition of bona fide or economically
     appropriate hedging positions in Regulation 425.02(a), upon the filing of a
     satisfactory initial statement in accordance with Regulation 425.03. Such
     positions may include:

     (1)  Short-hedging positions (including long put options or short call
          options) of unsold anticipated positions in the same cash commodity by
          the same person;

     (2)  Long-hedging positions (including long call options or short put
          options) of unfilled anticipated requirements of the same cash
          commodity by the same person;

     (3)  Short or long cross-hedging positions, provided that the fluctuations
          in the value of the positions for future delivery or the commodity
          underlying the options positions are substantially related to the
          fluctuations in the value of the anticipated cash positions; or

     (4)  Any other positions in commodities for future delivery or options on
          futures contracts, including those established under the concept of
          "delta-ratio hedging", under such terms and conditions as the Board,
          or a Committee authorized by the Board, may specify.

(d)  Cash positions described in subsections (b) and (c) above shall not include
     those positions or portions of positions which are bona fide hedging
     positions in futures or economically appropriate hedging positions in
     options pursuant to Regulations 425.02 and 425.03.

     Note: Corn, Oats, Soybean, Soybean Oil, Soybean Meal and Wheat futures
     contracts are subject to Commodity Futures Trading Commission Regulation
     1.3(z), which defines bona fide hedging transactions and positions.
     (10/01/00)

425.03    Reporting Requirements For Bona Fide or Economically Appropriate
Hedging Positions in Excess of Limits -

(a)  Initial Statement. Every member or registered eligible business
     organization which owns, controls, or carries positions on behalf of a
     person who seeks classification of such positions as bona fide or
     economically appropriate hedging positions must file a statement
     satisfactory to designated staff or a Committee authorized by the Board in
     order to classify such positions as bona fide or economically appropriate
     hedging positions within the meaning of Regulation 425.02. The initial
     statement of the member or registered eligible business organization filed
     on behalf of a person shall be filed no later than 10 business days after
     the day on which the person's position exceeds the speculative limit for
     each contract specified in Regulation 425.01 (a), and shall include:

     (1)  A description of the kinds of intended positions and their potential
          size;

     (2)  A statement affirming that the kinds of intended positions are bona
          fide or economically appropriate hedging positions; and

     (3)  With respect to the kinds of intended positions that are described as
          non-enumerated hedging positions under Regulation 425.02(c), a
          justification that the kinds of intended positions are consistent with
          the definition of bona fide or economically appropriate hedging
          positions within the meaning of Regulation 425.02(a).


<PAGE>

(b)  Supplemental Statements. Whenever there is a material change in the
     information provided in the person's most recent statement pursuant to this
     Regulation, a supplemental statement which updates and confirms previous
     information shall be filed with designated staff or a Committee authorized
     by the Board by every member or registered eligible business organization
     owning, controlling or carrying such person's position. The supplemental
     statement shall be filed no later than 10 business days after the day on
     which the person's position exceeds the level specified in the most recent
     statement.

(c)  A Committee or designated staff authorized by the Board will monitor bona
     fide or economically appropriate hedging positions. The initial and
     supplemental statements prescribed in subsections (a) and (b) above must be
     submitted to the Office of Investigations and Audits and shall be
     maintained on a confidential basis. The Board, or a Committee or designated
     staff authorized by the Board may request additional relevant information
     necessary to ensure compliance with this Regulation 425.03. (10/01/00)

425.04  Exemptions From Position Limits -

(a)  The Board, or a Committee authorized by the Board, may establish particular
     position limits on those positions of a person normally known as "spreads,
     straddles or arbitrage," including:

     (1)  intramarket spreads;

     (2)  intermarket spreads;

     (3)  cash-futures arbitrage, where "cash" is defined as spot or forward
          positions; or

     (4)  eligible option/option or option/futures spreads as defined in
          Regulation 425.01.

     In addition, the Board or a Committee authorized by the Board, may
     establish, on a case by case basis, particular maximum position limits on
     certain risk management positions in interest rate, stock index and
     currency futures and options, including:

     (1)  Long positions  (futures, long calls, short puts) whose underlying
          commodity value does not exceed the sum of:

          (i)  Cash set aside in an identifiable manner, or any of the following
               unencumbered instruments so set aside, with maturities of less
               than 1 year:  U.S. Treasury obligations; U.S. agency discount
               notes; commercial paper rated A2 or better by Standard & Poors
               and P2 or better by Moody's; banker's acceptances; or
               certificates of deposit, plus any funds deposited as margin on
               such positions; and

          (ii) Accrued profits on such positions held at the futures commission
               merchant.

     (2)  Long positions (futures, long calls) whose underlying commodity value
          does not exceed the sum of:

          (i)  The value of equity securities, debt securities, or currencies
               owned and being hedged by the trader holding such futures or
               option position, provided that the fluctuations in value of the
               position used to hedge such securities are substantially related
               to the fluctuations in value of the  securities themselves; and

          (ii) Accrued profits on such positions held at the futures commission
               merchant.

     (3)  Short calls whose underlying commodity value does not exceed the sum
          of:

          (i)  The value of securities or currencies underlying the futures
               contract upon which the option is based or underlying the futures
               contract upon which the option is based or underlying the option
               itself and which securities or currencies are owned by the trader
               holding such option position; and

          (ii) The value of securities or currencies whose price fluctuations
               are substantially related to the price fluctuations of the
               securities or currencies underlying the futures contract upon
               which the option is based or underlying the option itself and
               which securities or currencies are owned by the trader holding
               such option position.

     Risk management positions eligible for particular position limits under
     this Regulation do not include


<PAGE>

     those considered as bona fide or economically appropriate hedging positions
     as defined in Regulation 425.02.

(b)  Requirements for Exemptions from Position Limits. Every member or
     registered eligible business organization which owns, controls or carries
     positions on behalf of a person who wishes to make purchases or sales of
     any commodity for future delivery or any option on a contract for future
     delivery in excess of the position limits then in effect, shall file
     statements on behalf of the person with the Exchange, in such form and
     manner as shall be prescribed by the Board, or by a Committee authorized by
     the Board, in conformity with the requirements of this subsection.

     (1)  Initial Statement. Initial statements concerning the classification of
          positions normally known in the trade as "spreads, straddles or
          arbitrage," or risk management positions, as described in subsection
          (a) above, for the purpose of subjecting such positions to particular
          position limits above those specified in Regulation 425.01 (a), shall
          be filed with designated staff or Committee authorized by the Board no
          later than 10 business days after the day on which such positions
          exceed the position limits then in effect. Such statements shall
          include information necessary to enable the Board, or a Committee
          authorized by the Board, to make a determination that the particular
          kinds of intended positions should be eligible for a higher position
          limit, including, but not limited to:

          (i)  A description of the specific nature and size of positions for
               future delivery or in options on contracts for future delivery
               and offsetting cash, forward or futures positions, where
               applicable, and affirmation that intended positions to be
               maintained in excess of the limits set forth in Regulation 425.01
               (a) will be positions as set forth in subsection (a) above; and

          (ii) In the case of risk management positions, information on the cash
               portfolio being managed and/or any cash or cash market
               instruments held in connection with the intended risk management
               position, as well as other information relevant to the conditions
               specified in subsection (a) above. Of particular interest are
               whether the cash market underlying the futures or option market
               has a high degree of demonstrated liquidity relative to the size
               of the positions, and whether there exist opportunities for
               arbitrage which provide a close linkage between the cash market
               and the futures or options market in question; and whether the
               positions are on behalf of a commercial entity, including
               parents, subsidiaries or other related entities, which typically
               buys, sells or holds the underlying or a related cash market
               instrument.

     (2)  Supplemental Statements. Whenever there is a material change in the
          information provided in the person's most recent statement pursuant to
          this Regulation, a supplemental statement which updates and confirms
          previous  information shall be filed with designated staff or a
          Committee authorized by the Board by every member or registered
          eligible business organization owning, controlling or carrying such
          person's position. The supplemental statement shall be filed no later
          than 10 business days after the day on which the person's position
          exceeds the level specified in the most recent statement.

(c)  A Committee or designated staff authorized by the Board will monitor the
     positions maintained by persons who have obtained particular position
     limits under the provisions of this Regulation. The initial and
     supplemental statements prescribed in subsections (b)(1) and (b)(2) above
     must be submitted to the Office of Investigations and Audits and shall be
     maintained on a confidential basis. The Board, or a Committee or designated
     staff authorized by the Board, may request additional relevant information
     necessary to ensure compliance with this Regulation 425.04, and may, for
     any good reason, amend, revoke or otherwise limit the particular position
     limits established.

(d)  The provisions of this Regulation 425.04 shall not apply to Corn, Oats,
     Soybean, Wheat, Soybean Oil and Soybean Meal futures and options contracts
     traded on the Exchange. (10/01/00)

425.05    Exemption from Aggregation for Position Limit Purposes -

(a). Positions carried for an eligible entity as defined in Commodity Futures
     Trading Commission Regulation 150.1(d), in a separate account or accounts
     of an independent account controller, as

<PAGE>

     defined in Commodity Futures Trading Commission Regulation 150.1(e) may
     exceed the position limits set forth in Regulation 425.01 to the extent
     such positions are positions not for the spot month and which are carried
     for an eligible entity as defined by Commodity Futures Trading Commission
     Regulation 150.1 or such other persons as the Commission deems exempt
     pursuant to Regulation 150.3, in the separate account or accounts of an
     independent account controller provided however, that the overall positions
     held or controlled by each such independent account controller may not
     exceed the limits specified in Regulation 425.01.

(b)  Additional Requirements for Exemption of Affiliated Entities - If the
     independent account controller is affiliated with the eligible entity or
     another independent account controller, each of the affiliated entities
     must:

     1)   Have and enforce, written procedures in place to preclude such account
          controllers from having knowledge of, gaining access to, or receiving
          data about, trades of other account controllers. Such procedures must
          include document routing, and other procedures or security
          arrangements, including separate physical locations, which would
          maintain the independence of their activities provided, however, that
          such procedures may provide for the disclosure of information which is
          reasonably necessary for an eligible entity to maintain the level of
          control consistent with the fiduciary responsibilities and necessary
          to fulfill its duty to supervise diligently the trading done on its
          behalf;

     2)   Trade such accounts pursuant to separately developed and independent
          trading systems and market such trading systems separately; and

     3)   Solicit funds for such trading by separate Disclosure Documents that
          meet the standards of Commodity Futures Trading Commission Regulation
          4.21.

(c)  Upon request by the Board or a Committee authorized by the Board or such
     person responsible for the supervision of the Office of Investigations and
     Audits, any person claiming an exemption from speculative position limits
     under this Regulation must provide to the Exchange such information as
     specified in the request relating to the positions owned or controlled by
     that person; trading done pursuant to the claimed exemption; the futures,
     options, or cash market positions which support the claim of the exemption;
     and the relevant business relationships supporting a claim of exemption.
     (10/01/00)

425.06    Position Accountability for U.S. Treasury Bonds - A person as defined
in Regulation 425.01(c), who owns or controls an aggregate position in U.S.
Treasury Bond futures and mini-sized U.S. Treasury Bond futures of more than
10,000 U.S. Treasury Bond futures contracts, and/or futures-equivalent contracts
net long or net short in all months and strike prices combined, or net long or
net short futures contracts in the spot month, or 25,000 option contracts for
all months and all strike prices combined in each option category as defined in
Regulation 425.01 (a) shall thereby be subject to the following provisions:

-    Such person shall provide, in a timely manner upon request by the
     Association, information regarding the nature of the position, trading
     strategy, and hedging information if applicable.

-    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading shall
be included with the positions held by such person. The provisions of this
regulation shall apply to positions held by two or more persons acting pursuant
to an expressed or implied agreement or understanding, the same as if the
positions were held by a single person.

Nothing herein shall limit the jurisdiction of the Association.  (10/01/01)

425.07    Position Accountability for Long-Term and Medium-Term Treasury Notes -
A person as defined in Regulation 425.01(c), who owns or controls an aggregate
position in Long-Term Treasury Note futures and/or futures-equivalent contracts
or more than 7,500 Medium-Term Treasury Note futures and mini-sized Long-Term
U.S. Treasury Note futures of more than 7,500 Long-Term Treasury Note futures
contracts, and/or futures-equivalent contracts, net long or net short in all
months and strike prices combined, or net long or

<PAGE>

net short futures contracts in the spot month, or 20,000 option contracts for
all months and all strike prices combined in each option category as defined in
Regulation 425.01 (a) shall thereby be subject to the following provisions:

-    Such person shall provide, in a timely manner upon request by the
     Association, information regarding the nature of the position, trading
     strategy, and hedging information if applicable.

-    Such person automatically shall consent, when so ordered by the Association
     acting in its discretion, not to increase further the position in Long-Term
     Treasury Notes mini-sized Long-Term U.S. Treasury Notes, or Medium-Term
     Treasury Notes which exceeds the above-referenced 7,500 futures and/or
     futures-equivalent contracts or 20,000 option contracts level.

-    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading shall
be included with the positions held by such person. The provisions of this
regulation shall apply to positions held by two or more persons acting pursuant
to an expressed or implied agreement or understanding, the same as if the
positions were held by a single person.

Nothing herein shall limit the jurisdiction of the Association.  (10/01/01)

425.08    Position Accountability for 30-Day Fed Funds Futures - A person as
defined in Regulation 425.01(b), who owns or controls more than 3,000 30-Day Fed
Fund futures contracts, net long or net short in all months combined, or net
long or net short in the spot month, shall thereby be subject to the following
provisions:

     -    Such person shall provide, in a timely manner upon request by the
          Association, information regarding the nature of the position, trading
          strategy, and hedging information if applicable.

     -    Such person automatically shall consent, when so ordered by the
          Association acting in its discretion, not to increase further the
          position in 30-Day Fed Fund futures contracts which exceeds the above-
          referenced 3,000 contract level.

     -    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney of otherwise, directly or indirectly controls trading shall
be included with the positions held by such person.  The provisions of this
regulation shall apply to positions held by two or more persons acting pursuant
to an expressed or implied agreement or understanding, the same as if the
positions were held by a single person.

Nothing herein shall limit the jurisdiction of the Association.  (04/01/96)


425.09  Position Accountability for mini-sized U.S. Treasury Bonds- A person as
defined in Regulation 425.01(c), who owns or controls an aggregate position in
mini-sized U.S. Treasury Bond futures and U.S. Treasury Bond futures of more
than 20,000 mini-sized U.S. Treasury Bond futures, and/or futures-equivalent
contracts net long or net short in all months combined, or net long or net short
futures contracts in the spot month as defined in Regulation 425.01(a) shall
thereby be subject to the following provisions:

     -    Such person shall provide, in a timely manner upon request by the
          Association, information regarding the nature of the position, trading
          strategy, and hedging information if applicable.

     -    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading shall
be included with the positions held by such person. The provisions of this
regulation shall apply to positions held by two or more persons acting pursuant
to an expressed or implied agreement or understanding, the same as if the
positions were held by a single person.

Nothing herein shall limit the jurisdiction of the Association. (10/01/01)

425.10  Position Accountability for mini-sized Long-Term U.S. Treasury Notes- A
person as defined in Regulation 425.01(c), who owns or controls an aggregate
position in mini-sized Long-Term U.S. Treasury Note futures and Long-Term
Treasury Note futures of more than 15,000 mini-sized Long-Term U.S. Treasury
Note futures and/or futures-equivalent contracts, net long or net short in all
months combined, or net long or net short futures contracts in the spot month as
defined in Regulation 425.01(a) shall thereby be subject to the following
provisions:

     -    Such person shall provide, in a timely manner upon request by the
          Association, information regarding the nature of the position, trading
          strategy, and hedging information if applicable.

     -    Such person automatically shall consent, when so ordered by the
          Association acting in its discretion, not to increase further the
          position in mini-sized Long Term U.S. Treasury Notes, which exceeds
          the above-referenced 15,000 futures and/or futures-equivalent
          contracts.

     -    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading shall
be included with the positions held by such person. The provisions of this
regulation shall apply to positions held by two or more persons acting pursuant
to an expressed or implied agreement or understanding, the same as if the
positions were held by a single person. (10/01/01)


425.11  Position Accountability in CBOT(R) 10-Year Municipal Note Index Futures-
In conjunction with Regulation 425.01, a person as defined in Regulation
425.01(c), who owns or controls an aggregate position in CBOT(R) 10-Year
Municipal Note Index futures shall thereby be subject to the following
provisions:

-    Such person shall provide, in a timely manner upon request by the Exchange,
     information regarding the nature of the position, trading strategy, and
     hedging information if applicable.

-    Such positions must be initiated and liquidated in an orderly manner.

For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading
shall be included with the positions held by such person. The provisions of
this regulation shall apply to positions held by two or more persons acting
pursuant to an expressed or implied agreement or understanding, the same as if
the positions were held by a single person. (11/01/02)

425.12  Position Accountability in CBOT(R) 10-Year Interest Rate Swap Contracts-
A person as defined in Regulation 425.01(c), who owns or controls more than
5,000 CBOT(R) 10-year Interest Rate Swap futures and/or futures-equivalent
contracts, net long or net short in all months and strike prices combined, or
net long or net short futures in the spot month, or 15,000 options for all
months and strike prices combined in each option category as defined in
Regulation 425.01 (a), shall thereby be subject to the following provisions:


-    Such person shall provide, in a timely manner upon request by the Exchange,
     information regarding the nature of the position, trading strategy, and
     hedging information if applicable.


-    Such person automatically shall consent, when so ordered by the Association
     acting in its discretion, not to increase further the position in CBOT(R)
     10-Year Interest Rate Swap contracts that exceeds the above-referenced
     levels of 5,000 futures or futures-equivalent contracts or 15,000 options.


-    Such positions must be initiated and liquidated in an orderly manner.


For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading
shall be included with the positions held by such person. The provisions of
this regulation shall apply to positions held by two or more persons acting
pursuant to an expressed or implied agreement or understanding, the same as if
the positions were held by a single person. Nothing herein shall limit the
jurisdiction of the Association. (12/01/02)

425.13  Position Accountability in CBOT(R) 5-Year Interest Rate Swap Contracts-
A person as defined in Regulation 425.01(c), who owns or controls more than
5,000 CBOT(R) 5-year Interest Rate Swap futures and/or futures-equivalent
contracts, net long or net short in all months and strike prices combined, or
net long or net short futures in the spot month, or 15,000 options for all
months and strike prices combined in each option category as defined in
Regulation 425.01 (a), shall thereby be subject to the following provisions:


-    Such person shall provide, in a timely manner upon request by the Exchange,
     information regarding the nature of the position, trading strategy, and
     hedging information if applicable.


-    Such person automatically shall consent, when so ordered by the Association
     acting in its discretion, not to increase further the position in CBOT(R)
     5-Year Interest Rate Swap contracts that exceeds the above-referenced
     contract levels, of 5,000 futures or futures-equivalent contracts or 15,000
     options.


-    Such positions must be initiated and liquidated in an orderly manner.


For purposes of this regulation, all positions in accounts for which a person,
by power of attorney or otherwise, directly or indirectly controls trading
shall be included with the positions held by such person. The provisions of
this regulation shall apply to positions held by two or more persons acting
pursuant to an expressed or implied agreement or understanding, the same as if
the positions were held by a single person. Nothing herein shall limit the
jurisdiction of the Association. (12/01/02)


<PAGE>

Ch4 Margins and Deposits

430.00    Deposits by Customers - A member acting as commission merchant for a
customer (member or non-member) may require from such customer a deposit, as
indemnity against liability, and subsequent deposits to the extent of any
adverse fluctuations in the market price. Such deposits must be made with the
commission merchant within a reasonable time after demand, and, in the absence
of unusual circumstances, one hour shall be deemed a reasonable time. The
failure of the customer to make such deposit within such time, shall entitle,
but shall not obligate, the commission merchant to close out the trades of the
defaulting customer. If the commission merchant is unable to effect personal
contact with the customer, a written demand left at the office of the customer,
during business hours, shall be deemed sufficient. 209  (08/01/94)

431.00    Margins - No member may accept or carry an account for a customer,
whether a member or non-member, without proper and adequate margin. The Exchange
shall fix minimum margin requirements.

The provisions of the foregoing paragraph do not apply to a non-clearing member
who makes his own trades or who on the Floor gives his orders for trades which
are exclusively for his own account and pays the brokerage thereon. 210
(08/01/94)

431.00A   Permit Holder Interpretation - The term 'non-clearing member' in
paragraph 2 of Rule 431.00 should be interpreted to include Permit Holders.
(08/01/94)

431.01    Margins - Non-Clearing Members - A non-clearing member who makes his
own futures trades or who on the Floor gives his orders for futures trades which
are exclusively for his account shall be subject solely to the provisions of
this Regulation. All futures transactions in such account shall be margined to
the market. 1822B  (08/01/94)

431.02    Margin Requirements - Margin requirements shall at all times be those
requirements currently in effect. Changes in margin requirements shall be
effective on all transactions.

1.   Transferred to Regulations 431.03 and 431.05.

2.   Clearing members may carry contracts for future delivery for foreign and
     domestic correspondents on a gross margin basis as provided in Paragraph 3
     of Regulation 431.03, but only to the extent that such contracts are those
     of customers and non-customers of the foreign and domestic correspondents.

3.   If stocks, bonds or similar collateral, which must be free from liens and
     from any impediments to negotiability, are deposited with a member
     specifically to secure transactions which are executed on this Exchange,
     the current market value less the applicable haircut as specified in SEC
     Rule 15c3-1(c)(2)(vi) may be considered as margin value to such
     transactions.

     A registered futures commission merchant shall not accept as margin,
     pledge, hypothecate, assign or factor any customer owned warehouse receipt
     other than a warehouse receipt that is eligible for delivery in
     satisfaction of futures contracts at a contract market.

4.   Foreign currencies or foreign government securities which are deposited
     with a member for margin purposes must be reported at the current rate of
     exchange to the dollar equivalent. The margin value will be determined by
     Regulation 431.02 paragraph 3.

5.   In computing minimum margin requirements for any customer equities or
     impairment resulting from change in market prices shall be regarded as
     money equivalents.

6.   No member shall extend any credit or give any rebate or gratuity of any
     kind to any person for the purpose of circumventing or evading minimum
     margin requirements.

7.   It shall be incumbent upon each member to require satisfactory evidence
     that all hedging trades are bona fide hedging trades. A letter from a
     customer so stating will be considered "satisfactory evidence" under this
     paragraph unless there is reason to suspect otherwise.

8.   An account shall be entitled to spread margins, whenever said account is in
     a spread position. The carrying member shall designate spread position on
     his margin records.

<PAGE>

9.   When a correspondent member's account with the Clearing House member
     consists of trades which are spreading trades, such account may be carried
     as a spreading account by the clearing member.

10.  It shall be incumbent upon each member financing purchases of cash grain
     for country elevator customers to require satisfactory evidence that funds
     so loaned are not used to margin future contracts other than for the
     purpose of hedging cash grain.

     When a customer states that funds required to fully margin his account are
     being transmitted at once, the member may consider this assurance in lieu
     of cash for a reasonable period. Members are required to keep written
     records of all margin calls, whether made in writing or by telephone.

11.  Members shall not accept orders for new trades from a customer, unless the
     minimum initial margin on the new trades is deposited and unless the margin
     on old commitments in the account equals or exceeds the initial
     requirements on hedging and spreading trades and/or the maintenance
     requirements specified in Regulations 431.03 and 431.05 on all other
     trades. If the customer has a credit in excess of the initial margin
     requirements on all old commitments in his account, this may be used as
     part or all of the initial margins required on new commitments. However,
     credits in excess of maintenance margins and less than initial margin
     requirements may not be used.

12.  No customer shall be permitted to make withdrawals from an account when the
     margin therein is less than the minimum initial margin specified in
     Regulations 431.03 and 431.05 or when the withdrawals would impair such
     minimum requirements.

13.  No member may carry for a customer spreading transactions when the
     customer's account, figured to the market, would result in a deficit.
     Minimum maintenance margins required on other transactions are specified in
     Regulations 431.03 and 431.05. When a customer's account drops below the
     maintenance margin level, the account must be brought back to initial
     margin requirements. The failure of a member to close the customer's
     account before it results in such deficit or undermargined condition shall
     not relieve the customer of any liability to the member, nor shall such
     failure on the part of a member amount to an extension of credit to the
     customer if the member in the exercise of reasonable care has been unable
     to close the account without incurring such deficit or undermargined
     condition.

14.  A member may use his discretion in permitting a customer having an
     established account to trade during any day without margining each
     transaction, provided the net position resulting from the day's trading is
     margined as required by Rules 286.00, 431.00 and Regulations 431.02, 431.03
     and 431.05.

15.  When a customer switches an open interest in the same grain from one future
     to another and the orders for the purchase and sale are placed
     simultaneously, no additional margins need be required by his commission
     merchant because of such switch. However, if such orders are not placed
     simultaneously, the new position should be margined on the basis of minimum
     initial margin requirements.

16.  A bona fide hedger, in financial instruments, reporting positions on a
     gross basis pursuant to Regulation 705.01, must pay appropriate margins on
     the gross positions reported during the delivery month. 1822 (08/01/94)

431.02A   Hedging Transactions - WHEREAS, Regulation 431.02(7) makes it
incumbent "upon each member to require satisfactory evidence that all hedging
trades are bona fide hedging trades," and

WHEREAS, Regulation 431.02(7) further states that "a letter from a customer so
stating will be considered 'satisfactory evidence' unless there is reason to
suspect otherwise;"

NOW THEREFORE, BE IT RESOLVED that whenever a non-member customer of a member or
member firm carries in its hedging account an open position in any Board of
Trade futures contract exceeding speculative position limits established by the
Association, it shall be incumbent upon the member or member firm to satisfy
itself, and to be able to confirm to the Business Conduct Committee that the
open position of such non-member customer, to the extent that it exceeds such
speculative position limits, represents bona fide hedging transactions.

<PAGE>



BE IT FURTHER RESOLVED that this resolution be published as a Ruling of the
Association. 42R (08/01/94)

431.03  Margin on Futures - (01/01/03)

(1) MAINTENANCE AND INITIAL MARGINS.  Other than Hedging or Spreading. Under
    the provisions of Rule 431.00, the Exchange hereby fixes the following
    minimum maintenance and initial margins for futures transactions, other than
    hedging and spreading transactions:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                                                                         Initial Margin
                                                                             Mark-Up
                                                   Maintenance Margin      Percentage             Initial Margin
----------------------------------------------------------------------------------------------------------------
Agricultural Group
----------------------------------------------------------------------------------------------------------------
<S>                                                <C>                   <C>                      <C>
Corn                                               $  400 per contract        135%                $  540
----------------------------------------------------------------------------------------------------------------
Oats                                               $  500 per contract        135%                $  675
----------------------------------------------------------------------------------------------------------------
Rough Rice                                         $  400 per contract        135%                $  540
----------------------------------------------------------------------------------------------------------------
Soybeans                                           $  850 per contract        135%                $1,148
----------------------------------------------------------------------------------------------------------------
Soybean Meal                                       $  500 per contract        135%                $  675
----------------------------------------------------------------------------------------------------------------
Soybean Oil                                        $  500 per contract        135%                $  675
----------------------------------------------------------------------------------------------------------------
Wheat                                              $  850 per contract        135%                $1,148
----------------------------------------------------------------------------------------------------------------
Metals Group
----------------------------------------------------------------------------------------------------------------
mini-sized N.Y. Gold                               $  200 per contract        135%                $  270
----------------------------------------------------------------------------------------------------------------
mini-sized N.Y. Silver                             $  150 per contract        135%                $  203
----------------------------------------------------------------------------------------------------------------
Financial Instrument Group
----------------------------------------------------------------------------------------------------------------
Treasury Bonds                                     $2,000 per contract        135%                $2,700
----------------------------------------------------------------------------------------------------------------
mini-sized Treasury Bonds                          $1,000 per contract        135%                $1,350
----------------------------------------------------------------------------------------------------------------
Treasury Note (6 1/2-10 year)                      $1,300 per contract        135%                $1,755
----------------------------------------------------------------------------------------------------------------
mini-sized 10 Year Treasury Notes                  $  650 per contract        135%                $  878
----------------------------------------------------------------------------------------------------------------
Treasury Note (5 year)                             $1,000 per contract        135%                $1,350
----------------------------------------------------------------------------------------------------------------
Treasury Note (2 year)                             $  900 per contract        135%                $1,215
----------------------------------------------------------------------------------------------------------------
Agency Notes (10 year)                             $1,500 per contract        135%                $2,025
----------------------------------------------------------------------------------------------------------------
Agency Notes (5 Year)                              $  600 per contract        135%                $  810
----------------------------------------------------------------------------------------------------------------
10-Year Interest Rate Swap                         $1,500 per contract        135%                $2,025
----------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
<S>                                            <C>                          <C>                   <C>
----------------------------------------------------------------------------------------------------------------
5-Year Interest Rate Swap                          $1,000 per contract        135%                  $1,350
----------------------------------------------------------------------------------------------------------------
30-Day Fed Funds                                   $  400 per contract        135%                  $  540
----------------------------------------------------------------------------------------------------------------
Municipal Note Index                               $1,400 per contract        135%                  $1,890
----------------------------------------------------------------------------------------------------------------
mini-sized Eurodollars                             $  250 per contract        135%                  $  338
----------------------------------------------------------------------------------------------------------------
X-Funds (set per contract/ as applicable)
----------------------------------------------------------------------------------------------------------------
Stock Index Group
----------------------------------------------------------------------------------------------------------------
DJIA(SM) Index                                     $4,000 per contract        135%                  $5,400
----------------------------------------------------------------------------------------------------------------
mini-sized DJIA(SM) Index ($5 mult.)               $2,000 per contract        135%                  $2,700
----------------------------------------------------------------------------------------------------------------
Commodity Index Group
----------------------------------------------------------------------------------------------------------------
CBOT Dow Jones - AIG(SM) Index                     $  500 per contract        135%                  $  675
----------------------------------------------------------------------------------------------------------------
</TABLE>

(2) HEDGING MARGINS.   Subject to the provisions of Paragraphs 8, 9,10 and 11 of
    Regulation 431.02, minimum initial and maintenance hedging margins on all
    commitments in futures shall be as follows:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                                                                                  Initial Margin
                                                                                      Mark-Up
                                                           Maintenance Margin       Percentage      Initial Margin
--------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                    <C>                 <C>
Agricultural Group
--------------------------------------------------------------------------------------------------------------------
Corn                                                       $  400 per contract         100%            $  400
--------------------------------------------------------------------------------------------------------------------
Oats                                                       $  500 per contract         100%            $  500
--------------------------------------------------------------------------------------------------------------------
Rough Rice                                                 $  400 per contract         100%            $  400
--------------------------------------------------------------------------------------------------------------------
Soybeans                                                   $  850 per contract         100%            $  850
--------------------------------------------------------------------------------------------------------------------
Soybean Meal                                               $  500 per contract         100%            $  500
--------------------------------------------------------------------------------------------------------------------
Soybean Oil                                                $  500 per contract         100%            $  500
--------------------------------------------------------------------------------------------------------------------
Wheat                                                      $  850 per contract         100%            $  850
--------------------------------------------------------------------------------------------------------------------
Metals Group
--------------------------------------------------------------------------------------------------------------------
mini-sized N.Y. Gold                                       $  200 per contract         100%            $  200
--------------------------------------------------------------------------------------------------------------------
mini-sized N.Y. Silver                                     $  150 per contract         100%            $  150
--------------------------------------------------------------------------------------------------------------------
Financial Instrument Group
--------------------------------------------------------------------------------------------------------------------
Treasury Bonds                                             $2,000 per contract         100%            $2,000
--------------------------------------------------------------------------------------------------------------------
mini-sized Treasury Bonds                                  $1,000 per contract         100%            $1,000
--------------------------------------------------------------------------------------------------------------------
Treasury Note (6 1/2-10 year)                              $1,300 per contract         100%            $1,300
--------------------------------------------------------------------------------------------------------------------
mini-sized 10 Year Treasury Notes                          $  650 per contract         100%            $  650
--------------------------------------------------------------------------------------------------------------------
Treasury Note (5 year)                                     $1,000 per contract         100%            $1,000
--------------------------------------------------------------------------------------------------------------------
Treasury Note (2 year)                                     $  900 per contract         100%            $  900
--------------------------------------------------------------------------------------------------------------------
Agency Notes (10 year)                                     $1,500 per contract         100%            $1,500
--------------------------------------------------------------------------------------------------------------------
Agency Notes (5 year)                                      $  600 per contract         100%            $  600
--------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                          <C>           <C>
--------------------------------------------------------------------------------------------------------------------
5-Year Interest Rate Swap                                  $1,000 per contract           100%           $1,000
--------------------------------------------------------------------------------------------------------------------
10-Year Interest Rate Swap                                 $1,500 per contract           100%           $1,500
--------------------------------------------------------------------------------------------------------------------
30-Day Fed Funds                                           $  400 per contract           100%           $  400
--------------------------------------------------------------------------------------------------------------------
Municipal Note Index                                       $1,400 per contract           100%           $1,400
--------------------------------------------------------------------------------------------------------------------
mini-sized Eurodollars                                     $  250 per contract           100%           $  250
--------------------------------------------------------------------------------------------------------------------
X-Funds                                           (set per contract/ as applicable)
--------------------------------------------------------------------------------------------------------------------
Stock Index Group
--------------------------------------------------------------------------------------------------------------------
DJIA(SM) Index                                             $4,000 per contract           100%           $4,000
--------------------------------------------------------------------------------------------------------------------
mini-sized DJIA(SM) Index ($5 mult.)                       $2,000 per contract           100%           $2,000
--------------------------------------------------------------------------------------------------------------------
Commodity Index Group
--------------------------------------------------------------------------------------------------------------------
CBOT Dow Jones - AIG(SM) Index                             $  500 per contract           100%           $  500
--------------------------------------------------------------------------------------------------------------------
</TABLE>

(3)  SPREADING MARGINS. The minimum maintenance margin of spreading transactions
     shall be as follows:

     Intra-market spreads (involving the same commodity) where both sides of the
     transaction are carried on the books of one member firm shall be margined
     to the market, except for the following commodities which will be margined
     as indicated:

<TABLE>
<CAPTION>
---------------------------------------------------------
 Old Crop/New Crop:                   Initial/Maintenance
---------------------------------------------------------
<S>                                 <C>
 Corn                                 $ 135  / $ 100
---------------------------------------------------------
 Soybeans                             $ 473  / $ 350
---------------------------------------------------------
 Soybean Meal                         $ 405  / $ 300
---------------------------------------------------------
 Soybean Oil                          $ 270  / $ 200
---------------------------------------------------------
 Wheat                                $ 608  / $ 450
---------------------------------------------------------
 Oats                                 $ 270  / $ 200
---------------------------------------------------------
</TABLE>

Inter-market spreads where both sides of the transaction are carried on the
books of one member firm shall be as follows (See paragraph (1) for initial
margin mark-up percentage):

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Spread
Ratio                                                        Spread                                                 Credit %
-------------------------------------------------------------------------------------------------------------------------------
<C>             <S>                                                                                                 <C>
 1:1            Soybeans vs. Soybean Oil                                                                             50%
-------------------------------------------------------------------------------------------------------------------------------
 1:1            Soybeans vs. Soybean Meal                                                                            65%
-------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (6-1/2-10 year) vs. Treasury Bond                                                      75%
-------------------------------------------------------------------------------------------------------------------------------
 2:1            Treasury Note (6-1/2-10 year) vs. Treasury Bond                                                      80%
-------------------------------------------------------------------------------------------------------------------------------
 1:2            Treasury Bond vs. mini-sized Treasury Bond                                                          100%
-------------------------------------------------------------------------------------------------------------------------------
 1:2            10 Yr. Treasury Note vs. mini-sized Treasury Bond                                                    75%
-------------------------------------------------------------------------------------------------------------------------------
 1:1            10 Yr. Treasury Note vs. mini-sized Treasury Bond                                                    80%
-------------------------------------------------------------------------------------------------------------------------------
 1:1            10 Yr. Treasury Note vs. 10 Yr. Swap                                                                 80%
-------------------------------------------------------------------------------------------------------------------------------
 5:4            5 Yr. Treasury Note vs. mini-sized Treasury Bond                                                     75%
-------------------------------------------------------------------------------------------------------------------------------
 1:2            5 Yr. Treasury Note vs. mini-sized Treasury Bond                                                     65%
-------------------------------------------------------------------------------------------------------------------------------
 1:2            Municipal Note Index vs. mini-sized Treasury Bond                                                    75%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
<C>             <S>                                                                                                  <C>
 1:1            10 Yr. Agency vs. mini-sized Treasury Bond                                                           80%
-----------------------------------------------------------------------------------------------------------------------------------
 5:4            5 Yr. Agency vs. mini-sized Treasury Bond                                                            55%
-----------------------------------------------------------------------------------------------------------------------------------
 3:2            Treasury Note (5 year) vs. Treasury Note (6-1/2-10 year)                                             85%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            mini-sized Bond vs. mini-sized 10 Yr. Treasury Note                                                  80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            mini-sized Bond vs. mini-sized 10 Yr. Treasury Note                                                  75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            10 Yr. Treasury Note vs. mini-sized 10 Yr. Treasury Note                                            100%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            Treasury Bond vs. mini-sized 10 Yr. Treasury Note                                                    75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:4            Treasury Bond vs. mini-sized 10 Yr. Treasury Note                                                    80%
-----------------------------------------------------------------------------------------------------------------------------------
 3:4            5 Yr. Treasury Note vs. mini-sized 10 Yr. Treasury Note                                              85%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            5 Yr. Treasury Note vs. mini-sized 10 Yr. Treasury Note                                              80%
-----------------------------------------------------------------------------------------------------------------------------------
 3:4            2 Yr. Treasury Note vs. mini-sized 10 Yr. Treasury Note                                              75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            2 Yr. Treasury Note vs. mini-sized 10 Yr. Treasury Note                                              70%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            10 Yr. Swap vs. mini-sized 10 Yr. Treasury Note                                                      80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            Municipal Note Index vs. mini-sized 10 Yr. Treasury Note                                             75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            10 Yr. Agency vs. mini-sized 10 Yr. Treasury Note                                                    80%
-----------------------------------------------------------------------------------------------------------------------------------
 3:4            5 Yr. Agency vs. mini-sized 10 Yr. Treasury Note                                                     75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (6-1/2-10 year) vs. Municipal Note Index                                               75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Bond vs. Municipal Note Index                                                               75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (5 year) vs. Treasury Note (6-1/2-10 year)                                             80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (5 year) vs. Treasury Bond                                                             65%
-----------------------------------------------------------------------------------------------------------------------------------
 5:2            Treasury Note (5 year) vs. Treasury Bond                                                             75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (5 year) vs. Municipal Note Index                                                      70%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (2 year) vs. Treasury Note (6-1/2-10 year)                                             70%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            Treasury Note (2 year) vs. Treasury Note (5 year)                                                    80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            2 Yr. Treasury Note vs. mini-sized Eurodollar                                                        50%
-----------------------------------------------------------------------------------------------------------------------------------
 3:2            Treasury Note (2 year) vs. Treasury Note (6-1/2-10 year)                                             75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            Treasury Bond vs. 10 Yr. Agency                                                                      80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            10 Yr. Agency vs. 10 Yr. Treasury Note                                                               80%
-----------------------------------------------------------------------------------------------------------------------------------
 2:3            10 Yr. Agency vs. 5 Yr. Treasury Note                                                                70%
-----------------------------------------------------------------------------------------------------------------------------------
 2:3            10 Yr. Agency vs. 2 Yr. Treasury Note                                                                70%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            10 Yr. Agency vs. 10 Yr. Swap                                                                        85%
-----------------------------------------------------------------------------------------------------------------------------------
 1:2            10 Yr. Swap vs. 5 Yr. Swap                                                                           80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            5 Yr. Swap vs. 5 Yr. Treasury Note                                                                   75%
-----------------------------------------------------------------------------------------------------------------------------------
 2:5            Treasury Bond vs. 5 Yr. Agency                                                                       55%
-----------------------------------------------------------------------------------------------------------------------------------
 2:3            10 Yr. Treasury Note vs. 5 Yr. Agency                                                                75%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            5 Yr. Treasury Note vs. 5 Yr. Agency                                                                 85%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1            2 Yr. Treasury Note vs. 5 Yr. Agency                                                                 80%
-----------------------------------------------------------------------------------------------------------------------------------
 2:3            10 Yr. Agency vs. 5 Yr. Agency                                                                       75%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
<C>             <S>                                                                                                <C>
 5:3            mini-sized Eurodollar vs. 30-Day Fed Funds                                                          80%
-----------------------------------------------------------------------------------------------------------------------------------
 1:1:1          Crush Spread (Same Crop Year) Soybeans (September Forward) vs.
                Soybean Meal (October Forward) vs. Soybean Meal (October) vs.
                Soybean Oil (October Forward)                                                                       80%
-----------------------------------------------------------------------------------------------------------------------------------
 10:11:9        Crush Spread-Soybeans vs. Soybean Meal vs. Soybean Oil                                              80%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


For the purpose of this paragraph, a crush spread is a position of 5,000 bushels
of soybeans against one contract of soybean meal and one contract of soybean oil
or a ratio of contracts that conforms to generally accepted soybean processor
crush relationships.  The number of crush spreads is limited to the net
positions within any of the commodities.

(4)  INTER-MARKET SPREADS.   Inter-market spreads (involving the same commodity)
     where both sides of the transaction are carried on the books of one member
     firm shall be margined on the Chicago Board of Trade side as follows (SPAN-
     does not currently recognize inter-market spreads):

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                                                                                    Spread
Ratio                                           Spread                                             Credit %
------------------------------------------------------------------------------------------------------------------
<C>           <S>                                                                          <C>
 1:1          CBOT Wheat vs. Kansas City Board of Trade Wheat                                      50%
------------------------------------------------------------------------------------------------------------------
 1:1          CBOT Wheat vs. Minneapolis Grain Exchange Spring Wheat                               70%
------------------------------------------------------------------------------------------------------------------
 5:1          mini-sized N.Y. Silver vs. Comex Silver                                              50%
------------------------------------------------------------------------------------------------------------------
 3:1          mini-sized N.Y. Gold vs. Comex Gold                                                  50%
------------------------------------------------------------------------------------------------------------------
Other inter-market spreads
------------------------------------------------------------------------------------------------------------------
 2:3          CBOT T-Note (2 year) vs. CME Eurodollar                                              70%
------------------------------------------------------------------------------------------------------------------
 5:2          CBOT T-Note (2 year) vs. FINEX T-Note (5 year)                                       80%
------------------------------------------------------------------------------------------------------------------
 5:2          CBOT T-Note (5 year) vs. FINEX T-Note (5 year)                                       80%
------------------------------------------------------------------------------------------------------------------
 5:2          CBOT T-Note (5 year) vs. FINEX T-Note (2 year)                                       80%
------------------------------------------------------------------------------------------------------------------
 1:1          CBOT DJIA (SM) vs. KCBOT Mini-Value Line                                             70%
------------------------------------------------------------------------------------------------------------------
 5:2          CBOT DJIA (SM) vs. KCBOT Value Line                                                  70%
------------------------------------------------------------------------------------------------------------------
 1:10         CBOT DJIA (SM) vs. Amex Diamonds                                                   $800
                                                                                                 (per CBOT side)
------------------------------------------------------------------------------------------------------------------
 3:1          CBOT DJIA (SM) vs. CME S&P 500                                                       65%
------------------------------------------------------------------------------------------------------------------
 6:1          mini-sized CBOT DJIA (SM) ($5) vs. CME S&P 500                                       65%
------------------------------------------------------------------------------------------------------------------
 1:2          CBOT DJIA (SM) vs. CME mini-S&P 500                                                  65%
------------------------------------------------------------------------------------------------------------------
 1:1          mini-sized CBOT DJIA (SM) ($5) vs. CME mini-S&P 500                                  65%
------------------------------------------------------------------------------------------------------------------
</TABLE>

(5) INTER-MARKET SPREADS FOR CBOT AND MIDAM CONTRACTS

(a) Customers
--- ---------

For purposes of Regulations 431.03 and 431.05, any spread or other recognized
strategy specified therein may consist of a combination of positions in Chicago
Board of Trade and MidAmerica Commodity Exchange (MidAm) contracts, provided
that each MidAm position in such a combination is equivalent in size, and is in
the same commodity, as is specified with respect to a Chicago Board of Trade
position.

(b) Non-Clearing Members
--- --------------------

For purposes of Regulations 431.01, 431.03 and 431.06, any spread or other
recognized strategy specified therein may consist of a combination of positions
in Chicago Board of Trade and MidAmerica Commodity Exchange (MidAm) contracts,
provided that each MidAm position in such a combination:

          -- is equivalent in size, and is in the same commodity, as is
             specified with respect to a Chicago Board of Trade position;



<PAGE>




        and

    --  is in a contract in which the non-clearing member has MidAm membership
        privileges.

431.03A Margins-Spreads involving soybeans versus only crude soybean oil or only
soybean meal or spreads involving crude soybean oil versus soybean meal do not
meet the requirements of Paragraph 4(a) of Regulation 431.03 and, therefore, do
not qualify for margins on one side only. 34R (08/01/94)

431.03B Margins-The Rules Committee was asked the following questions:

(1) Is it permissible for a carrying broker to maintain an account with a bank
    where it is specified that the deposits therein are made at the request of a
    particular client - such funds not necessarily being those of the client.

(2) Is it permissible to maintain such an account, limiting it to the amounts
    deposited by such client.

    The Committee is unanimously of the opinion that these practices are a
    violation of the Association's minimum margin Rules and Regulations.  They
    constitute the extending of credit for margins. 40R  (08/01/94)

431.04  Notice of Undermargined Omnibus Accounts-(See 285.05) (08/01/94)

431.05  Margin on Options-Under the provisions of Rule 431.00, the Board
hereby establishes that minimum margins for option transactions will be
determined by the *Standard Portfolio Analysis of Risk- (SPAN-) margin
calculations.

     Maintenance margin will equal the maximum of:

     (a) Market Risk Margin calculation

     (b) Extreme Market Risk calculation

     (c) Gross Short Option calculation

     (d) Initial margins for each commodity are identified in Regulations
     431.03(1), (2) and (3).

     For all long option positions premium must be paid in full when the
     position is initiated. See Regulations 1305.01, 2705.01, 2805.01,
     2905.01, 3005.01, 3105.01, 3205.01, 3305.01, 3505.01, 3605.01, 4405.01,
     4605.01, 5005.01, 5205.01 and 5805.01.

     The values of the following policy variables will be determined by the
     Board of Directors:

     1. Normal range of futures price changes.

     2. Normal range of implied volatility changes.

     3. Intermonth spread margin for determining intermonth spread risk.

     4. Extreme range of futures price changes.

     5. Backup margin collection ratio for the Extreme calculation.

     6. Gross short option assessment level.  (01/01/03)

431.06  Margin on Options-Non-Clearing Members--A non-clearing member who
makes his own option trades or who on the Floor gives his orders for option
trades which are exclusively for his account shall be subject solely to the
provisions of the *Standard Portfolio Analysis of Risk-margin (SPAN-).

     Maintenance margin will equal the maximum of:

     (a) Market Risk Margin calculation.

     (b) Extreme Market Risk calculation.

     (c) Gross Short option calculation.

For all long option positions premium must be paid in full when the position is
initiated. See Regulations

<PAGE>



1305.01, 2705.01, 2805.01, 2905.01, 3005.01, 3105.01, 3205.01, 3305.01,
3505.01, 3605.01, 4405.01, 4605.01, 5005.01, 5205.01 and 5805.01. (01/01/03)


*"SPAN-" and "Standard Portfolio Analysis of Risk-" are trademarks of the
Chicago Mercantile Exchange. The Chicago Mercantile Exchange assumes no
liability in connection with the use of SPAN by any person or entity.


B.  Inter-Market Option Spreads--(See 431.03) section 5  (12/01/01)

432.00  Customers' Securities--The improper use of a customer's securities is
inconsistent with just and equitable principles of trade. 211  (08/01/94)

433.00  Agreement for Use of Securities--An agreement between a member and a
customer, authorizing the member to pledge securities, either alone or with
other securities carried for the account of the customer, either for the amount
due thereon or for a greater amount, or to lend such securities, does not
justify the member in pledging or loaning more of such securities than is fair
and reasonable in view of the indebtedness of said customer to said member.

No form of general agreement between a member and a customer shall warrant the
member in using securities carried for the customer for delivery on sales made
by the member for his own account, or for any account in which the firm or
corporation of said member or of any general or special partner therein is
directly or indirectly interested. 212  (08/01/94)

433.01  Construction of Rules 432.00 and 433.00--A customer's wholly owned
securities and/or excess collateral (securities in excess of the approximate
amount required to enable the member carrying the account to finance it) must be
segregated in a manner which clearly identifies their ownership. The member
carrying the account shall keep a record of the location of such segregated
securities and the means by which their ownership may be identified. When such
securities are in the custody of another broker, the member carrying the account
shall keep such other broker fully informed at all times as to the specific
securities to be segregated. This Regulation applies to both odd lots and round
lots.  (08/01/94)

<PAGE>

Ch4 Transfer Trades/Exchange Service Fees

443.00  Exempt Transactions--The provisions of the Rules and Regulations
respecting member rates of commission and brokerage rates shall be superseded
not later than March 4, 1978. 219A  (08/01/94)

444.01 Transfer Trades; Exchange of Futures for Physicals and Give-up
Transactions--Transfer trades, or office trades, are defined and limited to
trades made upon the books of a commission merchant for the purpose of: (a)
transferring existing trades from one account to another within the same office
where no change in ownership is involved; or, (b) transferring existing trades
from the office of one commission merchant to the office of another commission
merchant where no change in ownership is involved, provided that no such
transfer may be made for the purpose of evading and avoiding delivery on such
trades and provided further that if such transfer is made after receipt from the
Clearing House of a notice of intention to deliver applicable to such trades,
then the notice of intention to deliver must be passed through the Clearing
House along with the trades so transferred and the Clearing House shall
thereupon pass the notice of intention to deliver to the commission merchant to
whom such transfer has been made and delivery shall be taken by such commission
merchant; or, (c) exchanging futures for cash commodities or in connection with
cash commodities transactions; or, (d) exchanging futures for, or in connection
with, swap transactions involving Dow Jones-AIG Commodity Index(SM) futures,
Municipal Bond Index futures, 10-Year Interest Rate Swap futures, 5-Year
Interest Rate Swap futures and Long Term and Medium Term (Fannie Mae(R)
Benchmark and Freddie Mac Reference) Note(sm) futures; or, (e) exchanging
futures for, or in connection with, over-the-counter derivative transactions
involving Wheat, Oat and Rice futures; or (f) to establish the prices of cash
commodities; or, wheat, (g) correcting errors on cleared trades, provided the
original trade documentation confirms the error and the special clearing code or
screen designated by the Board of Directors has been used to identify these
transfers; or (h) transferring trades executed on behalf of another commission
merchant from the account of the executing commission merchant to the account of
the other commission merchant customer where no change of ownership is involved,
provided that the special clearing code or screen designated by the Board of
Directors has been used to identify these transfers. The Business Conduct
Committee ("BCC") or designated staff pursuant to delegated authority, may, in
its discretion, upon written request, exempt a transfer trade from the
requirements of this provision providing that the transfer trade is made for the
purpose of combining the positions held by two or more commodity pools which are
operated by the same commodity pool operator and traded by the same commodity
trading advisor, pursuant to the same strategy, into a single account so long as
the transfer does not result in the liquidation of any open positions, and the
pro rata allocation of interests in the consolidating account does not result in
more than a de minimis change in the value of the interest of any pool
participant. Additionally, the BCC, or designated staff pursuant to delegated
authority, in its discretion, upon written request, may exempt such other
transfers in connection with or as a result of, a merger, asset purchase,
consolidation or similar non-recurring transaction between two or more entities
where one or more entities become the successor in interest to one or more other
entities.


Give-up transactions must be transferred in accordance with the procedure
provided in subparagraph (h) above. In the case of give-up transactions, the
commission merchant ("executing commission merchant") executing a trade on
behalf of another commission merchant (the "carrying commission merchant")
(including such carrying commission merchant's customers) must submit the trade
to the Clearing House for clearing, and remains responsible for the clearing and
settlement of such trade as prescribed by the Clearing House. Executing
commission merchants and carrying commission merchants must utilize an automated
invoicing system for commission payments resulting from give-up transactions, as
determined by the Board of Directors. Notwithstanding the foregoing, the
executing commission merchant, carrying commission merchant and, as applicable,
the customer on the account at the carrying commission merchant for which the
trade is executed, may by agreement set out their respective obligations and
financial responsibility to one another relating to the transfer of the trade.


Exchange of futures in connection with cash commodity transactions or of futures
for cash commodities or of futures for, or in connection with, swap transactions
involving Dow Jones-AIG Commodity Index(SM) futures, Municipal Bond Index
futures, 10-Year Interest Rate Swap futures, 5-Year Interest Rate Swap futures
and Long Term and Medium Term (Fannie Mae(R) Benchmark and Freddie Mac
Reference) Note(sm) futures, or the exchanging of futures for, or in connection
with, over-the-counter derivative transaction involving Wheat, Oat and Rice
futures may be made at such prices as are mutually agreed upon by the two
parties to the transaction.


All transfer trades made between the offices of two commission merchants and all
office trades made in connection with cash commodity transactions or the
exchange of futures for cash commodities or the exchange of futures for, or in
connection with, swap transactions involving Dow Jones-AIG Commodity Index(SM)
futures, Municipal Bond Index futures, 10-Year Interest Rate Swap futures,
5-Year Interest Rate Swap futures and Long Term and Medium Term (Fannie Mae(R)
Benchmark and Freddie Mac Reference) Note(sm) futures or the exchange of futures
for, or in connection with, over-the-counter derivatives involving Wheat, Oat
and Rice futures shall be


<PAGE>

designated by proper symbol as transfer or office trades and must be cleared
through the Clearing House in the regular manner.


Transfer trades must be made at the same price or prices which appear on the
books of the transferring commission merchant, and the transfer must also show
the date when such trade or trades were originally made; provided, however, that
those transfers involving a debtor as defined by and in accordance with
Regulation 272.02 shall retain the original trade date for purposes of delivery
but shall be entered on the books of the transferee at the settlement price on
the day of the transfer. In addition, each party to transfer trade transactions
shall file with the Clearing House a memorandum stating the nature of the
transaction, whether the transaction has resulted in a change of ownership, the
kind and quantity of cash commodity, swap, or over-the counter derivative if any
is involved, the kind, quantity and price of the commodity future, the name of
the opposite Clearing member, if any, and such other information as the Clearing
House may require. 1809A (01/01/03)


444.01A Transfer Trades and Inter-Market Spreads - - Owing to the fact that some
questions have arisen as to what may properly be handled in the way of give-ups,
as office trades or transfer trades, particularly in connection with the new
Commodity Exchange Act, the Directors have found it necessary to clarify this
situation with certain interpretations which will be mailed to all members
shortly. In the meantime, there is one point which seems important because of
the past custom of the trade, and we wish to call attention to it. In case a
house has spread orders between markets at a guaranteed difference, such as
buying Winnipeg or Minneapolis or Kansas City and selling Chicago at a fixed
difference, it has been customary in the past in the event they found some other
house going the other way at the same difference to exchange futures in the two
markets in order to consummate the spread. In other words, this was done by
give-ups rather than by pit executions. Under the new interpretation, such a
give-up is not permissible, inasmuch as it involves a change of ownership and is
not a give-up against a cash transaction, as interpreted by the Commodity
Exchange Act or the Board of Trade Rules. Accordingly, it will not be
permissible to exchange futures in the form of give-ups under such
circumstances, which will compel the actual filling of these limited spreads by
means of pit executions.

While this appears to work a certain amount of hardship, it seems to be required
in order to conform to the law and to the Rules of the Association; and,
accordingly, attention is directed to it in order to avoid possible confusion
where spreads are being worked between two markets.  (08/01/94)


444.01B Prohibition on Exchange of Futures for Cash Commodities and on Exchange
of Futures for, or in Connection with, Swap Transactions and on Exchange of
Futures for, or in connection with, OTC Agricultural Transactions Involving
Multi-Parties--The exchange of futures for cash commodities or in connection
with cash commodity transactions or of futures for, or in connection with, swap
transactions involving Dow Jones-AIG Commodity Index futures, Municipal Bond
Index futures, 10-Year Interest Rate Swap futures, 5-Year Interest Rate Swap
futures and Long Term and Medium Term (Fannie Mae(R) Benchmark and Freddie Mac
Reference) Note(sm) futures may only occur when the buyer of the futures
contracts is the seller of the cash commodity and the seller of the futures
contracts is the buyer of the cash commodity. The exchange of futures for, or in
connection with, over-the-counter derivative transactions involving Wheat, Oat
and Rice futures may occur only when the buyer and seller of the futures
contracts are the opposing sides to the OTC transaction and have respectively,
the short and long market expose associated with the OTC transaction. All such
transactions must be submitted to the clearing house by a clearing firm acting
on its own behalf or for the beneficial account of a customer who is a party to
the transaction. (01/01/03)



444.02 Clearance of Exchanges of Futures for Physicals Transactions, of
Exchanges of Futures for, or in Connection with, Swap Transactions, and of
Exchange of Futures for, or in Connection with, OTC Transactions - With respect
to the futures portion of an exchange of future for physical transaction or swap
transaction involving Dow Jones-AIG Commodity Index(SM) futures, Municipal Bond
Index futures, 10-Year Interest Rate Swap futures, 5-Year Interest Rate Swap
futures and Long Term and Medium Term (Fannie Mae(R) Benchmark and Freddie Mac
Reference) Note(SM) futures, or over-the-counter derivative transaction
involving Wheat, Oat or Rice futures, clearing firm on opposite sides of the
transaction must subsequently approve the terms of the transaction, including
the clearing firm (division), price, quantity, commodity, contract month and
date prior to submitting the transaction to the Clearing House. (01/01/03)


444.03  Transfer Trades in a Delivery Month--During the delivery month and 2
business days prior to the first delivery day, (or in the case of crude
petroleum during position month) transfer trades for the purpose of offsetting
existing positions where no change of ownership is involved are prohibited when
the date of execution of the position being transferred is not the same as the
transfer date. Positions carried at different houses for the same owner 2
business days prior and to a delivery month and thereafter (or in the case of
crude petroleum during position month) are required to be offset in the pit or
through the normal delivery process. The receiving firm has the responsibility
to assure compliance with this regulation.  (08/01/94)

444.04  Exchange of Futures for, or in Connection with, Swap Transactions
Involving Dow Jones-AIG Commodity Index futures, Municipal Bond Index Futures,
10-Year Interest Rate Swap Futures, 5-Year Interest Rate Swap futures and Long
Term and Medium Term Fannie Mae(R) Benchmark and Freddie Mac Reference Note(sm)
Futures--An exchange of futures for, or in connection with, a swap transaction
(EFS) consists of two discrete, but related, transactions; a swap transaction
and a futures transaction. At the time such transaction is effected, the buyer
and seller of the futures must be, respectively, the seller and the buyer of the
swap. The swap component shall involve the commodity underlying the futures
contract (or a derivative, by-product or related product of such commodity). The
quantity covered by the swap must be approximately equivalent to the quantity
covered by the futures contracts. (07/01/02)


444.05 Transfer Trades for the Purpose of Offsetting, mini-sized Dow/SM/ Futures
($5 multiplier) and CBOT(R) Dow Jones Industrial Average/SM/ (DJIA/SM/) Futures.
With the consent of the account controller, a clearing member may offset and
liquidate long mini-sized Dow/SM/ futures ($5 multiplier) positions against
short DJIA/SM/ futures positions, or short mini- sized Dow/SM/ futures ($5
multiplier) positions against long DJIA/SM/ futures positions, held in the same
contract month and year and in the same account in a ratio of 2 (two) mini-sized
Dow/SM/ ($5 multiplier) contracts to 1 (one) DJIA/SM/ contract. The clearing
member shall notify the Clearing House of offsetting positions by submitting
reports to the Clearing House in such form and manner as the Clearing House
shall specify. The positions being offset shall be transferred to a holding
account at the Clearing House and long and short positions in the same contract
month in the holding account will be netted, thus reducing the number of open
positions in such contract. (01/01/03)



446.06 Exchange of Futures For, Or in Connection with, OTC Transactions
Involving Wheat, Oat and Rice Futures - An exchange of futures for, or in
connection with, an over-the-counter (OTC) agricultural option transaction
consists of two discrete, but related, transactions; an OTC derivative
transaction and a futures transaction. At the time such transaction is effected,
the buyer and seller of the futures contracts must be the opposing sides to the
OTC transaction and have, respectively, the short and long market exposure
associated with the OTC transaction. The OTC transaction shall involve the
commodity underlying the futures contract (or a derivative, by-product or
related product of such commodity). The quantity covered by the OTC transaction
must be approximately equivalent to the quantity covered by the futures
contracts. This transaction is only available to entities that are described in
the Commodity Futures Trading Commission Ag Trade Option Regulation 32.13(g) and
who enter into such transaction in accordance with CFTC Regulation 32.13.
(01/01/03)


450.00  Exchange Service Fees -

(a)  members, membership interest holders and member firms. Each Full and
     Associate Member, (hereinafter referred to as "Members") Membership
     Interest Holder and member firm shall be obligated to pay to the
     Association, at such times and in such manner as the Board may prescribe,
     fees for transactions executed by open outcry, in accordance with the
     following fee schedules. All rate specifications are per contract/per side.
     All volume specifications are per calendar month.

     (1)  Trades for a Member's or Membership Interest holder's own account: 5
          cents. The maximum of fees paid by any Full or Associate Member
          pursuant to this subsection shall be $25,000 per year per person who
          initiates and executes the trades.

     (2)  Trades executed by a Member or Membership Interest holder as a floor
          broker for others: 5 cents. Provided, however, that this charge shall
          not apply to trades which are both initiated and executed by the same
          Member or Membership Interest holder for the account of a Member or
          Membership Interest holder, or the proprietary account of a member
          firm. The maximum of fees paid by and Full or Associate Member
          pursuant to this subsection shall be $25,000 per year. When a Full or
          Associate Member executes trades as a floor broker for others and also
          initiates and executes trades for his/her own account, maximum of fees
          paid by such Full or associate Member for all such trades
          collectively shall be $25.000 per year.


     (3)  Notwithstanding the provisions of subsections (1) and (2) of this
          section (a), the fees applicable with respect to Memberships and
          Membership Interests which are owned by member firms shall be
          equivalent, in the following categories, to those which the Exchange
          prescribes for delegates:

          (i)  Trades for such Member's or Membership Interest holder's own
               account; and

          (ii) Trades executed by such Member or Membership Interest holder on
               behalf of any account other than the proprietary account or a
               customer account of the member firm owner of the Membership or
               Membership Interest.



     (4)  Trades for a member firm's proprietary account which are both
          initiated and executed by the same Member or Membership Interest
          holder: 5 cents. The maximum of fees paid by any member firm pursuant
          to this subsection shall be $25,000 per year per person who initiates
          and executes the trades. As an alternative, a member firm may
          designate its proprietary account trades which are both initiated and
          executed by the same Member or Membership Interest holder to be
          subject to the fee schedule set forth in subsection (5).




     (5)  Trades for a member firm's proprietary account other than those
          described in subsection (4):

          (i)     6 cents for contract volume up to 50,000;
          (ii)    5 cents for contract volume from 50,000 to 150,000; and
          (iii)   4 cents for contract volume in excess of 150,000.


(b)  non-member. Each member or registered eligible business organization
     handling the funds of non-member customers shall include, in the statements
     to each customer, an Exchange Service Fee, for transactions executed by
     open outcry, in accordance with the following fee schedule for each Board
     of Trade contract bought or sold for the account of the non-member
     customer. All rate specifications are per contract/per side. All volume
     specifications are per calendar month.

     (1)  Non-agricultural contracts:

          (i)     50 cents for contract volume up to 50,000;
          (ii)    40 cents for contract volume from 50,000 to 150,000; and
          (iii)   30 cents for contract volume in excess of 150,000.

     (2)  Agricultural contracts:

          (i)     60 cents for contract volume up to 50,000;
          (ii)    50 cents for contract volume from 50,000 to 150,000; and
          (iii)   40 cents for contract volume in excess of 150,000.

     All Exchange Service Fees collected from non-member customers shall be
     remitted by the member or registered eligible business organization to the
     Association at such times and in such manner as the Board may prescribe.

(c)  e-cbot fees for members, membership interest holders and member firms. Each
     Full and Associate Member (hereinafter referred to as "Members"),
     Membership Interest holder and member firm shall be obligated to pay, at
     such times and in such manner as the e-cbot Board may prescribe, fees for
     e-cbot transactions in accordance with the following fee schedules. All
     rate specifications are per contract/per side. All volume specifications
     are per calendar month.

     (1)  Trades for a Member's or Membership Interest holder's own account and
          trades for a member firm's proprietary account which are both
          initiated and executed by the same Member or Membership Interest
          holder:

          (i)     15 cents for contract volume up to 50,000;
          (ii)    13 cents for contract volume from 50,000 to 150,000; and
          (iii)   10 cents for contract volume in excess of 150,000.

     (2)  Notwithstanding the provisions of subsection (1) of this section (c),
          the fees applicable with respect to Memberships and Membership
          Interests which are owned by member firms shall be equivalent, in the
          following categories, to those which the Exchange prescribes for
          delegates:

          (i)  Trades for such Member's or Membership Interest holder's own
               account; and
          (ii) Trades executed by such Member or Membership Interest holder on
               behalf of any account other than the proprietary account of the
               member firm owner of the Membership or Membership Interest.

     (3)  Trades for a Member's, Membership Interest holders or member firm's
          proprietary account other than those described in subsections (1) and
          (2):

          (i)     35 cents for contract volume up to 50,000;
          (ii)    30 cents for contract volume from 50,000 to 150,000; and
          (iii)   25 cents for contract volume in excess of 150,000.

     Notwithstanding the foregoing, e-cbot fees for mini-sized contracts
     shall be at such rates as the e-cbot Board shall prescribe.

(d)  e-cbot fees for non-members. Each member or registered eligible business
     organization handling the funds of non-member customers shall include, in
     the statements to each customer, an e-cbot fee in accordance with the
     following schedule for each Board of Trade contract bought or sold through
     e-cbot for the account of the non-member customer. All rate specifications
     are per contract/per side. All volume specifications are per calendar
     month.

     (1)  Non-agricultural contracts:

          (i)     1 dollar 25 cents for contract volume up to 50,000;
          (ii)    95 cents for contract volume from 50,000 to 150,000; and
          (iii)   70 cents for contract volume in excess of 150,000.

     (2)  Agricultural contracts:  1 dollar 50 cents.

     Notwithstanding the foregoing, e-cbot fees for mini-sized contracts
     shall be at such rates as the e-cbot Board shall prescribe.

     All e-cbot fees collected from non-member customers shall be remitted by
     the member or registered eligible business organization at such times and
     in such manner as the e-cbot Board may prescribe.

(e)  licensed contract fee. In addition to the fees specified in Rule 450.00(a)
     through 450.00(d), as applicable, the Board may establish Licensed Contract
     Fees applicable to transactions in contracts which the Exchange lists for
     trading pursuant to a licensing arrangement, including, but not limited to,
     Dow Jones/sm/ and Municipal Bond Index contracts. The maximum rate for any
     such Licensed Contract Fee shall be 20 cents per contract/per side.

(f)  EFP/EFS surcharge. In addition to the fees specified above, as applicable,
     a surcharge per contract shall apply to Member, Membership Interest holder,
     member firm and non-member Exchange for Physicals ("EFP") and Exchange for
     Swap ("EFS") transactions in accordance with the following fee schedule:

     (1)  Non-agricultural transactions:  25 cents.
     (2)  Agricultural transactions:  15 cents.

(g)  electronic order routing fee. In addition to the fees specified in Rule
     450.00(a) or 450.00(b), as applicable, a fee of 5 cents per contract shall
     apply to transactions resulting from orders which are routed to the
     Exchange Floor by an electronic order routing mechanism.

(h)  other fees. Fees shall apply on a per contract basis for exercises,
     deliveries, assignments and expirations in accordance with the following
     fee schedule:

     (1)  For the account of a Member, Membership Interest holder or
          member firm:  5 cents.
     (2)  For the account of a non-member:  50 cents.

(i)  CBOT X-Fund surcharge for non-members. In addition to the fees specified in
     Rule 450.00(b)(1) and Rule 450.00(h)(2), as applicable, the Board may
     establish a surcharge applicable to transactions in CBOT X-Fund contracts,
     bought or sold, and for exercises, deliveries, assignments and expirations
     for the account of a non-member customer. Any such surcharge shall be on a
     per side basis.

(j)  temporary authorization for fee revisions. The following provisions shall
     apply in connection with the first amendments to this rule which are
     adopted by membership vote after November 1, 2001.

     (1)  For a period of six months after the implementation of the above-
          referenced amendments, the Board of Directors and/or the e-cbot Board
          of Directors, as applicable, (the "applicable Board"), upon
          recommendation of the Executive Committee, shall be authorized to
          adjust the fee provisions specified in this rule, without submitting
          such adjustments to a membership vote.

     (2)  The applicable Board may approve such adjustments based on a
          determination, in that Board's sole discretion, that such adjustments
          are in the best interests of the Exchange and are consistent with
          Regulation 450.05.

     (3)  The temporary authorization set forth in this section (i) shall expire
          at the end of the six-month period specified in subsection (1) above.

(k)  fee obligations, collections and remittals. Members, Membership Interest
     holders and member firms shall be obligated to pay, to the Association, the
     applicable fees and surcharges specified in Rule 450.00 (e) through (i) in
     the same manner as is specified in Rule 450.00(a). Fees and surcharges
     specified in Rule 450.00 (e) through (i) which are applicable to non-member
     transactions shall be collected and remitted in the same manner as is
     specified in Rule 450.00(b).

<PAGE>

(l)  revenue. The applicable Board shall have the authority in its discretion to
     suspend member transaction fees, fees on the execution of trades and non-
     member Exchange Service Fees at any time during a fiscal year upon making a
     determination that year-to-date Exchange revenues have attained a
     sufficient level to render the further collection of such fees unwarranted.

(m)  reports. Each member or registered eligible business organization subject
     to the provisions of this Rule shall submit to the Association such reports
     as the applicable Board may deem necessary for the administration of this
     Rule.

(n)  enforcement. No member or registered eligible business organization shall
     be obligated to the Association for the payment of Exchange Service Fees
     attributable to non-member transactions except to the extent that such fees
     are collected from non-member customers; provided, however, that each
     member or registered eligible business organization responsible for the
     collection of Exchange Service Fees shall make a bona fide and diligent
     effort to collect such amounts and shall not have the right, without prior
     approval of the Association, to release or forgive any indebtedness of a
     non-member to the Association for Exchange Service Fees. In the event of
     delinquencies in the payment of Exchange Service Fees by a non-member, the
     applicable Board in its discretion may order that further trading in the
     accounts of such non-member shall be for liquidation only until the
     indebtedness is paid.


(o)  special assessments. This Rule shall not be construed to supersede Rule
     240.00 in any way nor to abrogate the responsibility and right of the Board
     to levy such additional assessments, charges or fees pon the membership as
     may be necessary to meet the obligations of the Association. 136 (01/01/03)


450.01    Exchange Service Fees - Payment of the Exchange Service Fee in respect
to transactions executed by a Member, Membership Interest Holder, or Delegate on
the Floor as a floor broker for the account of others, under Rule 450.00, must
be remitted to the Exchange's Accounting Department within thirty days
commencing from the date of the Exchange's invoice to the member. Failure to pay
the invoiced transaction fees within the prescribed thirty days may result in
the suspension (pursuant to the provisions of Exchange Regulation 540.06) of the
defaulting member's membership privileges, including

<PAGE>

floor access and the benefit of member transaction fees.

Payment of the Exchange Service Fee in respect to transactions for Members'
Membership Interest Holders' or Delegates' own accounts or Member firms'
accounts, under Rule 450.00, must be remitted to the Exchange's Accounting
Department by the member firm clearing such transactions within twenty-one days
commencing from the date of the Exchange's invoice to such clearing member firm.

No member or registered eligible business organization shall identify on its
statements to nonmember customers any charge as an "Exchange Service Fee" unless
the amount shown is actually due and payable to the Association under Rule
450.00. (04/01/00)

450.01A   Exchange Service Fees - BE IT RESOLVED, that Regulation 450.01 be
adopted with effective date of April 1, 1974 for Exchange Service Fees on member
transactions and May 1, 1974 for Exchange Service Fees on non-member
transactions. (08/01/94)

450.02A   Member's Own Account - For the purpose of implementing Rule 450.00,
the term "member's own account" shall refer only to those commodity futures or
commodity options trading accounts that are wholly owned by and held in the name
of one or more members. For any account held by more than one member, all trades
made for such account shall pay transaction fees equal to the highest fee
required of any of the individual participants in the account, in accordance
with Regulation 285.07. An account owned by and held in the name of a non-member
spouse or other relative of a member shall not be considered a member's account.
(01/01/02)

450.02B   Member's Own Account in Trust - For the purpose of Rule 450.00, a
commodity futures or commodity options trading account placed in trust shall be
deemed a "members own account" if the following are true:

     (1)  the member is the sole settlor of the trust; and

     (2)  the member is one of the trustees of the trust and as such trustee,
          has sole control over the investment-making decisions of the trust;
          and

     (3)  the beneficiaries of the trust include only the member, the member's
          spouse and/or the member's descendants; and

     (4)  the trust declaration expressly incorporates the Rules and Regulations
          of the Exchange, as may be amended; and

     (5)  the interest in the trust that inures to the beneficiaries of the
          trust shall be subject to all Rules and Regulations of the Exchange,
          as may be amended; and

     (6)  the non-member trustee, if any, expressly agrees in the trust
          declaration, to be subject to all Rules and Regulations of the
          Exchange, as amended.

The member must provide the Exchange, via the Member Services Department, a copy
of the trust declaration creating the trust described in the preceding sentence
as well as any amendments thereto along with a letter from an attorney stating
that in the attorney's opinion, the trust created is designed to achieve the
estate planning objectives of the member. Upon the member's death or if the
member is adjudged incompetent, any commodity futures or commodity options
trading account placed in trust pursuant to this section by such member will be
treated as a non-member trading account for purposes of implementing Rule
450.00. (01/01/02)

450.02C   Member Firm's Proprietary Account - For the purpose of implementing
Rule 450.00, the term "member firm's account" shall refer only to those
commodity futures or commodity options trading accounts that are wholly owned by
and held in the name of the member firm. The term "member firm" shall refer only
to a firm registered with the Exchange pursuant to Regulation 230.02. For an
account to qualify as member firm proprietary account, delegates and individuals
who are non-members with respect to the contracts being traded, who initiate
and/or enter trades on behalf of the proprietary account must meet the following
requirements:

     (1)  may not provide trading capital for the account; and

     (2)  may not have responsibility for downside risk of trading losses or
          responsibility to provide capital based on losses; and

     (3)  individuals other than delegates must be issued a W-2 (or comparable
          documentation in jurisdictions other than the United States) and must
          be included in the firm's payroll tax records; and

     (4)  may not contribute subordinated debt, unless the individual is a
          partner or shareholder of the member firm; and

     (5)  gross trading profits and losses must be reported in the firm's
          income statement; and

     (6)  the time period for which a trader is evaluated (for the determination
          of the percentage of trading profits) may not exceed a twelve-month
          period and may not carry over the firm's fiscal year-end.

Any account where the member firm shares ownership with another entity or
individual must comply with Regulation 450.02E. (10/01/02)



450.02D   Affiliates of Member Firms - For purposes of this regulation, the term
"member firm affiliate" shall mean a non-Futures Commission Merchant 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(s) as a member firm.
The term "member firm" shall refer only to a firm registered with the Exchange
pursuant to Regulation 230.02.

A.   A member firm affiliate may lease a Full or Associate Membership on its own
     behalf, thereby qualifying for delegate fee treatment (i.e., the applicable
     member firm fee plus the applicable delegate fee) with respect to its
     transactions on the Exchange.

B.   A member firm which owns one or more Full Memberships in addition to those
     required for its own registration under Rule 230.00, and/or any Associate
     Membership(s), (hereinafter "non-qualifying memberships") may designate
     such a non-qualifying membership to make its member firm affiliate eligible
     for member firm transaction fee treatment. Such designations shall be
     subject to the following provisions:

     (1)  In order to become effective, the designation must be documented with,
          and approved by, the Exchange in such manner as the Exchange
          prescribes.

     (2)  A non-qualifying membership may not be designated for more than one
          member firm affiliate at any given time.

     (3)  Upon such designation, the member firm affiliate shall be subject to
          the Exchange's jurisdiction and to all duties and obligations imposed
          upon members, member firms, or other approved persons under the Rules
          and Regulations; provided, however, that the Exchange may exempt such
          member firm affiliates from any such duty or obligation which, in the
          Exchange's sole judgement, is incompatible or in conflict with, or is
          unrelated to, the activities of the member firm affiliate.

     (4)  The Exchange may withdraw its approval of such designation or good
          cause.

     (5)  A non-qualifying membership will be subject to sale by the Board for
          the acts or delinquencies of the member firm for which it is
          registered and/or for the acts or delinquencies of the member firm
          affiliate.

     (6)  Upon the sale or transfer of a non-qualifying membership, claims may
          be filed pursuant to Rule 253.00 against the member firm for which the
          membership is registered and/or against the member firm affiliate.
          (10/01/02)

450.02E   Joint Accounts - Any account where profits and/or losses are shared by
more than one party (member or non-member), shall pay Exchange transaction fees
based on the highest rate applicable of any of the account's participants. In
addition, a trading account that is funded by a loan shall be deemed a joint
account between the borrower and the lender unless it can be demonstrated that
the terms of the loan represent a reasonable interest rate, not affected by the
profits and/or losses generated in the account. Further, the terms of the loan
cannot suggest that the loan need not be paid back in the event of losses.
(10/01/02)

450.02F   Transaction Fees for e-cbot Member Firms - Delegate transaction fee
rates shall apply to Eurex members which obtain access to e-cbot under
Regulation 9B.04(a) based on a delegated Full or Associate Membership or a
firm-registered Associate Membership. (01/01/03)


<PAGE>



450.04    Exchange Service Fees - Adjustments - Exchange Service Fee adjustments
may be granted to or required of member firms which have made overpayments to or
underpaid the Exchange for any reason. The Exchange will only grant adjustments
to member firms for the overpayment of exchange service fees for a period of up
to one year back from the month-end preceding the date when a rebate request is
made by the firm. The Exchange will only require member firms to make
adjustments for the underpayment of exchange service fees for a period of up to
three years back from the end of the audit period selected by the Exchange.
Interest and or costs may be assessed in accordance with policies established by
the Exchange. (10/01/01)

450.05    Fees -- Members and member firms will be granted lower fees than non-
members. (11/01/00)

450.06    Member Fee Cap Clarification - The maximum amount of fees paid of
$25,000 as described in Rule 450.00 (a) applies only to trades executed on the
Exchange trading floor and not to trades executed through e-cbot. (01/01/02)



<PAGE>

Ch4 Adjustments

460.01    Errors and Mishandling of Orders - (See 350.04)  (08/01/94)
460.02    Checking and Reporting Trades - (See 350.02)  (08/01/94)
460.03    Failure to Check Trades - (See 350.01)  (08/01/94)
460.04    Price of Execution Binding - (See 331.01)  (08/01/94)

<PAGE>


Ch4 Customer Orders

465.01    Records of Customers' Orders - Immediately upon receipt in the sales
office of a customer order each member or registered eligible business
organization shall prepare a written record of the order. It shall be dated and
time-stamped when the order is received and shall show the account designation,
except that in the case of a bunched order the account designation does not need
to be recorded at that time if the order qualifies for and is executed pursuant
to and in accordance with CFTC Regulation 1.35(a-1)(5). The order shall also be
time-stamped when it is transmitted to the Floor of the Exchange and when its
execution, or the fact that it is unable to be executed, is reported from the
Floor of the Exchange to the sales office. All time-stamps required by this
paragraph shall show the time to the nearest minute.

Immediately upon receipt on the Floor of the Exchange of a customer order, each
member or registered eligible business organization shall prepare a written
record of the order. It shall be dated and time-stamped when the order is
received on the Floor and shall show the account designation, except that in the
case of a bunched order the account designation does not need to be recorded at
that time if the order qualifies for and is executed pursuant to and in
accordance with CFTC Regulation 1.35(a-1)(5). The order shall also be time-
stamped:
(a)  when it is transmitted to the floor broker if it is not transmitted
     immediately after it is received on the Floor, and

(b)  if the written order is transmitted to the floor broker, when the order is
     received back from the floor broker, or

(c)  if the order is transmitted to the floor broker verbally or by hand
     signals, when a report of its execution, or the fact that it is unable to
     be executed, is received from the floor broker.

Only time-stamps which are specified by the Exchange and synchronized with the
Exchange Floor master clock may be used on the Exchange Floor.

It shall be an offense against the Association to manipulate or tamper with any
time-stamp on the Exchange Floor, so as to put it out of synchronization with
the master clock. Records of customer orders executed through the Exchange's
Project A system facility shall be governed by 9B.20.

Any errors on written records of customer orders prepared on the Floor of the
Exchange may be corrected by crossing out the erroneous information without
obliterating or otherwise making illegible any of the originally recorded
information. (07/01/99)

465.02    Application and Closing Out of Offsetting Long and Short Positions -

(a)  APPLICATION OF PURCHASES AND SALES. Any commission merchant, subject to the
     Rules of the Association, who

    (1)   Shall purchase any commodity for future delivery for the account of
          any customer (other than the "Customers' Account" of another
          commission merchant) when the account of such customer at the time of
          such purchase has a short position in the same future of the same
          commodity on the same market, or

    (2)   Shall sell any commodity for future delivery for the account of any
          customer (other than the "Customers' Account" of another commission
          merchant) when the account of such customer at the time of such sale
          has a long position in the same future of the same commodity on the
          same market, or

    (3)   Shall purchase a put or call option for the account of a customer when
          the account of such customer at the time of such purchase has a short
          put or call option position in the same option series as that
          purchased, or

    (4)   Shall sell a put or call option for the account of a customer when the
          account of such customer at the time of such sale has a long put or
          call option position in the same option series as that sold

<PAGE>


     shall on the same day apply such purchase or sale against such previously
     held short or long futures or options position, as the case may be, and
     shall promptly furnish such customer a purchase and sale statement showing
     the financial result of the transactions involved.


(b)  CUSTOMERS' INSTRUCTIONS. In all instances wherein the short or long futures
     or options position in such customer's account immediately prior to such
     offsetting purchase or sale is greater than the quantity purchased or sold,
     the commission merchant shall apply such offsetting purchase or sale to
     such portion of the previously held short position as may be specified by
     the customer. In the absence of specific instructions from the customer,
     the commission merchant shall apply such offsetting purchase or sale to the
     oldest portion of the previously held long or short position, as the case
     may be. Such instructions also may be accepted from any person who, by
     power of attorney or otherwise, actually directs trading in the customer's
     account unless the person directing the trading is the commission merchant
     (including any partner thereof), or is an officer, employee, or agent of
     the commission merchant. With respect to every such offsetting transaction
     that, in accordance with such specific instructions, is not applied to the
     oldest portion of the previously held futures or options position, the
     commission merchant shall clearly show on the purchase and sale statement
     issued to the customer in connection with the futures or options
     transaction, that as a result of the specific instructions given by or on
     behalf of the customer the transaction was not applied in the usual manner
     i.e., against the oldest portion of the previously held futures or option
     position. However, no such showing need be made if the commission merchant
     has received such specific instructions in writing from the customer for
     whom such an account is carried.


(c)  IN-AND-OUT TRADES; DAY TRADES. Notwithstanding the provisions of paragraphs
     (a) and (b) above, this Regulation shall not be deemed to require the
     application of purchases or sales closed out during the same day (commonly
     known as "in-and-out trades" or "day trades") against short or long
     positions carried forward from a prior date.

(d)  EXCEPTIONS. The provisions of this Regulation shall not apply to:

     (1)  purchases or sales of futures contracts for the purpose of covering
          the granting of options on a contract market, if such purchases or
          sales are accompanied by instructions and other evidence that such
          futures contracts are cover for granted options.

     (2)  Purchases or sales constituting "bona fide hedging transactions" as
          defined in C.F.T.C. Regulation 1.3(z).

     (3)  sales during a delivery period for the purpose of making delivery
          during such delivery period if such sales are accompanied by
          instructions to make delivery thereon, together with warehouse
          receipts or other documents necessary to effectuate such delivery.

     (4)  Purchases or sales made in separate account of a commodity pool,
          provided that:

          (i)    The trading for such pool is directed by two or more
                 unaffiliated commodity trading advisors acting independently,
                 each of which is directing the trading of a separate account;

          (ii)   The commodity pool operator maintains only such minimum control
                 over the trading for such pool as is necessary to fulfill its
                 duty to supervise diligently the trading for such pool;

          (iii)  Each trading decision made by a commodity trading advisor for
                 such pool is determined independently of all trading decisions
                 made by any other commodity trading advisor for such pool;

          (iv)   The purchases and sales for such pool directed by different
                 commodity trading advisors acting independently are executed by
                 open and competitive means on or subject to the rules of a
                 contract market; and

          (v)    No position held for or on behalf of separate pool accounts
                 traded in accordance with paragraphs (d) (4) (i), (d) (4) (ii),
                 (d) (4) (iii) and (d) (4) (iv) of this section may be closed

<PAGE>


               out by transferring such an open position from one of the
               separate accounts to another account of the pool.

     (5)  Purchases or sales made in separate accounts owned by a customer or
          option customer, provided that:

          (i)    Each person directing trading for one of the separate accounts
                 is unaffiliated with and acts independently from each other
                 person directing trading for a separate account;

          (ii)   Each person directing trading for one of the separate accounts,
                 unless he is the account owner himself, does so pursuant to a
                 power of attorney signed and dated by the customer, and which
                 includes, at a minimum, the name, address and telephone number
                 of the person directing trading and the account number over
                 which such power is granted;

          (iii)  Each trading decision made for each separate account is
                 determined independently of all trading decisions made for the
                 other separate account or accounts;

          (iv)   The purchases and sales for such accounts are executed by open
                 and competitive means on or subject to the rules of a contract
                 market;

          (v)    No position held for or on behalf of separate accounts traded
                 in accordance with paragraphs (d) (5) (i), (d) (5) (ii), (d)
                 (5) (iii) and (d) (5) (iv) of this section may be closed out by
                 transferring such an open position from one of the separate
                 accounts to another of such accounts; and

          (vi)   The customer or option customer and each person directing
                 trading for the customer or option customer provides the
                 futures commission merchant with written confirmation that the
                 trading and the operation of the customer's or option
                 customer's accounts will be in accordance with paragraphs (d)
                 (5) (i), (d) (5) (ii), (d) (5) (iii), (d) (5) (iv) and (d) (5)
                 (v) of this section. The written confirmation must be signed
                 and dated, and received by the futures commission merchant
                 before it can avail itself of this exception provided by this
                 paragraph.

     (6)  Purchases or sales made in separate accounts of a p|) }) anted an
          exemption in accordance with 425.05 and 495.05 of this chapter,
          provided that:

          (i)  The purchases and sales for such accounts are executed in open
               and competitive means on or subject to the rules of a contract
               market; and

          (ii) No position held for or on behalf of separate accounts traded in
               accordance with this paragraph may be closed out by transferring
               such an open position from one of the separate accounts to
               another of such accounts.

     (7)  Purchases or sales held in error accounts, including but not limited
          to floor broker error accounts, and purchases or sales identified as
          errors at the time they are assigned to an account that contains other
          purchases or sales not identified as errors and held in that account
          ("error trades"), provided that:

          (i)    Each error trade does not offset another error trade held in
                 the same account;

          (ii)   Each error trade is offset by open and competitive means on or
                 subject to the rules of a contract market by not later that the
                 close of business on the business day following the day the
                 error trade is discovered and assigned to an error account or
                 identified as error trade, unless at the close of business on
                 the business day following the discovery of the error trade,
                 the relevant market has reached a daily price fluctuation limit
                 and the trader is unable to offset the error trade, in which
                 case the error trade must be offset as soon as practicable
                 thereafter; and

          (iii)  No error trade is closed out by transferring such an open
                 position to another account also controlled by that same
                 trader.

<PAGE>


     (8)  Purchases or sales held in the separate accounts of a customer who has
          granted discretionary authority to a futures commission merchant, an
          associated person of a futures commission merchant, or a commodity
          trading advisor trading separate trading programs which have been
          marketed separately, provided that:

          (i)  The purchases or sales for such accounts are executed in open and
               competitive means on or subject to the rules of a contract
               market; and

          (ii) No position held for or on behalf of separate accounts traded in
               accordance with this paragraph (d)(8) may be closed out by
               transferring such an open position from one of the separate
               accounts to another of such accounts.

(e)  With respect to the exception from the provisions of this section set forth
     in paragraph (d) (5) of this section, if a futures commission merchant that
     carries the separate accounts of a customer or option customer, or if an
     associated person of such futures commission merchant, directs trading for
     one of the separate accounts:

     (1)  the futures commission merchant must first furnish the customer or
          option customer with a written statement disclosing that, if held
          open, offsetting long and short positions in the separate accounts may
          result in the charging of additional fees and commissions and the
          payment of additional margin, although offsetting positions will
          result in no additional market gain or loss. Such written statement
          shall be attached to the risk disclosure statement required to be
          provided to a customer or option customer under CFTC Regulation 1.55.
          (07/01/94)

465.02A   Exchange's No Position Stance on FCM's Internal Bookkeeping
Procedures - The Exchange takes no position regarding the internal bookkeeping
procedures of a commission merchant who, for the convenience of a customer, may
hold concurrent long and short position in the same commodity, month (and strike
price). This does not relieve the commission merchant of its responsibilities
under Regulation 465.02 of offsetting the position for Exchange reporting
purposes (i.e., Large Trader, Open Interest and Long Positions Eligible for
Delivery) and promptly furnishing the customer a purchase and sale statement
showing the financial result of the transactions involved. (08/01/94)

465.03    Orders and Cancellations Accepted On A 'Not Held' Basis - (See 337.01)
(08/01/94)

465.04    Records of Floor Order Forms - Clearing Members shall establish and
maintain procedures that will assure the complete accountability of all floor
order forms used on the Exchange Floor. Machine and handwritten orders are
required to be machine sequentially prenumbered and maintained by the firm in
sequential order (except as otherwise provided in Regulation 465.05). (10/01/01)

465.05    Floor Order Forms - All floor orders must be in a form approved by the
Floor Governors Committee or an employee of the Office of Investigations and
Audits designated by the Floor Governors Committee.

Floor order forms must be machine sequentially prenumbered and contain the
following machine preprinted information:

(1)  the name of the Clearing Member (except as provided below);

(2)  bracket designations,

(3)  a space designated for the customer account number; and

(4)  a space designated for the executing broker identification. (10/01/01)

Should a Clearing Member authorize a customer to enter orders directly with a
floor broker in accordance with Appendix 3B(F), the Clearing Member, at its sole
discretion, may authorize the floor broker to enter the Clearing Member's name
on a floor order ticket that does not include the pre-printed name of the
Clearing Member. In such circumstances, the floor broker must utilize machine
sequentially pre-numbered orders that include the machine pre-printed acronym of
the floor broker, and the floor broker must assure the complete accountability
of all floor order forms used on the Exchange Floor.

465.06    Broker's Copy of Floor Orders - Upon request, a clearing firm must
provide its broker, in an expeditious and reasonable manner, with a copy of
every floor order he is asked to execute. (08/01/94)

465.07    Designation of Order Number Sequences - To facilitate Exchange
monitoring of order flow volume, the Exchange may prescribe particular sequences
of order form numbers for member firms to use in specified areas of the Exchange
Floor. (07/01/94)

<PAGE>


465.08    Post-Execution Allocation - All trades entered and executed in
accordance with CFTC Regulation 1.35(a-1)(5) regarding orders eligible for
post-execution allocation, must be allocated in sufficient time to meet the
requirements of the Board of Trade Clearing Corporation trade submission for the
trade date of the order. (07/01/99)

466.00    Orders Must be Executed in the Public Market - (See 332.00) (08/01/94)

<PAGE>


Ch4 Offices and Branch Offices

475.00    Offices and Branch Offices - Member firms and member sole proprietors
may establish offices other than main offices. All offices of member firms and
member sole proprietors and employees thereof shall be subject to the Rules and
Regulations of the Association, and shall be subject to the jurisdiction of the
Business Conduct Committee in connection therewith; provided, however, that the
Business Conduct Committee may exempt such offices and employees from any such
Rule or Regulation which is incompatible with, in conflict with or unrelated to
the functions performed by them. The term "branch office" shall include each
branch office or wholly-owned subsidiary of the member firm that solicits,
accepts, or services Commodity Futures Contracts or Options and/or is listed by
the member firm as a branch office with the National Futures Association.

A branch office must conduct business under the same name as the parent firm or
corporation. 129 (01/01/99)

<PAGE>


Ch4 APs and Other Employees

480.01    APs - An Associated Person ("AP") is an employee of a member sole
proprietor or member firm who solicits, accepts or services business other than
in a clerical capacity in commodity futures and commodity options, and who has
been granted registration as an Associated Person ("AP") by the Commodity
Futures Trading Commission (CFTC) or the National Futures Association (NFA)
pursuant to the Commodity Exchange Act. (08/01/94)

480.02    Employers Responsible for APs - Employers, in all instances, shall be
responsible for the acts and omissions of their APs and branch office managers.
(08/01/94)

480.09    Other Employees - The Business Conduct Committee may require that the
name, remuneration, term of employment and actual duties of any employee of a
member or of a member firm shall be stated to the Committee, together with such
other information with respect to the employee as the Committee may deem
requisite. The Committee may, in its discretion, disapprove of said employment,
remuneration or term of employment. (08/01/94)

480.10    Supervision - Any willful act or omission by which a member fails to
ensure compliance with the rules, regulations and bylaws of the Association by
such member's partners, employees, agents or persons subject to his supervision
shall constitute an offense against the Association by the member.

Any willful act or omission by which a member firm fails to ensure compliance
with the rules, regulations and bylaws of the Association by such member firm's
partners, directors, officers, employees or agents shall constitute an offense
against the Association by the member firm. (07/01/95)

<PAGE>

Ch4 Options Transactions

490.00    Application of Rules and Regulations - Unless specifically negated or
unless superseded, each Rule or Regulation of the Association pertaining to
transactions in future delivery contracts shall apply with equal force and
effect to transactions in options. (08/01/94)

490.02    Option Customer Complaints - Each commission merchant engaging in the
offer or sale of options pursuant to these Rules and Regulations shall, with
respect to all written option customer complaints and oral option customer
complaints which result in, or which would result in an adjustment to the option
customer's account in an amount in excess of one thousand dollars:

     (1)  Retain all such written complaints and make and retain written records
          of all such oral complaints; and

     (2)  Make and retain a record of the date the complaint was received, the
          employee who serviced the account, a general description of the matter
          complained of, and what, if any, action was taken by the commission
          merchant in regard to the complaint. (08/01/94)

490.03    Supervision Procedures - Each commission merchant engaging in the
offer or sale of options pursuant to these Rules and Regulations shall adopt and
enforce written procedures pursuant to which it will be able to supervise
adequately each option customer's account, including but not limited to, the
solicitation of such account; provided that, as used in this Regulation, the
term "option customer" does not include another commission merchant. (08/01/94)

490.03A   Introducing Brokers Guaranteed by Member FCMs/Supervision
Procedures - The Board of Directors in a special polling held on Friday,
February 3, 1984 approved the following Resolution of the Member Services
Committee pursuant to Regulation 490.03 of the Association.

     WHEREAS, The Commodity Futures Trading Commission has provided by
     regulation that introducing brokers operating pursuant to a guarantee
     agreement with an FCM be permitted to solicit and/or accept orders for
     exchange-traded options if the Exchange of which the guarantor FCM is a
     member has adopted rules which govern the commodity option related activity
     of the guaranteed introducing broker; and

     WHEREAS, it is the desire of certain members to permit the solicitation
     and/or acceptance of Chicago Board of Trade options by introducing brokers
     guaranteed by a member FCM;

     NOW THEREFORE, be it -

RESOLVED, that each Rule or Regulation of the Association pertaining to the
options sales practices of members or their employees shall apply with equal
force and effect to the options sales practices of introducing brokers who are
operating pursuant to a guarantee agreement with a member FCM and such member
FCM shall be fully responsible therefor, and that this Resolution shall remain
in effect until rescinded by a vote of the members or until such time as the
National Futures Association or other registered futures association adopts
rules which are approved by the Commodity Futures Trading Commission to govern
the commodity option related activity of such guaranteed introducing brokers.
(08/01/94)

490.05    Disclosure - Each commission merchant engaging in the offer or sale of
options pursuant to these Rules and Regulations shall enforce the following
requirements pertaining to disclosure statements:

     (1)  Prior to opening an options account for an options customer, each
          commission merchant must furnish the options customer with a separate
          written risk disclosure statement, as set forth and described in
          Commodity Futures Trading Commission Regulation 33.7, and receive from
          the options customer an acknowledgement, signed and dated by the
          options customer, that he received and understood the disclosure
          statement.

     (2)  Each disclosure statement and acknowledgement must be retained by the
          commission merchant in accordance with applicable Regulations of the
          Commodity Futures Trading Commission.



<PAGE>

     (3)  Prior to the entry into an options transaction pursuant to these Rules
          and Regulations, each commission merchant or the person soliciting or
          accepting the order therefor must provide each options customer with
          all of the information required under the disclosure statement;
          Provided, further, that the commission merchant must provide current
          information to an options customer if the information provided
          previously has become inaccurate.

     (4)  Prior to the entry into an options transaction pursuant to these Rules
          and Regulations, each options customer or prospective options customer
          shall, to the extent the following amounts are known or can reasonably
          be approximated, be informed by the person soliciting or accepting the
          order therefore of the amount of the premium, commissions, costs, fees
          and other charges to be incurred in connection with the options
          transaction, as well as the strike price and all costs to be incurred
          by the options customer if the option is exercised; in addition, the
          limitations, if any, on the transfer of an options customer's account
          to a commission merchant other than the one through whom the options
          transaction is to be executed shall also be provided in writing.

     (5)  For the purposes of this Regulation, a commission merchant shall not
          be deemed to be an options customer. (08/01/94)

490.06    Promotional Material - Each commission merchant engaging in the offer
or sale of futures and options pursuant to these Rules and Regulations shall
promptly make available upon request to the Office of Investigtions and Audits
all promotional material pertaining to trading in such futures and options.

For the purposes of this Regulation, the term "promotional material" includes:

     (1)  any text of a standardized oral presentation, or any communication for
          publication in any newspaper, magazine or similar medium, or for
          broadcast over television, radio, or other electronic medium, which is
          disseminated or directed to a customer or prospective customer
          concerning a commodity futures or option transaction;

     (2)  any standardized form of report, letter, circular, memorandum or
          publication which is disseminated or directed to a customer or
          prospective customer; and

     (3)  any other written material disseminated or directed to a customer or
          prospective options customer for the purpose of soliciting a futures
          or options order, including any disclosure statement. (08/01/94)

490.07    Sales Communication - Each commission merchant engaging in the offer
or sale of futures and options pursuant to these Rules and Regulations is
prohibited from making fraudulent or high-pressure sales communications relating
to the offer or sale of such futures and options. (08/01/94)

490.09    Reports by Commission Merchants - Each commission merchant shall make
and submit such reports showing options positions held by any of its customers,
in such form as may be required from time to time by the Office of
Investigations and Audits or the Business Conduct Committee. Specifically, and
without limiting the authority of the Office of Investigations and Audits or the
Business Conduct Committee under this Regulation, all information needed to
comply with Part 16 of the Commission's Regulations (17 CFR Part 16) may be
collected from any member. (08/01/94)



<PAGE>

<TABLE>
============================================================================================
Chapter 5
Disciplinary Proceedings
============================================================================================

     <S>                                                                                 <C>
     Ch5 Offenses......................................................................
         500.00  Inequitable Proceedings...............................................
         501.00  Fictitious Transactions...............................................
         502.00  Demoralization of Market..............................................
         503.00  Misstatements.........................................................
         504.00  Acts Detrimental to Welfare of the Association........................
         504.00A Transactions in Warehouse Receipts....................................
         505.00  Commodity Exchange Act................................................
         506.00  Reckless Dealing......................................................
         507.00  Investment Trust Corporation..........................................
         508.00  Circulation of Rumors.................................................
         509.00  Other Offenses........................................................
         511.00  Trading on Other Exchanges............................................
         512.00  Insolvency............................................................
         513.00  Announcement of Suspension............................................
         514.00  Insolvent Member......................................................
         515.00  Investigation.........................................................
         515.01  Insolvency............................................................
         516.00  Reinstatement.........................................................
         517.00  Suspended Member......................................................
         518.00  Suspension for Default................................................
         519.00  Decorum Offenses......................................................
         519.00A 505
         519.01  Committee Procedure...................................................
         519.02  Floor Conduct Committee...............................................
         519.03  Bracketing Violations.................................................
         519.04  Pit Committee Supervision and Enforcement of Pit Decorum..............
         519.05  Weapons Prohibition...................................................
         519.06  Submission of Computerized Trade Reconstruction Data..................
         519.07  Sexual Harassment.....................................................
         520.00  Smoking...............................................................
         520.00A Exchange Floor Fines..................................................
         521.00  Floor Access..........................................................

     Ch5 Proceedings...................................................................
         540.00  Proceedings Before The Board..........................................
         540.00A Committee Authority To Refer Matters for Investigation................
         540.01  Review Of Investigation Report........................................
         540.02  Notice and Answer in Connection with Disciplinary Proceedings.........
         540.03  Procedures for Hearings on Charges....................................
         540.04  Disciplinary Decisions................................................
         540.05  Appeals from a Decision of a Disciplinary Committee...................
         540.06  Procedures For Member Responsibility Actions..........................
         540.07  Finality Of Disciplinary Decisions And Member Responsibility Actions..
         540.08  Offers of Settlement..................................................
         540.09  Offers of Settlement..................................................
         540.10  Disciplinary Jurisdiction Over Agricultural Regular Firms.............
         540.11  Appellate Committee...................................................
</TABLE>


<PAGE>

<TABLE>
     <S>                                                                                 <C>
         540.12  Hearing Committee.....................................................
         540.13  Application of Rules and Regulations..................................
         540.15  Failure to Pay a Disciplinary Fine....................................
         541.00  Special Investigations By Board.......................................
         542.00  Business Conduct Committee............................................
         543.00  Floor Governors Committee.............................................
         543.01  Investigations........................................................
         544.00  Waiver of Hearing.....................................................
         545.00  Testimony And Production Of Books And Records.........................
         545.01  Furnishing Information................................................
         545.02  Record Keeping........................................................
         545.03  Record Keeping Qualifications.........................................
         545.04  Equity Runs Transmission Requirement..................................
         545.05  Maintenance of Telephone Recordings...................................
         546.00  Testimony Before Other Exchanges......................................
         548.00  Incriminating Evidence................................................
         549.00  Depositions of Witnesses..............................................
         550.00  Rehearing.............................................................
         551.00  Financial Compliance Committee........................................

       Ch5 Penalties...................................................................
         560.00  Expulsion and Suspension from Membership..............................
         560.01  Disciplinary Notice...................................................
         560.02  Association Bar.......................................................
         561.00  Suspended or Expelled Member Deprived of Privileges...................
         562.00  Discipline During Suspension..........................................
         563.00  Trade Checking Penalties..............................................
</TABLE>


<PAGE>

================================================================================
Chapter 5
Disciplinary Proceedings
================================================================================

Ch5 Offenses

500.00    Inequitable Proceedings - It shall be an offense against the
Association to violate any Rule or Regulation of the Association or any By-Law
or Resolution of the Clearing House, regulating the conduct or business of
members, or any agreement made with Association, or engage in fraud,
dishonorable or dishonest conduct, or in conduct or proceedings inconsistent
with just and equitable principles of trade, or make default relating to the
delivery of contracts traded for future delivery (unless such default was
unintentional). 141 (08/01/94)

501.00    Fictitious Transactions - It shall be an offense against the
Association to create fictitious transactions or to give an order for the
purchase or sale of futures or options the execution of which would involve no
change in ownership, or to execute such an order with knowledge of its
character. 142 (08/01/94)

502.00    Demoralization of Market - Purchases or sales of commodities or
securities, or offers to purchase or sell commodities or securities, made for
the purpose of upsetting the equilibrium of the market and bringing about a
condition of demoralization in which prices will not fairly reflect market
values, are forbidden and any member who makes or assists in making such
purchase or sale or offers to purchase or sell with knowledge of the purpose
thereof, or who, with such knowledge shall be a party to assist in carrying out
any plan or scheme for the making of such purchases or sales or offers to
purchase or sell, shall be deemed to be guilty of an act inconsistent with just
and equitable principles of trade. 143 (08/01/94)

503.00    Misstatements - It shall be an offense against the Association to make
a misstatement upon a material point to the Board, or to a Standing or Special
Committee, or to the Executive Committee, or to the Board of Governors of the
Clearing House, or on an application for membership.

If, after notice and opportunity for hearing in compliance with Regulation
540.02 and 540.03, the Hearing Committee finds that a member, prior to his
application for membership, has been guilty of a fradulent, dishonorable, or
dishonest act and that the facts and circumstances thereof were not disclosed on
his application for membership, the member may be expelled or suspended in
accordance with this chapter. 144 (08/01/94)

504.00    Acts Detrimental to Welfare of the Association - It shall be an
offense against the Association to engage in any act which may be detrimental to
the interest or welfare of the Association. 145 (08/01/94)

504.00A   Transactions in Warehouse Receipts - Rule 504.00

It has come to the attention of the Directors that certain member firms have
entered into contracts for the purchase and/or sale for deferred delivery of
warehouse receipts for grain in store in Chicago.

In the opinion of the Directors, this practice is unusual and irregular and is
in violation of various Rules and Regulations of the Association and is
detrimental to the interest and welfare of the Association under Rule 504.00.

You are hereby notified that members are liable to discipline if they enter into
contracts for the purchase or sale for deferred delivery of grain in store in
Chicago or of warehouse receipts issued against grain in elevators located in
the Chicago Switching District.

This interpretation does not affect the purchase and sale of grain for future
delivery consummated in accordance with the Rules and Regulations relating to
futures contracts; nor sales in store when payment and delivery is made on the
following day nor the purchase and sale of warehouse receipts on a 'when


<PAGE>

                                 Ch5 Offenses
                                 ------------

delivered' basis entered into after the expiration of trading in a contract and
requiring performance on or before the end of the delivery month.  3R
(08/01/94)

505.00    Commodity Exchange Act - Any member or any registered eligible
business organization adjudged guilty of a violation of the Commodity Exchange
Act or of any Regulation or Order thereunder, by the final decision in a federal
administrative or judicial proceeding may be deemed to have violated Rule 504.00
of the Association. 603 (04/01/98)

506.00    Reckless Dealing - Reckless and unbusinesslike dealing is inconsistent
with just and equitable principles of trade. 146 (08/01/94)

507.00    Investment Trust Corporation - Participation by a member, or by a firm
or corporation, registered under the provisions of these Rules and Regulations,
in the formation or management of investment trust corporations, or similar
organizations, which in the opinion of the Board involve features which do not
properly protect the interests of investors therein, may be held to be an act
detrimental to the interests or welfare of the Association. 148 (08/01/94)

508.00    Circulation of Rumors - The circulation in any manner of rumors of a
sensational character by a member, in any case where such act does not
constitute fraud or conduct inconsistent with just and equitable principles of
trade, is an act detrimental to the interest or welfare of the Association.

Members shall report to the Secretary any information which comes to their
notice as to the circulation of such rumors. 149 (08/01/94)

509.00    Other Offenses

A.   It shall be an offense against the Association to:

(a)  Attempt extortion;

(b)  Trade systematically against the orders or position of his customers;

(c)  Manipulate prices of or attempt to corner the market in any commodity or
     security;

(d)  Disseminate false or inaccurate market information;

(e)  Trade or accept margins after insolvency;

(f)  Make any trade for the account of or give up the name of any clearing
     member without authority from such clearing member;

(g)  Be deprived of the privilege of trading under the Commodity Exchange Act;

(h)  Trade for any person deprived of the privilege of trading under the
     Commodity Exchange Act;

(i)  Accept an order or make a trade for the Manager, Assistant Manager, or
     other employee of the Clearing House except in the exercise of their
     official duties;

(j)  Fail to comply with an order or award of the Committee of Arbitration. 150

B.   No member shall be directly or indirectly interested in or associated in
     business with, or have his office directly or indirectly connected by
     public or private wire or other method or contrivance with, or transact any
     business directly or indirectly with or for

(a)  Any bucket shop; or

(b)  Any organization, firm, or individual making a practice of dealing on
     differences in market quotations; or

(c)  Any organization, firm or individual engaged in purchasing or selling
     commodities or securities for customers and making a practice of taking the
     side of the market opposite to the side taken by customers. 152 (08/01/94)

511.00    Trading on Other Exchanges - No member of this Association shall be
permitted to trade on any exchange in the City of Chicago whose Constitution,
By-Laws, Rules, or Regulations prescribe or

<PAGE>



519.00A   Unauthorized Entry - Unauthorized entry into the trading areas (see
310.01) shall be deemed to constitute presence in restricted areas. (08/01/94)

519.01    Committee Procedure -

(a) FLOOR CONDUCT COMMITTEE.

    (i)   The Floor Conduct Committee may impose minor penalties against members
          for decorum offenses committed by such members or by any person or
          persons for whom such members are responsible. The Floor Conduct
          Committee may impose minor penalties for the offenses set forth in
          Regulation 520.00A. Minor penalties for the purpose of this Regulation
          shall be defined as a warning, fines not exceeding $5,000 for any one
          offense and/or access denial not to exceed five days. A respondent may
          request a hearing by filing a written request for a hearing with the
          Exchange Services Department within ten (10) business days after the
          penalty is imposed; the Floor Conduct Committee shall hear the matter
          in accordance with Regulation 540.02 through 540.05. The decision of
          the Floor Conduct Committee may be appealed to the Appellate Committee
          as provided in Regulation 519.02(d). Failure to request a hearing
          shall be deemed a consent to the warning or fine. Unless a hearing is
          requested, if a fine is not paid within thirty (30) days after it was
          due, the Floor Conduct Committee may, without hearing, revoke the
          badge or suspend the floor privileges of a floor clerk for whose
          conduct the fine was imposed.

    (ii)  The Floor Conduct Committee pursuant to this Regulation may impose
          minor penalties for disorderly conduct, intentional physical abuse,
          sexual harassment and the use of profane or obscene language. The
          Floor Conduct Committee, in its discretion, may impose a fine not to
          exceed $5,000, in addition to any access denial, for any violation
          within its jurisdiction regardless of the number of the offense.

    (iii) Any member or individual with floor access privileges who has received
          a Floor Conduct Committee Notice of Rule(s) Violation ("ticket") for a
          decorum offense of Disorderly Conduct, Intentional Physical Abuse,
          Sexual Harassment and/or Use of Profane or Obscene Language

<PAGE>



                                 Ch5 Offenses
                                 ------------

          and, during the same trading session, engages in a further Rule or
          Regulation violation relating to Disorderly Conduct, Intentional
          Physical Abuse, Sexual Harassment and/or Use of Profane or Obscene
          Language may, in addition to other sanctions (including, but not
          limited to, fines, suspensions and expulsions imposed by the
          Association pursuant to the Rules and Regulations) be immediately and
          summarily removed from the Exchange trading floor and denied trading
          floor access for the remainder of the trading session pursuant to the
          following procedures:

          (1)   Certification by the Chairman of the Pit Committee (or, in the
                Chairman's absence, by a Vice Chairman of the Pit Committee)
                that the individual has continued to engage in Disorderly
                Conduct, Intentional Physical Abuse, Sexual Harassment and/or
                Use of Profane or Obscene Language after having previously
                received a Floor Conduct Committee Notice of Rule (s) Violation
                ("ticket") for the same offense in the same trading session; and

          (2)   Approval of such summary action by a member of the Floor
                Governors Committee and a member of the Board of Directors or by
                two members of the Board of Directors, provided that no
                individual granting such approval shall have been involved in
                the altercation.

Additionally, should the first such offense be of such a serious nature, the
individual similarly may be denied trading floor access for the duration of the
trading session pursuant to the above procedure.

(b) CTR SUBCOMMITTEE.

    (i)   The Chairman of the Business Conduct Committee and the Chairman of the
          Floor Governors Committee may each appoint at least two members of
          their respective Committees to serve on a joint CTR Subcommittee. The
          CTR Subcommittee shall, by a majority vote, elect a Chairman. The CTR
          Subcommittee shall address violations involving the accurate and
          complete maintenance of books and records, including errors or
          omissions in the submission of Computerized Trade Reconstruction Data.
          In fulfilling its responsibilities, the CTR Subcommittee shall have
          the same authority granted to the Business Conduct Committee and the
          Floor Governors Committee in Rules 542.00 and 543.00, respectively, to
          issue preliminary charges and to conduct hearings with regard to
          specified penalties, and shall have the same authority granted to such
          Committees to impose penalties pursuant to settlement agreements in
          accordance with Regulation 540.09.

    (ii)  The CTR Subcommittee may, without hearing, impose minor penalties
          against members or member firms for violations of Regulations 332.02,
          332.04, 332.041, 332.05, 332.06, 332.07, 332.08 or 332.09 that are
          within the jurisdiction of either the Floor Governors Committee or the
          Business Conduct Committee. Minor penalties for the purpose of this
          subparagraph shall be defined as fines not exceeding $1,000 for any
          one offense.

    (iii) Following is the schedule of minor penalties the CTR Subcommittee may
          impose pursuant to subparagraph (ii); however, this schedule is non-
          binding, and the CTR Subcommittee, in its discretion, may impose a
          fine not to exceed $1,000 for any violation within its jurisdiction
          regardless of the number of the offense:

          ---------------------------------------------------------------------
          ERRORS OR OMISSIONS IN BRACKETING       1st Offense       $ 100 fine
                                                  -----------------------------
          TRADES:                                 2nd Offense       $ 250 fine
                                                  -----------------------------
                                                  3rd Offense       $ 500 fine
                                                  -----------------------------
                                                  4th Offense       $1,000 fine
          ---------------------------------------------------------------------
          ERRORS OR OMISSIONS IN SUBMISSION OF    1st Offense       $ 100 fine
                                                  -----------------------------
          COMPUTERIZED TRADE RECONSTRUCTION       2nd Offense       $ 250 fine
                                                  -----------------------------
          DATA:                                   3rd Offense       $ 500 fine
                                                  -----------------------------
                                                  4th Offense       $1,000 fine
          ---------------------------------------------------------------------

    (iv)  The Floor Governors Committee may, without hearing, impose minor
          penalties against members for intra-association or contiguous
          association trading in excess of the percentages permitted by the
          Board pursuant to Regulation 330.03. Minor penalties for the purpose
          of this subparagraph shall be defined as fines not exceeding $5,000
          for any one offense.

    (v)   Following is the schedule of minor penalties the Floor Governors
          Committee may impose pursuant to subparagraph (iv); however, this
          schedule is non-binding, and the Floor Governors Committee, in its
          discretion, may impose a fine not to exceed $5,000 for any violation
          within its jurisdiction regardless of the number of the offense


<PAGE>




                                 Ch5 Offenses
                                 ------------

            ---------------------------------------------------
            1st Offense                             $  500 fine
            ---------------------------------------------------
            2nd Offense within 24 months            $1,000 fine
            ---------------------------------------------------
            3rd Offense within 24 months            $2,500 fine
            ---------------------------------------------------
            Any subsequent offense within 24 months $5,000 fine
            ---------------------------------------------------

    (vi)    At the time of an offense of the type set forth in subparagraph
            (iv), or as soon thereafter as practical, a representative of
            the Office of Investigations and Audits, shall upon the
            authorization of one member of the Floor Governors Committee, issue
            a ticket to the offender notifying the member or member firm that
            the Floor Governors Committee may impose a summary penalty in
            accordance with this regulation or may issue charges against the
            member or member firm and impose penalties as authorized in Rule
            543.00. A representative of the Office of Investigations and Audits
            shall submit a copy of the ticket to the Floor Governors Committee.
            The Committee shall then determine whether to summarily impose a
            minor penalty or to issue charges. The Committee shall also have the
            authority to summarily impose minor penalties or to issue charges
            for the types of offenses set forth in subparagraph (iv) on the
            basis of reports presented to the Committee by the Office of
            Investigations and Audits.

    (vii)   A respondent may request an appeal of a minor penalty by filing a
            written request for a hearing with the Office of Investigations and
            Audit within ten (10) business days after the penalty is imposed.
            The CTR Subcommittee shall hear the matter and its decision shall be
            final and may not be appealed. Failure to request a hearing shall be
            deemed a consent to the fine.

    (viii)  Whenever the CTR Subcommittee summarily imposes a minor penalty
            against a member or member firm, the member or member firm shall be
            given written notification of the penalty. The notice shall inform
            the member or member firm of the right to appeal the penalty to the
            CTR Subcommittee and the consequences of a failure to pay a fine if
            no hearing is requested.

    (ix)    Nothing contained herein shall be construed to limit or restrict the
            powers and authority of the Business Conduct Committee or the Floor
            Governors Committee. (05/01/02)

519.02      Floor Conduct Committee -

(a) The Chairman of the Association may, with the consent of the Board, appoint
    members to a Floor Conduct Committee. Members of the Committee may not be
    members of the Floor Governors Committee.

(b) Meetings. The Floor Conduct Committee shall determine the time and place of
    its meetings and the manner and form in which such meetings shall be
    conducted. In the interest of efficiency, the Chairman of the Floor Conduct
    Committee may appoint panels of Floor Conduct Committee members to hold duly
    constituted meetings. Any such panel shall consist of three or more members
    of the Floor Conduct Committee. The majority vote of such a panel of the
    Committee shall be the official act or decision of the Committee. The
    Chairman of the Floor Conduct Committee shall determine for each meeting, in
    his or her sole discretion, whether a panel or the full Floor Conduct
    Committee shall convene.

(c) Duties of Committee. It shall be the function and duty of the Floor Conduct
    Committee to ensure decorum on the Floor of the Exchange in regard to
    decorum offenses set forth in Regulations 520.00A, 519.00A, 519.05 and
    519.07 and in accordance with Rule 519.00 and Regulation 519.01. Floor
    Conduct Committee members shall issue a ticket to an offender notifying him
    that the Floor Conduct Committee has imposed a warning or fine as described
    in Regulations 520.00A, 519.00A and/or 519.05 and in accordance with Rule
    519.00 and Regulation 519.01 for such violations which occur in the trading
    pits, including the steps leading into the pit. The ticket requires the
    signature of two members of the Floor Conduct Committee.

    The Committee shall have the authority to discipline a member or other
    person with trading privileges found to have violated any Rule or Regulation
    within its jurisdiction by reprimand, by denial of the


<PAGE>

                                 Ch5 Offenses
                                 ------------

    privileges of the Floor of the Exchange not to exceed five (5) days and/or
    by the imposition of a fine not to exceed $5,000.

    The Chairman and Vice Chairman of the Pit Committee shall be considered
    members of the Floor Conduct Committee for the sole purpose of issuing
    tickets for decorum offenses within their pit.

    The Floor Conduct Committee shall be responsible for issuing badges to and
    recalling badges from all non-members, except as otherwise provided within
    the Rules and Regulations.

(d) Appeal. A member, member firm, or other person with floor privileges, may
    appeal from the decision of the Committee by filing with the Secretary of
    the Association, within ten business days after the Committee's decision is
    sent to the respondent, a Notice of Appeal to the Appellate Committee
    requesting a review by the Appellate Committee of all or part of the
    Committee's decision.

(e) Offense Against the Association. Any member of the Association, member firm,
    or other person with floor privileges who fails to comply with the
    disciplinary action of the Committee after such action becomes effective
    shall be charged with an offense against the Association, and if found
    guilty, shall either be fined, suspended, or expelled by the Board.

(f) Hold-over Member. Whenever the Committee members have begun to hear or
    review evidence and argument in any proceeding, and the term of one or more
    of the members expires, such member or members may continue in office until
    the proceeding has ended. A hold-over member shall not participate in any
    other Committee business, nor shall his continuation in office impair the
    appointment of his successor or his successor's right to participate in all
    other Committee business. (01/01/96)

519.03    Bracketing Violations - The Floor Governors Committee may levy fines
for violations of Regulation 332.02, pertaining to the recording of bracket
data, in accordance with the Summary Procedures as provided in Regulation
519.01(b). (08/01/94)

519.04    Pit Committee Supervision and Enforcement of Pit Decorum - It shall be
the function and duty of each Pit Committee to supervise and enforce any and all
Decorum Offenses within its particular pit. (See 360.01.) The Pit Committees'
authority is meant to supersede and replace the authority of the Floor Conduct
Committee for Decorum Offenses committed within the respective trading pits. The
Floor Conduct Committee maintains jurisdictional authority for any and all
Decorum Offenses that occur outside of the respective trading pits. (03/01/97)

519.05    Weapons Prohibition - No weapons shall be permitted on the Exchange
Floor or in the lobby area adjacent to the Exchange Floor. Any violation of this
Regulation shall be deemed a decorum offense and penalties may be imposed
pursuant to Rule 519.00 and Regulation 519.01. (08/01/94)

519.06    Submission of Computerized Trade Reconstruction Data - The Floor
Governors Committee may levy fines for violations of Regulation 545.02, 332.04,
332.041, 332.05, 332.06, 332.07, 332.08, and 332.09, pertaining to the accurate
and complete maintenance of books and records, including the submission of
Computerized Trade Reconstruction data, in accordance with the Summary
Procedures as provided in Regulation 519.01(b). (07/01/95)

519.07    Sexual Harassment - Sexual harassment will not be tolerated on the
Floor or Halls of the Exchange. Sexual harassment consists of unlawful verbal or
physical conduct directed at a person when that conduct is based on that
person's sex and has a substantial adverse effect on him or her in the
workplace. Such conduct may include, but is not limited to, the following:

1.   requests for sexual favors that may or may not be accompanied by threats or
     promises of preferential treatment with respect to an individual's
     employment status;

2.   verbal, written or graphic communications of a sexual nature, including
     lewd or sexually suggestive comments, off-color jokes of a sexual nature or
     displays of sexually explicit pictures, photos, posters, cartoons, books,
     magazines or other items; and

3.   patting, pinching, hitting or any other unnecessary contact with another
     person's body or threats to take such action.

<PAGE>

                                 Ch5 Offenses
                                 ------------

Any violation of this Regulation shall be deemed a decorum offense and penalties
may be imposed pursuant to Rule 519.00 and Regulation 519.01. (01/01/96)

520.00    Smoking - Smoking of cigarettes and other smoking materials is
prohibited in the Exchange Halls (during trading hours or business days). Any
member, or any person affiliated with a registered eligible business
organization who violates this Rule shall be guilty of an offense against the
Association and, in the case of persons affiliated with a registered eligible
business organization, such firm may also be found guilty of an offense against
the Association. 164 (04/01/98)

520.00A   Exchange Floor Fines - The Secretary of the Association shall impose a
fine of $25 to $5,000, as directed by the Floor Conduct Committee for each
violation of Rules, Regulations, directives or guidelines issued by the Floor
Conduct Committee relating to smoking and other use of tobacco products, badges,
food and beverage, dress code, decorum, and guests and visitors on the Exchange
Floor.

The following schedule of fines is approved; however, this schedule is non-
binding, and the Floor Conduct Committee, in its discretion, may impose a fine
not to exceed $5,000, in addition to any access denial, for the violations set
forth below regardless of the number of the offense.

-------------------------------------------------------------------------------
BADGES: (improper usage)                    1st offense $25.00
-------------------------------------------------------------------------------
                                            2nd offense $50.00
-------------------------------------------------------------------------------
                                            3rd offense denial of access to the
                                            Floor
===============================================================================
(Failure to display Exchange issued         $200.00 each offense
badge)
-------------------------------------------------------------------------------
(unauthorized entry into pits)              1st offense $100.00
-------------------------------------------------------------------------------
                                            2nd offense $200.00
-------------------------------------------------------------------------------
                                            3rd offense $500.00
===============================================================================
(unauthorized usage of a key card)          1st offense $1,000.00
-------------------------------------------------------------------------------
                                            2nd offense denial of Floor access
===============================================================================
SMOKING/USE OF TOBACCO PRODUCTS:            1st offense $100.00
-------------------------------------------------------------------------------
                                            2nd offense $200.00
-------------------------------------------------------------------------------
                                            3rd offense $500.00
-------------------------------------------------------------------------------
                                            4th offense disciplinary action
===============================================================================
FOOD AND BEVERAGE:                          1st offense $50.00
-------------------------------------------------------------------------------
                                            2nd offense $100.00
-------------------------------------------------------------------------------
                                            additional offense by individual -
                                            $500.00
===============================================================================
GUESTS AND VISITORS:                        1st offense $25.00
-------------------------------------------------------------------------------
                                            2nd offense $50.00
-------------------------------------------------------------------------------
                                            3rd offense $100.00
===============================================================================
DRESS CODE:                                 1st offense $25.00
-------------------------------------------------------------------------------
                                            2nd offense $50.00
-------------------------------------------------------------------------------
                                            3rd offense $100.00
-------------------------------------------------------------------------------
                                            No jeans are to be permitted on the
                                            Exchange Floor.
===============================================================================
RUNNING:                                    1st offense by individual - $25.00
-------------------------------------------------------------------------------
                                            2nd offense by individual - $50.00
-------------------------------------------------------------------------------


<PAGE>

                                 Ch5 Offenses
                                 ------------

-------------------------------------------------------------------------------
                                            3rd offense by individual - $75.00
-------------------------------------------------------------------------------
                                            4th offense by individual - $100.00
===============================================================================
PROPERTY OFFENSES:                          1st offense $200.00
-------------------------------------------------------------------------------
                                            2nd offense $500.00
===============================================================================
THROWING OF OBJECTS:                        1st offense $50.00
-------------------------------------------------------------------------------
                                            2nd offense $200.00
-------------------------------------------------------------------------------
                                            3rd offense $500.00
===============================================================================

The procedure for the imposition of a fine shall be as follows:

As set forth in Regulation 519.02(c), Floor Conduct Committee members shall
issue a ticket to an offender for offenses which occur in the trading pits,
including the steps leading into the pit.  The ticket requires the signature of
two Committee members.

Security guards shall issue tickets for offenses which occur outside the
boundaries of the trading pits and the entrance area to the Exchange Floor.

A guard shall take the name of the offender and submit it to the Floor Conduct
Committee. The Committee may issue a directive to the Secretary of the Exchange
to impose a fine in the amount stated in the directive. The directive shall be
signed by two members of the Floor Conduct Committee. Fines for offenses may be
imposed on a member committing a violation, or upon a member or member firm for
a violation committed by an employee of such member or member firm.

The Secretary of the Exchange shall give the member or member firm written
notification of the fine. The notice shall inform the member or member firm of
the right to request a hearing and the consequences of a failure to pay the fine
if no hearing is requested.

Property offenses, for the purpose of this Ruling 520.00A, shall include sitting
or standing on floor booths, standing on chairs or stools on the trading floor,
extending telephone cords across an aisle, defacing property, or any other
action which may damage property or impede communications or traffic on the
trading floor. The privilege of the Floor will be denied, for a period of time
as determined by the Floor Conduct Committee, for extending a telephone cord
into a pit.

For purposes of this Ruling, the fine shall have been imposed as of the date
that the written notice is delivered to the member or member firm.  (02/01/95)

521.00    Floor Access - Upon receipt by the Association of actual notice that
any member or registered eligible business organization, or any other person
with trading privileges, has entered a plea of guilty to or has been adjudged
guilty of a violation of any criminal statute involving moral turpitude, the
Chairman of the Board may order an investigation (unless already in progress) to
ascertain whether violations of the Rules and Regulations have occured, and the
Board may, when immediate action is necessary to protect the best interests of
the marketplace, and subject to the provisions of Regulation 540.06, forthwith
deny access to the trading floor to such person or registered eligible business
organization until the investigation, including any disciplinary proceedings, is
concluded.

The issues in a Regulation 540.06 hearing under this Rule are limited to (1)
whether or not the member or registered eligible business organization, or other
person with trading privileges, has entered a plea of guilty to or has been
adjudged guilty of a violation of any criminal statute involving moral
turpitude, and (2) whether or not immediate action is necessary to protect the
best interests of the marketplace. (04/01/98)


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Ch5 Proceedings

540.00   Proceedings Before The Board - The Board may review decisions of the
Appellate Committee, and may agree to hear disciplinary matters referred to it
by the Appellate Committee or the Hearing Committee.  Whenever the respondent
shall have had an opportunity to present evidence or legal defenses in
connection with the pending matter before any Standing or Special Committee in
accordance with Regulations 540.02 and 540.03, and the jurisdiction of the Board
is based upon either an appeal by the respondent from the decision of such
Committee or is a referral of the matter by such Committee to the Board, the
Board shall not entertain any new evidence or new legal defenses not raised
before such Committee except upon a clear showing by the respondent that such
new evidence or new legal defense did not exist or was not ascertainable by due
diligence at the time of the Committee proceedings, and that there was
insufficient time within the intervening period prior to the hearing of the
Board for the respondent to bring such new evidence or legal defense to the
attention of such Committee.

After hearing all the witnesses and the respondent, if he desires to be heard,
the Board shall determine whether to affirm, reverse, modify or remand the
decision of the Committee under review and may impose penalties in accordance
with Rule 560.00. The finding of the Board shall be final and conclusive when
rendered.

If the respondent has not been given notice and opportunity for hearing,
pursuant to Regulations 540.02 and 540.03, before a disciplinary committee, the
Board may, rather than holding a hearing remand the matter to the appropriate
disciplinary committee. 155 (08/01/94)

540.00A  Committee Authority To Refer Matters for Investigation - Any
Committee of the Association which in the course of its activities discovers a
possible violation of the Rules and Regulations of the Association may, refer
the matter to the Office of Investigations and Audits or the appropriate
disciplinary committee. 39R (08/01/94)

540.01   Review Of Investigation Report - The disciplinary committee shall
promptly review each investigation report.  In the event the disciplinary
committee determines that additional investigation or evidence is needed, it
shall promptly direct the enforcement staff to conduct its investigation
further.  Within a reasonable period of time not to exceed 30 days after the
receipt of a completed investigation report, the disciplinary committee shall
take one of the following actions:

(a)  If the disciplinary committee determines that no reasonable basis exists
     for finding a violation or that prosecution is otherwise unwarranted, it
     may direct that no further action be taken. Such determination must be in
     writing and contain a brief statement setting forth the reasons therefor.

(b)  If the disciplinary committee determines that a reasonable basis exists for
     finding a violation which should be adjudicated, it shall direct that the
     person alleged to have committed the violation be served with a notice of
     charges and shall proceed in accordance with these regulations. (08/01/94)

540.02   Notice and Answer in Connection with Disciplinary Proceedings -

(a)  Prior to the imposition of any penalty by the Board of Directors or a
     committee under the Rules and Regulations, the respondent shall be served
     with a statement of charges either personally or by leaving the same at his
     or its office address during business hours or by mailing it to him at his
     place of residence, which charges shall:

     (1) State the acts, practices, or conduct in which the respondent is
         believed to have engaged;

     (2) State the Rule or Regulations believed to have been violated;

     (3) Advise the respondent that he or it is entitled to be represented by an
         attorney;

     (4) Advise the respondent that he or it is entitled to a hearing.

     (5) State the period of time, which in no event shall be less than five (5)
         business days after the service of the charges, within which a hearing
         on the charges may be requested;

     (6) Advise the respondent that failure to request a hearing within the
         period stated, except for good

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                                Ch5 Proceedings
                                ---------------

          cause, shall be deemed a waiver of the right to a hearing; and

      (7) State the penalty which will be imposed if a hearing is waived.

(b)   If the respondent elects to answer the charges, such answer shall be filed
      within five (5) business days after the date of service of the charges, or
      within such further time as the Board of Directors or the appropriate
      Committee in its discretion deems proper.

      The answer shall be in writing, signed by the respondent, and filed with
      the Office of Investigations and Audits; except that in connection with
      proceedings initiated under Rule 519.00 or Regulation 519.01 by the Floor
      Conduct Committee, such answers shall be filed with the Exchange Services
      Department. (08/01/94)

540.03   Procedures for Hearings on Charges - In connection with all hearings
on charges, except those held pursuant to Regulation 540.05:

(a)   The respondent shall be entitled in advance of the hearing to examine all
      books, documents, or other tangible evidence in the possession or under
      the control of the Association which is to be relied upon by the Office of
      Investigations and Audits or Exchange Services Department in presenting
      the charges contained in the notice of charges or which are relevant to
      those charges;

(b)   At least ten (10) business days in advance of the hearing, the respondent
      shall submit to the Office of Investigations and Audits copies of all
      documents which the respondent intends to rely on in presenting his case
      and shall provide the Office of Investigations and Audits with a list of,
      and make available for inspection by the Office of Investigations and
      Audits, all books, records, names of witnesses, and other tangible
      evidence which the respondent intends to rely on; except that in any
      hearing held pursuant to Rule 519.00 or Regulation 519.01 by the Floor
      Conduct Committee, the documents and lists shall be submitted to and the
      books, records and other tangible evidence shall be made available for
      inspection by the Exchange Services Department. The hearing body, in its
      discretion, may refuse to consider any books, records, documents or other
      tangible evidence which was not made available or witnesses whose names
      were not submitted to the Office of Investigations and Audits, or the
      Exchange Services Department pursuant to this section. However, the
      hearing body will consider such evidence upon a clear showing that such
      evidence was not ascertainable by due diligence at least ten (10) business
      days in advance of the hearing and that there was insufficient time prior
      to the hearing to bring such evidence to the attention of the Office of
      Investigations and Audits or the Exchange Services Department.

(c)   The hearing shall be promptly held before disinterested members of the
      hearing body after reasonable notice to the respondent. No member of a
      disciplinary body may serve on that body in a particular matter if he or
      any person or firm with which he is affiliated has a financial, personal
      or other direct interest in the matter under consideration.

(d)   Formal rules of evidence need not apply, but the hearing shall not be so
      informal as to be unfair;

(e)   The respondent shall have the right to invoke Rule 548.00, if applicable;

(f)   The Office of Investigations and Audits shall be a party to the hearing
      and shall present its case on those charges and penalties which are the
      subject of the hearing; or in the case of any hearing held pursuant to
      Rule 519.00 or Regulation 519.01 by the Floor Conduct Committee, the
      Exchange Services Department shall be a party to the hearing and shall
      present its case on those charges and penalties which are the subject of
      the hearing.

(g)   The respondent shall be entitled to appear personally at the hearing and
      to be represented by counsel;

(h)   The respondent shall be entitled to cross-examine any person(s) appearing
      as witness(es);

(i)   Subject to the provisions of Rule 540.00, the respondent shall be entitled
      to call witnesses and to present such evidence as may be relevant to the
      charges;

(j)   Persons within the jurisdiction of the Association who are called as
      witnesses shall be obliged to appear at the hearing and to produce
      evidence (see 545.00);


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                                Ch5 Proceedings
                                ---------------

(k)   If the hearing is held at the request of the respondent, a substantially
      verbatim record of the hearing, capable of being accurately transcribed,
      shall be made and shall become part of the record of the proceeding.
      (10/01/95)

540.04  Disciplinary Decisions - All disciplinary decisions rendered pursuant to
the Rules and Regulations shall be in writing and be based upon the weight of
the evidence contained in the record of the proceeding. A copy of the decision
shall be provided to the respondent and shall include:

(a)   The charges, or a summary of the charges;

(b)   The answer, if any, or a summary of the answer;

(c)   A brief summary of the evidence produced at the hearing or, where
      appropriate, incorporation by reference of the investigation report;

(d)   A statement of findings and conclusions with respect to each charge,
      including the specific Rules and Regulations which the respondent is found
      to have violated;

(e)   A declaration of any penalty imposed and the effective date of the
      penalty;

(f)   A statement that the respondent shall pay the cost of the transcription of
      the record of the hearing if an appeal or petition for review to the
      Commission is requested by the respondent.

All such decisions shall be rendered within thirty business days after the
conclusion of the hearing, unless, by virtue of the complexity of the case or
other special circumstances, additional time is required. (08/01/94)

540.05  Appeals from a Decision of a Disciplinary Committee - The following
procedures shall apply to appeals to the Appellate Committee and the Board from
the decisions of any Committee from which appeals are allowed under the Rules
and Regulations.

(a)   An appeal by the respondent from the decision of a committee or a referral
      of the matter by such committee to the Appellate Committee shall be heard
      by the Appellate Committee as provided in Regulations 540.02 and 540.03.
      Provided, however, that whenever the respondent shall have had an
      opportunity to present evidence or legal defenses in connection with the
      pending matter before any Standing or Special Committee in accordance with
      Regulations 540.02 and 540.03, the appeal shall be heard solely on the
      record of the proceedings before such committee, the written exceptions
      filed by the parties and the oral or written arguments of the parties.
      Further, the Appellate Committee shall not entertain any new evidence or
      new legal defenses not raised in the prior proceeding except upon a clear
      showing by the respondent that such new evidence or new legal defense did
      not exist or was not ascertainable by due diligence at the time of the
      proceedings, and that there was insufficient time within the intervening
      period prior to the hearing of the Appellate Committee for the respondent
      to bring such new evidence or legal defense to the attention of the
      committee.

      The Appellate Committee shall not reverse any finding of a Standing or
      Special Committee or reverse or reduce any sanction imposed by a Standing
      or Special Committee unless the Appellate Committee determines that the
      finding or sanction is "clearly erroneous."

(b)   Subject to the provisions of Rule 540.00, an appeal shall be heard by the
      Board solely on the record before the Committee, the written exceptions
      filed by the parties; and the oral and written arguments of the parties;

(c)   Within thirty days after the conclusion of the hearing of the appeal, or
      within such additional time as may be necessary by virtue of the
      complexity of the case or other special circumstances, the Appellate
      Committee or the Board shall issue a written decision and provide a copy
      to the respondent. The decision shall include a statement of findings and
      conclusions with respect to each charge or penalty reviewed, including the
      specific rules which the respondent was found by the Committee to have
      violated, and the effective date of the disciplinary penalties, if
      affirmed, or of any modified penalties.

(d)   No member of the Board or Appellate Committee shall hear an appeal if such
      member participated in any prior stage of the disciplinary proceeding or
      if he or any person or firm with which he is affiliated


<PAGE>

                                Ch5 Proceedings
                                ---------------

      has a financial, personal, or other direct interest in the matter.
      (10/01/97)

540.06  Procedures For Member Responsibility Actions - The Chairman or Acting
Chairman of the Association, upon the advice of the Floor Governors Committee,
Financial Compliance Committee or Business Conduct Committee, has jurisdiction
to take summary action when immediate action is necessary to protect the best
interests of the marketplace or membership, without affording an opportunity for
a prior hearing ("member responsibility actions"). The following procedures
shall apply to such actions:

(a)   The respondent shall, whenever practicable, be served with a notice before
      the action is taken. If prior notice is not practicable, the respondent
      shall be served with a notice at the earliest possible opportunity. The
      notice shall:

      (1) State the action;

      (2) Briefly state the reasons for the action, and

      (3) State the effective time and date and the duration of the action;

(b)   The respondent shall have the right to be represented by legal counsel or
      any other representative of his choosing in all proceedings subsequent to
      any summary action taken;

(c)   The respondent shall be given an opportunity for a subsequent hearing,
      within five business days, before the Floor Governors Committee, Financial
      Compliance Committee or the Business Conduct Committee. The hearing shall
      be conducted in accordance with the requirements of Regulation 540.03 (c)-
      (j);

(d)   Within five business days following the conclusion of the hearing, the
      body before which the hearing is held shall render a written decision
      based upon the weight of the evidence contained in the record of the
      proceeding and shall provide a copy to the respondent. The decision shall
      include:

      (1) A description of the summary action taken;

      (2) The reasons for the summary action;

      (3) A brief summary of the evidence produced at the hearing;

      (4) Findings and conclusions;

      (5) A determination that the summary action should be affirmed, modified,
          or reversed; and

      (6) A declaration of any action to be taken pursuant to the determination
          specified in (5) above and the effective date and duration of such
          action.

The Chairman or Acting Chairman of the Association has jurisdiction to reverse
summary action taken against an individual member pursuant to Rule 270.00 or
Rule 278.00, or against a member firm pursuant to Regulation 416.04, at any time
prior to a hearing held pursuant to this Regulation, or, if no hearing is held,
prior to the expiration of five business days after the summary action is taken,
without the prior approval of the Financial Compliance Committee or the Business
Conduct Committee, if the affected member or member firm demonstrates to the
satisfaction of the Chairman or Acting Chairman that the condition which was the
basis for the action no longer exists. (07/01/97)

540.07  Finality Of Disciplinary Decisions And Member Responsibility Actions -
All disciplinary decisions rendered or member responsibility actions taken
pursuant to the Rules and Regulations shall be final and conclusive when
rendered, unless appealable, in which case the decision shall become final the
first business day after the time for appeal has passed, if no appeal is taken,
or when the decision of the appeals body is rendered.

The person or body rendering such decision shall determine the effective date of
such action. Provided, however, that the effective date shall be at least
fifteen (15) days after written notice is delivered to the person against whom
the action is taken, and to the Commodity Futures Trading Commission, except
that such action may become effective prior to that time if:

(1)   The action was taken according to the provisions of Regulation 540.06;


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                                Ch5 Proceedings
                                ---------------

(2)   The person against whom the action is taken has consented to the sanction
      to be imposed; or

(3)   The action was taken by the Secretary under Rule 563.00. (08/01/94)

540.08  Offers of Settlement - Any member, member firm or other person who is
the subject of charges filed before the Board or who has filed an appeal of a
disciplinary action with the Board, may submit a written offer of settlement in
connection with such proceedings to the President. The President is authorized
to consider such settlement offers, negotiate alternative provisions therein,
and recommend to the Board that it either accept or reject any settlement offer.
The Board, by majority vote of a duly convened quorum, has the sole authority to
accept or reject any such settlement offer. If an offer of settlement is
accepted by the Board, it shall issue a written decision specifying the rule
violations it has reason to believe were committed and any penalty to be
imposed. Where applicable, the decision also shall include a statement that the
respondent has accepted the penalties imposed without either admitting or
denying the rule violations.

The member, member firm or other person who submits a written settlement offer
to the President may withdraw it at any time before final acceptance by the
Board.  If a settlement offer is withdrawn or is rejected by the Board, the
person submitting such offer neither shall be deemed to have made any admission
nor shall in any manner be prejudiced by having submitted the settlement offer.

Any member, member firm or other person who is the subject of charges before the
Appellate Committee or who has filed an appeal of a disciplinary action with the
Appellate Committee, may submit a written offer of settlement in connection with
such proceedings to the Appellate Committee. The Appellate Committee is
authorized to consider such settlement offers, negotiate alternative provisions
therein, and either accept or reject any settlement offer. If an offer of
settlement is accepted by the Committee it shall issue a written decision
specifying the rule violations it has reason to believe were committed and any
penalty to be imposed. Where applicable, the decision shall also include a
statement that the respondent has accepted the penalties imposed without either
admitting or denying the rule violations.

The member, member firm or other person who submits a written settlement offer
to the Appellate Committee may withdraw it at any time before final acceptance
by the Committee. If a settlement offer is withdrawn or rejected by the
Committee, the person submitting such offer neither shall be deemed to have made
any admission nor shall in any manner be prejudiced by having submitted the
settlement offer.

Each settlement offer presented to the Board or to the Appellate Committee shall
be deemed to incorporate the following terms:

(1)   Respondent acknowledges that the Office of Investigations and Audits will
      have the opportunity to present its views on the proposed settlement to
      the President, the Board, or the Appellate Committee, as applicable; and

(2)   Respondent waives any objection to having the Board or the Appellate
      Committee, as applicable, hear the case even it the Board or the Appellate
      Committee has previously considered and rejected a settlement offer.
      (08/01/97)

540.09  Offers of Settlement - Any member, member firm, their wholly-owned
affiliates or other person who is the subject of preliminary charges issued by
the Business Conduct Committee, Financial Compliance Committee or Floor
Governors Committee ("respondent"), may submit a written offer of settlement in
connection with such proceedings to the Business Conduct Committee, Financial
Compliance Committee, Floor Governors Committee or the Hearing Committee. The
Business Conduct Committee, Financial Compliance Committee, Floor Governors
Committee and Hearing Committee are authorized to consider such settlement
offers, negotiate alternative provisions therein, and either accept or reject
any settlement offer. When preliminary charges are pending before the Hearing
Committee, before a hearing begins, the Committee that issued the charges has
the sole authority to consider settlement offers. Once the Hearing Committee has
begun hearing evidence, the Hearing Committee has exclusive settlement
authority. The Business Conduct Committee, Financial Compliance Committee, Floor
Governors Committee and Hearing Committee may, in their discretion, permit a
respondent to accept a penalty without either admitting or denying any rule
violations upon which the penalty is based. If an offer

<PAGE>

                                Ch5 Proceedings
                                ---------------

of settlement is accepted by any such Committee, it shall issue a written
decision specifying the rule violations it has reason to believe were committed
and any penalty to be imposed. Where applicable, the decision also shall include
a statement that the respondent has accepted the penalties imposed without
either admitting or denying the rule violations.

Each settlement offer presented to any such Committee shall be deemed to
incorporate the following terms:

(1)   Respondent acknowledges that the Office of Investigations and Audits will
      have the opportunity to present its views on the proposed settlement to
      the Committee; and

(2)   Respondent waives any objection to having the appropriate Committee hear
      the case even if that Committee has previously considered and rejected a
      settlement offer.

The member, member firm, wholly-owned affiliate or other person who submits a
written settlement offer to any such Committee may withdraw it at any time
before final acceptance by the Committee. If a settlement offer is withdrawn or
rejected by any such Committee, the person submitting such offer neither shall
be deemed to have made any admission nor shall in any manner be prejudiced by
having submitted the settlement offer.  (08/01/97)

540.10  Disciplinary Jurisdiction Over Agricultural Regular Firms - In addition
to the disciplinary authority of the Hearing Committee, Appellate Committee,
Business Conduct Committee and Financial Compliance Committee over agricultural
regular firms, as set forth in paragraphs (f) and (g) of Rule 542.00 and
paragraphs (f) and (g) of Rule 551.00, each of these Committees may discipline
an agricultural regular firm for violation of any Rules and Regulations by
imposing a fine on such firm, and/or by revoking the firm's regularity status.
Subject to and in accordance with Regulation 540.08, an agricultural regular
firm that is the subject of charges filed before the Board or that has filed an
appeal of a decision with the Appellate Committee or the Board, may submit a
written offer of settlement in connection with such proceeding to the Appellate
Committee or, in matters before the Board, to the President of the Association.
(08/01/94)

540.11  Appellate Committee -

(a)   Membership. Each year the Chairman of the Board, with the approval of the
      Board, shall appoint from those members of the Association who currently
      serve or who shall have previously served as an elective officer of the
      Association and who shall not be a member of a standing disciplinary
      committee, to serve as a member of the Appellate Committee. The Committee
      shall consist of five (5) members, at least one of whom is currently an
      elective officer of the Association. A vacancy in the Committee shall be
      filled by appointment by the Chairman of the Board, with the approval of
      the Board.

(b)   Meetings and Quorum. The Appellate Committee shall determine the time and
      place for its meetings and the manner and form in which its meetings shall
      be conducted. The attendance of three (3) Appellate Committee members
      shall constitute a quorum of the Committee. The majority vote of the
      quorum of the Appellate Committee shall be the official act or decision of
      the Committee.

(c)   Duties of the Committee. It shall be the function of the Committee to
      serve as the appellate body in review of disciplinary decisions of
      committees of the Association or, upon referral by such committee to hear
      the matter, in accordance with Regulation 540.05. After hearing all the
      witnesses and the respondent, if he/she decides to be heard, the Committee
      shall determine whether the respondent is guilty of the offense or
      offenses charged. If the Committee determines that the accused is guilty,
      the Committee may impose penalties in accordance with Rule 560.00.

(d)   Appeal. The findings of the Appellate Committee shall be final and
      conclusive when rendered, although subject to review by the Board of
      Directors in accordance with Regulation 540.05(b) upon the request of the
      Board or upon referral by the Committee. A request that the Board review a
      decision must be made:

      - if on the motion of the Board, upon review of the notice of the decision
        in the materials for the first regularly scheduled Board meeting not
        less than twenty (20) days after the date of the


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                                Ch5 Proceedings
                                ---------------

        decision;

     -  if by the Appellate Committee, within fifteen (25) days of the date of
        the decision; and

     -  if by a person against whom the decision has been rendered within ten
        (10) days of the date he receives the decision.

(e)   Offense Against The Association. Any member of the Association, member
      firm, or other person with trading privileges who fails to comply with the
      disciplinary action of the Committee after such action becomes effective
      shall be charged with an offense against the Association, and if found
      guilty, shall either be fined, suspended or expelled by the Board.

(f)   Oath. Every member of the Appellate Committee shall take an oath not to
      divulge, or allow or cause to be divulged, any information acquired by
      such member in his capacity as an Appellate Committee member if such
      information is confidential, commercially sensitive, or non-public, except
      when required in connection with disciplinary proceedings or other formal
      proceedings or actions of a duly authorized committee of the Association
      or of the Board, or in response to demand by an authority to obtain the
      information requested, or on behalf of the Association in any proceeding
      authorized by the Board of Directors.

(g)   Holdover Member. Whenever the Committee members have begun to hear or
      review evidence and argument in any proceeding and the term of the members
      expires, the members may continue in office until the proceeding has
      ended. A holdover member shall not participate in any other Committee
      business, nor shall continuation in office impair the appointment of a
      successor Committee or the successor Committee's right to participate in
      all other Committee business.

(h)   Associate Members as Appellate Committee Members. Associate Members of the
      Exchange are eligible for appointment to the Appellate Committee as full
      voting members, provided that such Associate Member qualifies pursuant to
      paragraph (a) of this Regulation, and further provided that Associate
      Members shall not be eligible to serve as Chairman of the Committee. The
      Committee shall at no time have more than two Associate Members on the
      Committee. (08/01/94)

540.12  Hearing Committee -

(a)   Membership. The Hearing Committee shall consist of twenty-one (21)
      individual members of the Association appointed each year by the Chairman
      of the Board with the approval of the Board. For all purposes under these
      Rules, the Hearing Committee shall be considered a disciplinary committee.
      Hearing Committee members shall have previously served on the Board, the
      Business Conduct Committee, the Floor Governors Committee, the Financial
      Compliance Committee or the Arbitration Committee, but no person shall be
      a member of the Committee who, at the same time, is a member of the Board
      or any other standing disciplinary committee. A panel of seven members
      shall be selected from the Committee for each hearing, in a manner
      established by the Committee, consistent with the requirements of
      Regulation 540.14. Each panel shall, by a majority vote, elect a Chairman.

(b)   Hearing Executive Committee. The Chairman of the Board, with the approval
      of the Board, shall appoint a Chairman of the entire Committee, along with
      two other members from among the members of the Committee, to serve as a
      Hearing Executive Committee.

(c)   Meetings and Quorum. The Hearing Committee shall determine the time and
      place of its meetings and the manner and form in which its meetings shall
      be conducted. The attendance of four Hearing Committee members shall
      constitute a quorum of the Committee. The majority vote of the quorum of
      the Hearing Committee shall be the official act or decision of the
      Committee.

(d)   Duties of the Committee. The Hearing Committee shall conduct disciplinary
      hearings pursuant to the Rules and Regulations of the Association.
      Following notice and answer in accordance with Regulation 540.02, the
      Hearing Committee shall conduct hearings in connection with proceedings
      initiated under Rule 542.00(f), Rule 551.00(f) and Rule 543.00(d).
      Procedures for the hearing shall be in accordance with Regulation 540.03.
      After hearing all the witnesses and the respondent, if he/she decides to
      be heard, the Committee shall determine whether the respondent is guilty
      of the offense or offenses


<PAGE>

                                Ch5 Proceedings
                                ---------------

      charged. If the Hearing Committee determines that the accused is guilty,
      the Committee may impose penalties in accordance with the rule pursuant to
      which the proceedings were initiated. In the event there is a finding of
      multiple violations of any Rules or Regulations, it shall be within the
      Committee's discretion to apply its suspension powers either in a
      consecutive or concurrent manner.

(e)   Appeal. A member, member firm, person with trading privileges or
      agricultural regular firm may appeal from the decision of the Committee by
      filing with the Secretary of the Association within ten (10) business days
      after the Committee's decision is sent to the respondent a Notice of
      Appeal to the Appellate Committee requesting a review by the Appellate
      Committee of all or part of the Committee's decision.

(f)   Offense Against the Association. Any member, member firm, other person
      with trading privileges or agricultural regular firm who fails to comply
      with the disciplinary action of the Committee after such action becomes
      effective shall be charged with an offense against the Association, and if
      found guilty, shall either be fined, suspended or expelled by the Board.

(g)   Oath. Every Hearing Committee member shall take an oath not to divulge, or
      allow or cause to be divulged, any information acquired by such member in
      his official capacity as a Hearing Committee member if such information is
      confidential, commercially sensitive, or nonpublic, except when required
      in connection with disciplinary proceedings or other formal proceedings or
      actions of a duly authorized committee of the Association or of the Board,
      or in response to a request or demand by an administrative or legislative
      body of government having jurisdiction of the subject matter and authority
      to obtain the information requested, or on behalf of the Association in
      any proceeding authorized by the Board of Directors.

(h)   Hold-over Member. Whenever the Committee members have begun to hear or
      review evidence and argument in any proceeding, and the term of one or
      more of the members expires, such member or members may continue in office
      until the proceeding has ended. A holdover member shall not participate in
      any other Committee business, nor shall his continuation in office impair
      the appointment of a successor or the successor's right to participate in
      all other Committee business. (12/01/94)

540.13    Application of Rules and Regulations - The provisions of this Chapter
shall apply to all members, registered partnerships and corporations, their
wholly-owned affiliates, other persons with trading privileges, agricultural
regular firms, guaranteed introducing brokers, and any employee or Associated
Person of any such individual or firm, unless specifically exempted. (07/01/97)




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540.15    Failure to Pay a Disciplinary Fine - When the Treasurer of the
Association certifies to a Committee that imposed a fine that such fine is due
and has not been paid, the person who was ordered to pay the fine shall be
suspended from all membership privileges (including but not limited to floor and
electronic access, member transaction fees and the right to lease a membership
or membership interest), subject to Regulation 540.06, until the Treasurer
certifies to the Committee that the fine has been paid. (06/01/94)

541.00    Special Investigations By Board - If at any time the Board shall have
reason to suspect that any member, member firm, or other person with trading
privileges, has been guilty of any offense against the Association and no
investigation has been initiated into the matter, the Board shall direct the
Office of Investigations and Audits to conduct an investigation and shall direct
the appropriate disciplinary committee, or if necessary appoint a Special
Committee outside of its own number, to review the investigation as to whether
there is just ground for such suspicion. If the Committee decides that there is
just ground for such suspicion, it shall direct that charges be filed with the
Board as provided in Rule 540.00. (08/01/94)

542.00    Business Conduct Committee -
(a)   Membership. The Chairman of the Board, with the approval of the Board,
      shall appoint the members of the Business Conduct Committee. Only members
      of the Association who are not Directors or Officers of the Association
      shall be eligible for appointment as members of the Committee. All
      Committee Members shall be Full Members except that one Committee Member
      may be an Associate Member. Four members shall be appointed for staggered
      three-year terms. Additional members may be appointed for one-year terms,
      but no more than four such members may be appointed. Terms currently in
      effect at the time of adoption of this amended Rule shall continue to be
      in effect until they expire. At the time this amended Rule becomes
      effective, a member shall be appointed to serve a term expiring February
      1, 1984. Each year the Chairman of the Board shall appoint one member of
      the Committee for a three-year term and may appoint no more than four
      members for one-year terms, except that for February 1, 1984, and every
      third year thereafter, the Chairman of the Board shall appoint two members
      of the Committee for three-year terms and may appoint no more than four
      members for one-year terms. A vacancy in the Committee shall be filled for
      the unexpired term in the same manner as provided above, except that
      unexpired one-year terms may be left vacant at the discretion of the
      Chairman of the Board. The President shall be an ex officio member of the
      Committee.

(b)   Chairman and Vice-Chairman of the Committee. The Chairman of the Board,
      with the approval of the Board, shall appoint a Chairman and a Vice-
      Chairman of the Committee from among the members of the Committee. The
      Chairman and Vice Chairman shall be appointed to serve as Chairman and
      Vice Chairman for a one-year term.

(c)   Oath of Members. Every member of the Committee shall take an oath not to
      divulge, or allow or cause to be divulged, any information acquired by
      such member in his official capacity if such information is confidential,
      commercially sensitive or non-public, including any information regarding
      the market position, financial condition, or identity of any trader or
      firm, except when required in connection with his official duties, or in
      connection with disciplinary proceedings or other formal


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                                Ch5 Proceedings
                                ---------------

      proceedings or actions of a duly authorized committee of the Association,
      or of the Board, or in response to a duly authorized subpoena, or in
      response to a request or demand by an administrative or legislative body
      of government having jurisdiction of the subject matter and authority to
      obtain the information requested, or on behalf of the Association in any
      proceeding authorized by the Board.

(d)   Quorum. The attendance of three members at a meeting shall constitute a
      quorum. The actions of a majority of the members present shall be the
      actions of the Committee.

(e)   Business Conduct Committee on Particular Matter. If the Business Conduct
      Committee shall determine that it is improper for any or all of its
      regular members to serve during the consideration and decision of any
      particular matter, or if any or all the regular members shall be unable to
      serve during the consideration and decision of any particular matter, the
      Business Conduct Committee may request the Chairman of the Board to
      appoint an alternate or alternates to sit throughout the investigation,
      hearing, and decision of such matter. The Chairman of the Board shall have
      the power to appoint any member or members as such alternate or
      alternates. When so appointed such alternate or alternates shall, with
      respect to such particular matter, have all the powers and duties of the
      regular member or members for whom he is or they are acting, and the
      "Committee on Particular Matter," consisting of such alternate or
      alternates, and the remaining regular members of the Business Conduct
      Committee, if any, shall with respect to such particular matter have all
      the duties and powers of the regular Business Conduct Committee. During
      such period as a Committee or Committees on a Particular Matter or Matters
      are functioning, the regular Business Conduct Committee and the regular
      members thereof shall continue to have all the powers and to perform all
      the duties concerning matters not under consideration by a Committee or
      Committees on Particular Matters.

(f)   Duties of Committee. The Committee shall determine the manner and form in
      which its proceedings shall be conducted. The Committee shall provide for
      the prevention of manipulation of prices and the cornering of any
      commodity on the Exchange, and shall also have general supervision of the
      business conduct of members, member firms, any other persons with trading
      privileges, wholly-owned affiliates, guaranteed introducing brokers, and
      any employees or associated persons of any such individual or firm,
      particularly insofar as such conduct affects (1) non-member customers; (2)
      the public at large; (3) the State Government; (4) the Federal Government;
      (5) public opinion; and (6) the good name of the Association. The
      Committee shall also have general supervision, other than financial
      supervision, over all agricultural regular firms and their employees,
      member and non-member alike, with respect to each such firm's compliance
      with the Association's Rules and Regulations pertaining to its regularity.
      The Committee in performing its duties may investigate the dealings,
      transactions and financial condition of members, member firms, any other
      persons with trading privileges, wholly-owned affiliates, agricultural
      regular firms, guaranteed introducing brokers, and any employees or
      associated persons of any such individual or firm, and may examine their
      books and papers upon request. The Committee may employ such auditors and
      other assistants as it may deem necessary, and all expenses incident
      thereto shall be payable from the funds of the Association.

      The Committee shall have the authority to charge a member, member firm,
      person with trading privileges, wholly-owned affiliate, agricultural
      regular firm, guaranteed introducing broker, or any employee or associated
      person of any such individual or firm alleged to have violated any Rule or
      Regulation within its jurisdiction and may impose any one or more of the
      following preliminary penalties: a reprimand, a cease and desist order, a
      fine not to exceed $25,000 for each such violation, and/or restitution.
      The Committee may also impose upon any such individual member, person with
      trading privileges, or employee of a member or member firm a preliminary
      denial of the privileges of the Floor of the Exchange or suspension from
      membership status for a period not in excess of ninety (90) business days
      for each such violation. Except in the case of specified penalties, which
      shall be heard by the Committee in accordance with Regulations 540.02 and
      540.03, proceedings shall be conducted by the Hearing Committee in
      accordance with Regulations 540.02 and 540.03. The specified penalties
      which shall be heard by the Committee shall be defined as a reprimand,
      fines not exceeding $5,000.00 for any one violation, and a denial of the
      privileges of the Floor for a period not exceeding five (5) business days
      for any one violation. In the event there is a finding of multiple
      violations of any Rules or Regulations it shall be within the relevant
      Committee's discretion to apply its


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                                Ch5 Proceedings
                                ---------------
    denial or suspension powers either in a consecutive or concurrent manner.

    A party under a cease and desist order may apply to the Committee to review
    and terminate such order, provided that such order has been in effect for at
    least five years prior to application.

    The decision of the Business Conduct Committee or the Hearing Committee may
    be appealed to the Appellate Committee in accordance with Regulation 540.05
    by filing with the Secretary of the Association, within ten (10) business
    days after the decision is sent to the respondent, a Notice of Appeal to the
    Appellate Committee requesting a review by the Appellate Committee of all or
    part of the decision.

    Any member, member firm, other person with trading privileges, wholly-owned
    affiliate, agricultural regular firm, guaranteed introducing broker, or
    employee or associated person of any such individual or firm who fails to
    appear before the Committee pursuant to its request, or to submit his or its
    books and records to the Committee at its request, shall be guilty of an
    offense against the Association.

    The Committee may review at any time the operations or procedures of
    members, member firms, any other persons with trading privileges, wholly-
    owned affiliates, agricultural regular firms, guaranteed introducing
    brokers, and any employees or associated persons of any such individuals or
    firms to assure compliance with the Rules and Regulations of the
    Association. Whenever such review discloses a condition or practice which,
    in the Committee's judgment, falls within the provisions of Regulation
    270.01 or Regulation 540.06, it shall so advise the Chairman of the Board
    and recommend such action as it deems appropriate in the circumstances.

(g) Offense Against the Association. It shall be an act detrimental to the
    interest and welfare of the Association for any member of the Association,
    member firm, other person with trading privileges, wholly-owned affiliate,
    agricultural regular firm, guaranteed introducing broker, or employee or
    associated person of any such individual or firm to fail to comply with the
    disciplinary action of the Committee after such action becomes effective.

(h) Hold-Over Members. Whenever the Committee members have begun to hear or
    review evidence and argument in any proceeding, and the term of one or more
    of the members expires, such member or members may continue in office until
    the proceeding has ended. A holdover member shall not participate in any
    other Committee business, nor shall his continuation in office impair the
    appointment of his successor or his successor's right to participate in all
    other Committee business.  (08/01/98)

543.00  Floor Governors Committee-
(a)  Membership. The Chairman of the Board, with the approval of the Board,
     shall appoint from the Membership of the Association the members of a Floor
     Governors Committee who shall not be Directors or Officers of the
     Association. The Committee shall consist of seven members. Each year the
     Chairman of the Board, with the approval of the Board, shall appoint one
     member of the Committee for a term of three years dating from February 1 of
     such year. Each year, the Chairman of the Board, with the approval of the
     Board shall also appoint from the Membership two members of the Committee
     to serve for a one year term dating from February 1 of such year. In
     addition, each year, beginning with 1985, the Chairman of the Board, with
     the approval of the Board, shall also appoint from the Membership a member
     of the Committee for a two year term dating from February 1 of such year. A
     vacancy in the Committee shall be filled for the unexpired term by
     appointment by the Chairman of the Board, with the approval of the Board.

(b)  Chairman and Vice Chairman of the Committee. The Chairman of the Board,
     with the approval of the Board, shall appoint a Chairman and a Vice
     Chairman of the Committee from among the members of the Committee. The
     Chairman and Vice Chairman shall be appointed to serve as Chairman and Vice
     Chairman for a one-year term.

(c)  Meetings and Quorum. The Floor Governors Committee shall determine the time
     and place of its meetings and the manner and form in which its meetings
     shall be conducted. The attendance of four Floor Governors shall constitute
     a quorum of the Committee. The majority vote of the quorum of the Floor
     Governors Committee shall be the official act or decision of the Committee.

(d)  Duties of the Committee. It shall be the function and duty of the Floor
     Governors Committee to assure

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                                Ch5 Proceedings
                                ---------------
     that the practices and conduct of the members of the Association, member
     firms, other persons with trading privileges, and employees of any such
     individual or firm on the Floor of the Exchange are in compliance with the
     Rules and Regulations. Whenever any violation of the Rules or Regulations
     is suspected by the Committee, and the Committee determines, after
     investigation by the Office of Investigations and Audits, that action
     should be taken, the Committee shall provide notice and opportunity for a
     hearing in compliance with Regulations 540.02 and 540.03. The Committee
     shall have the authority to charge a member, member firm, person with
     trading privileges, or any employee of any such individual or firm alleged
     to have violated any Rule or Regulation within its jurisdiction and may
     impose any one or more of the following preliminary penalties: a reprimand,
     a cease and desist order, a fine not to exceed $25,000 for each such
     violation, and/or restitution. The Committee may also impose upon any such
     individual member, person with trading privileges, or employee of a member
     or member firm a preliminary denial of the privileges of the Floor of the
     Exchange or suspension from membership status for a period not in excess of
     ninety (90) business days for each such violation. Except in the case of
     specified penalties, which shall be heard by the Committee in accordance
     with Regulations 540.02 and 540.03, proceedings shall be conducted by the
     Hearing Committee in accordance with Regulations 540.02 and 540.03. The
     specified penalties which shall be heard by the Committee shall be defined
     as a reprimand, fines not exceeding $5,000 for any one violation, and a
     denial of the privileges of the Floor for a period not exceeding five (5)
     business days for any one violation. In the event there is a finding of
     multiple violations of any Rules or Regulations, it shall be within the
     relevant Committee's discretion to apply its denial or suspension powers
     either in a consecutive or concurrent manner.

     Also fines not to exceed $5,000 for any act may be imposed as specifically
     authorized in Regulation 519.03.

     A party under a cease and desist order may apply to the Committee to review
     and terminate such order, provided that such order has been in effect for
     at least five years prior to application.

(e)  Appeal. A member, member firm, other person with trading privileges, or any
     employee of any such individual or firm, may appeal from the decision of
     the Floor Governors Committee or the Hearing Committee in accordance with
     Regulation 540.05 by filing with the Secretary of the Association within
     ten (10) business days after the decision is sent to the respondent a
     Notice of Appeal to the Appellate Committee requesting a review by the
     Appellate Committee of all or part of the decision.

(f)  Offense Against The Association.  It shall be an act detrimental to the
     interest and welfare of the Association for any member of the Association,
     member firm, other person with trading privileges,  or employee of any such
     individual or firm to fail to comply with the disciplinary action of the
     Committee after such action becomes effective.

(g)  Oath.  Every Floor Governor shall take an oath not to divulge, or allow or
     cause to be divulged, any information acquired by such member in his
     official capacity as a Floor Governor if such information is confidential,
     commercially sensitive, or non-public, except when required in connection
     with his official duties, or in connection with disciplinary proceedings or
     other formal proceedings or actions of a duly authorized committee of the
     Association or of the Board, or in response to a duly authorized subpoena,
     or in response to a request or demand by an administrative or legislative
     body of government having jurisdiction of the subject matter and authority
     to obtain the information requested, or on behalf of the Association in any
     proceeding authorized by the Board of Directors.

(h)  Hold-over Member.  Whenever the Committee members have begun to hear or
     review evidence and argument in any proceeding, and the term of one or more
     of the members expires, such member or members may continue in office until
     the proceeding has ended. A holdover member shall not participate in any
     other Committee business, nor shall his continuation in office impair the
     appointment of his successor or his successor's right to participate in all
     other Committee business.

(i)  Associate Members as Floor Governors. Associate Members of the Exchange are
     eligible for appointment to the Floor Governors Committee as full voting
     members, provided that Associate Members shall not be eligible to serve as
     Chairman of the Committee. The Committee shall at all times have at least
     two Associate Members on the Committee. (08/01/98)

543.01  Investigations - The President or the Executive Vice-President shall
        have the authority to


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                                Ch5 Proceedings
                                ---------------

order investigations into any complaints made to the Association or into any
situation no matter how brought to their attention involving possible violations
of the Rules and Regulations of the Association. 1792 (08/01/94)

544.00  Waiver of Hearing - The statement of charges may provide that if the
respondent fails, except for good cause, to request a hearing within a specified
period of time, which in no event shall be less than five business days after
the service of the charges, he shall be deemed to have accepted a penalty stated
in the charges.  (08/01/94)

545.00  Testimony And Production Of Books And Records - If a member of the
Association, member firm, or other person with trading privileges, is required
to submit his books and records, or the books and records of his firm, or
corporation, or any portion thereof, to the Board, or to any authorized Standing
or Special Committee, or to the individual responsible for the supervision of
the Office of Investigations and Audits as provided for in Regulation 170.01,
or, subject to the provisions of Rule 548.00, to furnish any information to or
to appear and testify before, or to cause any of his partners or employees to
appear and testify before such Board, or such authorized Committee, or at the
request of such individual responsible for the  supervision of the Office of
Investigations and Audits, it shall be an offense against the Association to
fail or refuse to comply with such requirements. 153  (08/01/94)

545.01  Furnishing Information - Pursuant to Rule 545.00 and Regulations
545.02 and 545.03, each clearing member shall furnish to the Board or to any
committee or department specified by the Board, such information respecting
daily trading, deliveries, exchanges of futures for cash commodities or other
activity as the Board deems necessary for compliance by the Association with the
provisions of Regulations Sections 16.00 through 16.03 under the Commodity
Exchange Act or as required to be made or maintained under the Rules and
Regulations.  Such data shall be furnished at such times and in such manner and
form as the Board or the committee or department acting for the Board may
prescribe.

The Business Conduct Committee, the Financial Compliance Committee, or the Floor
Governors Committee may, without hearing, impose minor penalties against members
or member firms for failure by such members or member firms, or for failure by
any persons for whom such members or member firms are responsible, to submit
requested routine trade documentation within the respective Committees'
jurisdiction in the manner prescribed by the Committee. Minor penalties for the
purpose of this Regulation shall be defined as fines not exceeding $1,000 for
any one offense.

If the documents requested are one year old or less, they must be produced and
submitted to the Office of Investigations and Audits within five (5) business
days.  If the documents requested are more than one year old and less than five
years old, they must be produced and submitted to the Office of Investigations
and Audits within ten (10) business days.  The Business Conduct Committee, the
Financial Compliance Committee, or the Floor Governors Committee may impose a
fine of up to $1,000 for each business day thereafter on which the member,
member firm or any person for whom such member or member firm is responsible,
has not produced and submitted the requested documents to the Office of
Investigations and Audits.

A respondent may request an appeal of a minor penalty by filing a written
request for a hearing with the Office of Investigations and Audits within ten
(10) business days after the penalty is imposed; the Business Conduct Committee,
the Financial Compliance Committee, or the Floor Governors Committee shall hear
the matter in accordance with Regulations 540.02 through 540.05. The decision of
the Business Conduct Committtee, the Financial Compliance Committee, or the
Floor Governors Committee may be appealed to the Appellate Committee as provided
in Rule 542.00(f) or 543.00(e). Failure to request a hearing shall be deemed a
consent to the fine.  Unless a hearing is requested, failure to pay a fine
within thirty (30) days after the penalty is imposed shall automatically triple
the amount of the fine.  1973  (08/01/94)

545.02  Record Keeping - Pursuant to Rule 545.00 and Regulation 545.03, each
member and member firm shall keep in an accurate and complete manner all books
and records required to be made or maintained under the Rules and Regulations.
All books and records required to be kept shall be kept for a period of five (5)
years from the date thereof and shall be readily accessible for a period of two
(2)


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                                Ch5 Proceedings
                                ---------------

years from the date thereof. All reports required to be submitted to the
Association or its delegate shall be reported accurately and completely.
(08/01/94)

545.03  Record Keeping Qualifications - Each member, member firm and other
person with membership privileges shall be required, pursuant to the rules and
regulations, to keep, maintain and furnish only those books and records that
relate directly to the trading of futures and options contracts, satisfaction
of the minimum financial requirements for futures commission merchants and
qualifications for membership. (08/01/94)

545.04  Equity Runs Transmission Requirement - Each member shall be required to
have the ability to electronically transmit the complete bookkeeping reports to
its Chicago office or to the Board of Trade Clearing Corporation by 8:00 a.m.
central time on the day following the report date. The reports must, at a
minimum, include the margin equity run, master file of customer account names
and addresses, open position listing, day trade listing, cash adjustment sheets,
margin call and debit/deficit report. (08/01/94)

545.05  Maintenance of Telephone Recordings - Members and member firms which
record conversations conducted on their Exchange Floor telephone lines shall
maintain the resultant recordings for a period of 10 business days following the
day when such recordings are made.  In addition, all  recordings of Exchange
Floor headset communications shall be maintained for a period of 10 business
days following the day when such recordings are made. (07/01/98)

546.00  Testimony Before Other Exchanges - If the Board shall deem it is to the
interest and welfare of the Association, or to the public interest, or in the
interest of just and equitable principles of trade, to facilitate the
examination by the authorities of another exchange of any transaction in which a
member of the Association has been concerned and that the testimony of such
member, his partners, or employees, or his books and papers, or the books and
papers of his firm, or corporation, or any partner therein are material to such
examination, and shall direct such member to appear and testify, or to cause any
of his partners or employees to appear and testify, or to produce such books and
papers before the authorities of said other exchange, or any committee thereof,
for the purposes of such examination, and the member of the Association shall
refuse or fail to comply with such direction, he may be adjudged guilty of an
act detrimental to the interest or welfare of the Association. 154 (08/01/94)

548.00  Incriminating Evidence - Upon any investigation or trial before the
Board, or before any committee, or before any other tribunal of the Association,
no member or agricultural regular firm shall be required to answer, or be
subject to any penalty for failing to answer any question, when such member or
agricultural regular firm shall make oath that the answer, if given, would
convict or tend to convict such member or agricultural regular firm of the
violation of any law of the United States or any state.  161  (08/01/94)

549.00  Depositions of Witnesses - Upon any investigation authorized under the
Rules and Regulations of the Association, the oral depositions of witnesses may
be taken.  The party under investigation shall be given at least five (5) days
written notice of the time of the deposition and place where the witness will be
deposed, which may be at any location within the United States.  The party under
investigation shall have the right to be present in person or by representative
at the oral deposition, with right of cross-examination.  All oral depositions
of witnesses shall be taken under oath, before an officer qualified in the place
of the deposition to administer oaths, and the complete testimony of the
witnesses shall be transcribed by such officer or by a person under his
supervision.  Oral depositions taken in accordance with this provision shall be
admissible in evidence at any hearing of the board or a Committee, reserving to
the party under investigation the right to object at the hearing to the
relevancy or materiality of the testimony contained therein.  162  (08/01/94)

550.00  Rehearing   - A suspended or expelled member or member firm, and any
member or member firm that has been fined, may petition the Appellate Committee
for a rehearing.  Upon presentation of the petition, the Appellate Committee, by
a majority vote, may order a rehearing to determine whether the disciplinary
action was the result of false testimony or was otherwise unjust or improper.

The rehearing will be conducted in accordance with Regulations 540.02 and
540.03.


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                                Ch5 Proceedings
                                ---------------

If, after a rehearing the Appellate Committee unanimously finds that such member
or member firm was mistakenly expelled, suspended, or fined, or that the penalty
imposed was excessive, the prior disciplinary action against such member or
member firm may be set aside or the penalty mitigated.  No prior disciplinary
action or penalty shall be set aside or mitigated if any member of the Appellate
Committee votes against such action.

The petition of a member or member firm who has been suspended, expelled, or
fined, for a rehearing shall be posted upon the bulletin board of the Exchange
for at least one week prior to its presentation to the Appellate Committee.

A member or member firm whose prior expulsion, suspension, and/or fine is set
aside or mitigated in accordance with this Rule shall have no claim in law or
equity against the Association or any Director, committee member, officer or
employee thereof by virtue of such prior action thus set aside or mitigated.

A rehearing is not a right.  An action of the Appellate Committee is final when
rendered as provided in Regulation 540.07, but may be reviewed by the Board
pursuant to Regulation 540.05.  Every suspension, expulsion, or fine will be
considered final until set aside or reduced under this Rule. 157  (08/01/94)

551.00 Financial Compliance Committee-

(a) Membership. The Chairman of the Board, with the approval of the Board, shall
    appoint the members of the Financial Compliance Committee. The Committee
    shall consist of five Full Members at least three of whom shall be an
    officer or partner of a member firm and who shall not be Directors or
    Officers of the Association. Initially, two members of the Committee shall
    serve for a term of two years. At the time this Rule becomes effective,
    three members shall be appointed to serve a term expiring February 1, 1992.
    Each year thereafter, beginning in 1992, the Chairman of the Board, with the
    approval of the Board, shall appoint two members of the Committee to serve a
    term of two years and one member to serve a term of one year. A vacancy in
    the Committee shall be filled for the unexpired term in the same manner as
    provided above, except that unexpired one-year terms may be left vacant at
    the discretion of the Chairman of the Board. The President and Chief
    Executive Officer of the Board of Trade Clearing Corporation shall be a non-
    voting advisor to the Committee.

(b) Chairman and Vice-Chairman of the Committee. The Chairman of the Board, with
    the approval of the Board, shall appoint a Chairman and a Vice-Chairman of
    the Committee from among the members of the Committee. The Chairman and
    Vice-Chairman shall be appointed to serve as Chairman and Vice-Chairman for
    a one-year term.

(c) Oath of Members. Every member of the Committee shall take an oath not to
    divulge, or allow or cause to be divulged, any information acquired by such
    member in his official capacity if such information is confidential,
    commercially sensitive or non-public, including any information regarding
    the market position, financial condition, or identity of any trader or firm,
    except when required in connection with his official duties, or in
    connection with disciplinary proceedings or other formal proceedings or
    actions of a duly authorized committee of the Association, or of the Board,
    or in response to a duly authorized subpoena, or in response to a request or
    demand by an administrative or legislative body of government having
    jurisdiction of the subject matter and authority to obtain the information
    requested, or on behalf of the Association in any proceeding authorized by
    the Board.

(d) Quorum. The attendance of three (3) members at a meeting shall constitute a
    quorum. The actions of a majority of the members present shall be the
    actions of the Committee.

(e) Financial Compliance Committee on Particular Matter. If the Financial
    Compliance Committee shall determine that it is improper for any or all of
    its regular members to serve during the consideration and decision of any
    particular matter, or if any or all the regular members shall be unable to
    serve during the consideration and decision of any particular matter, the
    Financial Compliance Committee may request the Chairman of the Board to
    appoint an alternate or alternates to sit throughout the investigation,
    hearing, and decision of such matter. The Chairman of the Board shall have
    the power to appoint, consistent with paragraph (a) above, any member or
    members as such alternate or alternates.

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                                Ch5 Proceedings
                                ---------------

    When so appointed, such alternate or alternates shall, with respect to such
    particular matter, have all the powers and duties of the regular member or
    members for whom he is or they are acting, and the "Committee on Particular
    Matter," consisting of such alternate or alternates, and the remaining
    regular members of the Financial Compliance Committee, if any, shall with
    respect to such particular matter have all the duties and powers of the
    regular Financial Compliance Committee. During such period as a Committee or
    Committees on a Particular Matter or Matters are functioning, the regular
    Financial Compliance Committee and the regular members thereof shall
    continue to have all the powers and to perform all the duties concerning
    matters not under consideration by a Committee or Committees on Particular
    Matters.

(f) Duties and Authority of the Committee. The duty of the Committee is to
    monitor and ensure the capital and financial integrity of members and member
    firms. The Committee may determine, in its sole discretion, that there is
    reason to believe that the financial status of a member or member firm
    represents a condition inconsistent with sound business practices and
    financial integrity, and may exercise the following authority, without
    limitation, over the financial organization of members and member firms.

    The Committee shall determine the manner and form in which its proceedings
    shall be conducted. The Committee shall have authority, without limitation,
    over the financial organization of member firms and the financial inter-
    relationships between member firms and their wholly-owned affiliated
    entities, including parents and subsidiaries. The Committee shall also have
    the authority, without limitation, to supervise the nature of capital
    formation and the capital compliance of members, member firms, wholly-owned
    affiliates, any other persons with trading privileges, guaranteed
    introducing brokers, and any employees or associated persons of any such
    individual or firm, particularly insofar as such conduct may have an adverse
    impact on the member's, member firm's or wholly-owned affiliate's capital or
    financial stability. The Committee shall also have the authority, without
    limitation, to supervise the financial organization, nature of capital
    formation and the capital compliance of all agricultural regular firms and
    their employees, member and non-member alike.

    The Committee in performing its duties may investigate the dealings,
    transactions and financial interrelationships and condition of members,
    member firms, wholly-owned affiliates, agricultural regular firms, any other
    persons with trading privileges, guaranteed introducing brokers, and any
    employees or associated persons of any such individual or firm, may examine
    their books and papers upon request, and, with respect to member firms, may
    prescribe such capital requirements as it deems appropriate, including,
    without limitation, requiring the immediate or expeditious infusion of
    additional capital (subject to the procedures contained herein). Upon
    approval by the Chairman of the Board, the Committee may employ such
    experts, auditors, counsel and other assistants as it may deem necessary on
    a case-by-case basis, and all expenses incident thereto shall be payable
    from the funds of the Association.

    (1) Where immediate action is necessary, the Committee shall have the
        authority prior to a hearing, only upon written approval by the Chairman
        of the Board, to take summary action consistent with this rule subject
        to a subsequent hearing to be held within five (5) days from the date of
        the summary action in accordance with Regulation 540.06. This hearing,
        conducted before the Committee or Board, shall follow the requirements
        of Regulation 540.03(c)-(j).

        The member, member firm, person with trading privileges, wholly-owned
        affiliate, agricultural regular firm, guaranteed introducing broker, or
        employee or associated person of any such individual or firm will be
        immediately notified in writing of the Committee's or Board's decision,
        in the form of an order signed by the Chairman of the Committee and the
        Chairman of the Board of Directors. Upon written notification of the
        decision, the respondent may request a hearing to be held within five
        (5) days. After this hearing, the respondent may appeal the decision to
        the Board of Directors. The Board of Directors may modify the conditions
        of the original order.

        Alternatively, any such summary order may be appealed directly to the
        Board of Directors within one business day. The member, member firm,
        person with trading privileges, wholly-owned affiliate, agricultural
        regular firm, guaranteed introducing broker, or employee or associated

<PAGE>

                                Ch5 Proceedings
                                ---------------

        person of any such individual or firm subject to such order must give
        written notice of appeal to the Secretary immediately upon receipt of
        the Committee's order; the Board shall hear the appeal within one
        business day following receipt of said appeal notice or such later date
        as the Board may establish pursuant to the written waiver of the one
        business day hearing requirement by the member, member firm, person with
        trading privileges, wholly-owned affiliate, agricultural regular firm,
        guaranteed introducing broker, or employee or associated person of any
        such individual or firm.

    (2) The Committee shall have the authority to charge a member, member firm,
        wholly-owned affiliate, agricultural regular firm, person with trading
        privileges, guaranteed introducing broker, or any employee or associated
        person of any such individual or firm alleged to have violated any Rule
        or Regulation or written policy within its jurisdiction and may impose
        any one or more of the following preliminary penalties: a reprimand, a
        cease and desist order, a fine not to exceed $25,000 for each such
        violation, and/or restitution.  The Committee may also impose upon any
        such individual member, person with trading privileges, or employee of a
        member or member firm a preliminary denial of the privileges of the
        Floor of the Exchange or suspension from membership status for a period
        not in excess of ninety (90) business days for each such violation.
        Except in the case of specified penalties, which shall be heard by the
        Committee in accordance with Regulations 540.02 and 540.03, proceedings
        shall be conducted by the Hearing Committee in accordance with
        Regulations 540.02 and 540.03. The specified penalties which shall be
        heard by the Committee shall be defined as a reprimand, fines not
        exceeding $5,000.00 for any one violation, and a denial of the
        privileges of the Floor for a period not exceeding five (5) business
        days for any one violation.  In the event there is a finding of multiple
        violations of any Rules or Regulations it shall be within the relevant
        Committee's discretion to apply its denial or suspension powers either
        in a consecutive  or concurrent manner.

        A party under cease and desist order may apply to the Committee to
        review and terminate such order, provided that such order has been in
        effect for at least five years prior to application.

        The decision of the Financial Compliance Committee or the Hearing
        Committee may be appealed to the Appellate Committee in accordance with
        Regulation 540.05 by filing with the Secretary of the Association,
        within ten (10) business days after the decision is sent to the
        respondent, a Notice of Appeal to the Appellate Committee requesting a
        review by the Appellate Committee of all or part of the decision.

    (3) Any member, member firm, wholly-owned affiliate, agricultural regular
        firm, other person with trading privileges, guaranteed introducing
        broker, or employee or associated person of any such individual or firm
        who fails to appear before the Committee pursuant to its request, or to
        submit his or its books and records to the Committee at its request,
        shall be guilty of an offense against the Association.

        The Committee may review at any time the operations or procedures of
        members, member firms, wholly-owned affiliates, agricultural regular
        firms, any other persons with trading privileges, guaranteed introducing
        brokers, and any employees or associated persons of any such individuals
        or firms to assure compliance with the Rules and Regulations of the
        Association. Whenever such review discloses a condition or practice
        which, in the Committee's judgment, falls within the provisions of
        Regulation 270.01 or Regulation 540.06, it shall so advise the Chairman
        of the Board and recommend such action as it deems appropriate in the
        circumstances.

(g) Offense Against the Association. It shall be an act detrimental to the
    interest and welfare of the Association for any member of the Association,
    member firm, wholly-owned affiliate, agricultural regular firm, other person
    with trading privileges, guaranteed introducing broker, or employee or
    associated person of any such individual or firm to fail to comply with the
    disciplinary action of the Committee after such action becomes effective.

(h) Hold-Over Members. Whenever the Committee members have begun to hear or
    review evidence and argument in any proceeding, and the term of one or more
    of the members expires, such member or

<PAGE>

                                Ch5 Proceedings
                                ---------------
    members may continue in office until the proceeding has ended. A hold-over
    member shall not participate in any other Committee business, nor shall his
    continuation in office impair the appointment of his successor or his
    successor's right to participate in all other Committee business. (08/01/98)


<PAGE>

Ch5 Proceedings

560.00  Expulsion and Suspension from Membership - Unless otherwise
specifically provided, the penalty of suspension from membership may be
inflicted, and the period of suspension determined, by the vote of a majority of
the members of the Appellate Committee or the Board present, and the penalty of
expulsion from membership or of ineligibility of a suspended member for
reinstatement may be inflicted only by a vote of two-thirds of the members of
the Board present.

At any disciplinary hearing the Appellate Committee or the Board may impose a
fine upon any member or member firm for each Rule or Regulation violated.  By
majority vote of the Appellate Committee members or Directors present, the fine
for each Rule or Regulation violated shall not exceed $250,000. The time for
payment of any such fine shall be determined by the Appellate Committee or the
Board. Failure of any member or member firm to pay the fine during the
prescribed period shall be considered an act detrimental to the interest and
welfare of the Association.  140  (08/01/94)

560.01  Disciplinary Notice - Any member who is suspended, expelled, denied
access to the Floor of the Exchange or otherwise disciplined shall be notified
of such action in writing, with notification to the Commodity Futures Trading
Commission in a manner permitted by the Commission, within thirty (30) days.
The notification shall include the reasons for the Exchange action in the form
and manner the Commission prescribes.   1795  (01/01/00)

560.02  Association Bar - Unless otherwise specifically provided, the penalty
of a bar from association with any member or member firm may be imposed, and the
period of an association bar determined, by the vote of a majority of the
members of the Appellate Committee or the Board present. A permanent bar from
association may be imposed only by the Board by a vote of two-thirds of the
members of the Board present. For purposes of this regulation, a bar from
association with any member or member firm includes, but is not limited to, a
member's acting in the capacity of a partner, officer, director, employee and/or
agent of a member or member firm.  (08/01/94)

561.00  Suspended or Expelled Member Deprived of Privileges - When a member is
suspended by a Committee of the Association or the Board, such member shall be
deprived during the term of his suspension of all rights and privileges of
membership, but he may be proceeded against by the Board for an offense other
than that for which he was suspended.

The expulsion of a member terminates all rights and privileges arising out of
his membership, except such rights in respect to the proceeds of the transfer
thereof as he may have under the provisions of Chapter 2 hereof.  159
(08/01/94)

562.00  Discipline During Suspension - A member suspended under the provisions
of this Chapter may be proceeded against by the Board for any offense committed
by him either before or after the announcement of his suspension, in all
respects as if he were not under suspension.  (08/01/94)

563.00  Trade Checking Penalties - The Floor Conduct Committee may assess a
penalty not to exceed $1,000.00 for each day that a member or registered
eligible business organization fails to make adequate provisions for the
checking of trades that have been rejected by the Clearing House.  Such penalty
may be appealed to the Appellate Committee on the ground that it is excessive or
unreasonable, and the Appellate Committee may thereupon revoke, modify, or
impose a greater or different penalty. (04/01/98)


<PAGE>

<TABLE>
====================================================================================
Chapter 6
Arbitration of Member Controversies
====================================================================================
     <S>                                                                         <C>
          600.00    Arbitration of Member Controversies.........................
          600.01    Member to Member Statute of Limitations.....................
          601.00    Arbitration of Customers' Claims and Grievances.............
          601.01    Award of Actual Damages.....................................
          601.02    Award of Punitive or Exemplary Damages......................
          602.00    Arbitration of Other Member-Nonmember Controversies.........

     Ch6 A. Definitions.........................................................
          603.00    Member Defined..............................................
          603.01    Definitions.................................................

     Ch6 B. Organization........................................................
          610.01    Arbitration Committee.......................................
          610.02    Administrator of Arbitration................................
          610.03    Unassociated Persons........................................

     Ch6 C. Jurisdiction, Submission, Selection of Arbitrators..................
          620.01    Jurisdiction and Submission.................................
          620.02    Selection of Arbitrators and Chairman.......................
          620.03    Special Arbitrators.........................................
          620.04    Time Limit for Filing Customers' Claims and Grievances......
          620.05    Time Limit for Filing Claims in Member/Agricultural Regular
                    Firm Controversies..........................................

     Ch6 D. Procedure...........................................................
          630.01    Pleadings...................................................
          630.02    Third Party Actions.........................................
          630.03    Cross Claims................................................
          630.04    Representation by Attorney..................................
          630.05    Time and Place for Hearing..................................
          630.06    Witnesses, Subpoenas, Depositions...........................
          630.07    Oath of Arbitrators.........................................
          630.08    Hearing Procedures..........................................
          630.09    Amendments To Pleadings.....................................
          630.10    Adjournments................................................
          630.11    Notice and Communications...................................
          630.12    Arbitration Procedures For Claims Under $2,500..............
          630.13    Rulings and Awards..........................................
          630.14    Change of Award.............................................

     Ch6 E. Miscellaneous Provisions............................................
          640.01    Fees and Expenses...........................................
          640.02    Ex Parte Contacts...........................................
          640.03    Holdover Arbitrators........................................
          640.04    Power to Decline Jurisdiction...............................
          640.05    Compliance With Applicable Laws.............................
</TABLE>


<PAGE>

================================================================================
Chapter 6
Arbitration of Member Controversies
================================================================================

600.00  Arbitration of Member Controversies - Any controversy between parties
who were members at the time such controversy arose and which arises out of the
Exchange business of such parties shall, at the request of any such party, be
submitted to arbitration in accordance with regulations prescribed by the
Exchange. Every member, by becoming such, agrees to arbitrate all such disputes
with other members in accordance with this Rule and the regulations prescribed
by the Exchange pursuant to this Rule, and further agrees and obligates himself
to abide by and perform any awards made thereunder. (06/01/95)

600.01 Member to Member Statute of Limitations - Except as provided in the a/c/e
mistrade policy, a controversy shall be submitted to arbitration within two
years from the date the member knew or should have known of the dispute.
(09/01/01)

601.00  Arbitration of Customers' Claims and Grievances - The Exchange shall by
regulation establish procedures in conformity with Section 5a(11) of the
Commodity Exchange Act and Regulations thereunder for the settlement through
arbitration of customers' claims and grievances against members and their
employees. Every member, by becoming such, agrees to abide by all regulations
prescribed by the Exchange pursuant to this Rule, and further agrees to abide by
and perform any awards made thereunder. (08/01/94)

601.01  Award of Actual Damages - If an award of actual damages is made against
a floor broker in connection with the execution of a customer order, the futures
commission merchant that selected the floor broker may be required to satisfy
such award. (08/01/94)

601.02  Award of Punitive or Exemplary Damages - Punitive or exemplary damages
may be awarded to a customer in addition to losses proximately caused by a floor
broker, if the floor broker acted wilfully and intentionally in bringing about
the customer's losses. The punitive or exemplary damages may not exceed an
amount equal to two times the amount of the actual damages proximately caused by
the floor broker. In addition, the futures commission merchant that selected the
floor broker may be required to satisfy the award of punitive or exemplary
damages if the floor broker fails to do so and only if the futures commission
merchant wilfully and intentionally selected the floor broker with the intent to
assist or facilities the floor broker's violation. (08/01/94)

602.00  Arbitration of Other Member-Nonmember Controversies - - The Exchange may
by regulation establish procedures for the voluntary arbitration of
controversies between members and nonmembers arising out of Exchange business,
other than customers' claims and grievances, where neither the claim, nor any
counterclaim, is in excess of $50,000. Every member, by becoming such, agrees to
abide by all regulations which the Exchange may prescribe pursuant to this Rule,
and further agrees to abide by and perform any awards made thereunder.
(08/01/94)


<PAGE>

Ch6 A. Definitions

603.00  Member Defined - For purposes of this Chapter, the term "member"
includes all individual members of the Association, and all partnerships,
corporations, and cooperative associations registered with the Association
pursuant to Rule 230.00 or related regulations. (11/01/94)

603.01  Definitions -

For purposes of this Chapter:

A.  "Member" of the Association includes all individual members of the
    Association, and all partnerships, corporations, and cooperative
    associations that are registered with the Association pursuant to Rule
    230.00 or Regulation 230.17. For purposes of Rule 600.00 and Regulation
    620.01(A), "member" shall also be deemed to include the operator or manager
    of a warehouse or shipping plant that has been declared regular by the
    Exchange for the delivery of grains, soybean oil or soybean meal in Board of
    Trade contracts.

B.  "Claims or grievance" is any dispute which arises out of any transaction on
    or subject to the rules of the Exchange (including any transaction on or
    subject to the Rules of another contract market if such transaction is part
    of the same cause of action), executed by or effected through a member of
    the Association, or by or through an employee of a member of the
    Association, which dispute does not require for adjudication the presence of
    essential witnesses or third parties over whom the Association does not have
    jurisdiction and who are not otherwise available. A "claim or grievance"
    does not include disputes arising from cash market transactions which are
    not part of or directly connected with any transaction for the purchase or
    sale of any commodity for future delivery.

C.  "Customer" does not include any member of the Association.

D.  "Unassociated person" excludes all persons who are either members of or
    associated with members of the Association, who are employees of the
    Association, or who are otherwise associated with the Association. For the
    purpose of customer claims or grievances in connection with this chapter
    only, "unassociated person" excludes all persons who are members of, or
    associated with members of, or are employees of, or otherwise associated
    with, the Association or any other contract market. (08/01/94)


<PAGE>

Ch6 B. Organization

610.01  Arbitration Committee - The Arbitration Committee shall consist of
twenty-eight (28) individual members of the Association appointed by the
Chairman of the Board with the approval of the Board. Seven (7) shall be chosen
from each of the following four (4) categories: seven (7) shall be principally
engaged as floor traders; seven (7) shall be principally engaged as floor
brokers; seven (7) shall be affiliated with brokerage firms; and seven (7) shall
be affiliated with commercial firms. Fourteen (14) members shall be appointed
for a term to end January, 1992, and fourteen (14) members shall be appointed
for a term to end January, 1993. Beginning January, 1992, fourteen (14) members
shall be appointed each year for a term of two years. A vacancy shall be filled
for the unexpired term in the same manner as is provided above. No person shall
be a member of the Committee who, at the same time, is a member of the Board or
a member of any standing disciplinary committee. A member of the Arbitration
Committee shall not be disqualified to serve on the Committee or any panel
thereof due to a change in categories subsequent to his appointment. If the
category of a member of the Arbitration Committee should change subsequent to
his appointment, he shall be considered for all purposes to be in the category
from which he was chosen on the date of his appointment. (08/01/94)

610.02  Administrator of Arbitration - The Administrator of Arbitration
("Administrator") shall be appointed by the President to serve at his will. The
Administrator shall assist the Arbitration Committee in the performance of its
work, and perform all ministerial duties in connection therewith including the
following: he shall receive and file all submissions, pleadings and awards; he
shall select unassociated persons to serve on Mixed Panels; he shall schedule
and give notice of all hearings, keep a record of all cases, and keep such other
books, and memoranda as the Committee shall from time to time direct; he shall
receive and disburse all deposits and costs and keep careful and accurate
account thereof under the supervision of the Arbitration Committee; and he shall
perform all other duties incident to his office. (08/01/94)

610.03  Unassociated Persons - The Administrator shall maintain a list of
unassociated persons available to serve as arbitrators on Mixed Panels
constituted pursuant to Regulation 620.02 for the arbitration of customers'
claims and grievances and other member-nonmember controversies. The
Administrator shall from time to time select unassociated persons and place on
the list the names of such unassociated persons who are willing to serve as
arbitrators. (08/01/94)


<PAGE>

Ch6 C. Jurisdiction, Submission, Selection of Arbitrators

620.01  Jurisdiction and Submission -

A.  Member Controversies. The Arbitration Committee has jurisdiction to
    arbitrate all controversies between members arising out of Exchange
    business. A member party may compel another member party to arbitrate such
    controversies by delivering to the Administrator a Statement of Claim.

B.  *Customer's Claims and Grievances. The Arbitration Committee and Mixed
    Panels constituted pursuant to Regulation 620.02 have jurisdiction to
    arbitrate all customer's claims and grievances against any member or
    employee thereof which have arisen prior to the date the customer's claim is
    asserted. If the customer elects to initiate an arbitration proceeding of
    any customer claim or grievance, the member shall submit to arbitration in
    accordance with these Arbitration Rules and Regulations. The arbitration
    shall be initiated by delivery to the Administrator of (a) a Statement of
    Claim and a "Chicago Board of Trade Arbitration Submission Agreement for
    Customers' Claims and Grievances" signed by the customer or (b) a Statement
    of Claim and another arbitration agreement between the parties, which
    agreement conforms in all respects with any applicable requirements
    prescribed by the Commodity Futures Trading Commission. The refusal of any
    member or employee to sign the ''Chicago Board of Trade Arbitration
    Submission Agreement for Customer's Claims and Grievances" shall not deprive
    the Arbitration Committee or a mixed Panel constituted pursuant to
    Regulation 620.02 of jurisdiction to arbitrate customers' claims under these
    Arbitration Rules and Regulations. The Committee and Mixed Panels have
    jurisdiction to arbitrate a counterclaim asserted in such an arbitration,
    but only if it arises out of the transaction or occurrence that is the
    subject of the customers' claim or grievance and does not require for
    adjudication the presence of essential witnesses, parties or third persons
    over whom the Association does not have jurisdiction. Other counterclaims
    are subject to arbitration by the Committee, or a Mixed Panel, only if the
    customer agrees to the submission after the counterclaim has arisen.

C.  Other Member-Nonmember Controversies. The Arbitration Committee, and Mixed
    Panels constituted pursuant to Regulation 620.02, have jurisdiction to
    arbitrate all controversies between members and nonmembers arising out of
    Exchange business, other than customers' claims and grievances, where
    neither the claim nor the counterclaim is in excess of $50,000 and where the
    claim is filed no more than one year after the date of the transaction
    giving rise to the claim or controversy. Any party may request the
    arbitration of such controversy by delivering to the Administrator (1) a
    Statement of Claim and a ''Chicago Board of Trade Arbitration Submission
    Agreement" signed by all the parties or (2) a Statement of Claim and another
    arbitration agreement between the parties, which agreement conforms in all
    respects with any applicable requirements prescribed by the Commodity
    Futures Trading Commission.

*The following is the text of Regulation 620.01(B) as amended by CFTC Rule
7.201. The legality of Rule 7.201, and thus the obligation of Board of Trade
members to arbitrate customer's claims and grievances, has been the subject of
litigation between the Board of Trade and one of its member firms against the
CFTC since 1982. On December 30, 1986, the United States District Court for the
Northern District of Illinois declared CFTC Rule 7.201 to be invalid as an
unconstitutional denial of a member firm's Seventh Amendment right to a jury
trial. However, on December 22,1987, the Seventh Circuit Court of Appeals
overturned the District Court's decision, thereby upholding CFTC Rule 7.201. The
Board of Trade, with a member firm, filed with the United States Supreme Court a
petition to review the Seventh Circuit's decision. On October 3,1988, the
Supreme Court denied the petition. The Supreme Court's ruling, in effect,
reaffirms the Seventh Circuit's decision validating CFTC Rule 7.201 and
compelling Association members, at the option of the customer, to arbitrate
customer disputes arising out of Exchange business. (08/01/94)

620.02  Selection of Arbitrators and Chairman

A.  Customers' Claims and Grievances. Prior to the time of a customer's
    submission of a claim or grievance to the arbitration procedure established
    herein, he shall be informed that he may elect at the time of submission of
    the claim or grievance to have his dispute heard by an arbitration panel
    consisting of members selected pursuant to Subsection C of this Regulation,
    or by a Mixed


<PAGE>

           Ch6 C. Jurisdiction, Submission, Selection of Arbitrators
           ---------------------------------------------------------

    Panel selected pursuant to this Subsection. The customer shall be advised,
    prior to election of a Mixed Panel

    1.  that any increased expenses attendant to having such a Mixed Panel shall
        be borne by the member(s) regardless of the outcome of the arbitration
        unless the arbitrators determine that the customer acted in bad faith in
        initiating, or participating in, the arbitration proceeding.

    2.  that the Mixed Panel may have more or less knowledge in the area of
        commodities relevant to his claim that a panel composed entirely of
        members of the Arbitration Committee.

    Such Mixed Panel shall be composed of five (5) persons, three of whom shall
    be unassociated persons, and two of whom shall be members of the Arbitration
    Committee, both of whom may be from the same category. The unassociated
    persons on such Mixed Panel shall be chosen by the Administrator by lot from
    the list of available unassociated persons maintained by the Administrator.
    The members of the Arbitration Committee shall be selected in a manner to be
    established by the Committee. Each panel shall be chaired by a member of the
    Executive Subcommittee of the Arbitration Committee.

B.  Other Member-Nonmember Controversies. The provisions of Subsection A of the
    Regulation shall be applicable to the arbitration of member-nonmember
    controversies, as well as to the arbitration of customers' claims and
    grievances.

C.  Other Controversies. In the case of controversies between members, or in the
    event that a customer or nonmember party does not elect a Mixed Panel as
    outlined in Subsections A and B of this Regulation, the arbitration panel
    shall consist of five (5) Arbitrators, to be selected from the Arbitration
    Committee in a manner to be established by the Committee, with at least one
    Arbitrator to be selected from each category described in Regulation 610.01.
    Each panel shall be chaired by a member of the Executive Subcommittee of the
    Arbitration Committee.

D.  Executive Subcommittee of the Arbitration Committee. For the purpose of this
    Regulation 620.02, the Executive Subcommittee of the Arbitration Committee
    shall consist of one Chairman, one Vice Chairman and three other members,
    all of whom have been appointed by the Chairman of the Board with the
    approval of the Board of Directors. One member of the Subcommittee must be
    principally engaged as a floor trader, one member must be principally
    engaged as a floor broker, one member must be affiliated with a brokerage
    firm, and one member must be affiliated with a commercial firm. The Chairman
    of the Subcommittee may come from any of the four categories cited in the
    preceding sentence. (11/01/97)

620.03  Special Arbitrators - Where the controversy is of a highly technical
nature, if the parties desire, they may arrange between themselves for one or
more Special Arbitrators to be convened by the Administrator, in which event
such Special Arbitrator or Special Arbitrators shall proceed in accordance with
the provisions of this Chapter. (08/01/94)

620.04  Time Limit for Filing Customers' Claims and Grievances - The Arbitration
Committee and Mixed Panels constituted pursuant to Regulation 620.02 do not have
jurisdiction to arbitrate customers' claims and grievance which are filed more
than one year after the date of the transaction giving rise to the claim or
controversy. (08/01/94)

620.05  Time Limit for Filing Claims in Member/Agricultural Regular Firm
Controversies - The Arbitration Committee does not have jurisdiction to
arbitrate controversies between members and agricultural regular firms which are
filed more than one year after the date of the events giving rise to the claim
or controversy. (08/01/94)


<PAGE>

Ch6 D. Procedure

630.01  Pleadings

A.  Form of Pleadings. Pleadings shall be sufficient if they contain information
    which reasonably informs the other party of the nature of the claim,
    counterclaim, or defense. The amount of the claim or counterclaim shall be
    stated where possible. Provided, however, in any controversy submitted
    between non-members (parties who are neither customers nor members) and
    members or their employees, the parties shall be deemed to have agreed
    between themselves that no award upon a claim or counterclaim shall exceed
    $50,000.

B.  Notice. The Administrator shall deliver or mail copies of all pleadings to
    the parties as soon as practicable.

C.  Answer and Counterclaim. The respondent shall have ten (10) business days
    from receipt of the Statement of Claim in which to file an answer and
    counterclaim, if any, with the Administrator. If the respondent does not
    file an answer and counterclaim, if any, within the time prescribed, the
    respondent will be deemed to have denied the claim and to have waived any
    counterclaim. The Administrator, in his discretion, may extend the filing
    period upon request of the respondent.

D.  Reply. The claimant shall be given the same opportunity to reply to any
    counterclaim as was given the respondent to answer. (08/01/94)

630.02  Third Party Actions - In an arbitration between members pursuant to the
provisions of Regulation 620.01(A).

1.  A party may bring in a third party member against whom a claim is asserted
    arising out of or in connection with transactions referred to in the
    pleadings.

2.  A member may, in the discretion of the Arbitrators, intervene in a pending
    arbitration proceeding and become a party if the Arbitrators are satisfied
    that the claim which he asserts against either or both of the parties arises
    out of or in connection with the transactions referred to in the pleadings.

3.  The procedures to be followed in any third party action shall be determined
    by the Arbitrators. (08/01/94)

630.03  Cross Claims - In an arbitration between members pursuant to the
provisions of Regulation 620.01(A), parties shall have the right to assert cross
claims. (08/01/94)

630.04  Representation by Attorney - A party is not required to be represented
by an attorney; however, he has the right to be represented by an
attorney at his own expense if he so chooses. A party who is represented by an
attorney shall so notify the Administrator and shall furnish to him the
attorney's name and address. Subsequent papers in the proceeding may be
delivered or mailed to the party through his attorney. The arbitrators may award
a party all or any portion of the party's reasonable attorneys fees and expenses
incurred as a result of another party's frivolous claim or defense. The party so
awarded shall submit an affidavit, detailing his attorney fees and expenses, to
the Administrator with notice to the opposing party. (08/01/96)

630.05  Time and Place for Hearing - The Administrator shall set a date for the
hearing after all pleadings have been filed, and shall notify the parties at
least five (5) business days in advance of the time and place, with a copy of
the notification to the Arbitrators. All hearings shall be held in the City of
Chicago, State of Illinois. If it is determined by the Administrator that it is
necessary, for any reason, to postpone the time of hearing, he shall notify the
parties. When a new date for hearing is set, the parties shall be notified as
soon as practicable and no less than five (5) business days before the hearing
unless the time limit is waived. (08/01/94)

630.06  Witnesses, Subpoenas, Depositions - Arbitrators and parties shall have
such powers in regard to compelling attendance of witnesses or the production of
documents or things, or the taking of depositions, as are provided in the
Uniform Arbitration Act of Illinois. (08/01/94)

630.07  Oath of Arbitrators - All Arbitrators shall be sworn faithfully and
fairly to hear, examine, and determine all controversies and to make awards
according to the best of their understanding. Such oath may be administered by
any person authorized to administer oaths. (08/01/94)

<PAGE>

                               Ch6 D. Procedure
                               ----------------

630.08  Hearing Procedures

A.  The Arbitrators may allow stipulations and establish such other procedures
    as may simplify the issues and expedite the hearing. The Arbitrators may
    hear and determine the controversy upon the evidence produced,
    notwithstanding the failure of a party duly notified to appear or to present
    evidence.

B.  Each of the parties or his attorney shall be permitted to make an opening
    statement; present witnesses and evidence material to the controversy;
    cross-examine witnesses, including parties to the arbitration; and present
    closing arguments orally or in writing as may be determined at the hearing
    by the Arbitrators. The Arbitrators shall not be bound by formal rules of
    evidence. The Arbitrators shall receive and consider the evidence of
    witnesses by affidavit, but shall give it only such weight as they deem it
    entitled to after consideration of any objections made to its submission.
    All testimony shall be taken under oath or affirmation. The hearing shall be
    formally declared closed by the Arbitrators. Such hearings may, however, in
    the discretion of the Arbitrators, be reopened at any time prior to the
    making of an award.

C.  The Arbitrators may, when they deem it appropriate, record the proceedings
    in whatever manner they determine. Any party may require the proceedings to
    be transcribed if he agrees to pay the actual cost of such transcription.
    The Administrator shall make the necessary arrangements for the taking of a
    stenographic record whenever such record is requested. (08/01/94)

630.09  Amendments To Pleadings - At any time before the hearings are declared
closed, any party may move to amend his pleadings to conform to the evidence
and, if the Arbitrators shall permit the amendment, the case shall be determined
on the amended pleadings. (08/01/94)

630.10  Adjournments - The Arbitrators may adjourn the hearings from time to
time upon the application of either party for good cause or at their own
instance. (08/01/94)

630.11  Notice and Communications - Notices shall be given to the parties by the
Administrator or otherwise as the Arbitrators may direct. (08/01/94)

630.12  Arbitration Procedures For Claims Under $2,500

A.  Where claims of the parties including counterclaims, if any, are under
    $2,500 in the aggregate, the dispute shall be resolved by the Arbitrators
    solely upon the pleadings and documentary evidence filed by the parties. A
    party shall have the right to take the deposition of any other party in the
    manner and upon terms designated by the Arbitrators.

B.  Notwithstanding the provisions of this Regulation, the Arbitrators may
    request the submission of further evidence in the proceedings, and the
    Arbitrators may, by a majority vote, call and conduct a hearing if such is
    deemed to be necessary. (08/01/94)

630.13  Rulings and Awards

A.  All rulings and awards shall be by a majority vote of the Arbitrators.

B.  The award shall be in writing and signed by the Arbitrators joining in the
    award. Such award shall be promptly rendered according to the Rules and
    Regulations of the Association and the laws of the land, and the award shall
    be final. The Arbitrators shall file the award with the Administrator and
    the Administrator shall deliver or mail a copy to each party.

C.  Failure to comply with an order or award of the Arbitration Committee or to
    pay the full amount of the award to the Exchange as escrow agent within
    thirty (30) days of notice of the order or award shall be deemed to be a
    failure to perform an Exchange contract in accordance with Rule 278.00

    The amount of the award placed in escrow with the Exchange plus accrued
    interest shall be released to the prevailing party ninety-one days after
    notice of the award is issued unless a timely motion to vacate, modify or
    correct the award has been filed with a court of competent jurisdiction, in
    which case the amount shall continue to be held by the Exchange and together
    with accrued interest shall be disbursed upon the entry of and in accordance
    with a final order disposing of such motion. (08/01/94)

630.14  Change of Award - On application of a party to the Arbitrators, the
Arbitrators may modify or correct the award in accordance with the Uniform
Arbitration Act of Illinois. (08/01/94)


<PAGE>

Ch6 E. Miscellaneous Provisions

640.01  Fees and Expenses - A schedule of arbitration fees shall be established
from time to time by the Arbitration Committee, with the approval of the Board.
The Arbitrators, in the award, shall fix expenses and assess fees, in accordance
with the Committee's schedule, in whatever manner they deem appropriate,
provided that incremental costs associated with the selection of a Mixed Panel
by a customer shall be borne by the member regardless of the outcome of the
arbitration unless the arbitrators shall determine that the customer acted in
bad faith in initiating, or participating in, the arbitration proceeding.
Parties shall be notified prior to the submission of a claim of the nature and
amount of fees and expenses which may be assessed against the parties to the
extent that the amount of such fees and expenses may be determined prior to
submission and hearing of the claim. (08/01/94)

640.02  Ex Parte Contacts - Parties are prohibited from making ex parte contacts
with any Arbitrator hearing an arbitration between the parties. (08/01/94)

640.03  Holdover Arbitrators - Whenever the Arbitrators have begun to hear or
review evidence and argument in any arbitration proceeding, and the term of one
or more of the Arbitrators expires, such Arbitrator or Arbitrators shall
continue in office until the arbitration proceeding has ended. A holdover member
shall not participate in any other Committee business, nor shall his
continuation in office impair the appointment of his successor or his
successor's right to participate in all other Committee business. (08/01/94)

640.04  Power to Decline Jurisdiction - Arbitrators may decline jurisdiction in
any case, except as provided by law. The Arbitrators may, at any time during the
proceeding, except as provided by law, and shall, upon the joint request of the
parties, dismiss the proceeding. (08/01/94)

640.05  Compliance With Applicable Laws - The Regulations of this Chapter shall
be so construed as to comply with applicable mandatory provisions of the
Commodity Exchange Act (including Regulations thereunder) and all mandatory
provisions of the Uniform Arbitration Act of Illinois and, where in conflict
with the mandatory provisions of such Act or Acts, the Acts shall prevail.
However, these Regulations, being an integral part of all agreements for the
arbitration of disputes pursuant hereto, shall supersede all provisions of the
Acts which are waivable by agreement. (08/01/94)


<PAGE>

<TABLE>
<CAPTION>
=========================================================================
Chapter 7
Clearing House, Deposits for Security
=========================================================================
<S>                                                                   <C>
     Ch7 Clearing House..............................................
          700.00  Settlement by Clearance............................
          701.00  Rights of Board....................................
          702.00  Clearing House By-Laws.............................
          703.00  Membership in Clearing House.......................
          703.00A Office Location and Operation......................
          703.00B Transition Period for Amended Rule 703.00..........
          704.00  Substitution.......................................
          705.00  Offsets............................................
          705.01  Reporting (Margins)................................
          705.02  Reporting (Offsets)................................
          706.00  Trades for Customers...............................

     Ch7 Deposits for Security.......................................
          720.00  Amount Callable....................................
          721.00  Depositaries.......................................
          722.00  Certificates.......................................
          723.00  Disposition of Duplicate Certificates..............
          724.00  Existing and Future Exchange Contracts.............
          725.00  Notice of Call.....................................
          726.00  Failure to Make Deposit............................
          727.00  Return of Deposits.................................
          728.00  Release of Excessive Deposits......................
          729.00  Deposits to Secure Clearing House..................
</TABLE>


<PAGE>

================================================================================
Chapter 7
Clearing House, Deposits for Security
================================================================================

Ch7 Clearing House

700.00    Settlement by Clearance - All contracts, including contracts made by
members upon behalf of non-members, shall be cleared through the Clearing House,
and all such contracts shall be subject to the Charter, By-Laws, and Clearing
Regulations of the Clearing House; except in security contracts unless otherwise
stipulated in the bid or offer or it is otherwise agreed by the parties to the
contract, or the Clearing House, either in the particular instance or in
pursuance of its By-Laws and Resolutions, will not act in the matter. 310
(09/01/94)

701.00    Rights of Board - During 1936 the Board, by the affirmative vote of
fourteen Directors and thereafter by the affirmative vote of twelve Directors,
may discontinue the clearance of commodities and securities contracts through
the Clearing House, and provide for such other method of clearance as may be
selected. 311 (08/01/94)

702.00    Clearing House By-Laws - The Clearing House may not change its By-
Laws without the consent of the Board. 312 (08/01/94)

703.00    Membership in Clearing House - The Clearing House may prescribe the
qualifications of its own members. However, no person, corporation, limited
liability company, partnership, or any other type of eligible business
organization (hereinafter collectively referred to as "Eligible Business
Organization") shall become a member of the Clearing House until approved by the
Membership Committee, subject to the following conditions:
(a)  No Eligible Business Organization shall become a member of the Clearing
     House for the purpose of clearing trades for others unless the chief
     executive officer of a corporation, the managing partner of a partnership,
     or the managing member of a limited liability company has registered his or
     her membership privilege for the use of the Eligible Business Organization
     pursuant to Rule 230.00 and the provisions of paragraph (d) below are met.
     For good cause shown and if approved by the Membership Committee with the
     concurrence of the Governors of the Clearing House, the Eligible Business
     Organization may designate its principal managerial employee instead of the
     individual referred to above.  For the purpose of this Rule, a principal
     managerial employee shall be the highest ranking managerial employee in the
     Eligible Business Organization whose duties pertain to the management of
     the Eligible Business Organization or any division thereof, and who is in a
     position to influence the Eligible Business Organization's operations with
     respect to commodities business.  The ability to influence the eligible
     Business Organization's operation with respect to commodities business
     includes, but is not limited to, the following:

     (1)  the ability to commit the Eligible Business Organization's capital
          whenever required by the Exchange or the Board of Trade Clearing
          Corporation.

     (2)  the ability to liquidate or otherwise adjust the Eligible Business
          Organization's commodity futures or options positions as directed by
          the Exchange; and

     (3)  the authority to appear before and respond to any committee of the
          Exchange on behalf of the Eligible Business Organization.

(b)  An individual member of the Association or a registered partnership or a
     limited liability company consisting of a husband and wife who are members,
     may be a member of the Clearing House provided that they clear trades
     exclusively for their own account.

(c)  No Eligible Business Organization may be a member of the Clearing House for
     the purpose of clearing its own trades exclusively unless one of its
     managerial employees has registered his or her membership for the use of
     the Eligible Business Organization as provided in Rule 230.00.

     The provisions of the foregoing paragraph shall apply to an Eligible
     Business Organization which is solely owned provided that the sole owner is
     a member of the Association and has registered his or her membership for
     the use of the Eligible Business Organization with the approval of the
     Membership Committee under the provisions of Rule 230.00.  In such a case,
     the Eligible Business

<PAGE>


                              Ch7 Clearing House
                              ------------------

     Organization may be a member of the Clearing House for the purpose of
     clearing its own trades exclusively.

(d)  An Eligible Business Organization may be a member of the Clearing House and
     clear trades for others if it conducts a substantial and continuing
     business in commodity futures contracts on the Exchange directly with the
     trading public and if two memberships for the use of the Eligible Business
     Organization are registered under the provisions of Rule 230.00.  One of
     the memberships to be registered must be that of the chief executive
     officer of a corporation, the managing partner of a partnership, or the
     managing member of a limited liability company, as applicable.  The second
     membership to be registered must be that of the second ranking managerial
     employee of the Eligible Business Organization.

     The Membership Committee, in its discretion and for good cause shown, may
     allow an Eligible Business Organization to register a membership in the
     name of a managerial employee of the Eligible Business Organization other
     than the second ranking managerial employee in order to satisfy the
     requirements of this paragraph (d) when the second ranking managerial
     employee fails to meet the qualifications of the term managerial employee
     as defined in Rule 230.00.

(e)  A lawfully formed and conducted cooperative association of producers having
     adequate financial responsibility and which is engaged in any cash
     commodity business, may clear trades through the Clearing House provided it
     meets the registration requirements for Eligible Business Organizations as
     set forth in this Rule.

(f)  A member firm which is also a clearing member firm of the Association or a
     managerial employee of such firm shall not be prohibited from owning,
     controlling, or being a shareholder, member or limited partner in one other
     clearing member firm provided that when both clearing members are
     corporations, the second clearing member is a 100% wholly owned subsidiary
     of the first clearing member corporation and further provided that each
     clearing member must, in its own right, meet all the conditions and
     requirements contained in this chapter.

(g)  An Eligible Business Organization which is not a clearing member of this
     Association shall not be prohibited from owning and controlling two
     clearing members, provided that each of the two clearing members is a 100%
     wholly-owned subsidiary of the Eligible Business Organization and provided
     that each of the two clearing members meets all of the conditions and
     requirements contained in this chapter in its own right.

(h)  For the purpose of Rule 703.00 (c), (f) and (g), the registrant of a
     corporation shall be its chief executive officer or, for good cause shown,
     its principal managerial employee as defined in paragraph (a) above; the
     registrant of a partnership shall be its managing partner or, for good
     cause shown, its principal managerial employee as defined in paragraph (a)
     above; and the registrant of a limited liability company shall be its
     managing member or, for good cause shown, its principal managerial employee
     as defined in paragraph (a) above. (04/01/98)

703.00A   Office Location and Operation - To be eligible for clearing
privileges, an Eligible Business Organization must:


     Operate under the direct supervision of the clearing member, if an
     individual, or of a member in good standing having full authority to
     transact business with the Clearing House for and on behalf of the clearing
     member, including entering into Exchange and members' contracts, if an
     Eligible Business Organization; or

     Back-office operations may be located outside Chicago provided the clearing
     member, or applicant for clearing membership, meets any systems
     requirements, documentation and/or agreements as prescribed by The Chicago
     Board of Trade and The Board of Trade Clearing Corporation in order to
     ensure that the clearing member/applicant will be able to comply with The
     Chicago Board of Trade's and The Board of Trade Clearing Corporation's
     Bylaws, rules, policies and procedures.

Provided, however, that the Board of Governors of the Clearing House may permit
individual members, as well as partnerships and limited liability companies
composed only of members, to share office space if they clear only their
personal trades and carry no accounts for customers. 31R (07/01/01)

703.00B   Transition Period for Amended Rule 703.00 - Any eligible business
organization which is not in compliance with the terms of amended Rule 703.00 on
its effective date shall have six (6) months from that date to comply with the
terms of the Rule as amended. (04/01/98)

704.00    Substitution - Where a future delivery contract is cleared through the
Clearing House,

<PAGE>

                              Ch7 Clearing House
                              ------------------

the Clearing House shall be deemed substituted as seller to the buyer, and shall
also be deemed substituted as buyer to the seller, and thereupon the Clearing
House shall have all of the rights and be subject to all of the liabilities of
the original parties with respect to such contract. 314 (08/01/94)

705.00    Offsets - Where a member buys and sells the same commodity for the
same delivery, and such contracts are cleared through the Clearing House, the
purchases and sales shall be offset to the extent of their equality, and the
member shall be deemed a buyer from the Clearing House to the extent that his
purchases exceed his sales, or a seller to the Clearing House to the extent that
his sales exceed his purchases. 315 (08/01/94)

705.01    Reporting (Margins) - A bona fide hedger, in financial instruments,
may report positions on a gross basis provided appropriate margins are paid
during the delivery month, on the gross positions reported, as required by
Regulation 431.02. (18) (08/01/94)

705.02    Reporting (Offsets) - A bona fide hedger, in financial instruments,
reporting consistently on a gross basis under Regulation 705.01 shall, during a
delivery month settle gross positions only by offsetting such positions through
trades in the pit. During non-delivery months, and not later than three days
prior to the first day of the delivery month, gross positions may be offset as
provided for in the Rules of the Association. (08/01/94)

706.00    Trades for Customers* - Where a member makes a trade for future
delivery of commodities for a customer (member or non-member) and the trade is
cleared through the Clearing House, the Clearing House becomes the principal who
is liable to the customer and to whom the customer is liable, subject to the
following: (a) the trade shall remain subject to the Charter, By-Laws, and
Resolutions of the Clearing House; (b) the trade may be offset against other
trades of the clearing member as provided in Rule 705.00; (c) if the trade is
not offset and the member being a seller, tenders a delivery notice to the
Clearing House, the member to whom such delivery is assigned, under Rule
1048.00, shall thereupon be substituted as buyer in lieu of the Clearing House;
(d) if the trade is not offset, and the member, being a buyer, is assigned a
delivery under Rule 1048.00, the seller whose delivery is thus assigned shall
thereupon be substituted as seller in lieu of the Clearing House; (e) if the
trade is offset, the Clearing House shall be discharged, and the member himself
shall be substi-tuted for the Clearing House as principal. For the purpose of
this Rule, the first trades made shall be deemed the first trades offset. 316

*See also Board of Trade Clearing Corporation By-Law 515. (08/01/94)


<PAGE>

Ch7 Deposits for Security

720.00    Amount Callable - On future delivery contracts, buyers may require
sellers and sellers may require buyers to deposit, as security for faithful
performance, such percentage of the market price of the commodities bought or
sold as shall not be in excess of the standing margin requirements of the
Clearing House. 260 (08/01/94)

721.00    Depositaries - All such deposits shall be made with the Treasurer, or
with a bank approved by the Board. Such bank must have at least one executive
officer who is a member, and must file a bond, approved by the Board,
conditioned to dispose of such deposits according to the Rules. 261 (08/01/94)

722.00    Certificates - The depositary shall issue a certificate of deposit in
duplicate, giving the date and amount of the deposit and the name of the
depositor and the beneficiary. It shall also state that the certificate is
subject to the Rules of the Association. 262 (08/01/94)

723.00    Disposition of Duplicate Certificates - The depositor, within one hour
after the call for the deposit, must deliver the duplicate certificate of
deposit to the Clearing House or to the beneficiary. 263 (08/01/94)

724.00    Existing and Future Exchange Contracts - Unless otherwise provided all
deposits shall constitute security for the performance of all existing or
future Exchange contracts between the parties. 264 (08/01/94)

725.00    Notice of Call - Calls for deposits may be served personally upon the
party called or upon his clerk or representative on Change, or by written notice
left at his place of business. If he has no place of business and cannot be
found, the call may be made by written notice left at the Office of the
Secretary. 265 (08/01/94)

726.00    Failure to Make Deposit - Failure to make deposits for one hour after
demand shall authorize but not obligate the other party to close out the trades
for which security was demanded. If such trades are closed, the delinquent shall
be immediately notified, whereupon any loss upon such trades shall be
immediately payable through the Clearing House. 266 (08/01/94)

727.00    Return of Deposits - Upon performance or closing out of contracts
secured by deposits, or upon the assumption of such contracts by the Clearing
House, such deposits may be withdrawn upon the joint endorsement of depositor
and beneficiary. If they cannot agree as to the disposition of the deposit,
either party may apply to the Chairman of the Arbitration Committee, who shall
appoint a special committee of three arbitrators before whom the dispute shall
be arbitrated. The Committee shall report their findings to the Chairman of the
Arbitration Committee, and thereupon the Chairman of the Arbitration Committee
shall endorse the original or duplicate certificate in accordance therewith.
Such endorsement shall authorize the depositary to pay the deposit as directed.
267 (08/01/94)

728.00    Release of Excessive Deposits - If, by reason of market fluctuations,
any deposit becomes excessive, the excess shall be released, either by the joint
action of the interested parties, or by the Chairman of the Arbitration
Committee, as provided in Rule 727.00. 268 (08/01/94)

729.00    Deposits to Secure Clearing House - The foregoing provisions of this
Chapter shall not apply as between clearing members and the Clearing House.
Deposits to secure the Clearing House shall be pursuant to the By-Laws of the
Clearing House. 269 (08/01/94)


<PAGE>

<TABLE>
================================================================================
Chapter 9
Definitions
================================================================================
<S>                                                                      <C>
     Ch9 Definitions....................................................
          901.00  Authority.............................................
          902.00  And...................................................
          903.00  Association...........................................
          903.01  Association...........................................
          904.00  Board.................................................
          905.00  Bulletin Board........................................
          906.00  Business Day..........................................
          906.03  Regular Trading Hours ("RTH").........................
          906.04  Trading Day...........................................
          906.05  Trading Session.......................................
          906.06  e-cbot Trading Hours..................................
          907.00  Cash Grain............................................
          908.00  Cash Grain Broker.....................................
          909.00  Chicago District......................................
          910.00  Check Slips...........................................
          911.00  Clearing House........................................
          912.00  Clearing Member.......................................
          913.00  Commission Merchant...................................
          914.00  Commodity.............................................
          915.01  DRT ("Disregard Tape" or "Not Held") Order............
          915.02  All or None Order.....................................
          916.00  Exchange Contracts and Members' Contracts.............
          917.00  Floor Broker..........................................
          918.00  Following Day, or other similar expression............
          919.00  Future Delivery Contract..............................
          920.00  Grain.................................................
          921.00  Grain to Arrive.......................................
          922.00  Holiday...............................................
          923.00  List..................................................
          924.00  Member................................................
          924.01  Membership on Committees..............................
          924.02  Status of GIMs, IDEMs and COMs........................
          925.00  Non-clearing Member...................................
          926.00  Non-member............................................
          927.00  Notice................................................
          928.00  On the Exchange, or on Change.........................
          929.00  Outside Points........................................
          930.00  President.............................................
          931.00  Privilege of the Floor................................
          932.00  Railroad Receipts.....................................
          933.00  Regulations...........................................
          934.00  Rules.................................................
          935.00  Secretary.............................................
          936.00  Security or Securities................................
          937.00  Singular..............................................
          939.00  Spot Grain............................................
          940.00  Stop Order or Stop Loss Order.........................
          941.00  Board Order or Market If Touched Order................
          942.00  Trade.................................................
          943.00  Transaction on Change.................................
          944.00  Treasurer.............................................
          945.00  Chairman of the Board.................................
          946.00  Financial Instrument Contract.........................
</TABLE>


<PAGE>

                                  Definitions
                                  -----------

<TABLE>
<S>                                                                      <C>
          948.00  Volatility Quote......................................
          949.01  e-cbot................................................
          949.02  e-cbot Terminal Operator..............................
          949.03  User..................................................
</TABLE>


<PAGE>

================================================================================
Chapter 9
Definitions
================================================================================

Ch9 Definitions

901.00    Authority - Whenever used in these Rules and Regulations, unless the
context otherwise requires, the following words and expressions shall be defined
as follows: 1 (08/01/94)

902.00    And - May be construed as "or," and vice versa when the sense
requires. 2 (08/01/94)

903.00    Association - The Board of Trade of the City of Chicago. 3 (08/01/94)

903.01    Association - The term "Association" as defined in Rule 903.00 shall
include all wholly-owned subsidiaries of the Board of Trade of the City of
Chicago. (08/01/94)

904.00    Board - The Directors, the Chairman of the Board, the Vice Chairman of
the Board and the President. 4 (08/01/94)

905.00    Bulletin Board - The bulletin board in the Exchange Hall where notices
are customarily posted. 5 (08/01/94)

906.00    Business Day - Days when the Association is open for business. 6
(08/01/94)

906.03    Regular Trading Hours ("RTH") - Those hours designated by the Board of
Directors for trading during daytime hours by means of open outcry. (08/01/94)

906.04    Trading Day - (a) For agricultural contracts, each trading day (1)
shall consist of two trading sessions, the e-cbot trading session and the
Regular Daytime open outcry session, and (2) shall begin with the e-cbot trading
session and end with the close of Regular Daytime open outcry session. (b) For
contracts which are traded concurrently on e-cbot and by open outcry, the
trading day (1) shall consist of two trading sessions, the e-cbot trading
session and the Regular Daytime open outcry trading session, and (2) shall begin
with the e-cbot trading session and end with the later of the close of the e-
cbot trading session or the close of the Regular Daytime open outcry session.


Settlement prices will be derived from the close of the Regular Daytime open
outcry session, except in the case of contracts which are traded exclusively on
e-cbot. For contracts traded exclusively on e-cbot, settlement prices will be
derived from the close of the e-cbot trading session. (09/01/00)

906.05    Trading Session - A trading session shall mean either the hours
designated for e-cbot trading or the hours designated for regular daytime
trading. (09/01/00)

906.06    e-cbot Trading Hours - Those hours designated by the Board of
Directors for trading through the e-cbot automated order entry facility for
particular contracts. (09/01/00)

907.00    Cash Grain - Spot grain and grain to arrive. 7 (08/01/94)

908.00    Cash Grain Broker - A member who negotiates purchases or sales of cash
grain for a brokerage. 8 (08/01/94)

909.00    Chicago District - The Chicago District as now or hereafter defined in
the joint railroad tariffs of the railroads entering Chicago. 9 (08/01/94)

910.00    Check Slips - Confirmation of trades between members, as defined in
the By-Laws or Resolutions of the Clearing House. 10 (08/01/94)

911.00    Clearing House - The Board of Trade Clearing Corporation, or such
other corporation or agency as may be authorized to clear trades for members. 11
(08/01/94)

912.00    Clearing Member - A member of the Association who is also a member of
the Clearing House. 12 (08/01/94)

913.00    Commission Merchant - A member who makes a trade, either for another
member or for a non-member, but who makes the trade in his own name and becomes
liable as principal as between himself and the other party to the trade. 13
(08/01/94)


<PAGE>

                                  Definitions
                                  -----------

914.00    Commodity - Any commodity which may be dealt in under Rules or
Regulations of the Association. 14 (08/01/94)

915.01    DRT ("Disregard Tape" or "Not Held") Order - An order giving the floor
broker complete discretion over price and time in execution of a trade,
including discretion to execute all, some or none of the order. It is understood
the floor broker accepts such an order solely at the risk of the customer on a
"not held" basis. (02/01/95)

915.02    All-or-None Order - An order to be executed only for its entire
quantity at a single price and with a size at or above a predetermined
threshold. (07/01/00)

916.00    Exchange Contracts and Members' Contracts - All contracts of members
of the Association, or of firms or corporations registered under the Rules and
Regulations, with other members of the Association, or firms or corporations
registered under the Rules and Regulations, for the purchase or sale of
commodities, or for the purchase, sale, borrowing, loaning, or hypothecation of
securities, or for the borrowing, loaning or payment of money, whether occurring
upon the floor of the Exchange or elsewhere, are members' contracts.


Exchange Contracts shall include all Members' Contracts:

(1) Made on the Exchange;

(2) Not made on the Exchange, unless made subject to the rules of another
    Exchange, or unless the parties thereto have expressly agreed that the same
    shall not be Exchange Contracts.

The provisions of the Rules and Regulations of the Association shall be part of
the terms and conditions of all Exchange Contracts and all such contracts shall
be subject to the exercise by the Board, the Standing Committees, and  the
Clearing House of the powers in respect thereto, vested in them by the Rules and
Regulations. And all such contracts shall be subject to all Rules or Regulations
subsequently adopted, where such Rules or Regulations are expressly made
applicable to existing contracts. 16 (08/01/94)

917.00    Floor Broker - A member who makes contracts for the account of other
members. 17 (08/01/94)

918.00    Following Day, or other similar expression - The following business
day. 18 (08/01/94)

919.00    Future Delivery Contract - A contract made on Change for the purchase
or sale of any commodity for delivery in the future pursuant to the Rules and
Regulations. (08/01/94)

920.00    Grain - Wheat, corn, oats, rye, barley, flaxseed, soybeans and grain
sorghum. 20 (08/01/94)

921.00    Grain to Arrive - Grain originating at outside points for shipment to
or shipped to the Chicago District, subject to Chicago Board of Trade weights or
Chicago inspection. 21 (08/01/94)

922.00    Holiday - Any day declared to be a holiday by Regulation or Resolution
adopted by the Board of Directors of this Association. 22 (08/01/94)

923.00    List - The list of securities admitted to dealings on the Exchange. 23
(08/01/94)

924.00    Member - A member of the Association. 24 (08/01/94)

924.01    Membership on Committees - The term "member", as used throughout these
Rules and Regulations for eligibility for membership on Standing or Special
Committees, shall include only those members who hold a Full or Associate
Membership.

Delegates of Full or Associate Memberships who do not hold in their own name a
Full or Associate Membership are eligible to serve as full voting members on any
Standing or Special Committee of the Association, unless otherwise specified in
these Rules and Regulations, except for the following Committees:

Appellate; Arbitration; Business Conduct; Executive; Finance; Financial
Compliance; Floor Broker; Floor Conduct; Floor Governors; Hearing; Strategy;
Membership; Nominating; Regulatory Compliance; Audit; and Human Resources.


<PAGE>

                                  Definitions
                                  -----------

The Chairman of the Board, or the Board, may appoint any such delegate to a
Special or Ad Hoc Committee if that delegate has unique and valuable expertise
to offer to that Committee. However, if any such Special or Ad Hoc Committee
shall later be determined to be a Standing Committee, the eligibility of any
such delegate as a full voting member on that Committee shall be referred to the
Regulatory Compliance Committee.

None of the foregoing shall prohibit the Chairman of the Board, or the Board,
from appointing such delegates as non-voting advisors to any committee.
(02/01/99)

924.02    Status of GIMS, IDEMs and COMs - The holders of GIM, IDEM and COM
membership Interests are, and shall deemed to be, "members" of the Board of
Trade of the City of Chicago, Inc. For purpose of the Delaware General
Corporation law, as amended from time to time.

925.00    Non-clearing Member - A member of the Association who does not clear
trades in his own name. 25 (08/01/94)

926.00    Non-member - A non-member of the Association. 26 (08/01/94)

927.00    Notice - A notice in writing served personally upon the person to be
notified, or left at his usual place of business during business hours, or
mailed by registered mail to his residence. 27 (08/01/94)

928.00    On the Exchange, or on Change - In the Exchange Halls or through
Exchange facilities including an approved automated order entry facility during
trading hours on business days. 28 (08/01/94)

929.00    Outside Points - Points outside of the Chicago District. 29 (08/01/94)

930.00    President - The Chief Executive Officer of the Association. 30
(08/01/94)

931.00    Privilege of the Floor - The privilege of coming on the floor of the
Exchange. 31 (08/01/94)

932.00    Railroad Receipts - Bills of lading, or railroad receipts therefor, or
switching receipts. 32 (08/01/94)

933.00    Regulations - The Regulations of the Association adopted by the Board
or a Committee designated pursuant to Rule 132.00 to promulgate regulations. 33
(08/01/94)

934.00    Rules - The Rules of the Association adopted by the membership.

In all such expressions as "under the Rules," "according to the Rules:" or
"subject to the Rules," the word "Rules" shall mean the Charter, Rules, and
Regulations of the Association and all amendments thereto. 34 (08/01/94)

935.00    Secretary - The Secretary of the Association. 35 (08/01/94)

936.00    Security or Securities - Stocks, Bonds, Notes, Certificates of Deposit
or Participation, Trust Receipts, Rights, Warrants, and other similar
instruments. 36 (08/01/94)

937.00    Singular - Shall import the plural, and vice versa, when the sense
requires. 37 (08/01/94)

939.00    Spot Grain - Grain located in the Chicago District subject to sale for
immediate delivery. 39 (08/01/94)

940.00    Stop Order or Stop Loss Order - An order to buy or sell when the
market reaches a specified point. A stop order to buy becomes a market order
when the commodity or security sells (or is bid) at or above the stop price. A
stop order to sell becomes a market order when the commodity or security sells
(or is offered) at or below the stop price. 40 (08/01/94)

941.00    Board Order or Market If Touched Order - An order to buy or sell when
the market reaches a specified point. A board order, or a market if touched
order to buy becomes a market order when the commodity or security sells (or is
offered) at or below the order price. A board order or a market if touched order
to sell becomes a market order when the commodity or security sells (or is bid)
at or above the order price. 40A (08/01/94)

942.00    Trade - Transaction on change executed in the Exchange Halls or
through Exchange facilities including an approved automated order entry
facility. 41 (08/01/94)


<PAGE>

                                  Definitions
                                  -----------

943.00    Transaction on Change - Any purchase or sale of any commodity or
security in the Exchange Halls or through Exchange facilities including an
approved automated order entry facility system during trading hours on business
days. 42 (08/01/94)

944.00    Treasurer - The Treasurer of the Association. 43 (08/01/94)

945.00    Chairman of the Board - The presiding officer of the Board of
Directors. 29A (08/01/94)

946.00    Financial Instrument Contract - Financial Instrument Contract means
any contract in respect to Mortgage Backed Certificates Guaranteed by the
Government National Mortgage Association, obligation of the United States or
other public agencies, private commercial paper and any other instrument
evidencing or securing a contribution, loan or borrowing of funds which may be
designated as a Financial Instrument Contract by the Board of Directors.
(08/01/94)

948.00    Volatility Quote - An alternative means of quoting options, or
combinations involving options, by bidding or offering the implied volatility.
Any transactions quoted in volatility terms will be translated into price terms
for clearing purposes by means of a standard options model maintained and
disseminated by the Exchange. (08/01/94)

949.01    e-cbot - e-cbot is a screen-based electronic trading system for
trading futures and options on futures contracts and such other products as
determined by the Board pursuant to Chapter 9B. (09/01/00)

949.02    e-cbot Terminal Operator - An e-cbot terminal operator is a person who
has been identified to the Exchange by an individual member or member firm as
authorized to enter orders through e-cbot. (09/01/00)

949.03    User - A User is a non-member, including an affiliate of a member
firm, that has been authorized by its clearing member to have a direct
connection to e-cbot in accordance with Regulation 98.04(b). (12/01/01)

<PAGE>

================================================================================
Chapter 9B
e-cbot(R)
================================================================================

Ch9B e-cbot(R).............................................................
     9B.01    Applicability of Rules.......................................
     9B.02    Hours........................................................
     9B.03    Products.....................................................
     9B.04    Direct Connection............................................
     9B.05    Training Requirement.........................................
     9B.06    e-cbot Terminal Location.....................................
     9B.07    e-cbot Terminal Operators....................................
     9B.08    Clearing Member Authorization................................
     9B.09    e-cbot Opening...............................................
     9B.10    e-cbot Orders................................................
     9B.11    Order Entry..................................................
     9B.12    Spreads/Reversals/Conversion Transactions....................
     9B.13    Give-ups.....................................................
     9B.14    Bunched Orders...............................................
     9B.15    Misuse of e-cbot.............................................
     9B.16    Trading Against Customers' Orders Prohibited.................
     9B.16A   Trading Against Own Orders Prohibited........................
     9B.17    Priority of Execution........................................
     9B.18    Disciplinary Prodedures......................................
     9B.19    Termination of e-cbot Connection.............................
     9B.20    Records of Transactions Effected Through the e-cbot System...
     9B.21    e-cbot Limitation of Liability...............................
     9B.22    Volatility Quotes............................................
     9B.23    e-cbot Customer Information Statement........................
     9B.24    Foreign Users and Affiliates.................................
     9B.25    Cabinet trades...............................................


<PAGE>

================================================================================
Chapter 9B
e-cbot(R)
================================================================================

9B.01  Applicability of Rules  - The rules and regulations contained in this
Chapter govern those Exchange contracts which are traded through the e-cbot
system. To the extent that the provisions in this Chapter conflict with rules
and regulations in other sections of this Rulebook, this Chapter supersedes such
rules and regulations and governs the manner in which contracts are traded
through the e-cbot system. Otherwise, contracts traded on the e-cbot system are
fully subject to applicable general rules and regulations of the Exchange unless
specifically and expressly excluded therefrom.  (09/01/00)

9B.02  Hours  - The Board of Directors shall expressly determine the hours
during which the e-cbot system shall operate for the trading of each contract or
product; however, any such agricultural contract or product shall be precluded
from trading through the e-cbot system during those hours which are now or in
the future designated for trading that contract or product by means of open
outcry.

On the last day of trading of an expiring future, a system notice will be sent
to all users on the e-cbot system designating the beginning of the one minute
close of the expiring future.  Trading shall be permitted thereafter for a
period not to exceed one minute.

The following additional provisions shall apply with respect to agricultural
contracts and agricultural products:

-   The Board of Directors shall determine e-cbot trading hours only if such
    hours are between 6:00 p.m. and 6:00 a.m. (Chicago time).
-   e-cbot trading hours outside of the 6:00 p.m. to 6:00 a.m. timeframe shall
    be subject to approval by membership ballot vote pursuant to Rule 109.00.
    (09/01/00)

9B.03  Products  - The Board of Directors shall determine the contracts and/or
products which shall be traded through or listed on the e-cbot system, subject
to the following restriction:

       Each existing and prospective agricultural futures and options contract
       shall be restricted from trading through or listed on the e-cbot system
       unless approved by affirmative vote of a majority of votes cast in a vote
       of the membership pursuant to Rule109.00. (09/01/00)

9B.04  Direct Connection - (a) Direct Member Connection - Every member of the
Exchange who has registered with the Exchange is eligible to effect transactions
through the e-cbot system. Solely for purposes of this Chapter, the owner or
delegate of a Full or Associate Membership shall be entitled to register under
Rule 230.00 for an eligible business organization admitted to trading at Eurex
Deutschland, solely to conduct non-clearing business on e-cbot. (b) Direct User
Connection - A Primary Clearing Member may authorize the extension of a direct
e-cbot connection to one or more of its non-member customers or affiliates, who
are registered with the Exchange as Users and for whom no other Clearing Member
has authorized a direct connection. Such Primary Clearing Member guarantees the
financial obligations of such User arising from its use of e-cbot, and shall
give the Exchange notice of its authorization for a direct connection in writing
signed by an authorized officer of the Primary Clearing Member. All transactions
by or on behalf of a User on e-cbot shall be subject to non-member transaction
fees. (12/01/01)

9B.05  Training Requirement - Members, Users and terminal operators must
complete a general proficiency course prior to obtaining a direct connection to
e-cbot. (12/01/01)

9B.06  e-cbot Terminal Location  - Terminals which are directly connected to e-
cbot may be placed in the following locations:

  (a)  Floor Terminals - Terminals which are directly connected to e-cbot may be
       located on the floor of the Exchange for use by members registered with
       the Exchange. Terminals may also be placed within a member firm's floor
       booth space for use by members and by non-member terminal operators who
       do not maintain an associated person registration.

  (b)  Office Terminals - Upon application to the Exchange, a terminal which is
       directly connected to e-cbot may be located within the offices of a
       member or member firm. The number of terminals located within the offices
       of a member firm, excluding individual members' terminals, with a direct
       connection to e-cbot at any one time shall not exceed the number of
       memberships registered with the Exchange on behalf of the member firm
       pursuant to Rule 230.00; provided that the foregoing limitation shall not
       apply to a member firm for terminals which are located within its offices
       and which: (1) are utilized for the entry of orders on behalf of
       customers of the member firm or (2) are utilized for the entry of orders
       for the member firm's own accounts as that term is used in Regulation
       450.02.

  (c)  Terminals which are directly connected to e-cbot may be placed in other
       locations with the approval of the Board. (12/01/01)

<PAGE>

                                   e-cbot(R)

9B.07  e-cbot Terminal Operators (a) Employees of Members - Each e-cbot terminal
operator shall be identified to the Exchange by the individual member or member
firm employing such terminal operator, in the manner prescribed by the Exchange,
and shall be subject to the rules of the Exchange, including but not limited to
the rules of this Chapter and rules relating to order handling, trade practices
and disciplinary proceedings. It shall be the duty of the member or member firm
to supervise the e-cbot terminal operator's compliance with Exchange rules, and
any violation thereof by such terminal operator may be considered a violation by
the member or member firm. Each member or member firm employing an e-cbot
terminal operator shall notify the Exchange immediately, in the manner
prescribed by the Exchange, whenever the terminal operator's authority to act as
such has been revoked. Each member firm employing an e-cbot terminal operator
must make appropriate provisions, consistent with the rules of the Exchange, for
the entry of any e-cbot orders in the event that its terminal operator is, or
all of its terminal operators are, unavailable to perform such function. (b)
Users and Employees of Users -- Each User and each e-cbot terminal operator
employed by a User shall be identified to the Exchange by such User's Primary
Clearing Member, and shall be subject to the rules of the Exchange, including
but not limited to the rules of this Chapter and rules relating to order
handling, trade practices and disciplinary proceedings. It shall be the duty of
the Primary Clearing Member to supervise the compliance by such User and its e-
cbot terminal operators with the Exchange rules, and any violation thereof by
such User or such e-cobt terminal operator may be considered a violation by the
Primary Clearing Member. A User's Primary Clearing Member shall notify the
Exchange immediately when the authority of a User or an e-cbot terminal operator
employed by a User to be connected to e-cbot has been revoked. (12/01/01)


9B.08 Clearing Member Authorization - Each non-clearing member or User who
enters transactions through the e-cbot system for contracts which are guaranteed
and cleared by the Clearing House, must obtain authorization from a single
clearing member (the "Primary Clearing Member"). The Primary Clearing Member
shall guarantee and assume financial responsibility for all such contracts
traded through e-cbot by such non-clearing member or User . A non-clearing
member or User must furnish the Exchange with written authorization from the
Primary Clearing Member permitting such non-clearing member or User, without
qualification, to submit trades effected through the e-cbot system through the
Primary Clearing Member. The Primary Clearing Member shall be liable upon all
such trades made by the non-clearing member or User and shall be a party to all
disputes arising from trades between the authorized non-clearing member or User
and another member, member firm or User.

A non-clearing member or User may be authorized to enter transactions through
the e-cbot system by a clearing member other than the its Primary Clearing
Member pursuant to Rule 333.00, provided written permission has been granted by
such non-clearing member's Primary Clearing Member, and provided further that
the non-clearing member or User is not authorized to enter transactions through
the e-cbot system by his Primary Clearing Member or any other clearing member.

A clearing member that provides e-cbot trading authorization to a non-clearing
member or User may, revoke such authorization and may terminate such person's
connection to e-cbot without prior notice. Written notice of the revocation of
clearing authorization shall be provided to the Exchange, and shall thereby
cancel all orders of the non-clearing member or User in the e-cbot system.
Unless otherwise specified by the Primary Clearing Member, a member whose
connection to e-cbot has been terminated shall not automatically be denied
access to the Floor of the Exchange during Regular Trading Hours. A person whose
Primary Clearing Member has revoked authorization shall not be connected to e-
cbot until another clearing member has designated itself as that person's
Primary Clearing Member.

In the case of a person who has been provided an e-cbot authorization from a
clearing member other than his Primary Clearing Member, the Primary Clearing
Member may terminate the person's ability to place orders through the e-cbot
system by notifying the clearing member providing the authorization, who will be
responsible for ensuring that such person is not able to place orders through
the e-cbot system. (12/01/01)

9B.09  e-cbot Opening   -

  (a)  Prior to the commencement of trading, orders and quotes may be entered
       into the e-cbot system until the time set by the Exchange.

  (b)  Trading begins with the determination of an opening price for each option
       series and each futures contract. The Opening Period consists of the Pre-
       Opening period and the netting process. For the purpose of determining a
       particular opening price, additional orders and quotes may be entered
       until a time established by the Exchange; a preliminary opening price
       will be continuously displayed during this period (the "Pre-Opening
       Period"). Quotes may be individually canceled or amended during the Pre-
       Opening Period, but all quotes for an individual product may not
       collectively be changed, canceled or withdrawn from trading during this
       period. During the subsequent netting process, the greatest possible
       number of


<PAGE>



                                   e-cbot(SM)

       orders and quotes contained in the system shall be matched for the
       purpose of determining a final opening price of each option series and
       futures contract. The Exchange does not guarantee the execution of any
       order or quote at such opening price.

       The Opening Period with respect to a product shall end as soon as the
       netting process has been completed for all option series and/or all
       futures contracts based on such product.

       If no market orders exist for any option series or futures contract and
       matching between limit orders or limit orders and quotes is not possible,
       the Opening Period shall end without the determination of an opening
       price.

  (c)  Options contracts will not open until the underlying futures contract has
       opened. (09/01/00)

9B.10  e-cbot Orders  -  An e-cbot order may contain one of the following
designations:

  (a)  Day Open - an order which, by its terms, will be cancelled, if not
       executed, at the conclusion of the trading day.

  (b)  Good-Till-Cancelled ("GTC") Open - an order which, by its terms, will be
       eligible for execution for the current and all subsequent e-cbot trade
       sessions until executed or cancelled.

  (c)  Stop orders to buy or sell futures contracts that specify a price and are
       designated as "stop orders" at the time of entry. If the price specified
       in a stop order (the trigger price) is reached or exceeded, the stop
       order will be converted into a market order pursuant to an automatic
       selection process in the chronological order of their entry. These orders
       will then be executed in the order of the times of their conversions to
       market orders along with any other incoming market orders, in accordance
       with the general principles for matching of market orders for futures
       contracts. Stop orders will be entered into a separate order book.

  (d)  Market orders - an order to buy or sell a stated quantity at the best
       price obtainable.

  (e)  Fill-or-kill - an order which, by its terms, is cancelled if it is not
       filled in full immediately.

  (f)  Limit order to buy or sell - an order to buy or sell a stated quantity at
       a specified price, or at a better price, if obtainable. (09/01/00)


9B.11  Order Entry  - (a) Individual members are eligible for member transaction
rates on such e-cbot orders as their membership category permits.

(b)  An individual member, a User or a non-member terminal operator who is
registered as a floor broker or associated person or in a comparable capacity
under applicable law may (1) enter orders on behalf of customers of a clearing
member or (2) supervise the entry of orders with the prior approval of the
clearing member responsible to clear such orders.

(c)  Customer orders must be (1) entered from a terminal located on the floor,
in a main office or in a branch office, as defined in Rule 475.00, or (2)
received from an automated order entry system at a server located at a main
office or branch office registered with the Exchange, or (3) entered by a
User.

(d)  However, if an individual member does not maintain an associated person or
floor broker registration, but is employed in the office or branch office of a
member firm, the member may enter customer orders subject to the same
restrictions that apply to a non-member employee except that a member may enter
his own orders.

(e)  Member firms are eligible for member transaction rates on such proprietary
e-cbot orders as their membership registration permits.

(f)  Non-member employees of a member firm who do not maintain an associated
person or floor broker registration with the Commodity Futures Trading
Commission or comparable registration under applicable law may:

     (1)  Enter customer orders only on a non-discretionary basis;

     (2)  Enter orders for the member firm's account from e-cbot terminals
          located on the trading floor only on a non-discretionary basis;

     (3)  Enter orders for the proprietary account of the member firm or its
          wholly-owned affiliate from e-cbot

<PAGE>



                                   e-cbot(SM)

     terminals located off of the trading floor on a discretionary or non-
     discretionary basis. However, such individuals may enter proprietary orders
     on a discretionary basis only if they trade solely for such proprietary
     accounts, and do not enter or handle customer orders; and

     (4)  Not be compensated on a commission or per contract basis for customer
          orders; and

     (5)  Not enter orders into a terminal located within a pit on the Floor. A
          non-member employee of a single individual member may enter orders
          into a terminal located within a pit solely for the account of that
          employing member.

(g)  Non-member employees of a member firm or User who are registered as
associated persons or floor brokers may enter customer orders and orders for its
proprietary account on a discretionary or non-discretionary basis.

(h)  Non-member employees of a member or member firm shall not have any interest
whatsoever in an account which contains positions in contracts or products
traded through e-cbot.

(i)  A non-member employee of an individual member, member firm or User may
enter orders for customers of an individual or entity other than his/her
employer solely for purposes of disaster recovery.

(j)  A non-member terminal operator registered as an associated person or floor
broker is prohibited from entering orders into terminals located on the Floor.

(k)  It shall be the duty of each member, User or terminal operator entering
orders into the e-cbot System to: (1) sign onto the e-cbot System before
entering orders by inputting the e-cbot user identification and (2) input for
each order, the price, quantity, commodity, contract month, CTI code and account
designation, and, for options, the strike price, "put" or "call," expiration
month, and whether the order initiates or closes a position.

With respect to orders received by a member, User or terminal operator which are
capable of being immediately entered into the e-cbot system no record other than
that set forth above need be made. However, if a member or terminal operator
receives an order which cannot be immediately entered into the e-cbot system,
the member or terminal operator must prepare a written order and include the
account designation, date, time of receipt and other required information. The
order must be entered into the e-cbot system when it becomes executable.
(04/01/02)

9B.12  Spreads/Reversals/Conversion Transactions- (See 352.01) and (See 352.01A)
(09/01/00)

9B.13  Give-ups  - Give-ups shall be handled in accordance with Regulation
444.01.  (09/01/00)

9B.14  Bunched Orders  - Bunched orders for discretionary accounts may be
entered through e-cbot. Such orders may be entered by using a series designation
rather than including each of the individual account numbers on the order. The
series designation may only be used when a written, pre-determined allocation
scheme that defines the series has been provided to the futures commission
merchant accepting the order prior to the time that such order is given. If such
information has not been provided to the futures commission merchant prior to
the time of order entry, each account number must be entered into e-cbot.
Bunched orders for non-discretionary accounts may be entered through e-cbot only
in the following instances:

   A.  The orders underlying the bunched order are either stop orders or
       stop/limit orders;

   B.  Each stop order or stop/limit order underlying the bunched order must be
       reduced to writing in accordance with Regulation 465.01;

   C.  Each order underlying the bunched order must reflect the same stop price
       in instances of a stop order or the same stop price and limit price in
       instances of a stop/limit order;

   D.  Each terminal operator must provide a bunched order indicator when
       entering a bunched order; and

   E.  Allocation of the executed bunched order must be based only on time of
       receipt of the underlying orders.

The Exchange shall make available to clearing members, at regular intervals,
notifications that bunched orders have been executed through e-cbot. Each
clearing member shall be responsible for providing to the Exchange the account
allocation for bunched orders entered through its terminals and those terminals
that it guarantees for others. Each clearing member that is required to provide
account allocations to the Exchange must do so within the time limit specified
by the Exchange.  (09/01/00)

9B.15  Misuse of e-cbot  - Misuse of the e-cbot system is strictly prohibited.
It shall be deemed an act detrimental to the interest and welfare of the
Exchange either willfully or negligently to engage in


<PAGE>

unauthorized access to e-cbot, to assist in any individual's obtaining
unauthorized access to an e-cbot terminal, to trade on the e-cbot system without
the authorization of a clearing member, to alter the equipment associated with
the system, to interfere with the operation of the system, to use or configure a
component of the system in a manner which does not conform to the Technical
Regulations set forth at Appendix 9B, to intercept or interfere with information
provided on or through the system, or in any way to use the system in a manner
contrary to the rules of the Exchange. (09/01/00)


9B.16  Trading Against Customers' Orders Prohibited  '- (a) During an e-cbot
trading session, a member, e-cbot terminal operator or User shall not
knowingly cause to be entered, or enter into a transaction in which he
(or any other person or entity with whom he has a relationship) assumes the
opposite side of any order entered on behalf of a customer.

A limit order to buy and a limit order to sell and/or quotes relating to the
same contract, if they are immediately executable against each other, and if
they are for different account owners, may be entered consecutively by a member,
e-cbot terminal operator or User subject to paragraph (b) below.

(b)  Cross Trades or Trades Based on Pre-Execution Discussions:

Members, employees of member firms or Users may communicate with potential
counterparties regarding interest in executing a particular transaction prior to
the entry of an order on e-cbot pursuant to an understanding based on
pre-execution discussions (a pre-arranged trade) if:

  (1)  the elapsed time between the two entries is:

       (A)  at least 15 seconds in the case of options contracts, and
       (B)  at least 5 seconds in the case of futures contracts; and

  (2)  prior to entering the order, the member, e-cbot terminal operator or User
       enters a cross-request into the e-cbot system.

       If a member, e-cbot terminal operator or User issues a cross-request
       (including the intended quantity), orders or quotes giving rise to the
       cross-trade must be entered within the following time parameters or the
       cross-request will expire:
       -  in the case of options, no less than 15 seconds but no more than 75
          seconds after entry of the cross-request,

       -  in the case of futures contracts, no less than 5 seconds but no more
          than 35 seconds after the entry of the cross-request.

Pre-execution discussions within the same firm are prohibited.  A member or
employee of a member firm who receives an order cannot contact proprietary
traders or other customers within that firm or its affiliates to negotiate
interest in taking the other side of an order.

Violation of this provision shall constitute an act detrimental to the interest
and welfare of the Exchange. (12/01/01)

9B.16A Trading Against Own Orders Prohibited - During an e-cbot trading session,
a member or User shall not knowingly cause to be entered, or enter into, a
transaction in which he assumes the opposite side of an order entered on behalf
of the his own account. (12/01/01)

9B.17  Priority of Execution  - Orders received by a member or e-cbot terminal
operator shall be entered into the e-cbot system in the order received. Orders
that cannot be immediately entered into e-cbot must be entered when the orders
become executable in the sequence in which the orders were received.  (09/01/00)

9B.18  Disciplinary Procedures  - All suspensions, expulsions and other
restrictions imposed upon a member, a terminal operator or a User by the
Exchange pursuant to disciplinary procedures contained in Chapters 2 and 5 of
the


<PAGE>

                                   e-cbot(R)

Exchange's rules shall restrict with equal force and effect access to and use of
the e-cbot system. (12/01/01)

9B.19  Termination of e-cbot Connection - The Exchange shall have the right
summarily to terminate the connection of a member, terminal operator or User to
e-cbot in accordance with Regulation 201.02, Rule 270.00, Regulation 270.01,
Rule 278.00, Rule 521.00 and Regulation 540.06. Users shall be subject to the
foregoing rules and regulations. (12/01/01)

9B.20  Records of Transactions Effected Through the e-cbot System  - All written
orders and any other original records pertaining to transactions effected
through the e-cbot system must be retained for five years. Otherwise, the data
contained in the e-cbot system shall be deemed the original record of the
transaction. The President or his designee may require immediate proof of
compliance with this provision. Violation of this provision may constitute an
act detrimental to the interest and welfare of the Exchange.  (09/01/00)

9B.21  e-cbot Limitation of Liability  - Except in instances where there has
been a finding of willful or wanton misconduct, in which case the party found to
have engaged in such conduct cannot avail itself of the protections in this
provision, neither the Exchange (including its subsidiaries and affiliates), the
Clearing House, Ceres Trading Limited Partnership, Ceres Alliance L.L.C.,
CBOT/Eurex Alliance L.L.C., Eurex Zurich AG, Eurex Frankfurt AG, Deutsche Borse
AG, the Swiss Stock Exchange, Deutsche Borse Systems AG, members, clearing
members, or other persons acting as agents nor any of their officers, directors
or employees, shall be liable for any loss, damage or cost (including attorney's
fees and court costs), whether direct, indirect, special, incidental,
consequential, lost profits or otherwise of any kind, regardless of whether any
of them has been advised or is otherwise aware of the possibility of such
damages, arising out of the use or performance of the e-cbot system, any
component(s) thereof, or any fault, failure, malfunction or other alleged defect
in the e-cbot system, including any inability to enter or cancel orders in the
e-cbot system, or any fault in delivery, delay, omission, suspension, inaccuracy
or termination, or any other cause in connection with the furnishing,
performance, maintenance, use of or inability to use all or any part of the e-
cbot system, including but not limited to, any failure or delay in transmission
of orders or loss of orders resulting from malfunction of the e-cbot system,
disruption of common carrier lines, loss of power, acts or failures to act of
any third party, natural disasters or any and all other causes.

The foregoing shall apply regardless of whether a claim arises in contract,
tort, negligence, strict liability or otherwise.  The foregoing limitations are
cumulative and shall not limit or restrict the applicability of any other
limitation or any rule, regulation or bylaw of the Exchange or the Clearing
House.  The foregoing shall include and apply to any action or inaction of any
employee or agent of the Electronic Trading Systems Control Center.  The
foregoing shall not limit the liability of any  member, clearing member, or
other person acting as agent or any of their respective officers, directors or
employees for any act, incident, or occurrence within their control.

There are no express or implied warranties or representations provided by the
Exchange (including its subsidiaries and affiliates), the Clearing House, Ceres
Trading Limited Partnership, Ceres Alliance L.L.C., CBOT/Eurex Alliance L.L.C.,
Eurex Zurich AG, Eurex Frankfurt AG, Deutsche Borse AG, the Swiss Stock
Exchange, Deutsche Borse Systems AG, members, clearing members, or their agents,
relating to the e-cbot system or any Exchange services or facilities used to
support the e-cbot system, including, but not limited to, warranties of
merchantability and warranties of fitness for a particular purpose or use.

If any of the foregoing limits on the liability of the Exchange (including its
subsidiaries and affiliates), the Clearing House, Ceres Trading Limited
Partnership, Ceres Alliance L.L.C., CBOT/Eurex Alliance L.L.C., Eurex Zurich AG,
Eurex Frankfurt AG, Deutsche Borse AG, the Swiss Stock Exchange, Deutsche Borse
Systems AG, members, clearing members or other persons acting as agents or any
of their officers, directors or employees should be deemed to be invalid,
ineffective, or unenforceable and a third party sustains a loss, damage or cost
(including attorney's fees and court costs) resulting from use of the e-cbot
system, the entire liability of the Exchange (including its subsidiaries and
affiliates), the Clearing House, Ceres Trading Limited Partnership, Ceres
Alliance L.L.C., CBOT/Eurex Alliance L.L.C., Eurex Zurich AG, Eurex Frankfurt
AG, Deutsche Borse AG, the Swiss Stock Exchange, Deutsche Borse Systems AG,
members, clearing members and their agents or any of their officers, directors
or employees shall not exceed the brokerage commissions and any other charges
actually paid by the third party for services in connection with the e-cbot
trading system.

Notwithstanding any of the foregoing provisions, this provision shall in no way
limit the applicability of any provision of the Commodity Exchange Act, as
amended, and Regulations thereunder.  (09/01/00)

9B.22  Volatility Quotes  - Any options contract and/or combination (i.e., a
transaction including both



<PAGE>

                                   e-cbot(R)

options and futures contracts), which has been approved for trading through e-
cbot in accordance with Rule 9B.03, may at the discretion of the Board of
Directors trade by means of quoting the implied volatility for the underlying
futures contract, in addition to and simultaneous with trading the actual
premium price of the option. Upon execution of a transaction in an option or
combination quoted in terms of implied volatility, the quote shall be assigned a
price in accordance with a standard option pricing model approved by the Board.

Implied volatility quotations for options and combinations, whether quoted in
terms of implied volatility or price, shall be deemed an Exchange market
quotation subject to the approval and control of the Exchange.  (09/01/00)

9B.23  e-cbot Customer Information Statement  - No member or clearing member
shall accept an order from, or on behalf of, a customer for entry into e-cbot,
unless such customer is first provided with an e-cbot Customer Information
Statement in a form approved by the Exchange.  (09/01/00)

9B.24  Foreign Users and Affiliates - The foreign office of a non-member foreign
affiliate or foreign User may be connected directly to e-cbot for the entry of
proprietary and customer orders, provided: the member firm and its non-member
foreign affiliate or foreign User shall comply with all the terms and conditions
set forth in Commodity Futures Trading Commission Interpretive Letter 92-11, as
modified by Interpretive Letter 93-83 and any future modifications; that the
member firm shall supervise and be responsible for the non-member foreign
affiliate or User and shall guarantee and assume financial responsibilities for
each such transaction effected through e-cbot; and, that each Rule and
Regulation of the Exchange shall apply with equal force and effect to the
foreign affiliate and to the User and to those transactions entered into e-cbot
by the non-member foreign affiliate or non-member foreign User.

An e-cbot "Foreign Affiliate" shall be defined as a foreign affiliate entity of
a member firm or an entity which is controlled by a parent entity which also
controls the member firm.  (12/01/01)


9B.25  Cabinet trades  - Notwithstanding any other provision of these rules,
cabinet trades shall not be permitted in futures options contracts on e-cbot.
(09/01/00)



<PAGE>

================================================================================
Chapter 10
Grains
================================================================================

    Ch10 Trading Conditions................................................
      1004.00   Unit of Trading............................................
      1005.01A  Months Traded In...........................................
      1006.00   Price Basis................................................
      1006.01   Price Basis................................................
      1007.00   Hours for Trading..........................................
      1007.01   The Opening and Closing of Oats Trading....................
      1007.02   Modified Closing Call......................................
      1008.01   Trading Limits.............................................
      1008.01A  Trading Limits.............................................
      1008.02   Trading Limit Corrections..................................
      1009.01   Last Day of Trading of Delivery Month......................
      1009.02   Last Day of Trading of Delivery
                Month-Corn and Soybeans....................................
      1010.01   Margins on Futures.........................................
      1012.01   Position Limits............................................

    Ch10 Delivery Procedures...............................................
      1035.00   Scope of Chapter...........................................
      1036.00   Grade Differentials........................................
      1036.00A  Test Weight Designation for Oats...........................
      1036.00C  Soybean Differentials......................................
      1036.01   Location Differentials.....................................
      1038.00   Grades.....................................................
      1038.01   United States Origin Only..................................
      1038.02   Deoxynivalenol (Vomitoxin) Limit in Wheat..................
      1041.00   Delivery Points............................................
      1041.01   Burns Harbor, Indiana Switching District...................
      1042.00   Delivery of Commodities by Warehouse Receipts..............
      1042.01   Registration of Grain Warehouse Receipts...................
      1043.01   Delivery of Corn and Soybeans by Shipping Certificates.....
      1043.02   Registration of Corn and Soybean Shipping Certificates.....
      1044.01   Certificate Format.........................................
      1045.01   Lost or Destroyed Negotiable Warehouse Receipts Shipping
                Certificate................................................
      1046.00   Date of Delivery...........................................
      1046.00A  Location for Buying or Selling Delivery Instruments........
      1047.01   Delivery Notices...........................................
      1048.01   Method of Delivery.........................................
      1049.00   Time of Delivery, Payment, Form of Delivery Notice.........
      1049.01   Time of Issuance of Delivery Notice........................
      1049.01B  Interpretation: Sellers' Obligation for Storage Charges....
      1049.02   Buyers' Report of Eligibility to Receive Delivery..........
      1049.03   Sellers' Invoices to Buyers................................
      1049.04   Transfer Obligations.......................................
      1050.00   Duties of Members..........................................
      1051.01   Office Deliveries Prohibited...............................
      1052.00   Delivery of Grain in Cars (Chicago only)...................
      1052.00A  Track Deliveries...........................................
      1052.00B  Track Deliveries...........................................
      1052.00C  Track Deliveries...........................................
      1054.00   Failure to Accept Delivery.................................



                                      1001

<PAGE>


      1054.00A  Failure to Accept Delivery.................................
      1056.01   Storage Rates for Wheat and Oats and Premium Charges for
                Corn and Soybeans..........................................

    Ch10 Regularity of Warehouses..........................................
      1081.01   Regularity of Warehouses and Issuers of Shipping
                Certificates...............................................
      1081.01A  Inspection.................................................
      1081.01B  Billing When Grain is Loaded Out...........................
      1081.01C  Car of Specified Capacity..................................
      1082.00   Insurance..................................................
      1082.00A  Insurance..................................................
      1083.00   Variation Allowed..........................................
      1083.01   Excess or Deficiency in Quantity...........................
      1084.01   Revocation, Expiration or Withdrawal of Regularity.........
      1085.01   Application for Declaration of Regularity..................
      1086.01   Federal Warehouses.........................................



<PAGE>



================================================================================
Chapter 10
Grains
================================================================================

Ch10 Trading Conditions

1004.00  Unit of Trading - On future delivery contracts calling for the
delivery of commodities, delivery shall be made in the following quantities or
multiples thereof:

Wheat, corn, oats and soybeans-5,000 bushels

Other commodities - Units of trading established by these Rules and Regulations

Each delivery of grain may be made up of various lots of grain of the various
authorized grades situated in or for shipment from various eligible warehouses
or shipping stations, provided that no lot delivered shall contain less than
5,000 bushels of any one grade in any one warehouse or shipping station. 290
(03/01/00)

1005.01A Months Traded In - Trading in wheat, corn and oats is regularly
conducted in five different months - March, May, July, September and December
but shall be permitted in the current delivery month plus any succeeding months.
The number of months to be open at one time shall be at the discretion of the
Exchange.

Trading in soybeans is regularly conducted in seven different months - January,
March, May, July, August, September and November but shall be permitted in the
current delivery month plus any succeeding months. The number of months to be
open at one time shall be at the discretion of the Exchange.

Trading in Crude Soybean Oil and Soybean Meal is regularly conducted in eight
different months - January, March, May, July, August, September, October and
December but shall be permitted in the current delivery month plus any
succeeding months. The number of months to be open at any one time shall be at
the discretion of the Exchange. 30R  (04/01/02)

1006.00  Price Basis - Future delivery contracts on grain shall be in
multiples as set by the Board by Regulation.  (09/01/94)

1006.01  Price Basis -

A.  Soybeans. The minimum fluctuation shall be 1/4 cent, including spreads.

B.  Corn. The minimum fluctuation shall be 1/4 cent, including spreads.

C.  Wheat. The minimum fluctuation shall be 1/4 cent, including spreads.

D.  Oats. The minimum fluctuation shall be 1/4 cent, including spreads.

Settlements are to be calculated to the nearest 1/4 cent. 1972  (09/01/94)

1007.00  Hours for Trading - Hours for trading for future delivery in grains,
crude soybean oil and soybean meal shall be from 9:30 a.m. to 1:15 p.m. except
that on the last day of trading in an expiring future the hours with respect to
such futures shall be from 9:30 a.m. to 12 o'clock noon, subject to the
provisions of the next succeeding paragraph of this Rule 1007.00.

On the last day of trading in an expiring future, a bell shall be rung at 12
o'clock noon designating the beginning of the close of the expiring future.
Trading shall be permitted thereafter for a period not to exceed one minute and
quotations made during this time shall constitute the close.  The above time
constraints do not apply to options contracts which close by public call.

The hours may be shortened or the Exchange may be closed on any day or days
pursuant to

<PAGE>



                            Ch10 Trading Conditions
                            -----------------------

Regulation adopted by the Board.

Hours for trading for future delivery in other commodities shall be fixed by
Regulation adopted by the Board.

No such trading shall take place except in the Exchange Hall or on Exchange
facilities including an approved automated order entry facility during such
hours as the Board shall designate. The Association shall conform to Chicago
time. 252  (04/01/97)

1007.01  The Opening and Closing of Oats Trading - Trading for future
delivery in Oats shall be opened and closed with a public call made month by
month, conducted by such persons as the Regulatory Compliance Committee shall
direct. 1975  (08/01/96)

1007.02  Modified Closing Call - Immediately following the prescribed closing
procedure for all contracts, there shall be a two (2) minute trading period (the
"modified closing call"). All trades which may occur during regularly prescribed
trading hours may occur during the call at prices within the lesser of the
actual closing range or a range of three (3) official trading increments, i.e.,
one (1) increment above and below the settlement price; at prices within the
lesser of the actual closing range or a range of five (5) official trading
increments, i.e., two (2) increments above and below the settlement price; or at
prices within the lesser of the actual closing range or a range of nine (9)
official trading increments, i.e., four (4) increments above and below the
settlement price, as the Regulatory Compliance Committee shall prescribe; (ii)
no new customer orders may be entered into the call; (iii) cancellations may be
entered into the call; (iv) stop, limit and other resting orders elected by
prices during the close may be executed during the call; (v) individual members
may trade as a principal and/or agent during the call; (vi) individual members
may enter orders for their own accounts into the call; and (vii) member firms,
and those entities which are wholly-owned by member firms or that wholly-own
member firms, trading for such firms' or entities' own proprietary accounts may
initiate trades or enter orders into the call. The proposed settlement price
shall be the midpoint of the closing range unless extenuating circumstances
exist under which the pit committee can justify setting the proposed settlement
price at a price different from the midpoint.  If the proposed settlement price
differs from the midpoint of the closing range, then the pit committees are
required to document the basis for the deviation.  Such documentation must be
signed by two members of the pit committee.

In accordance with the determination of the Regulatory Compliance Committee,
CBOT contracts shall be traded during the Modified Closing Call as follows:


<TABLE>
<S>                                          <C>
--------------------------------------------------------------------------------
 Lesser of actual closing                    Lesser of actual closing
 range or three trading increments           range or nine trading increments
--------------------------------------------------------------------------------
                                             Corn Futures and Options
--------------------------------------------------------------------------------
                                             Wheat Futures and Options
--------------------------------------------------------------------------------
                                             Soybean Futures and Options
--------------------------------------------------------------------------------
                                             Soybean Oil Futures and Options
--------------------------------------------------------------------------------
 U.S. Treasury Bond Futures and Options      Soybean Meal Futures and Options
--------------------------------------------------------------------------------
 Five Year Note Futures and Options          Oat Futures and Options
--------------------------------------------------------------------------------
 Two Year Note Futures                       Rough Rice Futures and Options
--------------------------------------------------------------------------------
 Municipal Note Index Futures
--------------------------------------------------------------------------------
 Thirty Day Fed Fund Futures                 CBOT Dow Jones Industrial
                                             Average/SM/ Index Futures and
                                             Options
--------------------------------------------------------------------------------
                                             CBOT X-Fund Futures
--------------------------------------------------------------------------------
</TABLE>


<PAGE>

                            Ch10 Trading Conditions
                            -----------------------

--------------------------------------------------------------------------------
                                            Lesser of actual closing range or
                                            five trading increments
--------------------------------------------------------------------------------
                                            Ten Year Note Futures and Options
                                            Long Term Agency Note Futures and
                                            Options Medium Term Agency Note
                                            Futures and Options
                                            10-Year Interest Rate Swap Futures
                                            and Options
                                            5-Year Interest Rate Swap Futures
                                            and Options
--------------------------------------------------------------------------------


                                                                      (01/01/03)


1008.01  Trading Limits -
A.   Limits. Trading is prohibited during any Trading Day (as defined in
     Regulation 906.04) in futures contracts of commodities traded on this
     Exchange at a price or yield higher or lower than either:

     1.   The settlement price or yield for such commodity on the previous
          business day, or

     2.   The average of the opening range or the first trade during the first
          day of trading in a futures contract, or

     3.   The price or yield established by the Exchange in an inactive future,
          plus or minus the following sums with respect to such commodities:


<TABLE>
<S>                                         <C>
--------------------------------------------------------------------------------
Corn                                        $.20 per bushel - $1,000
--------------------------------------------------------------------------------
Oats                                        $.20 per bushel - $1,000
--------------------------------------------------------------------------------
Rough Rice                                  $.50 per hundredweight - $1,000
--------------------------------------------------------------------------------
Soybeans                                    $.50 per bushel - $2,500
--------------------------------------------------------------------------------
Soybean Meal                                $20 per unit of trading - $2,000
--------------------------------------------------------------------------------
Soybean Oil (Crude)                         $.02 per unit of trading - $1,200
--------------------------------------------------------------------------------
Wheat                                       $.30 per bushel - $1,500
--------------------------------------------------------------------------------
</TABLE>


B.   Current Month Exclusions.  Limits shall not apply to trading in current
     month contracts on and after the second business day prior to the first day
     of the current month.

     Notwithstanding the foregoing, limits shall remain in effect for purposes
     of trading agricultural contracts on e-cbot.

     The provisions of Paragraph B do not apply to CBOT(R) Dow Jones/SM/ Index
     futures, which will be governed solely by Paragraph D.

C.   Limit Bid; Limit Sellers Definitions.  The terms "close on the limit bid"
     or "close on the limit sellers" are defined as follows:

     Limit Bid. Restricted to a situation in which the market closes at an
     upward price limit on an unfilled bid. When a close is reported as a range
     of different prices, the last price quoted must be limit bid.

     Limit Sellers. Restricted to a situation in which the market closes at a
     downward price limit on an unfilled offer. When a close is reported as a
     range of different prices, the last price quoted must be a limit ask.

D.   Daily Price Limits and Trading Halts for CBOT Dow Jones Industrial and
     mini-sized Dow/SM/ Index Futures. Daily price limits and trading halts of
     the CBOT Dow Jones Industrial Average/SM/ Index and mini-sized Dow/SM/
     Index Futures contracts shall be coordinated with trading halts of the
     underlying stocks listed for trading in the primary securities market.

<PAGE>



                            Ch10 Trading Conditions
                            -----------------------

     For purposes of this regulation, the primary futures contract shall be
     defined as the futures contract trading in the lead month configuration in
     the pit, or for those contracts only listed electronically, on the
     electronic trading system (ETS), and the Executive Committee or its
     designee shall have the responsibility of determining whether the primary
     futures contract is limit bid or offered.

     For the first day of trading in a newly listed contract, there will be an
     implied previous business day's settlement price, created by the Exchange
     for the sole purpose of establishing price limits.  The implied settlement
     price will be created by extrapolating the annualized percentage carry
     between the two contract months immediately prior to the newly listed
     contract.

     Price Limits:  There shall be three successive price limits for each index,
     Level 1, Level 2, and Level 3, below the settlement price of the preceding
     regular trading session.  Levels 1, 2, and 3 shall be calculated at the
     beginning of each calendar quarter, using the average daily closing value
     of each index for the calendar month prior to the beginning of the quarter.
     Level 1 shall be 10% of such average closing value calculation; Level 2
     shall be 20% of such average closing value calculation; Level 3 shall be
     30% of such average closing value calculation. For the Dow Jones Industrial
     Average/sm/, each Level shall be rounded to the nearest fifty points. The
     values of Levels 1, 2 and 3 shall remain in effect until the next
     calculation.

     Price Limits and Trading Halts When the U.S. Primary Securities Market is
     Open for Regular Trading Hours:  The following price limits and trading
     halts shall apply when the primary securities market in the United States
     underlying the DJIAsm is open for regular trading hours.

     (a)  Level 1:

     Except as provided below, the Level 1 price limit shall be in effect until
     a trading halt has been declared in the primary securities market, trading
     in the primary securities market has resumed, and fifty percent (50%) of
     the stocks underlying the DJIA/SM/ Index (selected according to
     capitalization weights) have reopened.  The Level 2 price limit shall apply
     to such reopening.

     Until 1:00 p.m. Chicago time (2:00 p.m. Eastern time), the trading halt
     shall be a one-hour trading halt.  Between 1:00 p.m. and 1:30 p.m. Chicago
     time (2:00 p.m. and 2:30 p.m. Eastern time), the trading halt shall be a
     one-half hour trading halt.

     The Level 1 price limit shall not apply after 1:30 p.m. Chicago time (2:30
     p.m. Eastern time).  If the futures contract is limit offered at the Level
     1 price limit and a trading halt has not been declared in the primary
     securities market, the Level 1 price limit shall be lifted and the Level 2
     price limit shall apply thereafter.

     (b)  Level 2:

     Except as provided below, the Level 2 price limit shall be in effect until
     a trading halt has been declared in the primary securities market, trading
     in the primary securities market has resumed, and fifty percent (50%) of
     the stocks underlying the DJIASM Index (selected according to
     capitalization weights) have reopened.  The Level 3 price limit shall apply
     to such reopening.

     Until 12:00 noon Chicago time (1:00 p.m. Eastern time), the trading halt
     shall be a two-hour trading halt.  Between 12:00 noon and 1:00 p.m. Chicago
     time (1:00 p.m. and 2:00 p.m. Eastern time), the trading halt shall be a
     one-hour trading halt.  After 1:00 p.m. Chicago time (2:00 p.m. Eastern
     time), the trading halt declared in the primary securities market will
     remain in place for the rest of the primary securities market trading day.

     (c)  Level 3:

     The Level 3 price limit shall be in effect during the entire regular
     daytime trading session.

     Trading Halts:  If the primary futures contract for the DJIA/sm/ is limit
     offered at either the Level 1 or Level 2 price limit as described above and
     there is a trading halt declared in the primary securities market, trading
     shall be halted for all Dow Jones/sm/ Index futures contracts that have
     reached their respective price limits.  In the event that trading in the
     primary securities market resumes after a trading halt, trading in each of
     the Dow Jones/SM/ Index futures contracts (that have halted) shall resume
     only after fifty percent (50%) of the stocks underlying the DJIA/SM/ Index
     (selected according to capitalization weights) have reopened.  The next
     applicable price limit enumerated

<PAGE>



                            Ch10 Trading Conditions
                            -----------------------

     above shall apply to the reopening indexes and to those indexes that had
     not reached their previous respective price limits during the period of the
     halt.

     If after 1:00 p.m. Chicago time (2:00 p.m. Eastern time), the primary
     futures contract for the DJIAsm is limit offered at the Level 2 price
     limit, or if the primary futures contract for the DJIAsm is limit offered
     at the Level 3 price limit at any time during the trading day, and the
     primary securities market declares a trading halt for the rest of its
     trading day, the Exchange will also declare a trading halt for the rest of
     its trading day for all Dow Jonessm Index futures contracts that have
     reached their respective price limits.

     If the primary futures contract for the DJIAsm trades at the Level 1, 2, or
     3 price limits described above during that portion of the e-cbot trading
     session when the primary securities market is open for regular trading
     hours, trading will be halted for all Dow Jonessm futures contracts that
     have reached their respective price limits.  In the event that e-cbot
     trades occur through the price limits described above, any such trades may
     be busted with the approval of the Exchange.

     Price Limits When the U.S. Primary Securities Market is Not Open for
     Regular Trading Hours:  When the primary securities market is not open for
     regular trading hours, there shall be a price limit of 10% of the average
     daily closing value of the index for the calendar month prior to the
     beginning of the quarter.  The value of this limit shall remain in effect
     until the next calculation.  This price limit shall apply above or below
     the previous trading day's settlement price. (09/01/02)


1008.01A  Trading Limits - The Crude Soybean Oil and Soybean Meal Committee
has been asked to interpret the following sentence:

"These provisions (trading limits) shall not apply to trading in the current
month on or after the first notice day thereof."

The question that arises is whether this means the first business day of the
delivery month or the first notice day of the contract which would be the last
business day of the previous month.

The Committee is of the opinion that it is the intention of the Regulations that
the meaning of the sentence includes the first notice day which is the last
business day of the month preceding the delivery month. 36R  (09/01/94)

1008.02  Trading Limit Corrections - Daily trading limits determined pursuant
to Regulation 1008.01A (1) may be corrected as specified in this regulation only
in cases where the applicable settlement price is related to an erroneous
closing price quotation.

Such a correction may be made:

-  only to the level which would have been specified had the error not occurred;
   and

-  only if the error is identified prior to the next day's opening of trading.

Such a correction may be adopted by approvals of the relevant Pit Committee
Chairman, or the Pit Committee Vice Chairman in the absence of the Pit Committee
Chairman, and the Chairman or Vice Chairman of the Regulatory Compliance
Committee within 15 minutes after the closing of the applicable futures contract
or within 30 minutes after the closing of the applicable futures option
contract. Thereafter, such a correction may be adopted by approval of the
Regulatory Compliance Committee.

No such correction may be made after the next day's opening of trading.
(09/01/94)

1009.01  Last Day of Trading of Delivery Month  -  Wheat and Oats - No trades
in wheat or oat futures deliverable in the current month shall be made after the
business day preceding the 15th calendar day of that month.  Any contracts
remaining open after the last day of trading must be either:

(a)      Settled by delivery no later than the seventh business day following
         the last trading day.

(b)      Liquidated by means for a bona fide exchange of futures for the actual
         cash commodity or, in case of wheat and oats, an over-the-counter
         transaction, no later than the sixth business day following the last
         trading day. (01/01/03)


1009.02  Last Day of Trading of Delivery Month-Corn and Soybeans   - No trades
in corn and

<PAGE>

                            Ch10 Trading Conditions
                            -----------------------

soybean futures deliverable in the current month shall be made after the
business day preceding the 15th calendar day of that month. Any contracts
remaining open after the last day of trading must be either:

(a)      Settled by delivery no later than the second business day following the
         last trading day (tender on business day prior to delivery).

(b)      Liquidated by means of a bona fide exchange of futures for the actual
         cash commodity, no later than the business day following the last
         trading day. 1832a (03/01/00)

1010.01  Margins on Futures - (See 431.03)  (09/01/94)

1012.01  Position Limits - (See 425.01)  (09/01/94)








<PAGE>

Ch10 Delivery Procedures

1035.00  Scope of Chapter - Commodities bought or sold for future delivery under
Exchange contracts shall be delivered and accepted in accordance with the
provisions of this Chapter. Any Regulation or Ruling which is inconsistent with
the requirements or procedures set forth in this Chapter 10 is hereby superseded
by the Chapter to the extent of such inconsistency. 280 (09/01/94)

1036.00  Grade Differentials - Unless otherwise specified, contracts for the
sale of wheat, corn, soybeans and oats shall be deemed to call for "contract"
wheat, corn, soybeans and oats respectively. Upon such contracts, sellers, at
their option, may deliver all or part of the following grades at the following
price differentials, provided that lots of grain of any one grade must conform
to the minimum lot requirements of Rule 1004.00:

                           WHEAT GRADE DIFFERENTIALS
--------------------------------------------------------------------------------
     At 3c Premium                             At Contract Price
--------------------------------------------------------------------------------
 No. 1 Soft Red Winter                     No. 2 Soft Red Winter
--------------------------------------------------------------------------------
 No. 1 Hard Red Winter                     No. 2 Hard Red Winter
--------------------------------------------------------------------------------
 No. 1 Dark Northern Spring                No. 2 Dark Northern Spring
--------------------------------------------------------------------------------
 No. 1 Northern Spring                     No. 2 Northern Spring
--------------------------------------------------------------------------------

Wheat which contains moisture in excess of 13.5% is not deliverable.


                              CORN DIFFERENTIALS
--------------------------------------------------------------------------------
No. 1 Yellow Corn (maximum 15% moisture)          at 1 1/2 cents per bushel over
                                                  contract price.
--------------------------------------------------------------------------------
No. 2 Yellow Corn (maximum 15% moisture)          at contract price.
--------------------------------------------------------------------------------
No. 3 Yellow Corn (maximum 15% moisture)          at 1 1/2 cents per bushel
                                                  under contract price.
--------------------------------------------------------------------------------



                          SOYBEAN GRADE DIFFERENTIALS
--------------------------------------------------------------------------------
U.S. No. 1 Yellow Soybeans (maximum 13% moisture)     at 6 cents per bushel over
                                                      contract price.
--------------------------------------------------------------------------------
U.S. No. 2 Yellow Soybeans (maximum 14% moisture)     at contract price.
--------------------------------------------------------------------------------
*U.S. No. 3 Yellow Soybeans (maximum 14% moisture)    at 6 cents per bushel
                                                      under contract price.
--------------------------------------------------------------------------------

*   All factors equal to U.S. No. 2 grade or better (including test weight;
    splits; heat damage; brown, black and/or bicolored soybeans in yellow
    soybeans) except foreign material (maximum 3%).


                           OATS GRADE DIFFERENTIALS
--------------------------------------------------------------------------------
 No. 1 Extra Heavy Oats                     At 7 cents per bushel over contract
                                            price.
--------------------------------------------------------------------------------
 No. 2 Extra Heavy Oats                     At 4 cents per bushel over contract
                                            price.
--------------------------------------------------------------------------------
 No. 1 Heavy Oats                           At 3 cents per bushel over contract
                                            price.
--------------------------------------------------------------------------------
 No. 2 Heavy Oats                           At contract price.
--------------------------------------------------------------------------------
 No. 1 Oats                                 At contract price.
--------------------------------------------------------------------------------

<PAGE>



                           Ch10 Delivery Procedures
                           ------------------------

--------------------------------------------------------------------------------
 No. 2 Oats (36 Ib. minimum test weight)        At 3 cents per bushel under
                                                contract price.
--------------------------------------------------------------------------------
 No. 2 Oats (34 Ib. minimum test weight)        At 6 cents per bushel under
                                                contract price.
--------------------------------------------------------------------------------


Bright Oats shall carry no additional premium or discount.  Oats with more than
14% moisture are not deliverable.  (03/01/00)

1036.00A  Test Weight Designation for Oats - The Rules Committee has
determined that, in the future, warehouse receipts of No. 2 Oats should carry
the test weight designation on the face of the receipt. In connection with
warehouse receipts currently outstanding which do not contain any such
designation, it was determined that unless the designation "36 Ib. minimum test
weight" appears on the face of the receipt, that the grade is considered to be
34 Ib. minimum test weight (6 cents per bushel under contract price). In
consideration of any holder of outstanding Oat receipts that for some reason are
"36 Ib. minimum test weight" and the receipt fails to reflect such, the holder
can contact the Registrar's Office for updating the receipt.  (09/01/94)

1036.00C  Soybean Differentials - The Board has determined that in accordance
with Rule 1036.00, No. 1 Yellow Soybeans which contain moisture in excess of 13%
but not more than 14% are deliverable at par.  (09/01/94)

1036.01   Location Differentials - Unless otherwise specified, contracts for
the sale of wheat, corn, soybeans and oats shall be deemed to call for
"contract" wheat, corn, soybeans and oats respectively.  Upon such contracts,
sellers, at their option, may deliver all or part at the following locations at
the following price differentials, subject to the differentials for grade
outlined in Rule 1036.00, provided that lots of grain of any one grade must
conform to the minimum lot requirements of Rule 1004.00:

                         WHEAT LOCATION DIFFERENTIALS

In accordance with the provisions of Rule 1041.00C, wheat in regular warehouses
located within the Chicago Switching District, the Burns Harbor, Indiana
Switching District or the Toledo, Ohio Switching District may be delivered in
satisfaction of Wheat futures contracts at contract price, subject to the
differentials for class and grade outlined above. Only No. 1 Soft Red Winter and
No. 2 Soft Red Winter Wheat in regular warehouses located within the St. Louis-
East St. Louis and Alton Switching districts may be delivered in satisfaction of
Wheat futures contracts at a premium of 10 cents per bushel over contract price,
subject to the differentials for class and grade outlined above.

                          CORN LOCATION DIFFERENTIALS

(See Regulation 10C36.01-Location Differentials for Corn futures contracts.)

                         SOYBEAN LOCATION DIFFERENTIALS


<PAGE>



                           Ch10 Delivery Procedures
                           ------------------------

(See Regulation 10S36.01-Location Differentials for Soybean futures contracts.)

                          OATS LOCATION DIFFERENTIALS

In accordance with the provisions of Rule 1041.00B, oats in regular warehouses
located within the Chicago Switching District, the Burns Harbor, Indiana
Switching District, the Minneapolis, Minnesota Switching District, or the St.
Paul, Minnesota Switching District may be delivered in satisfaction of Oats
futures contracts at contract price, subject to the differentials for class and
grade outlined above.  (06/01/02)

1038.00  Grades - A contract for the sale of commodities for future delivery
shall be performed on the basis of the grades officially promulgated by the
Secretary of Agriculture as conforming to United States Standards at the time of
making the contract. If no such United States grades shall have been officially
promulgated, then such contract shall be performed on the basis of the grades
established by the Department of Agriculture of the State of Illinois, or the
standards established by the Rules and Regulations of the Association in force
at the time of making the contract. 293  (09/01/94)

1038.01  United States Origin Only - Effective September 1, 1992, a futures
contract for the sale of corn, soybeans or wheat shall be performed on the basis
of United States origin only upon written request by a taker of delivery at the
time loading orders are submitted.  (09/01/94)

1038.02  Deoxynivalenol (Vomitoxin) Limit in Wheat - Effective September 1,
1999, a taker of delivery of wheat shall have the option to request in writing
load-out of wheat which contains no more than 5 (five) parts per million of
deoxynivalenol (vomitoxin).  At the taker's expense, a determination of the
level of vomitoxin shall be made at the point of load-out by the Federal Grain
Inspection Service or by a third party inspection service which is mutually
agreeable to the maker and taker of delivery.  (12/01/98)

1041.00  Delivery Points -

A.   Corn.

     See Rule 10C41.00-Delivery Points for Corn futures contracts.

B.   Oats. Oats in regular warehouses located within the Chicago Switching
     District, the Burns Harbor, Indiana Switching District or the Minneapolis,
     Minnesota or St. Paul, Minnesota Switching Districts may be delivered in
     satisfaction of oats futures contracts.

C.   Wheat. Wheat in regular warehouses located within the Chicago Switching
     District, the Burns Harbor, Indiana Switching District or the Toledo, Ohio
     Switching District may be delivered in satisfaction of wheat futures
     contracts. Only No. 1 Soft Red Winter and No. 2 Soft Red Winter Wheat in
     regular warehouses located within the St. Louis-East St. Louis and Alton
     Switching Districts may be delivered in satisfaction of Wheat futures.

D.   Soybeans.

     See Rule 10S41.00-Delivery Points for Soybean futures contracts.
     (06/01/02)

1041.01  Burns Harbor, Indiana Switching District - When used in these Rules
and Regulations, the Burns Harbor, Indiana Switching District will be that area
geographically defined by the boundaries of Burns Waterway Harbor at Burns
Harbor, Indiana which is owned and operated by the Indiana Port Commission.
(09/01/94)

1042.00  Delivery of Commodities by Warehouse Receipts - Except as otherwise
provided,

<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

delivery of commodities shall be made by the delivery of registered warehouse
receipts issued by warehousemen against stocks in warehouses which have been
declared regular by the Regulatory Compliance Committee. The Regulatory
Compliance Committee by Regulation may prescribe the conditions upon which
warehouses and warehousemen may become regular except that in the case of
federally licensed warehouses and warehousemen, the Regulatory Compliance
Committee may impose only such reasonable requirements as to location,
accessibility and suitability as may be imposed on other regular warehouses and
warehousemen.

The Regulatory Compliance Committee by Regulation may prescribe conditions not
inconsistent with the provisions of this Chapter upon which warehouse receipts
issued by regular warehouses shall be deliverable. 281  (02/01/99)


1042.01  Registration of Grain Warehouse Receipts - In order to be valid for
delivery against futures contracts, grain warehouse receipts must be registered
with the official Registrar and in accordance with the requirements issued by
the Registrar. Registration of Wheat and Oat warehouse receipts shall also be
subject to the following requirements:

1.   Warehousemen who are regular for delivery may register warehouse receipts
     at any time. If the warehouseman determines not to tender the warehouse
     receipt by 4:00 p.m. on the day it is registered, the warehouseman shall
     declare the receipt has been withdrawn but is to remain registered by
     transmitting to the Registrar the warehouse receipt number and the name and
     location of the warehouse facility. The holder of a registered receipt may
     cancel its registration at any time. A receipt which has been canceled may
     not be registered again.

2.   Except in the case the delivery on the last delivery day of delivery month,
     in which case the warehouse receipt must be registered before 1:00 p.m. on
     the last delivery day of the delivery month, the grain warehouse receipt
     must be registered before 4:00 p.m. on notice day, the business day prior
     to the day of delivery. If notice day is the last business day of a week,
     grain warehouse receipts must be registered before 3:00 p.m. on that day.

3.   From his own records, the Registrar shall maintain a current record of the
     number of receipts that are registered and shall be responsible for posting
     this record on the Exchange Floor and the CBOT website. The record shall
     not include any receipts that have been declared withdrawn.

4.   When a warehouseman regains control of his own registered receipt, the
     warehouseman shall by 4:00 p.m. of that business day either cancel the
     registration of said receipt or declare that said receipt is withdrawn but
     is to remain registered by transmitting to the Registrar the receipt number
     and the name and location of the warehouse facility, except in the case
     where a notice of intention to redeliver said receipt for the warehouseman
     has been tendered to the Clearing House by 4:00 p.m. of the day that the
     warehouseman regained control of said receipt. (11/01/02)


1043.01  Delivery of Corn and Soybeans by Shipping Certificates - Deliveries of
Corn and Soybeans shall be made by delivery of Shipping Certificates issued by
Shippers designated by the Exchange as regular to issue Shipping Certificates
for Corn and Soybeans using the electronic fields which the Board of Trade
Clearing Corporation requires to be completed. In order to effect a valid
delivery each Shipping certificate must be endorsed by the holder making the
delivery, and transfer as specified above constitutes endorsement. Such
endorsement shall constitute a warranty of the genuineness of the Certificate
and of good title thereto, but shall not constitute a guaranty, by an endorser,
of performance by the issuer of the Certificate. Such endorsement shall also
constitute a representation that all premium charges have been paid on the
commodity covered by the certificate, in accordance with Regulation C1056.01 or
Regulation S1056.01, as applicable. (05/01/01)

1043.02  Registration of Corn and Soybean Shipping Certificates - Corn and
Soybean Shipping Certificates in order to be eligible for delivery must be
registered with the Official Registrar and in accordance with the requirements
issued by the Registrar. Registration of Corn and Soybean Shipping Certificates
shall also be subject to the following requirements:


(a)  Shippers who are regular for delivery may register certificates at any
     time. If the shipper determines not to tender the shipping certificate by
     4:00 p.m. on the day it is registered, the shipper shall declare the
     certificate is withdrawn but is to remain registered by transmitting to the
     Registrar the certificate number and the name and location of the shipping
     plant. The holder of a registered certificate may cancel its registration
     at any time. A certificate which has been canceled may not be registered
     again.

(b)  No notice of intention to deliver a certificate shall be tendered to the
     Clearing House unless said certificate is registered and in possession of
     the Clearing House member tendering the notice or unless a shipping
     certificate is registered and outstanding. When a notice of intention to
     deliver a certificate has been tendered to the Clearing House, said
     certificate shall be considered to be "outstanding" until its registration
     is cancelled.

(c)  From his own records, the Registrar shall maintain a current record of the
     number of certificates that are registered and shall be responsible for
     posting this record on the Exchange Floor and the CBOT website. The record
     shall not include any shipping certificates that have been declared
     withdrawn.

(d)  When a registered shipper regains control of a registered certificate
     calling for shipment from one of his shipping stations, which in any manner
     relieves him of the obligation to ship corn or soybeans upon demand of a
     party other than himself, the shipper shall by 4:00 p.m. of that business
     day either cancel the registration of said certificate or declare that said
     certificate is withdrawn but is to remain registered by transmitting to the
     Registrar the certificate number and the name and location of the shipping
     plant, except in the case where a notice of intention to redeliver said
     certificate for the shipper has been tendered to the Clearing House by 4:00
     p.m. of the day that the shipper regained control of said certificate.

(e)  The Registrar shall not divulge any information concerning the
     registration, delivery or cancellation of certificates other than the
     record posted on the Exchange Floor and the CBOT website, except that he
     shall issue a weekly report showing the total number of certificates
     registered as of 4:00 P.M. on the last trading day of each week. In
     addition to the information posted on the Exchange Floor and the CBOT
     website, this weekly report will show the names of shippers whose
     certificates are registered and the location of the shipping stations
     involved. This report shall not include any shipping certificates that have
     been declared withdrawn. (11/01/02)


<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------




1044.01  Certificate Format - The electronic fields which the Board of Trade
Clearing Corporation requires to be completed shall indicate the registration
number and date, shipping station, commodity, quantity, grade and class, and
premium charge.

The electronic shipping certificate obligates the shipper, for value received
and receipt of the certificate properly endorsed, and subject to a lien for
payment of premium charges, to deliver the specified quantity of the relevant
commodity conforming to the standards of the Exchange, and to ship the commodity
in accordance with orders of the lawful owner of the certificate and in
accordance with the Rules and Regulations of the Exchange. Delivery shall be by
water or rail conveyance according to the registered loading capability of the
shipper.

Delivery of the electronic shipping certificate to the issuer by the owner of
the certificate, for the purpose of shipment of the commodity, is conditioned
upon loading of the commodity in accordance with the Rules and Regulations of
the Exchange, and a lien is claimed until all loadings are complete and proper
shipping documents presented accompanying demand draft for freight and premium
charges due which the owner of the certificate agrees to honor upon
presentation. (05/01/01)

1045.01  Lost or Destroyed Negotiable Warehouse Receipts Shipping Certificate

(a)  Unless a federal or state law prescribes different procedures to be
     followed in the case of lost or destroyed warehouse receipts or shipping
     certificates, the following procedures shall be followed. A replacement
     receipt/certificate may be issued upon compliance with the conditions set
     forth in paragraph (b) of this Regulation.  Such replacement
     receipt/certificate must be issued upon the same terms, must be subject to
     the same conditions, and must bear on its face the number and the date of
     the receipt/certificate in lieu of which it is issued.  It must also
     contain a plain and conspicuous statement that it is a replacement
     receipt/certificate issued in lieu of a lost or destroyed
     receipt/certificate.

(b)  Before issuing such replacement receipt/certificate, the
     warehouseman/shipper may require the person requesting the
     receipt/certificate to make and file with the warehouseman/shipper: (1) an
     affidavit stating that the requestor is the lawful owner of the original
     receipt/certificate, that the requestor has not negotiated, sold, assigned
     or encumbered it, how the original receipt/certificate was lost or
     destroyed, and if lost, that diligent effort has been made to find the
     receipt/certificate without success, and (2) a bond in an amount double the
     value, at the time the bond is given, of the commodity represented by the
     lost or destroyed receipt/certificate.

     Such bond shall indemnify the warehouseman/shipper against any loss
     sustained by reason of the issuance of such replacement
     receipt/certificate. The bond shall have as surety thereon a surety company
     which is authorized to do business, and is subject to service of process in
     a suit on the bond, in the state in which the warehouse/shipping station,
     as named on the warehouse receipt/certificate, is located, or at least two
     individuals who are residents of such state, and each of whom owns real
     property in that state having a value, in excess of all exemptions and
     encumbrances, equal to the amount of the bond.

     In the alternative, upon the approval of the U.S. Department of Agriculture
     where applicable, or otherwise upon the approval of the Exchange, a
     warehouseman/shipper may issue a replacement receipt/certificate upon the
     execution of an agreement by the requestor to indemnify the
     warehouseman/shipper against any loss sustained by reason of the issuance
     of


<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

     such replacement receipt/certificate, in a form acceptable to the
     warehouseman/shipper. (04/01/00)

1046.00  Date of Delivery - Where any commodity is sold for delivery in a
specified month, delivery of such commodity may be made by the seller upon such
business day of the specified month as the seller may select and, if not
previously delivered, delivery must be made upon the last business day of the
specified month; provided, however, that the Exchange may, by Regulation
pertaining to a particular commodity, prescribe specific days or dates within
such specified month on which delivery of such commodity may or may not be made.
284  (09/01/94)

1046.00A Location for Buying or Selling Delivery Instruments - In order to
facilitate liquidation of outstanding contracts during the final seven business
days of a delivery month (Regulation 1009.03) floor brokers, locals and clearing
or non-clearing members who need warehouse receipts or shipping certificates in
order to make delivery or who anticipate receiving warehouse receipts or
shipping certificates on delivery and wish to dispose of them may meet at 2:00
p.m. on the last day of trading in an expiring future at the cash grain table
between the corn and soybean pits to make arrangements for the acquisition or
disposition of such receipts or certificates.

All actual deliveries against outstanding futures positions must, in any event,
be made by sellers through the Clearing House and will be received by buyers
through the Clearing House. 34R  (09/01/94)

1047.01  Delivery Notices - A seller obligated or desiring to make delivery of
a commodity shall issue and deliver to the Clearing House a delivery notice
containing the name and business address of the issuer; the date of issue; the
date of delivery; the name of the commodity; the total contracted quantity in
satisfaction of which the delivery is being tendered and such other information
as the Regulatory Compliance Committee shall direct in regard to any particular
commodity.

A delivery notice shall be furnished to the Clearing House in computer readable
form. The Clearing House, acting as agent for the seller, shall provide the
notice to the buyer.

The seller or its agent shall reduce the notice to written form and retain a
copy of the notice for the period of time required by the Commodity Futures
Commission.

Upon determining the buyers obligated to accept deliveries tendered by issuers
of delivery notices, the Clearing House shall promptly furnish to each issuer
the names of the buyers obligated to accept delivery from him for each commodity
for which a notice was tendered and shall also inform the issuer of the number
of contracts for which each buyer is obligated. Failure of the seller to object
to such assignment by 7:00 a.m. on intention day shall establish an irrebuttable
presumption that the issuance of the delivery notice was authorized by the
person in whose name the notice was issued.  (09/01/94)

1048.01  Method of Delivery - Delivery notices must be delivered to the
Clearing House which shall assign the deliveries to clearing members (buyers)
having contracts to take delivery of the same amounts of the same commodities.
The Clearing House shall notify such clearing members of the deliveries which
have been assigned to them and shall furnish to issuers of delivery notices the
names of clearing members obligated to accept their deliveries. Clearing Members
receiving delivery notices shall assign delivery to the oldest open contracts on
their books at the close of business on the previous day (position day). 286
(09/01/94)

1049.00  Time of Delivery, Payment, Form of Delivery Notice - The requirements
of the form of delivery notice, time of delivery, and payment shall be fixed by
the Regulatory Compliance Committee. 287  (09/01/94)

1049.01  Time of Issuance of Delivery Notice - Unless a different time is
prescribed by Regulation pertaining to a particular commodity, delivery notices
must be delivered to the Clearing House by 4:00 p.m., or by such other time
designated by the Board of Directors, on position day except that, on the last
notice day of the delivery month, delivery notices may be delivered to the
Clearing House until 2:00 p.m., or by such other time designated by the Board of
Directors, on intention day. The Clearing House shall, on the same day, assign
the deliveries to eligible buyers as provided in Regulation 1048.01 and shall
issue to each such buyer a delivery assignment notice describing the delivery
which has been assigned to him.  (12/01/99)



<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

1049.01B  Interpretation: Sellers' Obligation for Storage Charges - The
Directors have issued the following interpretation of Rule 1042.00, Rule
1041.00, and Regulation 1049.01 in connection with the time the responsibility
for storage charges changes from seller to buyer.

The responsibility for storage charges shall remain the obligation of the seller
until such time as the warehouse receipts or weight certificates are presented
to the buyer and payment is made therefore in conformity with the Regulations
concerning payment.  (09/01/94)

1049.02   Buyers' Report of Eligibility to Receive Delivery - Prior to 8:00
p.m., or by such other time designated by the Board of Directors, of each day on
which delivery notices may be delivered to the Clearing House, each clearing
member shall report to the Clearing House, at such times and in such manner as
shall be prescribed by the Clearing House, the amounts of its purchases of the
various commodities then eligible for delivery which remain open on its books in
accordance with law and with the Rules and Regulations of the Association. Such
reports shall show the dates on which such purchases were made, and shall
exclude purchases to which the clearing member has applied deliveries assigned
to it but which remain open on its books pending receipt of delivery. With
respect to omnibus accounts, the reports described above shall show the dates on
which such purchases were made, as reflected on the ultimate customers' account
statements. (12/01/99)


1049.03  Sellers' Invoices to Buyers - Upon receipt of the names of the buyers
obligated to accept delivery from him and a description of each commodity
tendered by him which was assigned by the Clearing House to each such buyer, the
seller shall prepare invoices addressed to its assigned buyers describing the
documents to be delivered to each such buyer and, in the case of deliveries
under Rule 1041.00, the information required in said Rule. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House for
that purpose adjusted for applicable premiums, discounts, storage charges,
premium charges, premium for FOB conveyance, quantity variations and other items
for which provision is made in these Rules and Regulations relating to
contracts, and shall be in the form set forth hereunder unless a different form
is prescribed by Regulation  pertaining to a particular commodity. Such invoices
shall be delivered to the Clearing House by 10:00 a.m. for those commodities
utilizing the electronic delivery system via the Clearing House's on-line system
or 4:00 p.m. for other commodities, or by such other time designated by the
Board of Directors, on the day of intention except on the last notice day in the
delivery month when a skeleton notice has been delivered to the Clearing House,
in which case invoices for said delivery may be delivered to the Clearing House
until 10:00 a.m. on the last delivery day of the delivery month. Upon receipt of
such invoices, the Clearing House shall promptly make them available to buyers
to whom they are addressed, by placing them in buyers' mail boxes provided for
that purpose in the Clearing House, except that invoices for all commodities
utilizing the electronic delivery system shall be made available to buyers via
the Clearing House's on-line system.

Financial instruments futures contracts will follow the invoicing procedure that
is prescribed in the respective contract's invoicing regulation. Delivery
invoicing forms for financial instruments futures contracts shall be restricted
to that form which the Board of Trade Clearing Corporation specifically
provides.

                               DELIVERY INVOICE
                                   Office Of

                                                                      No._______
      __________________________________________________________________________
      __________________________________________________________________________

      For delivery on___________________________________________________________
                                                (Date)
      against C. H. Assignment Notice No._______________________________________

      To________________________________________________________________________
                                   (Buyer's code number and name)
      For the delivery of_______________________________________________________
                                 (Net quantity, per list total below)
      of________________________________________________________________________
                                     (Grade, class, commodity)
      In, ordered to, or to be shipped from_____________________________________
                                         (Warehouse, delivery or shipping point)

      As evidenced by the documents listed below:
      At the established delivery price of _______ per ______            $______
      Premium or discount on grade                                        ______
      Storage and insurance, or premium, for a total of ____ days         ______
      Other charges or credits                                            ______
      TOTAL AMOUNT DUE-THIS INVOICE                                      $______



<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

<TABLE>
<CAPTION>

Whse.Receipt or                              Prem-Disc.                                    Other charges or
certificate                                  on Grade      Adjustment for Stge-lns-Prem.   credits
---------------------------------------------------------------------------------------------------------------
                                                                                                    Amount &
Date             Number     Net Quantity     Rate  Amount  Pd.thru   Days   Rate  Amount   Dr Cr.   Description
---------------------------------------------------------------------------------------------------------------
<S>           <C>            <C>           <C>   <C>     <C>       <C>    <C>   <C>     <C>     <C>




---------------------------------------------------------------------------------------------------------------
</TABLE>

      1638  (10/01/01)


1049.04  Transfer Obligations - Payment is to be made in same day funds 1) by a
check drawn on and certified by a Chicago bank or 2) by a Cashier's check issued
by a Chicago bank. The long clearing member may effect payment by wire transfer
only if this method of payment is acceptable to the short clearing member.
Unless a different time is prescribed by Regulation pertaining to a particular
commodity, buyers obligated to accept delivery must take delivery and make
payment and sellers obligated to make delivery must make delivery before 1:00
p.m. of the day of delivery, except on banking holidays when delivery must be
taken or made and payment made before 9:30 a.m. the next banking business day.
Adjustments for differences between contract prices and delivery prices
established by the Clearing House shall be made with the Clearing House in
according with its By-Laws and Resolutions. 1639 (05/01/97)

1050.00  Duties of Members - Members shall deliver warehouse receipts, bills of
lading, shipping certificates or demand certificates tendered for delivery
pursuant to the Rules and Regulations of the Association and in accordance with
the assignment thereof to eligible buyers by the Clearing House, and shall make
no other disposition thereof. A member who alters or makes a false endorsement
on a notice of assignment of delivery issued by the Clearing House under Rule
1048.00, for the purpose of avoiding acceptance of the delivery specified,
therein, should be deemed guilty of an act detrimental to the Welfare of the
Association. 288 (09/01/94)

1051.01  Office Deliveries Prohibited - No office deliveries of warehouse
receipts or shipping certificates may be made by members of the Clearing
Corporation. Where a commission house as a member of the Clearing Corporation
has an interest both long and short for customers on its own books, it must
tender to the Clearing Corporation such notices of intention to deliver as it
receives from its customers who are short. 1870 (03/01/00)

1052.00  Delivery of Grain in Cars (Chicago only) - Regular deliveries of
contract grades of grain on contracts for future delivery may be made in cars on
track during the last three business days in the delivery month subject to the
following:

(a)  Cars must be within the Chicago District, in a railroad yard where samples
     are taken by an official grain inspection agency approved by the U.S.D.A.

(b)  Cars must be consigned or ordered to a regular warehouse.

(c)  Delivery shall not be complete until the grain is unloaded and warehouse
     receipts or weight certificates are issued therefor unless the buyer elects
     otherwise. During this time, title to the grain remains in the seller, the
     purchase price is not payable, and the seller remains liable for any change
     in grade. The buyer, however, may elect and order the cars unloaded at any
     other place where they will be weighed provided the buyer makes payment in
     advance. In making such election and paying in advance the buyer assumes
     title and all responsibility for any change in grade occuring after the
     original inspection as provided in subsection (d) of this Rule and for any
     and all charges occasioned by such election of the buyer.

(d)  Grain delivered in cars on track in settlement of futures contracts must be
     inspected during the last four delivery days of the delivery month by an
     official grain inspection agency approved by the U.S.D.A. In the event
     another grade determination is made subsequent to date of tender and the
     original grade is changed, the delivery will not be disqualified as a
     result thereof. Price adjustment will be made between the buyer and the
     seller at the prevailing fair market difference based on the cost of
     replacement. In the event of a dispute, the Chairman of the Regulatory
     Compliance Committee will appoint an impartial committee of three to fix a
     fair and proper differential.



<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

(e)  Deliveries of grain in cars shall be made by the tender of delivery notices
     based on the shippers' certificates of weight (if attached thereto) or
     railroad weights, or, in the absence of such weights, the marked capacity
     of the cars.

(f)  Where there is an excess or deficit upon delivery, such excess or deficit
     shall be settled for on the basis of the market price at the time when such
     excess or deficit becomes known to both parties; provided that the buyer,
     if he so elects, may cancel the contract as to any deficit.

(g)  On all grain tendered under this Rule, the party making the original tender
     shall keep on file and deliver on request, at tenderer's option, the
     samples of the official grain inspection agency.

(h)  Delivery of wheat, corn, oats or soybeans in cars shall be for quantities
     of 5,000 bushels or multiples thereof. 283 (03/01/00)

1052.00A  Track Deliveries -

1.   Under subparagraph (d) of Rule 1052.00 when notices of intention to deliver
     are issued on the day prior to the three days during which regular
     deliveries may be made in carlots, the requirement that the delivery notice
     be accompanied by certificate showing approval by the Illinois State Grain
     Inspection Department for storage must be attached to the delivery notice
     will be satisfied if that certificate is furnished the next day.

2.   During the last three delivery days of the month split notices of delivery
     may be tendered, that is to say, part of the notice may cover grain in
     store and part of the notice may cover grain in cars on track. 14R
     (03/01/00)

1052.00B  Track Deliveries - The matter of the origin of grain which may be
delivered in satisfaction of futures contracts under Rule 1052.00 (Delivery of
Grain in Cars), was brought before the Directors. After a discussion upon motion
duly made, seconded, and unanimously carried, it was

Resolved, only grain arriving in cars from points outside of the Chicago
Switching District and which has not previously been unloaded at a warehouse in
the Chicago Switching District may be delivered in satisfaction of futures
contracts under Rule 1052.00; and

Further Resolved, that grain loaded in cars from warehouses in the Chicago
Switching District shall not be deliverable in satisfaction of futures contracts
under said Rule 1052.00. 23R  (09/01/94)

1052.00C  Track Deliveries -

1.   The question was submitted to the Directors as to whether or not under Rule
     1052.00 (Delivery of Grain in Cars) out-of-town weights can be used on
     carlot deliveries provided there is an agreement between the buyer and
     seller. It was the ruling of the Directors and the Rules Committee that
     under the provisions of this Rule out-of-town weights may not be used even
     where mutual agreement might exist.

2.   The question was submitted to the Directors as to whether deliveries of
     grain in cars might be settled on the aggregate or on the basis of
     individual contracts under Rule 1052.00.

     The Directors and the Rules Committee held that the settlement must be made
     on the individual contracts of 5,000, 2,000, 1,000 bushels or multiples
     thereof, and may not be settled on the aggregate.

3.   The Directors and the Rules Committee have made the following
     interpretation of Regulation 1047.01 (Delivery Notice). A person issuing a
     skeleton notice on the last notice day in a delivery month must by 10:00
     a.m. on the next day furnish all information which is required on the usual
     delivery notice. A person re-issuing a skeleton notice on the first
     position day of a successive delivery month (i.e. -the next calendar month)
     must furnish all information which is required on the usual delivery notice
     by 1:00 p.m. on first notice day. 23R (05/01/95)

1054.00  Failure to Accept Delivery   - Where a buyer to whom a delivery has
been assigned by the Clearing House under Regulation 1048.01 fails to take such
delivery and make payment when payment is due, the seller tendering such
delivery shall promptly sell the commodity on the open market for the account of
the delinquent. He shall then immediately notify the Clearing House of the
default, the contract price, and the re-sale price, and the Clearing House shall
immediately serve a like



                                     1017

<PAGE>

                           Ch10 Delivery Procedures
                           ------------------------

notice upon the delinquent. Thereupon the delinquent shall be obligated to pay
to the seller, through the Clearing House, the difference between the contract
price and the re-sale price. 289 (05/01/95)


1054.00A  Failure to Accept Delivery - Rule 1054.00 provides that when a buyer
fails to take delivery and make payment at the prescribed time, the issuer of
the delivery shall promptly sell the commodity on the open market for the
account of the delinquent.


Does this mean that the seller is to sell the warehouse receipts in the cash
market or sell futures in the pit and make a new tender? Also, what is the
meaning of the term 'promptly'? If the deliverer, thinking to accommodate the
delinquent, waits until 1:10, at which time the market is 5 lower than at 1:00
has he assumed any liability because of the delay? If it is the warehouse
receipts which are to be sold out, what determines the market price? Frequently
an elevator operator will pay more for his own receipts than for another's; or a
processor may pay a higher basis for one grade than another, grade differential
to the contrary. If futures are to be sold in the pit, who then is responsible
for the mechanics of tender and the assumption of interest?

The Board approved the opinion of the Rules Committee that the seller must have
the right to act in either the cash or futures market at his discretion without
recourse on the part of the defaulting buyer so long as action is taken prior to
9:45 A.M. the next business day. 38R  (09/01/94)

1056.01   Storage Rates for Wheat and Oats and Premium Charges for Corn and
Soybeans - To be valid for delivery on futures contracts, all warehouse receipts
and shipping certificates covering wheat and oats in regular store or corn and
soybeans under obligation for shipment must indicate the applicable storage rate
or premium charge. No warehouse receipts or shipping certificates shall be valid
for delivery on futures contracts unless the storage rates or premium charges on
such grain shall have been paid up to and including the 18th calendar day of the
preceding month, and such payment endorsed on the warehouse receipt or shipping
certificate. Unpaid accumulated storage rates and premium charges at the posted
rate applicable to the warehouse or shipping station where the grain is stored
or under obligation for shipment shall be allowed and credited to the buyer by
the seller to and including date of delivery. Further, no wheat or oats
warehouse receipt shall be valid for delivery if the receipt has expired prior
to delivery or has an expiration date in the month in which delivered. 1641

If storage rates or premium charges are not paid on-time up to and including the
18th calendar day preceding the delivery months of March, July and September and
by the first calendar day of each of these delivery months, a late charge will
apply. The late charge will be an amount equal to the total unpaid accumulated
storage rates or premium charges multiplied by the "prime interest rate" in
effect on the day that the accrued storage rates are paid plus a penalty of 5
percentage points, all multiplied by the number of calendar days that storage is
overdue, divided by 360 days. The term "prime interest rate" shall mean the
lowest of the rates announced by each of the following four banks at Chicago,
Illinois, as its "prime rate": Bank of America-Illinois, Bank One, Harris Trust
& Savings Bank, and the Northern Trust Company.

The storage rates on Wheat and Premium Charges on Corn and Soybeans for delivery
shall not exceed 15/100 of one cent per bushel per day.

The storage rates on Oats for delivery shall not exceed 13/100 of one cent per
bushel per day.



   (11/01/01)

                                     1018

<PAGE>

Ch10 Regularity of Warehouses

1081.01  Regularity of Warehouses and Issuers of Shipping Certificates -
Warehouses or shipping stations may be declared regular for the delivery of
grain with the approval of the Exchange. Persons operating grain warehouses or
shippers who desire to have such warehouses or shipping stations made regular
for the delivery of grain under the Rules and Regulations shall make application
for an initial Declaration of Regularity on a form prescribed by the Exchange
prior to May 1 of an even year, for a two-year term beginning July 1 of that
year, and at any time during a current term for the balance of that term.
Regular grain warehouses or shippers who desire to increase their regular
capacity during a current term shall make application for the desired amount of
total regular capacity on the same form. Initial regularity for the current term
and increases in regularity shall be effective either thirty days after a notice
that a bona fide application has been received is posted by the Exchange, or the
day after the application is approved by the Exchange, whichever is later.
Persons operating grain warehouses or shipping stations who desire to have their
daily rate of loading decreased, shall file with the Exchange a written request
for such decrease at which time a notice will be posted by the Exchange. The
decrease in the daily rate of loading for the facility will become effective 30
days after a notice has been posted by the Exchange or the day after the number
of outstanding certificates at the facility is equal to or less than 20 times
the requested rate of loading, whichever is later. Persons operating grain
warehouses or shipping stations who wish to have their regular capacity space
decreased shall file with the Exchange a written request for such decrease and
such decrease shall be effective once a notice has been posted by the Exchange.
Applications for a renewal of regularity shall be made prior to May 1 of even
years, for the respective years beginning July 1 of those years, and shall be on
the same form.



The Exchange may establish such requirements and conditions for regularity as it
deems necessary.

The following shall constitute the minimum requirements and conditions for
regularity of grain warehouses and shipping stations:

(1)  The warehouse or shipping station making application shall be inspected by
     the Exchange or the United States Department of Agriculture. Where
     application is made to list as regular a warehouse which is not regular at
     the time of such application, the applicant may be required to remove all
     grain from the warehouse and to permit the warehouse to be inspected and
     the grain graded, after which such grain may be returned to the warehouse
     and receipts issued therefor.


See Regulation 10C81.01(1)-Regularity of Warehouses and Issuers of Shipping
Certificates for Corn futures contracts.


See Regulation 10S81.01(1)-Regularity of Warehouses and Issuers of Shipping
Certificates for Soybean futures contracts.

(2)  Such warehouse shall be connected by railroad tracks with one or more
     railway lines.

See Regulation 10C81.01(2)-Regularity of Warehouses and Issuers of Shipping
Certificates for Corn futures contracts

See Regulation 10S81.01(2)-Regularity of Warehouses and Issuers of Shipping
Certificates for Soybean futures contracts.

(3)  The proprietor or manager of such warehouse or shipping station shall be in
     good financial standing and credit, and shall meet the minimum financial
     requirements and financial reporting requirements set forth in Appendix 4E.
     No warehouse or shipping station shall be declared regular until the person
     operating the same files a bond and/or designated letter of credit with
     sufficient sureties in such sum and subject to such conditions as the
     Exchange may require.

(4)  Such warehouse or shipping station shall be provided with modern
     improvements and appliances for the convenient and expeditious receiving,
     handling and shipping of grain in bulk.

(5)  The proprietor or manager of such warehouse or shipping station shall
     comply with the system of registration of warehouse receipts or shipping
     certificates as established by the Exchange, and shall furnish accurate
     information to the Exchange regarding all grain received and delivered by
     the warehouse or shipping station on a daily basis, and that remaining in
     store at the close of each week, in the form prescribed by the Exchange.


<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

(6) Safeguarding Condition of Grain in Warehouses.

    (a) The Board of Trade shall designate an agency for registration of public
        warehouse receipts, and only public warehouse receipts registered with
        such agency shall be within the provisions of paragraph (b) following.

    (b) Whenever in the opinion of the operator of the warehouse any grain
        stored in a public warehouse under his jurisdiction should be loaded out
        in order to protect the best interests of the parties concerned, such
        operator shall notify the agency giving the location and grades of such
        grain. The agency shall immediately notify an appropriate grain
        inspection service who shall at once proceed to the warehouse in which
        the grain is stored and examine it in conjunction with the
        Superintendent of such warehouse. If the grain inspection service agrees
        with the Superintendent that the grain should be moved, it shall so
        notify the Registrar of the Chicago Board of Trade. If the grain
        inspection service does not agree with the Superintendent that the grain
        should be moved, the operator of the warehouse shall have a right to
        appeal to the Business Conduct Committee of the Board of Trade. If on
        such appeal the Business Conduct Committee shall agree with the
        Superintendent that the grain should be moved, the Business Conduct
        Committee shall so notify the Registrar of the Board of Trade, and the
        warehouse receipts covering the above specified lot or lots of grain
        shall no longer be regular for delivery on Board of Trade future
        contracts. Upon receiving such notice, either from the grain inspection
        service, or from the Business Conduct Committee, the Registrar shall
        notify the holder, or holders, or their agents, together with the
        Chairman of the Business Conduct Committee, of the total quantity of the
        grade of grain in question (selecting the oldest registered warehouse
        receipt for such grain first, then such additional registered warehouse
        receipts in the order of their issuance as may be necessary to equal
        such total quantity of grain). When this information reaches the
        Chairman of the Business Conduct Committee he shall appoint a Committee
        consisting of five disinterested handlers of cash grain, which Committee
        shall meet at once and after taking into consideration various factors
        that establish the value of the grade of the receipts held by such owner
        or owners, shall determine the fair value of the grain, which price
        shall be that to be paid by the operator. If the price offered is not
        satisfactory, a Committee appointed by the Chairman of the Business
        Conduct Committee (at the request of such owner), shall procure other
        offers for such grain, and such offers shall be immediately reported to
        the owner or his agent. If the owner refuses to accept any such offers,
        he shall have the two following business days to order and furnish
        facilities for loading such grain out of store, and during this period
        the warehouseman shall be obliged to deliver the grain called for by the
        warehouse receipts, but not more than three (3) days may elapse after
        notification by the Registrar to the holder of the receipt before
        satisfactory disposition shall have been made of the grain, either by
        sale to the operator or by the ordering out and furnishing facilities to
        load the same, provided the amount of such grain does not exceed 100,000
        bushels in any one elevator. If the amount of grain in question exceeds
        100,000 bushels, the owner, or owners, of the warehouse receipts shall
        be allowed forty-eight hours of grace over and above the before
        mentioned three days for each 100,000 bushels in excess of the first
        100,000 bushels.

    (c) In the event that the holder of the warehouse receipt, or his agent,
        fails to move the grain or make other satisfactory disposition of same
        within the prescribed time, it shall be held for his account, and any
        loss in grade sustained shall likewise be for his account.

    (d) Nothing in the foregoing provisions shall be construed as prohibiting
        the warehouseman from fulfilling contracts from other stocks under his
        control.

(7) The proprietor or manager of such warehouse shall promptly, by the proper
    publication, advise the trade and the public of any damage to grain held in
    store by it, whenever such damage shall occur to an extent that will render
    it unwilling to purchase and withdraw from store, at its own cost, all such
    damaged grain.

(8) The Board shall be assured that the operator or manager of the warehouse or
    shipping station will agree to conform to Regulation 1049.03.



                                     1020

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

(9)  The proprietor or manager of such warehouse shall permit the Exchange, at
     any time, to examine the books and records of the warehouse, for the
     purpose of ascertaining the stocks of all kinds of grain which may be on
     hand at any time. The Exchange shall have the authority to determine the
     quantity of grain in the elevators and to compare the books and records of
     the warehouse with the records of the Exchange.


(10) The proprietor or manager of a regular warehouse or shipping station shall
     give assurance that all grain received in and shipped out of such warehouse
     shall be weighed under the supervision of an agency approved by the
     Exchange.


(11) The warehouseman or shipper operating such warehouses or shipping stations
     shall not engage in unethical or inequitable practices, and shall comply
     with all applicable federal or state statutes, rules or regulations.


     All warehousemen and shippers are and shall be and remain subject to the
     Rules, Regulations and Rulings of the Board of Trade of the City of Chicago
     on all subjects and in all areas with respect to which the U.S. Department
     of Agriculture does not assert jurisdiction pursuant to the U.S. Warehouse
     Act, as amended.

     A regular warehouseman or an owner of warehouse receipts can make delivery
     in a strike bound elevator. The taker of delivery is liable for all storage
     charges. However, where the owner of warehouse receipts in a strike bound
     elevator delivered against futures contracts has a bona fide bid for like
     receipts in a strike free elevator and decides to load the grain out or
     sell his receipts, the strike bound warehouseman has the option:

     (a) to provide that same quantity and like quality of grain in store in
         another regular warehouse, not on strike, in the same delivery market,
         or

     (b) to provide that same quantity and like quality of grain in store at
         another location on mutually acceptable terms, or

     (c) if no initial agreement can be reached as provided above, the strike
         bound warehouseman must buy his warehouse receipts back at the bid
         price in store for that same quantity and like quality of grain in a
         strike free elevator in the same delivery market or he has the
         alternative of proceeding as in (a) above. The bid (which must be a
         basis bid versus futures) referred to in this paragraph must be good
         for a minimum period of one hour and must be tendered in writing to the
         strike bound warehouseman between 1:30 p.m. and 4:30 p.m. on a business
         day and prior to 8:30 a.m., but not before 7:30 a.m., on the following
         business day.

         The warehouseman must respond to the bid as outlined above within the
         time period during which the bid is alive.

         Should the warehouseman question the validity of the bid, the question
         shall be referred to a Standing Committee which shall have been
         appointed on an annual basis by the Chairman of the Board, with the
         approval of the Board. The Committee shall consist of three members
         including one regular warehouseman with suitable alternates. In case
         the strike bound elevator involved is in a market other than that
         directly represented by the warehouseman appointed, the Chairman may
         designate a member in said alternate market who is familiar with cash
         grain values in that market. The sole duty of the Committee shall be to
         determine that the bid is bona fide. The Committee shall not express
         any opinion with respect to the economics of the bid.

         Within the context of this Regulation, a strike bound elevator is
         defined as the facility itself



                                     1021

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

      being on strike.

      The maximum load-out charge on wheat and oats which has been tendered in
      satisfaction of the Board of Trade futures contracts shall be 6 cents per
      bushel.

      The maximum premium for FOB conveyance on Corn and Soybean Shipping
      Certificates which have been tendered in satisfaction of Board of Trade
      futures contracts shall be 4 cents per bushel.

      All fees for stevedoring services to load Corn and Soybeans into barges
      are to be paid by the issuer of the Corn or Soybean Shipping Certificate.

      The premium for FOB conveyance is payable at the time of invoice.

(12)  Load-Out Procedures.

      A.  Load-Out Procedures Grains -

      1.  Corn and Soybeans; Wheat from Chicago, Burns Harbor and St. Louis; and
      Oats from Chicago and Burns Harbor. An operator of a regular facility has
      the obligation of loading grain represented by warehouse receipts or
      shipping certificates giving preference to takers of delivery. When an
      operator of a facility regular for the delivery of grain receives one or
      more written loading orders for loading of grain against canceled
      warehouse receipts or shipping certificates, the operator shall begin
      loading against them within 3 business days following their receipt. When
      loadings against written loading orders cannot be completed on the fourth
      business day following their receipt, the operator shall continue loading
      against such loading orders on each business day thereafter. All
      warehousemen and shippers shall outload grain against canceled delivery
      instruments consecutively without giving preference of the type of
      delivery instrument, kind of grain or mode of transportation. He shall
      outload all such products in the order in which suitable transportation,
      clean and ready to load is constructively placed at his facility by the
      holder of the warehouse receipt or shipping certificate, pursuant to bona
      fide loading orders previously received, and at the loading rates provided
      in part B of this Regulation.

      2.  Wheat from Toledo and Oats from Minneapolis-St. Paul - All warehousmen
      shall inload and outload all agricultural products consecutively without
      giving preference to the products owned by him over the products of
      others, and without giving preference to one depositor over another. He
      shall inload all such products consecutively in the order in which they
      arrive at his warehouse, pursuant to the inloading orders previously
      received so far as the warehouse capacity for grain and grade permits. He
      shall outload all such product s in the order in which suitable
      transportation, clean and ready to load is constructively placed at his
      warehouse by the holder of the warehouse receipt, pursuant to bona fide
      outloading orders previously received, except as provided in part B of
      this Regulation.

         It shall be the responsibility of the warehouse receipt or shipping
         certificate holder to supply suitable transportation. Hopper cars shall
         be considered suitable transportation if they can be sampled by pelican
         in a manner approved by the appropriate grain sampling agency. Trucks
         and non-suitable hopper cars may be loaded only with the express
         agreement of the warehouseman.

         Constructive placement at a warehouse or shipping station shall be
         defined as follows:

         (1) Rail cars-as defined in the appropriate Railroad Freight Tariff on
             file with the Interstate Commerce Commission;

         (2) Barges-Positioned at an appropriate fleeting service serving the
             designated delivery point;

         (3) Vessels-In possession of the appropriate Federal Grain Inspection
             Service and/or National Cargo Bureau documents certifying readiness
             to accept load-out at the designated delivery point.

         It shall be the responsibility of the warehouse receipt or shipping
         certificate holder to request the warehouseman to arrange for all
         necessary Federal Grain Inspection Service and stevedoring service. The
         warehouse receipt or shipping certificate holder may specify the
         stevedoring service to be called. The warehouseman shall not be held
         responsible for non-availability of these


                                     1022

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

        services.

    B.  Load-Out Rates for Grain - In the event a regular grain warehouse or
        shipping station receives written loading orders for load-out of grain
        against canceled warehouse receipts or shipping certificates, the
        warehouseman or shipper shall be required to load out grain beginning on
        the third business day following receipt of such loading orders or on
        the day after a conveyance of the type identified in the loading orders
        is constructively placed, whichever occurs later. The rate of load-out
        for warehouses in Toledo and Minneapolis-St. Paul shall be at the normal
        rate of load-out for the facility and the load-out rate for all grain
        warehouses and shipping stations shall depend on the conveyance and type
        of grain being loaded and shall not be less than the following per
        business day:

<TABLE>
<CAPTION>

                                           Rail Conveyance or Water Conveyance
--------------------------------------------------------------------------------------------------------------------
                       (When receipt holder requests in    (When receipt holder requests   Vessel or        Barge
                       writing individual weights and      in writing batch weights and
                       grades per car load)                grades)/1/
<S>                    <C>                                 <C>                             <C>              <C>
--------------------------------------------------------------------------------------------------------------------
Wheat, Corn,           25 Hopper Cars                      35 Hopper Cars                  300,000 Bushels  3 Barges
 Soybeans
--------------------------------------------------------------------------------------------------------------------
Oats                   15 Hopper Cars                      20 Hopper Cars                  180,000 Bushels  2 Barges
--------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/  A batch weight and grade shall refer to a buyer's request in writing for 1
     weight and 1 grade per 5 rail cars.

        Barge load-out rates for corn and soybeans will be at the shipping
        station's registered daily rate of loading.  When wheat and corn or
        soybeans or when oats and corn or soybeans are in the lineup for
        loading, the higher loading rate will apply for total barge loadings on
        that day.  However, a warehouseman or shipper is not obligated to load
        barges of one type of grain that exceeds the daily barge loading rate
        for that type of grain.  Corn and soybeans are considered one type of
        grain for this regulation pertaining to barge loading rates.

        Regular grain warehouses and shipping stations shall not be required to
        meet these minimum load-out rates when transportation has not been
        actually placed at the warehouse, transportation equipment is not clean
        and load ready, inspection services are not available, a condition of
        force majeure exists, inclement weather prevents loading, or stevedoring
        services are not available in the case of water conveyance.  However,
        the exceptions to load-out requirements shall not include grains or
        soybeans which have not made grade.

        In addition, regular warehouses in Toledo and Minneapolis-St. Paul shall
        not be required to meet the minimum load-out rate for a conveyance when
        a "like" conveyance has been constructively placed for load-in prior to
        the "like" conveyance for load-out. However, when a conveyance for load-
        out is constructively placed after a "like" conveyance for load-in, the
        warehouse will load-in grain from the "like" conveyance at the normal
        rate of load-in for the facility. This rate of load-in shall depend on
        the conveyance(s) being unloaded and shall not be less than the
        following minimums per business day:


<TABLE>
<CAPTION>
                                Rail Conveyance or Water Conveyance
---------------------------------------------------------------------------------------------------------
                                                                Vessel or                   Barge
<S>                               <C>                           <C>                         <C>
---------------------------------------------------------------------------------------------------------
Wheat, Corn, Soybeans             35 Hopper Cars                50,000 Bushels              1 Barge
---------------------------------------------------------------------------------------------------------
Oats                              20 Hopper Cars                50,000 Bushels              1 Barge
---------------------------------------------------------------------------------------------------------
</TABLE>

                                     1023

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

        Regular warehouses shall not be required to meet these minimum load-in
        rates when a condition of force majeure exists, inspection services are
        not available, inclement weather prevents unloading, or stevedoring
        services are not available in the case of water conveyance.

        Any increased overtime costs and charges for trimming and FGIS to meet
        minimum load-out requirements shall be borne by warehouseman.

        Vessel loading shall require 3 days pre-advice to warehouseman prior to
        the date of arrival of the vessel.  Failure to provide pre advice may
        delay loading by the same number of days pre-advice is delayed prior to
        date of arrival of the vessel.

        Inability of a warehouse receipt holder to provide conveyance at an
        elevator in a timely manner will affect load-out of barges accordingly.

        For purposes of this regulation, vessel and barge are "like"
        conveyances.

    C.  Notification to Warehouse - The warehouse operator or shipping station
        shall load-in and load-out grains in the order and manner provided in
        parts A and B of this Regulation, except that his obligation to load-out
        grain to a given party shall commence no sooner than three business days
        after he receives cancelled warehouse receipts and written loading
        orders from such party, even if such party may have a conveyance
        positioned to accept load-out of grain before that time. If the party
        taking delivery presents transportation equipment of a different type
        (rail, barge, or vessel) than that specified in the loading orders, he
        is required to provide the warehouse operator with new loading orders,
        and the warehouse operator shall be obligated to load-out grain to such
        party no sooner than three business days after he receives the new
        loading orders. Written loading orders received after 2:00 p.m. (Chicago
        time) on a given business day shall be deemed to be received on the
        following business day.

    D.  Storage and Premium Charges - Storage payments [and Premium Charges] on
        [grain] wheat and oats to be shipped pursuant to loading orders shall
        cease on the tenth business day after suitable transportation is
        constructively placed for load-out or loading is complete, whichever is
        earlier.  Premium charges for corn and soybeans to be shipped pursuant
        to loading orders shall cease on the business day loading is complete.

    E.  Records - All warehousemen and shippers shall keep adequate permanent
        records showing compliance with the requirements of this Regulation.
        Such records shall at all times be open for inspection by the designated
        official or officials of the contract market.

    F.  Certification of Corn, Soybeans and Wheat - Effective September 1, 1992
        and upon written request by a taker of delivery at the time loading
        orders are submitted for the delivery of corn, soybeans or wheat against
        canceled warehouse receipts, the delivery warehouseman shall certify in
        writing to the taker of delivery on the day that the transportation
        conveyance is loaded that the grain is of U.S. origin only. Warehouse
        receipts issued prior to September 1, 1992 will be deliverable against
        futures contracts beginning September 1992 only if the regular
        warehouseman provides certification on the warehouse receipt that the
        U.S. origin-only option is available to the taker of delivery of corn,
        soybeans and wheat.

    G.  Barge Load-Out Procedures for Corn and Soybeans - When corn or soybeans
        represented by shipping certificates are ordered out for shipment by
        water conveyance, the regular shipper has the obligation to load-out
        grain at his registered daily rate of loading.  The shipper's obligation
        shall begin to a party no sooner than 3 business days after he receives
        canceled certificates and written loading orders from the party or 1
        business day after the constructive placement of the water conveyance,
        whichever is later.

        (1) All loading orders and shipping instructions received prior to 2:00
            p.m. on a given business day shall be considered dated that day and
            shall be entitled to equal treatment.  Orders received after 2:00
            p.m. on a business day shall be considered dated the following
            business day.  Loading against all loading orders dated on a given
            business day shall be completed before loading begins on any loading
            orders dated on a subsequent business day.



                                     1024

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

        (2) When loading orders and shipping instructions are received by 2:00
            p.m. of any given business day, the shipper will advise the owner by
            10:00 a.m. the following business day of loading dates and tonnage
            due.  Notification will be by telephone, telex or telefax.

        (3) Official grades as loaded into the water conveyance shall govern for
            delivery purposes.

        (4) Official weights as loaded into the barge shall govern for delivery
            purposes when available, otherwise, it is the responsibility of the
            taker to obtain official weights at the destination. Any other
            governing weights and methods of obtaining weights and any such
            other information on the weighing process must be mutually accepted
            by the maker and taker of delivery before the barge is loaded.  When
            the official weight becomes known for a barge, overfills and
            underfills will be settled on the market value, expressed as a
            basis, for grain FOB barge at the barge loading station on the day
            that the grain is loaded.  Before the barge is loaded, the taker and
            maker of delivery will agree on a basis over or under the nearby
            futures that overfills and underfills will be settled on.  On the
            day that the weight tolerance becomes known to both parties, the
            flat price settlement will be established by applying the basis to
            the nearby futures month settlement price on the day of unloading or
            the day of loading if origin weights are used.  If the day of
            unloading is the last trading day in the nearby futures month, the
            next following futures month will be used for  settlement.  If the
            day of unload is not a business day, the next following business day
            will be used to establish the flat price.  In order to convert the
            agreed upon basis on the day that the grain was loaded to a basis
            relative to the current nearby futures month, the futures spread on
            the day of loading will be used, provided that, the nearby futures
            did not close outside of the price limits set for all other futures
            months.  In this case, the spread on the first following business
            day that the nearby futures closed within the price limits
            applicable for all other futures months would be used.

        (5) The shipper shall not be required to meet his minimum daily barge
            load-out rate when transportation has not been actually placed at
            the shipping station, transportation equipment is not clean and load
            ready, inspection services are not available, a condition of force
            majeure exists, or inclement weather prevents loading.  However, the
            exceptions to load-out requirements shall not include corn or
            soybeans that have not made grade.

        (6) For Illinois Waterway barge loading at Burns Harbor, Regulation
            1081.01(13)(A.)(a) pertaining to the protection of the Chicago barge
            rate and inclement weather will apply.

        (7) Any expense for making the grain available for loading on the
            Illinois Waterway will be borne by the party making delivery,
            provided that the taker of delivery presents barge equipment clean
            and ready to load within 10 calendar days following the scheduled
            loading date of the barge on the Illinois Waterway.  If the taker's
            barges are not made available within 10 calendar days following the
            scheduled loading date of the barge on the Illinois Waterway or the
            taker cancels loading instructions and requests that cancelled
            shipping certificates be re-issued, the taker shall reimburse the
            shipper for any expenses for making the grain available. Taker and
            maker of delivery have three days to agree to these expenses.

        (8) The shipper shall load water conveyance at the shipping station
            designated in the Shipping Certificate.  If it becomes impossible to
            load at the designated shipping station because of an Act of God,
            fire, flood, wind, explosion, war, embargo, civil commotion,
            sabotage, law, act of government, labor difficulties or unavoidable
            mechanical breakdown, the shipper will arrange for water conveyance
            to be loaded at another regular shipping station in conformance with
            the Shipping Certificate and will compensate the owner for any
            transportation loss resulting from the change in the location of the
            shipping station.  If the aforementioned condition of impossibility
            prevails at a majority of regular shipping stations, then shipment
            may be delayed for

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

             the number of days that such impossibility prevails at a majority
             of regular shipping stations.

        (9)  See Regulation 10C81.01(12)G(9)-Regularity of Warehouses and
             Issuers of Shipping Certificates for Corn futures contracts.

             See Regulation 10S81.01(12)G(9)-Regularity of Warehouses and
             Issuers of Shipping Certificates for Soybean futures contracts.

        (10) In the event less than eleven shipping certificates of a like
             grade/quality are outstanding at a shipping station the owner of
             all such outstanding shipping certificates may cancel the shipping
             certificates and obligate the shipper to provide a market value at
             which the shipper will either buy back all the canceled shipping
             certificates or sell the balance of Corn or Soybeans of a like
             grade/quality to complete a barge loading of at least 55,000
             bushels, the choice being at the discretion of the taker of
             delivery.

(13)  Location.

    A.  Corn. See Regulation 10C81.01(13)-Location for Corn futures
        contracts.

        No such warehouse or shipping station within the Chicago Switching
        District shall be declared regular unless it is conveniently
        approachable by vessels of ordinary draft and has customary shipping
        facilities. Ordinary draft shall be defined as the lesser of (1) channel
        draft as recorded in the Lake Calumet Harbor Draft Gauge, as maintained
        by the Corps of Engineers, U.S. Army, minus one (1) foot, or (2) 20
        feet.

        Delivery in Burns Harbor must be made "in store" in regular elevators or
        by shipping certificate at regular shipping stations providing water
        loading facilities and maintaining water depth equal to normal seaway
        draft of 27 feet.

        In addition, deliveries of grain may be made in regular elevators or
        shipping stations within the Burns Harbor Switching District PROVIDED
        that:

        (a) When grain represented by warehouse receipts or shipping
            certificates is ordered out for shipment by a barge, it will be the
            obligation of the party making delivery to protect the barge freight
            rate from the Chicago Switching District (i.e. the party making
            delivery and located in the Burns Harbor Switching District will pay
            the party taking delivery an amount equal to all expenses for the
            movement of the barge from the Chicago Switching District, to the
            Burns Harbor Switching District and the return movement back to the
            Chicago Switching District).

            If inclement weather conditions make the warehouse or shipping
            station located in the Burns Harbor Switching District unavailable
            for barge loadings for a period of five or more calendar days, the
            party making delivery will make grain available on the day following
            this five calendar day period to load into a barge at one mutually
            agreeable water warehouse or shipping station located in the Chicago
            Switching District; PROVIDED that the party making delivery is
            notified on the first day of that five-day period of inclement
            weather that the barge is available for movement but cannot be moved
            from the Chicago Switching District to the Burns Harbor Switching
            District, and is requested on the last day of this five day calendar
            period in which the barge cannot be moved.

       (b)  When grain represented by warehouse receipts or shipping
            certificates is ordered out for shipment by vessel, and the party
            taking delivery is a recipient of a split delivery of grain between
            a warehouse or shipping station located in Burns Harbor and a
            warehouse or shipping station in Chicago, and the grain in the
            Chicago warehouse or

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

            shipping station will be loaded onto this vessel; it will be the
            obligation of the party making delivery at the request of the party
            taking delivery to protect the holder of the warehouse receipts or
            shipping certificates against any additional charges resulting from
            loading at one berth in the Burns Harbor Switching District and at
            one berth in the Chicago Switching District as compared to a single
            berth loading at one location. The party making delivery, at his
            option, will either make the grain available at one water warehouse
            or shipping station operated by the party making delivery and
            located in the Chicago Switching District for loading onto the
            vessel, make grain available at the warehouse in Burns Harbor upon
            the surrender of warehouse receipts or shipping certificates issued
            by other regular elevators or shipping stations located in the
            Chicago Switching District at the time vessel loading orders are
            issued, or compensate the party taking delivery in an amount equal
            to all applicable expenses, including demurrage charges, if any, for
            the movement of the vessel between a berth in the other switching
            district. On the day that the grain is ordered out for shipment by
            vessel, the party making delivery will declare the regular warehouse
            or shipping station in which the grain will be available for
            loading.


        See Regulation 10C81.01(13)-Location for Corn futures contracts.


    B.  Oats. For the delivery of oats, regular warehouses may be located within
        the Chicago Switching District or within the Burns Harbor, Indiana
        Switching District (subject to the provisions of paragraph A above) or
        within the Minneapolis, Minnesota or St. Paul, Minnesota Switching
        Districts.

        Delivery in the Minneapolis or St. Paul Switching District must be made
        "in store" in regular elevators providing barge-loading facilities and
        maintaining water depth equal to the average draft of the current barge
        loadings in the Minneapolis and St. Paul barge-loading districts.

        However, deliveries of oats may be made in interior off-water elevators
        within the Minneapolis or St. Paul Switching District, PROVIDED that the
        party making delivery makes the oats available upon call within seven
        calendar days to load into a barge at one river location in the
        Minneapolis or St. Paul barge-loading district. The party making
        delivery must declare, within one business day after receiving warehouse
        receipts and loading orders, the river location at which the oats will
        be made available. Any additional expense incurred to move delivery oats
        from an off-water elevator into barges shall be borne by the party
        making delivery; PROVIDED that the party taking delivery presents barge
        equipment clean and ready to load within fifteen calendar days from the
        time warehouse receipts and loading orders are tendered to the
        delivering party.

        Official weights and official grades as loaded into the barge shall
        govern for delivery

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

        purposes.

    C.  Wheat. For the delivery of wheat, regular warehouses may be located
        within the Chicago Switching District or within the Burns Harbor,
        Indiana Switching District (subject to the provisions of Paragraph A
        above), within the Toledo, Ohio Switching District, or with respect to
        only No. 1 Soft Red Winter and No. 2 Soft Red Winter Wheat, within the
        St. Louis-East St. Louis or Alton Switching Districts.

        Delivery in Toldeo must be made "in store" in regular elevators
        providing water loading facilities and maintaining water depth equal to
        normal seaway draft of 27 feet.

        However, deliveries of wheat may be made in off-water elevators within
        the Toledo, Ohio Switching District PROVIDED that the party making
        delivery makes the grain available upon call within five calendar days
        to load into water equipment at one water location within the Toledo,
        Ohio Switching District.  The party making delivery must declare within
        one business day after receiving warehouse receipts and loading orders
        the water location at which wheat will be made available.

        Any additional expense incurred to move delivery grain from an off-water
        elevator into water facilities shall be borne by the party making
        delivery; PROVIDED that the party taking delivery presents water
        equipment clean and ready to load within fifteen calendar days from the
        time the grain has been made available.

        Official weights and official grades as loaded into the water equipment
        shall govern for delivery purposes.

        Delivery in the St. Louis-East St. Louis or Alton Switching Districts
        must be "in store" in regular elevators providing barge loading
        facilities and maintaining water depth equal to the average draft of the
        current barge loadings in the St. Louis-East St. Louis and Alton barge
        loading districts.

    D.      Soybeans. See Regulation 10S81.01(13)-Location for Soybean futures
            contracts.

(14)  Billing

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

    A.  Wheat, Corn, Soybeans and Oats (Chicago delivery). The Chicago
        warehouseman is not required to furnish transit billing on grain
        represented by warehouse receipt deliveries in Chicago, Illinois.
        Delivery shall be flat.

    B.  Oats (Minneapolis, St. Paul delivery).

        (1) When oats represented by warehouse receipts delivered in Minneapolis
            or St. Paul are ordered out for shipment by rail, it shall be the
            obligation of seller to furnish, no later than when cars are placed
            or constructively placed at the elevator, to the party taking
            delivery, inbound Freight Bills (rail tonnage or order equivalent
            truck or barge tonnage) protecting the applicable proportional rate
            applicable to Chicago from the warehouse in which the grain is
            located. The Freight Bills shall be for the kind and quantity of the
            commodity designated by the warehouse receipt and must permit such
            commodity to be shipped at the minimum proportional rate applicable
            to Chicago effective as of the date of shipment from point of origin
            shown by the Freight Bill.

            (a) Delivery at Minneapolis. When delivery is made at an elevator
                within the Minneapolis Switching District, such Freight Bills
                must permit one further free transit stop at interior transit
                points or be accompanied by a check to cover one such transit
                stop.

            (b) Delivery at St. Paul. When delivery is made at an elevator
                within the St. Paul Switching District, such Freight Bills must
                permit one further free transit stop at interior transit points,
                or be accompanied by a check to cover such transit stop, and in
                addition must also permit movement to industries within the
                switching limits of Minneapolis at no greater cost than the
                maximum switching charges between industries located with the
                switching limits of Minneapolis.

        (2) In lieu of the Freight Bills or order equivalent tonnage specified
            above, seller may furnish to the party taking delivery "short-rate"
            Freight Bills or make compensation as specified in Section (b).

            (a) "Short-rate" Freight Bills (which otherwise conform to the
                requirements of this Regulation). "Short-rate" Freight Bills
                shall be accompanied by a certified check, or other acceptable
                payment, in an amount equal to the difference between the
                freight charges which would be incurred in shipping the quantity
                of the commodity from Minneapolis to Chicago (based on the
                proportional rate applicable in connection with such "short-
                rate" Freight Bills) and the freight charges for such shipment
                based on the minimum proportional tariff rate applicable in
                connection with Freight Bills other than "short-rate" Freight
                Bills showing shipment from points of origin as of the same date
                as the "short-rate" Freight Bills furnished.

            (b) Compensation in Lieu of Freight Bills or order equivalent
                tonnage. A certified check or other acceptable payment may be
                substituted for Freight Bills provided it is in an amount equal
                to the difference between the freight charges which would be
                incurred in shipping the commodity from Minneapolis to Chicago
                based on the flat tariff rate effective as of the date of
                loading for rail shipment and the charges for such shipment
                based on the minimum proportional tariff rate effective as of
                the same date.

        (3) Due Bills issued by the Western Weighing and Inspection Bureau may
            be used when necessary in lieu of Freight Bills that conform to the
            provisions of this Regulation. Such Due Bills may be surrendered by
            the seller to the party loading out delivery grain by rail when such
            Freight Bills are not yet available because of the unloading of the
            commodity into an elevator during the last few days of the delivery
            month or on the delivery of "Track" grain. Such Due Bills shall
            specify the date, origin and rate of the Freight Bills in lieu of
            which they are issued and shall be completely filled out except for
            the signature.



                                     1029

<PAGE>

        (4) The term Freight Bills as used in this Regulation means the recorded
            inbound paid Freight Bills, authorized duplicates thereof, or
            tonnage credit slips, conforming to the rules and regulations of
            Western Trunk Line Tariff No. 331-Z, Fred Ofcky, Agent, ICC No. A-
            4774, amendments thereto or reissues thereof.

    C.  Wheat (Toledo and St. Louis delivery). The warehouseman is not required
        to furnish transit billing on wheat represented by warehouse receipts
        delivery in Toledo, Ohio, St. Louis, Missouri, East St. Louis, Illinois,
        or Alton, Illinois.  Delivery shall be flat.

    D.  Corn.  See Regulation 10C81.01(14)-Billing for Corn futures contracts.

    E.  Soybeans.  See Regulation 10S81.01(14)-Billing for Soybean futures
        contracts.

    F.  Wheat, Corn, Soybeans and Oats (Burns Harbor Delivery). When grain
        represented by warehouse receipts delivered in Burns Harbor is ordered
        out for shipment by rail, it will be the obligation of the party making
        delivery to protect the Chicago rail rate, if lower, which would apply
        to the owner's destination had a like kind and quantity of grain
        designated on warehouse receipts been loaded out and shipped from a
        regular warehouse located in the Chicago Switching District. If grain is
        loaded out and shipped to an industry in the Chicago Switching District,
        the party making delivery will protect the minimum, crosstown switch
        charge in the Chicago Switching District.

        When rail loading orders are submitted, the party taking delivery shall
        state in writing if he elects to receive the applicable rail rates from
        Burns Harbor or Chicago. If the party taking delivery specifies Burns
        Harbor, the party making delivery will load rail cars at the Burns
        Harbor warehouse and will not be required to protect the Chicago rates.

        If the party taking delivery specifies Chicago rates, the party making
        delivery will declare on the day that the grain is ordered out for
        shipment by rail, the warehouse at which the grain will be made
        available, which is operated by the party making delivery and is located
        either in the Burns Harbor or the Chicago Switching Districts. If the
        declared warehouse is located in the Chicago Switching District, the
        party making delivery will provide only that billing specified in
        Regulation 1081.01(14)A.

        However, if the declared warehouse is located in Burns Harbor and the
        rail rate from Chicago or the minimum Chicago crosstown switch charge
        requires protection, the party making delivery will compensate the party
        taking delivery. The compensation shall be in an amount equivalent to
        the difference of the freight charges from Burns Harbor and the freight
        charges which would be applicable had the grain been loaded at and
        shipped from a warehouse located in the Chicago Switching District to
        the owner's destination.





(15) Persons operating regular warehouses or shipping stations shall be subject
     to the Exchange's Rules and Regulations pertaining to arbitration
     procedures, as set forth in Chapter 6, and, with respect to compliance with
     Rules and Regulations pertaining to a warehouse's or shipper's regularity,
     shall be subject to the Exchange's Rules and Regulations pertaining to
     disciplinary procedures, as set forth in Chapter 5.



(16) Persons operating regular warehouses or shipping stations shall consent to
     the disciplinary


<PAGE>


     jurisdiction of the Exchange for five years after such regularity lapses,
     for conduct pertaining to regularity which occurred while the warehouse or
     shipping station was regular.



(17) The Exchange may determine not to approve warehouses or shipping stations
     for regularity or increases in regular capacity of existing regular
     warehouses or shipping stations, in its sole discretion, regardless of
     whether such warehouses or shipping stations meet the preceding
     requirements and conditions. Some factors that the Exchange may, but is not
     required to, consider in exercising its discretion may include, among
     others, whether receipts or shipping certificates issued by such warehouses
     or shipping stations, if tendered in satisfaction of futures contracts,
     might be expected to adversely affect the price discovery function of
     futures contracts or impair the efficacy of futures trading in the relevant
     market, or whether the currently approved regular capacity provides for an
     adequate deliverable supply. (01/01/03)


1081.01A  Inspection   - Chicago Elevators - Any Grain Warehouses in Chicago,
regular for the delivery of grain under the Rules and Regulations of the
Association, shall require inbound and outbound inspections as mandated by the
U.S. Grain Standards Act and/or the U.S. Warehouse Act.

Nothing herein shall negate the rights of persons shipping grain into or out of
such Warehouses to request and obtain on such grain official sample lot
inspections as defined in the U.S. Grain Standards Act, and such inspections or
any appeal therefrom, shall be the settlement grade.

When grain is delivered in satisfaction of warehouse or shipping certificate,
receipts, the holder of the warehouse receipts or shipping certificates shall be
entitled to an official sample lot inspection as defined in the U.S. Grain
Standards Act unless otherwise agreed. 3R  (03/01/00)

1081.01B  Billing When Grain is Loaded Out - The Board makes the following
interpretations:

1.  Is it then the obligation of the operator of the elevator to have such
    billing on hand backing all deliveries -or only (as the Regulation seems to
    state) when such grain is loaded out?

    The Regulations are explicit in stating that billing need be available when
    such grain is loaded out. The warehouseman makes the decision and takes the
    risk at the time of delivery and any time until the grain is ordered loaded
    if he does not have billing.

2.  What is meant by equities?

    Equities are defined in the Regulation and do not include values occasioned
    by changes in freight rates as they would apply to the outboard movement.
    43R  (09/01/94)

1081.01C  Car of Specified Capacity - Where a seller of an 80,000 Ib. capacity
car shows conclusively that an 80,000 Ib. capacity car was ordered, and the
railroad for its own convenience provided a 100,000 Ib. capacity car, the basis
for settlement should be the same as though an 80,000 Ib. capacity car had been
supplied. 14R   (09/01/94)

1082.00   Insurance - Grain covered by warehouse receipts tendered for delivery
must be insured against the contingencies provided for in a standard "All Risks"
policy (including earthquake) to such an extent and in such amounts as required
by the Board of Directors. It shall be the duty of the operators of all regular
warehouses to furnish the Exchange with either a copy of the current insurance
policy or policies, or a written confirmation from the insurance company that
such insurance has been effected. 292  (08/01/96)

1082.00A  Insurance - The warehouseman shall insure grain and soybeans covered
by warehouse receipts tendered for delivery against the contingencies provided
for in the standard "All Risks" policy (including earthquakes).  (09/01/94)

1083.00   Variation Allowed - Deliveries of grain in store may vary not more
than one percent from the quantity contracted for: provided, however, that no
lot in any one warehouse shall contain less than 5,000 bushels of any one grade.
291  (09/01/94)

1083.01   Excess or Deficiency in Quantity - In the load-out of grain from an
elevator or warehouse, the quantity of gross grain covered by the warehouse
receipt shall be loaded out, and any excess or deficiency between the quantity
of net grain loaded out and the quantity of net grain covered by the warehouse
receipt shall be paid for to or by (as the case may be) the elevator or
warehouse proprietor or manager at the average market price on the day of load-
out: the buyer to pay storage on the net weight covered by the warehouse
receipt. In the event that in the final out-turn there is a shortage in the
gross quantity called for in the receipt, the net quantity of grain required by
the receipt shall be the factor in settlement, and any variation therefrom in
the net amount of grain loaded out against the receipt shall be paid for by the
elevator or warehouse proprietor or manager to the owner of the receipt at the
average market price on the day of load-out.  In the load-out of grain the gross
quantity of grain, which includes dockage shall not exceed the net quantity by
more than one percent.

<PAGE>

                         Ch10 Regularity of Warehouses
                         -----------------------------

1640  (09/01/94)

1084.01  Revocation, Expiration or Withdrawal of Regularity   - Any regular
warehouse or shipper may be declared by the Business Conduct Committee, or
pursuant to Regulation 540.10, the Hearing Committee to be irregular at any time
if it does not comply with the conditions above set forth. If the designation of
a warehouse or shipper as regular shall be revoked, a notice shall be posted on
the bulletin board announcing such revocation and also the period of time, if
any, during which the receipts or certificates issued by such house or shipper
shall thereafter be deliverable in satisfaction of futures contracts under the
Rules and Regulations.


In the event of revocation, expiration or withdrawal of regularity, or in the
event of sale or abandonment of the properties where regularity is not reissued,
holders of outstanding warehouse or shipping certificates receipts shall be
given thirty days to take load-out of the commodity from the facility. If a
holder of an outstanding warehouse receipt or shipping certificate chooses not
to take load-out during this period, the facility must provide him with another
warehouse receipt or shipping certificate at another, mutually acceptable
regular warehouse or shipping station, with adjustments for differences in
                                     -
contract differentials. Alternatively, if such warehouse receipt or shipping
certificate is unavailable, the facility must provide the holder with 0an
equivalent quantity and quality of the grain designated in the warehouse receipt
or shipping certificate at a mutually acceptable location. 1621  (03/01/00)

1085.01  Application for Declaration of Regularity   - All applications by
operators of warehouses for a declaration of regularity under Regulation 1081.01
shall be on the following form:



     WAREHOUSEMAN'S/SHIPPER'S APPLICATION FOR A DECLARATION OF REGULARITY
             UPON CONTRACTS FOR FUTURE DELIVERY UNDER THE CHARTER,
            RULES AND REGULATIONS OF THE BOARD OF TRADE OF THE CITY
            OF CHICAGO FOR THE DELIVERY OF________________________

                                               ________________, 20________
Board of Trade of the
City of Chicago
Chicago, Illinois
Gentlemen:
We, the_____________________________________________ (hereinafter called
the Warehouseman/Shipper) owner or lessee of the
warehouse _________________________________________________________________
located at________________________________________________________________
and/or shipping station located at mile marker _______________________________.
having a storage capacity of__________________________ bushels of grain
and/or applying for _______________ bushels as a registered total daily rate
of loading barges and having a bond under the United States Warehouse Act
___________________________________________________ in the sum of
__________________________ Dollarsand/or a designated letter of credit, do
hereby make application to the Board of Trade of the  City of Chicago
(hereinafter called Exchange) for a declaration of regularity to handle, and
to receive and store or issue Shipping Certificates for
______________________ for delivery upon contracts for future delivery for a
period beginning________________ and ending Midnight June 30,_______________.

                            Conditions of Regularity

Such declaration of regularity, if granted, shall be cancellable by the Exchange
whenever the following conditions shall not be observed.
1.  The Warehouseman/Shipper must:

    (1)  give such bonds and/or designated letter of credit to the Exchange as
         it may require.
    (2)  submit to the Exchange with such application for a declaration of
         regularity, a tariff listing in detail the rates for the handling and
         storage of grain; submit promptly to the Exchange all changes in said
         tariff, publish and display such tariff.
    (3)  remove no grain from the warehouse/shipping station save at the request
         of the owner or owners thereof upon surrender of the warehouse
         receipts/shipping certificates.
    (4)  notify the Exchange immediately of any change in capital ownership and
         of any reduction in total capital of 20 percent or more from the level
         reported in the last financial statement filed with the Exchange.
    (5)  make such reports, keep such records, and permit such warehouse
         visitation as the Secretary of Agriculture may prescribe; comply with
         all applicable Rules and Regulations and orders promulgated by the
         Secretary of Agriculture or the Government agency administering the
         Commodity Exchange Act; and comply with all requirements of the
         Exchange permitted or required by such Rules and Regulations or orders.
    (6)  maintain and furnish to all holders of warehouse
         receipts/shipping/certificates on grain tendered in satisfaction of
         futures contracts insurance as provided in Rule 1004.00.
    (7)  make application for renewal of a declaration of regularity in writing
         on or before May 1, 1994, and every even year thereafter.

2.  The Warehouse/Shipper must be:

    (1)  subject to the prescribed examination and approval of the Exchange.
    (2)  properly safeguarded and patrolled.



                                     1032

<PAGE>

       (3) equipped to handle grain expeditiously.

3.  The Warehouse/Shipping Station and Warehouseman/Shipper must conform to the
    uniform requirements of the Exchange as to location, accessibility and
    suitability as may be prescribed in the Rules and Regulations of the
    Exchange.

                          AGREEMENTS OF WAREHOUSEMAN

The Warehouseman/Shipper expressly agrees:

(1) that all grain tendered in satisfaction of futures contracts shall be
    weighed by an Official Weigher. An Official Weigher shall be a person or
    agency approved by the Exchange.
(2) that all warehouse receipts/shipping certificates shall be registered with
    the Registrar of the Exchange.
(3) to abide by all of the Rules and Regulations of the Exchange relating to the
    warehousing or shipping of commodities deliverable in satisfaction of
    futures contracts and the delivery thereof in satisfaction of futures
    contracts.
(4) that the Exchange may cancel said declaration of regularity, if granted, for
    any breach of said agreements.
(5) that the signing of this application constitutes a representation that the
    conditions of regularity are complied with and will be observed during the
    life of the declaration of regularity and, if found to be untrue, the
    Exchange shall have the right to cancel said declaration of regularity
    immediately.
(6) to be subject to the Association's Rules and Regulations pertaining to
    arbitration procedures, as set forth in Chapter 6, and with respect to
    compliance with Rules and Regulations pertaining to regularity, to be
    subject to the Association's Rules and Regulations pertaining to
    disciplinary procedures, as set forth in Chapter 5; and to abide by and
    perform any disciplinary decision imposed upon it or any arbitration award
    issued against it pursuant to such Rules and Regulations.
(7) to consent to the disciplinary jurisdiction of the exchange for five years
    after regularity lapses for conduct pertaining to regularity which occurred
    while the warehouse/shipper was regular.



                                                         _______________________
                                                                  Company
                                                       By_______________________
                                                                   Title
Bond in the amount of________________ duly filed         _______________________
                                                                   Date
                                                         _______________________
                                                                 Secretary

                                                             1622  (03/01/00)

1086.01  Federal Warehouses - In compliance with Section 5a, subparagraph (7)
of Commodity Exchange Act, receipts for grain stored in elevators (listed as
Federally licensed in Appendices 10A, 10B, 10C, 10D and 10E) licensed under the
United States Warehouse Act of August 11, 1916, as amended will be deliverable
in satisfaction of futures contracts. 1829  (09/01/94)





<PAGE>

================================================================================
Chapter 10C
Corn Futures
================================================================================

<TABLE>
     <S>                 <C>
     Ch10C Trading Conditions........................................................................
          C1001.01       Application of Regulations..................................................
          C1004.01       Unit of Trading.............................................................
          C1005.01       Months Traded in............................................................
          C1006.01       Price Basis.................................................................
          C1007.01       Hours of Trading............................................................
          C1008.01       Trading Limits..............................................................
          C1009.01       Last Day of Trading.........................................................
          C1010.01       Margin Requirements.........................................................
          C1012.01       Position Limits and Reportable Positions....................................

     Ch10C Delivery Procedures.......................................................................
          C1036.00       Grade Differentials.........................................................
          C1036.01       Location Differentials......................................................
          C1038.01       Grades......................................................................
          C1041.01       Delivery Points.............................................................
          C1043.01       Deliveries..................................................................
          C1043.02       Registration of Corn Shipping Certificates..................................
          C1046.01       Location for Buying or Selling Delivery Instruments.........................
          C1047.01       Delivery Notices............................................................
          C1048.01       Method of Delivery..........................................................
          C1049.01       Time of Delivery, Payment, Form of Delivery Notice..........................
          C1049.02       Time of Issuance of Delivery Notice.........................................
          C1049.03       Buyer's Report of Eligibility to Receive Delivery...........................
          C1049.04       Seller's Invoice to Buyers..................................................
          C1049.05       Payment.....................................................................
          C1050.01       Duties of Members...........................................................
          C1051.01       Office Deliveries Prohibited................................................
          C1054.01       Failure to Accept Delivery..................................................
          C1056.01       Payment of Premium Charges..................................................

     Ch10C Regularity of Issuers of Shipping Certificates............................................
          C1081.01       Regularity of Warehouses and Issuers of Shipping Certificates...............
          C1081.01A      Inspection..................................................................
          C1081.01B      Billing When Grain is Loaded Out............................................
          C1081.01C      Car of Specified Capacity...................................................
          C1082.01       Insurance...................................................................
          C1083.01       Variation Allowed...........................................................
          C1083.02       Excess or Deficiency in Quantity............................................
          C1084.01       Revocation, expiration or Withdrawal of Regularity..........................
          C1085.01       Application for Declaration of Regularity...................................
          C1086.01       Federal Warehouses..........................................................
</TABLE>

Ch10C  Trading Conditions

C1001.01  Application of Regulations - Transactions in Corn futures shall be
subject to the General Rules of the Association as far as applicable and shall
also be subject to Regulations contained in this chapter which are exclusively
applicable to trading in Corn. (08/01/98)

C1004.01 Unit of Trading - (see 1004.00) (08/01/98)

C1005.01 Months Traded in - (see 1005.01A) (08/01/98)

C1006.01 Price Basis - (see 1006.00 and 1006.01) (08/01/98)

C1007.01 Hours of Trading - (see 1007.00 and 1007.02) (08/01/98)

C1008.01 Trading Limits - (see 1008.01 and 1008.02) (08/01/98)

C1009.01 Last Day of Trading - (see 1009.02) (08/01/98)

C1010.01 Margin Requirements - (see 431.03) (08/01/98)

C1012.01 Position Limits and Reportable Positions - (see 425.01) (08/01/98)

                                     1001C

<PAGE>

Ch10C  Delivery Procedures

C1036.00  Grade Differentials - (see 1036.00) (08/01/98)

C1036.01  Location Differentials - Corn for shipment from regular shipping
stations located within the Chicago Switching District or the Burns Harbor,
Indiana Switching District may be delivered in satisfaction of Corn futures
contracts at contract price, subject to the differentials for class and grade
outlined above. Corn for shipment from regular shipping stations located within
the Lockport-Seneca Shipping District may be delivered in satisfaction of Corn
futures contracts at a premium of 2 cents per bushel over contract price,
subject to the differentials for class and grade outlined above. Corn for
shipment from regular shipping stations located within the Ottawa-Chillicothe
Shipping District may be delivered in satisfaction of Corn futures contracts at
a premium of 2 1/2 cents per bushel over contract price, subject to the
differentials for class and grade outlined above. Corn for shipment from regular
shipping stations located within the Peoria-Pekin Shipping District may be
delivered in satisfaction of Corn futures contracts at a premium of 3 cents per
bushel over contract price, subject to the differentials for class and grade
outlined above. (08/01/98)

C1038.01  Grades- (see 1038.00 and 1038.01) (08/01/98)

C1041.01 Delivery Points - Corn Shipping Certificates shall specify shipment
from one of the warehouses or shipping stations currently regular for delivery
and located in one of the following territories:

     A.   Chicago and Burns Harbor, Indiana Switching District - When used in
          these Rules and Regulations, the Chicago Switching District will be
          that area geographically defined by Tariff ICC WTL 8020-Series and
          that portion of the Illinois Waterway at or above river mile 304 which
          includes the Calumet Sag Channel and the Chicago Sanitary & Ship
          Canal. When used in these Rules and Regulations, Burns Harbor, Indiana
          Switching District will be that area geographically defined by the
          boundaries of Burns Waterway Harbor at Burns Harbor, Indiana which is
          owned and operated by the Indiana Port Commission.

     B.   Lockport-Seneca Shipping District - When used in these Rules and
          Regulations, the Lockport-Seneca Shipping District will be that
          portion of the Illinois Waterway below river mile 304 at the junction
          of the Calumet Sag Channel and the Chicago Sanitary & Ship Canal and
          above river mile 244.6 at the Marseilles Lock and Dam.

     C.   Ottawa-Chillicothe Shipping District - When used in these Rules and
          Regulations, the Ottawa-Chillicothe Shipping District will be that
          portion of the Illinois Waterway below river mile 244.6 at the
          Marseilles Lock and Dam and at or above river mile 170 between
          Chillicothe and Peoria, IL.

     D.   Peoria-Pekin Shipping District - When used in these Rules and
          Regulations, the Peoria-Pekin Shipping District will be that portion
          of the Illinois Waterway below river mile 170 between Chillicothe and
          Peoria, IL and at or above river mile 151 at Pekin, IL.
          (11/01/01)



C1043.01  Deliveries by Corn Shipping Certificate - (see 1043.01) (08/01/98)

C1043.02  Registration of Corn Shipping Certificates - (see 1043.02) (08/01/98)


<PAGE>

C1046.01  Location for Buying or Selling Delivery - (see 1046.00A) (08/01/98)
          Instruments

C1047.01  Delivery Notices - (see 1047.01) (08//01/98)

C1048.01  Method of Delivery - (see 1048.01) (08/01/98)

C1049.01  Time of Delivery, Payment, Form of Delivery - (see 1049.00) (08/01/98)
          Notice

C1049.02  Time of Issuance of Delivery Notice - (see 1049.01) (08/01/98)


C1049.03  Buyer's Report of Eligibility to Receive Delivery - (see 1049.02)
          (08/01/98)


C1049.04  Seller's Invoice to Buyers' - (see 1049.03) (08/01/98)

C1049.05  Payment - Payment shall be made utilizing the electronic delivery
system via the Clearing House's Online System. Payment will be made during the
6:45 a.m. collection cycle thus the cost of the delivery will be debited or
credited to a clearing firms settlement account. Unless a different time is
prescribed by Regulation pertaining to a particular commodity, buyers obligated
to accept delivery must take delivery and make payment and sellers obligated to
make delivery must make delivery during the 6:45 a.m. settlement process on the
day of delivery, except on banking holidays when delivery must be taken or made
and payment made before 9:30 a.m. the next banking business day. (10/01/01)

C1050.01  Duties of Members - (see 1050.00) (08/01/98)

C1051.01  Office Deliveries Prohibited - (see 1051.01)

C1054.01  Failure to Accept Delivery - (see 1054.00 and 1054.00A) (08/01/98)

C1056.01 Payment of Premium Charges - (see 1056.01) (11/01/01)

<PAGE>

Ch10C  Regularity of Issuers of Shipping Certificates

C1081.01 Regularity of Warehouses and Issuers of Shipping Certificates -Persons
operating grain warehouses or shippers who desire to have such warehouses or
shipping stations made regular for the delivery of grain under the Rules and
Regulations shall make application for an initial Declaration of Regularity on a
form prescribed by the Exchange prior to May 1, 1994, and every even year
thereafter, for a two-year term beginning July 1, 1994, and every even year
thereafter, and at any time during a current term for the balance of that term.
Regular grain warehouses or shippers who desire to increase their regular
capacity during a current term shall make application for the desired amount of
total regular capacity on the same form. Initial regularity for the current term
and increases in regularity shall be effective either thirty days after a notice
that a bona fide application has been received is posted on the floor or the
exchange, or the day after the application is approved by the Exchange,
whichever is later. Applications for a renewal of regularity shall be made prior
to May 1, 1994, and every even year thereafter, for the respective years
beginning July 1, 1994, and every even year thereafter, and shall be on the same
form.

     The following shall constitute the requirements and conditions for
     regularity:

     (1)  The warehouse or shipping station making application shall be
          inspected by the Registrar or the United States Department of
          Agriculture. Where application is made to list as regular a warehouse
          which is not regular at the time of such application, the applicant
          may be required to remove all grain from the warehouse and to permit
          the warehouse to be inspected and the grain graded, after which such
          grain may be returned to the warehouse and receipts issued therefor.

     The operator of a shipping station issuing Corn Shipping Certificates shall
          limit the number of Shipping Certificates issued to an amount not to
          exceed:

          (a)  20 times his registered total daily rate of loading barges, or in
               the case of Chicago, Illinois and Burns Harbor, Indiana Switching
               Districts, his registered storage capacity,

          (b)  and a value greater than 25 percent of the operator's net
               worth.


The shipper issuing Corn Shipping Certificates shall register his total daily
          rate of loading barges at his maximum 8 hour loadout capacity in
          amount not less than:

     (a)  one barge per day at each shipping station within the Lockport-Seneca
          Shipping District, within the Ottawa-Chillicothe Shipping District,
          within the Peoria-Pekin Shipping District, within the Havana-Grafton
          Shipping District, and within the St. Louis-East St. Louis and Alton
          Switching Districts, and

     (b)  three barges per day at each shipping station in the Chicago, Illinois
          and Burns Harbor, Indiana Switching District.

     (2)  Shippers located in the Chicago, Illinois and Burns Harbor, Indiana
          Switching District shall be connected by railroad tracks with one or
          more railway lines.

10C81.01(3) through 10C81.01(12)G(8) - (see 1081.01(3) through 1081.01(12)G(8))




<PAGE>

10C81.01(12)G(9) In the event that it has been announced that river traffic will
be obstructed for a period of fifteen days or longer as a result of one of the
conditions of impossibility listed in regulation 1081.01(12)(G)(8) and in the
event that the obstruction will affect a majority of regular shipping stations,
then the following barge load-out procedures for Corn shall apply to shipping
stations upriver from the obstruction:


          (a)  The maker and taker of delivery may negotiate mutually agreeable
               terms of performance.

          (b)  If the maker and/or the taker elect not to negotiate mutually
               agreeable terms of performance, then the maker is obligated to
               provide the same quantity and like quality of grain pursuant to
               the terms of the shipping certificate(s) with the following
               exceptions and additional requirements:

               (i)    The maker must provide loaded barge(s) to the taker on the
                      Illinois River between the lowest closed lock and St.
                      Louis, inclusive, or on the Mid-Mississippi River between
                      Lock 11 at Dubuque, Iowa and St. Louis, inclusive.

               (ii)   The loaded barge(s) provided to the taker must have a
                      value equivalent to C.I.F. NOLA, with the maker of
                      delivery responsible for the equivalent cost, insurance
                      and freight.

               (iii)  The taker of delivery shall pay the maker 18 cents per
                      bushel for Chicago and Burns Harbor Switching District
                      shipping certificates, 16 cents per bushel for Lockport-
                      Seneca District shipping certificates, 15 1/2 cents per
                      bushel for Ottawa-Chillicothe District shipping
                      certificates, and 15 cents per bushel for Peoria-Pekin
                      District shipping certificates, as a reimbursement for the
                      cost of barge freight.

          (c)  In the event that the obstruction or condition of impossibility
               listed in regulation 1081.01(12)(G)(8) will affect a majority of
               regular shipping stations, but no announcement of the anticipated
               period of obstruction is made, then shipment may be delayed for
               the number of days that such impossibility prevails.

10C81.01(13) Location - For the delivery of Corn, regular warehouses or shipping
stations may be located within the Chicago Switching District or within the
Burns Harbor, Indiana Switching District or within the Lockport-Seneca Shipping
District or within the Ottawa-Chillicothe Shipping District or within the
Peoria-Pekin Shipping District.

          No such warehouse or shipping station within the Chicago Switching
District shall be declared regular unless it is conveniently approachable by
vessels of ordinary draft and has customary shipping facilities. Ordinary draft
shall be defined as the lesser of (1) channel draft as recorded in the Lake
Calumet Harbor Draft Gauge, as maintained by the Corps of Engineers, U.S. Army,
minus one (1) foot, or (2) 20 feet.

Delivery in Burns Harbor must be made "in store" in regular elevators or by
shipping certificate at regular shipping stations providing water loading
facilities and maintaining water depth equal to normal seaway draft of 27 feet.

In addition, deliveries of grain may be made in regular elevators or shipping
stations within the Burns Harbor Switching District PROVIDED that:

          (a)  When grain represented by shipping certificates is ordered out
               for shipment by a barge, it will be the obligation of the party
               making delivery to protect the barge freight rate from the
               Chicago Switching District (i.e. the party making delivery and
               located in the Burns Harbor Switching District will pay the party
               taking delivery an amount equal to all expenses for the movement
               of the barge from the Chicago Switching District, to the Burns
               Harbor Switching District and the return movement back to the
               Chicago Switching District).


<PAGE>

           If inclement weather conditions make the warehouse or shipping
           station located in the Burns Harbor Switching District unavailable
           for barge loadings for a period of five or more calendar days, the
           party making delivery will make grain available on the day following
           this five calendar day period to load into a barge at one mutually
           agreeable water warehouse or shipping station located in the Chicago
           Switching District; PROVIDED that the party making delivery is
           notified on the first day of that five-day period of inclement
           weather that the barge is available for movement but cannot be moved
           from the Chicago Switching District to the Burns Harbor Switching
           District, and is requested on the last day of this five day calendar
           period in which the barge cannot be moved.

      (b)  When grain represented by shipping certificates is ordered out for
           shipment by vessel, and the party taking delivery is a recipient of a
           split delivery of grain between a warehouse or shipping station
           located in Burns Harbor and a warehouse or shipping station in
           Chicago, and the grain in the Chicago warehouse or shipping station
           will be loaded onto this vessel; it will be the obligation of the
           party making delivery at the request of the party taking delivery to
           protect the holder of the shipping certificates against any
           additional charges resulting from loading at one berth in the Burns
           Harbor Switching District and at one berth in the Chicago Switching
           District as compared to a single berth loading at one location. The
           party making delivery, at his option, will either make the grain
           available at one water warehouse or shipping station operated by the
           party making delivery and located in the Chicago Switching District
           for loading onto the vessel, make grain available at the warehouse or
           shipping station in Burns Harbor upon the surrender of shipping
           certificates issued by other regular elevators or shipping stations
           located in the Chicago Switching District at the time vessel loading
           orders are issued, or compensate the party taking delivery in an
           amount equal to all applicable expenses, including demurrage charges,
           if any, for the movement of the vessel between a berth in the other
           switching district. On the day that the grain is ordered out for
           shipment by vessel, the party making delivery will declare the
           regular warehouse or shipping station in which the grain will be
           available for loading.

           Delivery within the Lockport-Seneca Shipping District or within the
           Ottawa-Chillicothe Shipping District or within the Peoria-Pekin
           Shipping District or within the Havana-Grafton Shipping District must
           be made at regular shipping stations providing water loading
           facilities and maintaining water depth equal to the draft of the
           Illinois River maintained by the Corps of Engineers.

10C81.01(14) Billing - (see 1081.01(14)A and 1081.01(14)F)

10C81.01(15) through 10C81.01(17) - (see 1081.01(15) through 1081.01(17))
(11/01/01)

C1081.01A Inspection - (see 1081.01A) (08/01/98)

C1081.01B Billing When Grain is Loaded Out - (see 1081.01B) (08/01/98)

C1081.01C Car of Specified Capacity - (see 1081.01C) (08/01/98)

C1082.01  Insurance - (see 1082.00) (08/01/98)

C1083.01  Variation Allowed - (see 1083.00) (08/01/98)

C1083.02  Excess or Deficiency in Quantity - (see 1083.01) (08/01/98)

C1084.01  Revocation, Expiration or Withdrawal of Regularity - (see 1084.01)
(08/01/98)

C1085.01  Application for Declaration of Regularity - (see 1085.01) (08/01/98)

C1086.01  Federal Warehouses - (see 1086.01) (08/01/98)


<PAGE>

<TABLE>
=============================================================================================
Chapter 10S
Soybean Futures
=============================================================================================
<S>                                                                                     <C>
     Ch10S Trading Conditions..........................................................
         S1001.01   Application of Regulations.........................................
         S1004.01   Unit of Trading....................................................
         S1005.01   Months Traded in...................................................
         S1006.01   Price Basis........................................................
         S1007.01   Hours of Trading...................................................
         S1008.01   Trading Limits.....................................................
         S1009.01   Last Day of Trading................................................
         S1010.01   Margin Requirements................................................
         S1012.01   Position Limits and Reportable Positions...........................

     Ch10S Delivery Procedures.........................................................
         S1036.00   Grade Differentials................................................
         S1036.01   Location Differentials.............................................
         S1038.01   Grades.............................................................
         S1041.01   Delivery Points....................................................
         S1043.01   Deliveries.........................................................
         S1043.02   Registration of Soybean Shipping Certificates......................
         S1046.01   Location for Buying or Selling Delivery Instruments................
         S1047.01   Delivery Notices...................................................
         S1048.01   Method of Delivery.................................................
         S1049.01   Time of Delivery, Payment, Form of Delivery Notice.................
         S1049.02   Time of Issuance of Delivery Notice................................
         S1049.03   Buyer's Report of Eligibility to Receive
                    Delivery...........................................................
         S1049.04   Seller's Invoice to Buyers.........................................
         S1049.05   Payment............................................................
         S1050.01   Duties of Members..................................................
         S1051.01   Office Deliveries Prohibited.......................................
         S1054.01   Failure to Accept Delivery.........................................
         S1056.01   Payment of Premium Charges.........................................

     Ch10S Regularity of Issuers of Shipping...........................................
         S1081.01   Regularity of Warehouses and Issuers of Shipping Certificates......
         S1081.01A  Inspection.........................................................
         S1081.01B  Billing When Grain is Loaded Out...................................
         S1081.01C  Car of Specified Capacity..........................................
         S1082.01   Insurance..........................................................
         S1083.01   Variation Allowed..................................................
         S1083.02   Excess or Deficiency in Quantity...................................
         S1084.01   Revocation, expiration or Withdrawal of Regularity.................
         S1085.01   Application for Declaration of Regularity..........................
         S1086.01   Federal Warehouses.................................................
</TABLE>



<PAGE>

================================================================================
Chapter 10S
Soybean Futures
================================================================================

Ch10S Trading Conditions

S1001.01  Application of Regulations - Transactions in Soybean futures shall be
subject to the General Rules of the Association as far as applicable and shall
also be subject to Regulations contained in this chapter which are exclusively
applicable to trading in Soybeans.

S1004.01  Unit of Trading - (see 1004.00) (08/01/98)

S1005.01  Months Traded in - (see 1005.01A) (08/01/98)

S1006.01  Price Basis - (see 1006.00 and 1006.01) (08/01/98)

S1007.01  Hours of Trading - (see 1007.00 and 1007.02) (08/01/98)

S1008.01  Trading Limits - (see 1008.01 and 1008.02) (08/01/98)

S1009.01  Last Day of Trading - (see 1009.02) (08/01/98)

S1010.01  Margin Requirements - (see 431.03) (08/01/98)

S1012.01  Position Limits and Reportable Positions - (see 425.01) (08/01/98)


<PAGE>

                           Ch10S Delivery Procedures
                          -------------------------

S1036.00 Grade Differentials - (see 1036.00) (08/01/98)

S1036.01 Location Differentials - Soybeans for shipment from regular
shipping stations located within the Chicago Switching District or the Burns
Harbor, Indiana Switching District may be delivered in satisfaction of
Soybean futures contracts at contract price, subject to the differentials for
class and grade outlined above. Soybeans for shipment from regular shipping
stations located within the Lockport-Seneca Shipping District may be
delivered in satisfaction of soybean futures contracts at a premium of 2
cents per bushel over contract price, subject to the differentials for class
and grade outlined above. Soybeans for shipment from regular shipping
stations located within the Ottawa-Chillicothe Shipping District may be
delivered in satisfaction of Soybean futures contracts at a premium of 2 1/2
cents per bushel over contract price, subject to the differentials for class
and grade outlined above. Soybeans for shipment from regular shipping
stations located within the Peoria-Pekin Shipping District may be delivered
in satisfaction of Soybean futures contracts at a premium of 3 cents per
bushel over contract price, subject to the differentials for class and grade
outlined above. Soybeans for shipment from regular shipping stations located
within the Havana-Grafton Shipping District may be delivered in satisfaction
of soybean futures contracts at a premium of 3 1/2 cents per bushel over
contract price, subject to the differentials for class and grade outlined
above. Soybeans for shipment from regular shipping stations located in the
St. Louis-East St. Louis and Alton Switching Districts may be delivered in
satisfaction of Soybean futures contracts at a premium of 6 cents per bushel
over contract price, subject to the differentials for class and grade
outlined above. (08/01/98)


S1038.01  Grades - (see 1038.00 and 1038.01) (08/01/98)

S1041.01  Delivery Points - Soybean Shipping Certificates shall specify shipment
from one of the warehouses or shipping stations currently regular for delivery
and located in one of the following territories:

     A.   Chicago and Burns Harbor, Indiana Switching District - When used in
          these Rules and Regulations, the Chicago Switching District will be
          that area geographically defined by Tariff ICC WTL 8020-Series and
          that portion of the Illinois Waterway at or above river mile 304 which
          includes the Calumet Sag Channel and the Chicago Sanitary & Ship
          Canal.  When used in these Rules and Regulations, Burns Harbor,
          Indiana Switching District will be that area geographically defined by
          the boundaries of Burns Waterway Harbor at Burns Harbor, Indiana which
          is owned and operated by the Indiana Port Commission.

     B.   Lockport-Seneca Shipping District - When used in these Rules and
          Regulations, the Lockport-Seneca Shipping District will be that
          portion of the Illinois Waterway below river mile 304 at the junction
          of the Calumet Sag Channel and the Chicago Sanitary & Ship Canal and
          above river mile 244.6 at the Marseilles Lock and Dam.

C.        Ottawa-Chillicothe Shipping District - When used in these Rules and
          Regulations, the Ottawa-Chillicothe Shipping District will be that
          portion of the Illinois Waterway below river mile 244.6 at the
          Marseilles Lock and Dam and at or above river mile 170 between
          Chillicothe and Peoria, IL.



<PAGE>

                           Ch10S Delivery Procedures
                          -------------------------


     D.   Peoria-Pekin Shipping District - When used in these Rules and
          Regulations, the Peoria-Pekin Shipping District will be that portion
          of the Illinois Waterway below river mile 170 between Chillicothe and
          Peoria, IL and at or above river mile 151 at Pekin, IL.

     E.   Havana-Grafton Shipping District - When used in these Rules and
          Regulations, the Havana-Grafton Shipping District will be that portion
          of the Illinois Waterway below river mile 151 at Pekin, IL to river
          mile 0 at Grafton, IL.

     F.   St. Louis-East St. Louis and Alton Switching Districts - When used in
          these Rules and Regulations, St. Louis-East St. Louis and Alton
          Switching Districts will be that portion of the upper Mississippi
          River below river mile 218 at Grafton, IL and above river mile 170 at
          Jefferson Barracks Bridge in south St. Louis, MO. (11/01/01)

S1043.01  Deliveries by Soybean Shipping Certificate - (see 1043.01)  (08/01/98)

S1043.02  Registration of Soybean Shipping Certificates - (see 1043.02)
(08/01/98)


<PAGE>

S1046.01  Location for Buying or Selling Delivery Instruments - (see 1046.00A)
(08/01/98)

S1047.01  Delivery Notices - (see 1047.01) (08//01/98)

S1048.01  Method of Delivery - (see 1048.01) (08/01/98)

S1049.01  Time of Delivery, Payment, Form of Delivery Notice - (see 1049.00)
(08/01/98)

S1049.02  Time of Issuance of Delivery Notice - (see 1049.01) (08/01/98)

S1049.03  Buyer's Report of Eligibility to Receive Delivery - (see 1049.02)
(08/01/98)

S1049.04  Seller's Invoice to Buyers - (see 1049.03) (08/01/98)

C1049.05  Payment - Payment shall be made utilizing the electronic delivery
system via the Clearing House's Online System. Payment will be made during the
6:45 a.m. collection cycle thus the cost of the delivery will be debited or
credited to a clearing firms settlement account. Unless a different time is
prescribed by Regulation pertaining to a particular commodity, buyers obligated
to accept delivery must take delivery and make payment and sellers obligated to
make delivery must make delivery during the 6:45 a.m. settlement process on the
day of delivery, except on banking holidays when delivery must be taken or made
and payment made before 9:30 a.m. the next banking business day. (10/01/01)

S1050.01  Duties of Members - (see 1050.00) (08/01/98) (see 1056.01) (11/01/01)

S1051.01  Office Deliveries Prohibited - (see 1051.01)

S1054.01  Failure to Accept Delivery - (see 1054.00 and 1054.00A) (08/01/98)

S1056.01 Payment of Premium Charges - (see 1056.01) (11/01/01)

<PAGE>

                           Ch10s Delivery Procedures
                           -------------------------

<PAGE>

                           Ch10S Delivery Procedures
                           -------------------------

Ch10S  Regularity of Issuers of Shipping

S1081.01 Regularity of Warehouses and Issuers of Shipping Certificates -
Persons operating grain warehouses or shippers who desire to have such
warehouses or shipping stations made regular for the delivery of grain under the
Rules and Regulations shall make application for an initial Declaration of
Regularity on a form prescribed by the Exchange prior to May 1, 1994, and every
even year thereafter, for a two-year term beginning July 1, 1994, and every even
year thereafter, and at any time during a current term for the balance of that
term. Regular grain warehouses or shippers who desire to increase their regular
capacity during a current term shall make application for the desired amount of
total regular capacity on the same form. Initial regularity for the current term
and increases in regularity shall be effective either thirty days after a notice
that a bona fide application has been received is posted on the floor or the
exchange, or the day after the application is approved by the Exchange,
whichever is later. Applications for a renewal of regularity shall be made prior
to May 1, 1994, and every even year thereafter, for the respective years
beginning July 1, 1994, and every even year thereafter, and shall be on the same
form.

     The following shall constitute the requirements and conditions for
regularity:

     (1)  The warehouse or shipping station making application shall be
          inspected by the Registrar or the United States Department of
          Agriculture.  Where application is made to list as regular a warehouse
          which is not regular at the time of such application, the applicant
          may be required to remove all grain from the warehouse and to permit
          the warehouse to be inspected and the grain graded, after which such
          grain may be returned to the warehouse and receipts issued therefor.

     The operator of a shipping station issuing Soybean Shipping Certificates
     shall limit the number of Shipping Certificates issued to an amount not to
     exceed:

          (a)  20 times his registered total daily rate of loading barges, or in
               the case of Chicago, Illinois and Burns Harbor, Indiana Switching
               Districts, his registered storage capacity,

          (b)  and a value greater than 25 percent of the operator's net worth.


     The shipper issuing Soybean Shipping Certificates shall register his total
     daily rate of loading barges at his maximum 8 hour loadout capacity in
     amount not less than:

     (a)  one barge per day at each shipping station within the Lockport-Seneca
          Shipping District, within the Ottawa-Chillicothe Shipping District,
          within the Peoria-Pekin Shipping District, within the Havana-Grafton
          Shipping District, and within the St. Louis-East St. Louis and Alton
          Switching Districts, and

     (b)  three barges per day at each shipping station in the Chicago, Illinois
          and Burns Harbor, Indiana Switching District.

     (2)  Shippers located in the Chicago, Illinois and Burns Harbor, Indiana
          Switching District shall be connected by railroad tracks with one or
          more railway lines.

10S81.01(3) through 10S81.01(12)G(8) - (see 1081.01(3) through 1081.01(12)G(8))




<PAGE>

                           Ch10S Delivery Procedures
                          -------------------------

10S81.01(12)G(9)    In the event that it has been announced that river traffic
will be obstructed for a period of fifteen days or longer as a result of one of
the conditions of impossibility listed in regulation 1081.01(12)(G)(8) and in
the event that the obstruction will affect a majority of regular shipping
stations, then the following barge load-out procedures for soybeans shall apply
to shipping stations upriver from the obstruction:

                    (a)  The maker and taker of delivery may negotiate mutually
                         agreeable terms of performance.

                    (b)  If the maker and/or the taker elect not to negotiate
                         mutually agreeable terms of performance, then the maker
                         is obligated to provide the same quantity and like
                         quality of grain pursuant to the terms of the shipping
                         certificate(s) with the following exceptions and
                         additional requirements:

                         (i)    The maker must provide loaded barge(s) to the
                                taker on the Illinois River between the lowest
                                closed lock and St. Louis, inclusive, or on the
                                Mid-Mississippi River between Lock 11 at
                                Dubuque, Iowa and St. Louis, inclusive.

                         (ii)   The loaded barge(s) provided to the taker must
                                have a value equivalent to C.I.F. NOLA, with the
                                maker of delivery responsible for the equivalent
                                cost, insurance and freight.

                         (iii)  The taker of delivery shall pay the maker 18
                                cents per bushel for Chicago and Burns Harbor
                                Switching District shipping certificates, 16
                                cents per bushel for Lockport-Seneca District
                                shipping certificates, 15 1/2 cents per bushel
                                for Ottawa-Chillicothe District shipping
                                certificates, 15 cents per bushel for Peoria-
                                Pekin District shipping certificates, and 14 1/2
                                cents per bushel for Havana-Grafton District
                                shipping certificates as a reimbursement for the
                                cost of barge freight.

                    (c)  In the event that the obstruction or condition of
                         impossibility listed in regulation 1081.01(12)(G)(8)
                         will affect a majority of regular shipping stations,
                         but no announcement of the anticipated period of
                         obstruction is made, then shipment may be delayed for
                         the number of days that such impossibility prevails.

10S81.01(13)   Location - For the delivery of Soybeans, regular warehouses or
shipping stations may be located within the Chicago Switching District or within
the Burns Harbor, Indiana Switching District or within the Lockport-Seneca
Shipping District or within the Ottawa-Chillicothe Shipping District or within
the Peoria-Pekin Shipping District or within the Havana-Grafton Shipping
District or in the St. Louis-East St. Louis and Alton Switching Districts.

        No such warehouse or shipping station within the Chicago Switching
        District shall be declared regular unless it is conveniently
        approachable by vessels of ordinary draft and has customary shipping
        facilities.  Ordinary draft shall be defined as the lesser of (1)
        channel draft as recorded in the Lake Calumet Harbor Draft Gauge, as
        maintained by the Corps of Engineers, U.S. Army, minus one (1) foot, or
        (2) 20 feet.

        Delivery in Burns Harbor must be made "in store" in regular elevators or
        by shipping certificate at regular shipping stations providing water
        loading facilities and maintaining water depth equal to normal seaway
        draft of 27 feet.

        In addition, deliveries of grain may be made in regular elevators or
        shipping stations within the Burns Harbor Switching District PROVIDED
        that:

        (a) When grain represented by shipping certificates is ordered out for
            shipment by a barge, it will be the obligation of the party making
            delivery to protect the barge freight rate from the Chicago
            Switching District (i.e. the party making delivery and located in
            the Burns Harbor Switching District will pay the party taking
            delivery an amount equal to all expenses for the movement of the
            barge from the Chicago Switching District, to the Burns Harbor
            Switching District and the return movement back to the Chicago
            Shipping District).

            If inclement weather conditions make the warehouse or shipping
            station located in the Burns Harbor Switching District unavailable
            for a period of five or more calendar days, the party making the
            delivery will make grain available on the day following this five
            calendar day period to load into a barge at one mutually agreeable
            water warehouse or shipping station located in the Chicago Switching
            District; PROVIDED that the party making delivery is notified on the
            first day of that five-day period of inclement weather that the
            barge is available for movement but cannot be moved form the Chicago
            Switching District to the Burns Harbor Switching District, and is
            requested on the last day of this five day calendar period in which
            the barge cannot be moved.

        (b) When grain represented by shipping certificates is ordered out for
            shipment by vessel, and the party taking delivery is a recipient of
            a split delivery of grain between a warehouse or shipping station
            located in Burns Harbor and a warehouse or shipping station in
            Chicago, and the grain in the Chicago warehouse or shipping station
            will be loaded onto this vessel; it will be the obligation of the
            party making delivery at the request of the party taking delivery to
            protect the holder of the shipping certificates against any
            additional charges resulting from loading at one berth in the Burns
            Harbor Switching District and at one berth in the Chicago Switching
            District as compared to a single berth loading at one location. The
            party making delivery, at his option, will either make the grain
            available at one water warehouse or shipping station operated by the
            party making delivery and located in the Chicago Switching District
            for loading onto the vessel, make grain available at the warehouse
            or shipping station in Burns Harbor upon the surrender of shipping
            certificates issued by other regular elevators or shipping stations
            located in the Chicago Switching District at the time vessel loading
            orders are issued, or compensate the party taking delivery in an
            amount equal to all applicable expenses, including demurrage
            charges, if any, for the movement of the vessel between a berth in
            the other switching district. On the day that the grain is ordered
            out for shipment by vessel, the party making delivery will declare
            the regular warehouse or shipping station in which the grain will be
            available for loading.

            Delivery within the Lockport-Seneca Shipping District or within the
            Ottawa-Chillicothe Shipping District or within the Peoria-Pekin
            Shipping District or within the Havana-Grafton Shipping District
            must be made at regular shipping stations providing water loading
            facilities and maintaining water depth equal to the draft of the
            Illinois River maintained by the Corps of Engineers.

            Delivery in the St. Louis-East St. Louis and Alton Switching
            District must be made at regular shipping stations providing water
            loading facilities and maintaining water depth equal to the draft of
            the Mississippi River maintained by the Corps of Engineers.
            (12/01/00)

10S81.01(14) Billing - (see 1081.01(14)A and 1081.01(14)F)

10S81.01(15) through 10S81.01(17) - (see 1081.01(15) through 1081.01(17))
(11/01/01)

S1081.01A   Inspection - (see 1081.01A) (08/01/98)

S1081.01B   Billing When Grain is Loaded Out - (see 1081.01B) (08/01/98)

S1081.01C   Car of Specified Capacity - (see 1081.01C) (08/01/98)

S1082.01    Insurance - (see 1082.00) (08/01/98)

                    Ch10S Regularity of Issuers of Shipping
                    ---------------------------------------

S1083.01  Variation Allowed - (see 1083.00) (08/01/98)
S1083.02  Excess or Deficiency in Quantity - (see 1083.01) (08/01/98)
S1084.01  Revocation, Expiration or Withdrawal of Regularity - (see 1084.01)
          (08/01/98)
S1085.01  Application for Declaration of Regularity - (see 1085.01) (08/01/98)
S1086.01  Federal Warehouses - (see 1086.01) (08/01/98)

<PAGE>

S1086.01 Federal Warehouses - (see 1086.01) (08/01/98)

                                     1009S

<PAGE>

================================================================================
Chapter 11
Soybean Oil
================================================================================
<TABLE>
<CAPTION>
<S>                                                                               <C>
   Ch11 Trading Conditions......................................................  1103
        1101.00  Authority......................................................  1103
        1102.01  Application of Regulations.....................................  1103
        1104.01  Unit of Trading................................................  1103
        1105.01  Months Traded In...............................................  1103
        1106.01  Price Basis....................................................  1103
        1107.01  Hours of Trading...............................................  1103
        1108.01  Trading Limits.................................................  1103
        1108.01A Trading Limits.................................................  1103
        1109.01  Last Day of Trading............................................  1103
        1109.02  Trading in the Last Seven Business Days of the Delivery Month..  1103
        1110.01  Margin Requirements............................................  1103
        1111.01  Disputes.......................................................  1103
        1112.01  Position Limits and Reportable Positions.......................  1103

   Ch11 Delivery Procedures.....................................................  1104
        1136.01  Standards......................................................  1104
        1136.02  United States Origin Only......................................  1104
        1137.01  Official Chemist's Certificates................................  1104
        1138.01  Sampling.......................................................  1104
        1139.01  Weighing.......................................................  1105
        1140.01  Grading........................................................  1105
        1141.01  Delivery Points................................................  1105
        1142.01  Deliveries By Warehouse Receipts...............................  1106
        1143.01  Registration of Warehouse Receipts.............................  1106
        1144.01  Receipt Format.................................................  1107
        1145.01  Lost or Destroyed Negotiable Warehouse Receipts................  1108
        1146.01  Date of Delivery...............................................  1108
        1147.00  Delivery Notice................................................  1108
        1147.01  Delivery Notices...............................................  1108
        1148.00  Method of Delivery.............................................  1108
        1149.00  Time of Delivery, Payment, Form of Delivery Notice.............  1108
        1149.02  Buyers' Report of Eligibility to Receive Delivery..............  1108
        1149.03  Sellers' Invoice to Buyers.....................................  1108
        1149.04  Payment........................................................  1108
        1150.00  Duties of Members..............................................  1108
        1151.01  Office Deliveries Prohibited...................................  1108
        1154.00  Failure to Accept Delivery.....................................  1108
        1156.01  Storage Charges................................................  1108
        1156.02  Storage, Car Rental, Etc.......................................  1108
        1156.03  Fees...........................................................  1109
        1156.04  Loading Charges................................................

   Ch11 Regularity of Warehouses................................................  1110
        1180.01  Duties of Warehouse Operators..................................  1110
        1180.01A Responsibility for Furnishing Tank Cars........................  1111
        1180.01B Car Ready for Loading..........................................  1111
        1180.01C Transit vs. Flat Rate Billing..................................  1112
        1180.01D Freight Differentials..........................................  1112
        1180.02  Transit Billing................................................  1112
        1180.03  Freight Charges................................................  1112
        1181.01  Conditions of Regularity.......................................  1112
        1181.02  Leasing and Service Arrangements...............................  1113
        1184.01  Revocation, Expiration or Withdrawal of Regularity.............  1113
</TABLE>

                                      1101

<PAGE>

<TABLE>

<S>                                                                               <C>
        1185.01  Application for Declaration of Regularity......................  1114
        1186.01  Regular Shippers...............................................  1115
</TABLE>

                                      1102

<PAGE>

================================================================================
Chapter 11
Soybean Oil
================================================================================

Ch11 Trading Conditions

1101.00  Authority - On or after January 30, 1950, trading in Crude Soybean Oil
futures may be conducted under such terms and conditions as may be prescribed by
Regulation. 801 (09/01/94)

1102.01  Application of Regulations - Transactions in Crude Soybean Oil futures
shall be subject to the general rules of the association as far as applicable
and shall also be subject to the Regulations contained in this Chapter which are
exclusively applicable to trading in Crude Soybean Oil. 2000 (09/01/94)

1104.01  Unit of Trading - The unit of trading for Crude Soybean Oil shall be
60,000 pounds. Bids and offers may be accepted in lots of 60,000 pounds or
multiples thereof. For trading purposes, one tank car shall be equivalent to
60,000 pounds. 2003 (09/01/94)

1105.01  Months Traded In - Trading in Crude Soybean Oil may be conducted in the
current month and any subsequent months. 2004 (09/01/94)

1106.01  Price Basis - All prices of Crude Soybean Oil shall be basis Decatur,
Illinois in multiples of 1/100th of one cent per pound. Contracts shall not be
made on any other price basis. 2005 (09/01/94)

1107.01  Hours of Trading - The hours of trading for future delivery in Crude
Soybean Oil shall be from 9:30 a.m. to 1:15 p.m. except that on the last day of
trading in an expiring future the hours with respect to such future shall be
from 9:30 a.m. to 12 o'clock noon subject to the provisions of the second
paragraph of Rule 1007.00. Market shall be opened and closed with a public call
made month by month, conducted by such persons as the Regulatory Compliance
Committee shall direct. 2007 (09/01/94)

1108.01  Trading Limits - (See 1008.01)  (09/01/94)

1108.01A Trading Limits - (See 1008.01A)  (09/01/94)

1109.01  Last Day of Trading - No trades in Crude Soybean Oil futures
deliverable in the current month shall be made after the business day preceding
the 15th calendar day of that month and any contracts remaining open may be
settled by delivery after trading in such contracts has ceased; and, if not
previously delivered, delivery must be made on the last business day of the
month. 2008 (01/01/00)

1109.02  Trading in the Delivery Month - After trading in contracts for future
delivery in the current delivery month has ceased in accordance with Regulation
1109.01 of this Chapter, outstanding contracts for such delivery may be
liquidated by means of (a bona fide) exchange of such current futures for the
(actual) cash commodity. 2009 (08/01/98)

1110.01  Margin Requirements - (See Regulation 431.03)  (09/01/94)

1111.01  Disputes - All disputes between interested parties may be settled by
arbitration as provided in the Rules and Regulations. 2011 (09/01/94)

1112.01  Position Limits and Reportable Positions - (See 425.01)  (09/01/94)

                                      1103

<PAGE>

Ch11 Delivery Procedures

1136.01  Standards   - The contract grade for delivery on futures contracts made
under these Regulations shall be Crude Soybean Oil which conforms to the
following specifications:

(a)  It shall be one of the following types: Expeller pressed, expeller pressed
     degummed, solvent extracted, or solvent extracted degummed. Mixtures of one
     type with any other type shall not be deliverable;

(b)  It shall contain not more than 0.3% moisture and volatile content;

(c)  It shall be lighter in green color than Standard "A" and when refined and
     bleached shall produce a refined and bleached oil of not deeper color than
     3.5 red on the Lovibond scale;

(d)  It shall refine with a loss not exceeding 5% as determined by the "neutral
     oil" method;

(e)  It shall have a flash point not below 250 degrees Fahrenheit, closed cup
     method;

(f)  It shall contain no more than 1.5% unsaponifiable matter (exclusive of
     moisture and volatile matter).

No lower grade shall be delivered in satisfaction of contracts for future
delivery. A higher grade may be delivered at contract price except that where
the refining loss is less than 5% as determined by the "neutral oil" method, a
premium of one percent of the cash market price at the time of loading shall be
paid for each one percent under the 5% loss (fractions figured throughout) with
a maximum credit of 41-2%.

American Oil Chemists' Society methods shall be followed for sampling and
analysis for all tests, except for determining green color, which test shall be
the National Soybean Processors Association tentative method.

A tolerance of 150 lbs. of sludge shall be allowed for each trading unit of
60,000 lbs. If the car contains more than 150 lbs. of sludge or if a truck
contains more than 125 lbs. of sludge, an allowance shall be made to the Buyer
for a total amount of sludge up to 1,000 lbs. at 50% of the price at time of
unloading car. Sludge in excess of 1,000 lbs. shall be allowed for at the price
at time of unloading car.

Sludge shall be considered to be solid residue which cannot be pumped and
squeegeed from the car for the net out-turn weight. 2002  (09/01/94)

1136.02  United States Origin Only   - Effective September 1, 1992, a futures
contract for the sale of soybean oil shall be performed on the basis of United
States origin only upon written request by a taker of delivery at the time
loading orders are submitted.  (09/01/94)

1137.01  Official Chemist's Certificates   - Certificates for quality analysis
by any Official Chemists shall be acceptable and binding on all parties except
as otherwise provided.

The official chemists are Woodson-Tenent Laboratories with laboratories located
at Memphis, Tenn. and Des Moines, Ia.; and Barrow-Agee Laboratories, Memphis,
Tenn. 2029  (10/01/01)

1138.01  Sampling   -  Samples shall be drawn at time of loading by Official
Samplers licensed by the Exchange. The Official Sample shall be 2 one-quart and
1 half-gallon samples. These portions should be packaged in clean, dry and new
containers. Either tinned metal containers or high density polyethylene bottles
fitted with metal caps having oil resistant cap liners are acceptable.
Polythylene containers must be enclosed for shipping in custom-made, close
fitting cardboard containers. The sample must be drawn at the time of loading in
accordance with A.O.C.S. Official Method for sampling crude oils (C1-47-
Continuous Flow and Trier methods) and shall be so indicated on invoice. If the
Shipper neglects to provide such a sample at the time of loading or fails to
show on invoice than an Official Sample has been taken, a sample drawn at
destination shall be official when taken in accordance with the A.O.C.S.
Official Methods as noted above. Shipper shall forward to Consignee one of the
one-quart portions at no expense to Consignee within one working day of
completion of loading and label of sample must designate type of oil and plant
destination. The one-half gallon portion (third portion) is to be retained by
Shipper as the referee sample for a minimum of thirty days

                                      1104

<PAGE>



                           Ch11 Delivery Procedures

after loading.

Each sample must be accompanied by a certificate in the following form:

Board of Trade of the City of Chicago

                         OFFICIAL SAMPLERS CERTIFICATE

I hereby certificate that sample marked______________________________was drawn
by me on this_________day of_________________, 20________, within 24 hours after
loading tank car or truck in accordance with the requirements of Regulation
1138.01 of the Board of Trade of the City of Chicago, and that it is a fair and
true sample of the contents of:

Car/Truck No. (and initial)__________________, located at__________________
containing approximately_______________________pounds, of__________________

_________________________________________________________________________
(Expeller pressed. Expeller pressed degummed, Solvent Extracted,___________
____________type Crude Soybean Oil. Solvent Extracted Degummed)

______________________________________________________________Solvent used.
That sample was taken in a manner prescribed by the American Oil Chemists
Society.
                                                ____________________________
                                                        OFFICIAL SAMPLER

                                                                            2023
                                                                      (01/01/00)

1139.01  Weighing   - On all deliveries, the weight as determined by an Official
Weigher shall be binding on all interested parties. Due allowance shall be made
to cover the loss of weight due to sampling, if sample is drawn from weighing.
An official weigher is a person or agency approved by the Exchange. 2024
(09/01/94)

1140.01  Grading   - Shipper shall have option, and advise warehouse receipt
holder of his selection at time of receipt of loading instructions, of having
grade determined by one of the following methods:

A.   Official Chemist Analysis, shipper to pay the cost.

B.   Comparison between consignee's and shipper's analyses.

     1.  Each party must mail to other party his analysis within 15 days after
         bill of lading date.

     2.  If parties do not agree as to quality (refining loss excepted) either
         one may request analysis by Official Chemist. The findings of the
         Official Chemist shall be binding on both parties and the cost of such
         analysis shall be charged to the party against whom the decision
         results.

     3.  In case of refining loss, based on the "neutral oil" method, if the
         difference is not over three tenths of one percent the settlement shall
         be made on the average of the two, otherwise the retained sample shall
         be sent to Official Chemist for analysis. If the Official Chemist's
         results are the mean of the shippers' and consignees' analyses, then
         the cost shall be shared equally; otherwise, the cost shall be charged
         to the party against whom the decision results. 2025 (09/01/94)

*1141.01  Delivery Points   - Crude Soybean Oil may be delivered in satisfaction
of Soybean Oil futures contracts from regular warehouses located in Illinois
Territory, Eastern Territory, Eastern Iowa Territory, Southwest Territory,
Western Territory or [Northwest] Northern Territory as defined in this
-----------------                --------
regulation and at the following price differentials:

(a)  Illinois Territory (That portion of the state of Illinois north of latitude
     38(degrees)00' N.) .... at contract price.


(b)  Eastern Territory (Those portions of the states of Indiana and Kentucky
     west of the Ohio-Indiana border and its extension and north of latitude
     38(degrees)00'N.) . . . at 40/100ths of one cent per pound under contract
     price.

(c)  Eastern Iowa Territory (That portion of the state of Iowa east of longitude
     93(degrees)50'W.) . . . at 10/100ths of one cent per pound under contract
     price.

(d)  Southwest Territory (Those portions of the states of Missouri and Kansas
     north of latitude 38(degrees)00'N. and east of longitude 97(degrees)00'W.)
     . . . at 15/100ths of one cent per pound over contract price.


[(e) Northwest Territory (Those portions of the state of Minnesota south of
latitude 45 (degrees) 10'N., South

<PAGE>



                           Ch11 Delivery Procedures

     Dakota south of latitude 45 (degrees) 10N., and east of 979 (degrees)00'W.,
     Iowa west of longitude 93 (degrees)50'W., and Nebraska east of longitude 97
     (degrees)00'W.). . . at 55/100ths of one cent per pound under contract
     price.]


(f)  Western Territory (Those portions of the states of Iowa west of
--------------------------------------------------------------------
     longitude 93 E 50' W., and Nebraska east of longitude 97 E 00' W.)... at
     ------------------------------------------------------------------------
     XX/100ths of one cent per pound under contract price.
     -----------------------------------------------------

(g)  Nothern Territory (Those portions of the state of Minnesota south of
-------------------------------------------------------------------------
     latitude 45 E 10' N., and South Dakota south of latitude 45 E 10' N., and
     --------------------------------------------------------------------------
     east of 97 E 00' W.)... at XX/100ths of one cent per pound under contract
     --------------------------------------------------------------------------
     price.
     ------

(h)     For a given soybean crop year ending August 31, excluding the period
---                                                     --------------------
        September 1 through December 31, and for a given Soybean Oil futures
        --------------------------------
        delivery territory except the "Illinois Territory:" when the weekly (as
        of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse
        Receipts to CBOT maximum 24 hour soybean crushing capacity within that
        Soybean Oil futures delivery territory, relative to that ratio for the
        combined remaining Soybean Oil territories, is less than or equal to
        0.5, payment for Warehouse Receipts issued from that Soybean Oil
        territory will be at a premium of 10 cents per hundredweight over
        contract price in addition to the delivery territorial differential
        adjustment.

(i)     For a given soybean crop year ending August 31, excluding the period
---                                                     -------------------
        September 1 through December 31, when the "Illinois Territory's" weekly
         -------------------------------
        (as of Friday) cumulative average ratio of outstanding Soybean Oil
        Warehouse Receipts to maximum CBOT 24 hour soybean crushing capacity
        within the Illinois Soybean Oil futures delivery territory, relative to
        that ratio for the combined remaining Soybean Oil territories, is less
        than or equal to 0.5, payment for Warehouse Receipts issued from all
        other Soybean Oil territories will be at a discount of 10 cents per
        hundredweight under contract price in addition to the delivery
        territorial differential adjustments.

(j)     For a given soybean crop year ending August 31, excluding the period
---                                                     --------------------
        September 1 through December 31, and for a given Soybean Oil futures
        -------------------------------
        delivery territory except the "Illinois Territory," when the weekly (as
        of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse
        Receipts to CBOT maximum 24 hour soybean crushing capacity within that
        Soybean Oil futures delivery territory, relative to that ratio for the
        combined remaining Soybean Oil territories, is greater than or equal to
        2.0, payment for Warehouse Receipts issued from that Soybean Oil
        territory will be at a discount of 10 cents per hundredweight under
        contract price in addition to the delivery territorial differential
        adjustment.

(k)     For a given soybean crop year ending August 31, excluding the period
---                                                     --------------------
        September 1 through December 31, when the "Illinois Territory's" weekly
        -------------------------------
        (as of Friday) cumulative average ratio of outstanding Soybean Oil
        Warehouse Receipts to CBOT maximum 24 hour soybean crushing capacity
        within the Illinois Soybean Oil futures delivery territory, relative to
        that ratio for the combined remaining Soybean Oil territories, is
        greater than or equal to 2.0, payment for Warehouse Receipts issued from
        all other Soybean Oil territories will be at a premium of 10 cents per
        hundredweight over contract price in addition to the delivery
        territorial differential adjustments.

(l)     Items [(f) through (i)](g) through (j) of Regulation 1141.01 shall apply
---                           ---------------
        to all CBOT Soybean Oil futures contracts delivered during a one
        calendar year period beginning with January following the soybean crop
        year ending August 31, provided t hat there are on a weekly average at
        least 150 outstanding Soybean Oil Warehouse Receipts in all Soybean Oil
        delivery territories combined during that previous soybean crop year.

(m)     Based on the adjustments made to territorial delivery differentials
---     during a given calendar year as outlined in items [(f) through (j)](g)
                                                                           ---
        through (k) of Regulation 1141.01, the CBOT shall announce and publish
         -----------
        by September 15 of that given calendar year new territorial delivery
        differentials applicable to all Soybean Oil futures contracts delivered
        during the next calendar year. 2015 (01/01/03)


        * Additions underlined; deletions bracketed for contracts from January
          2004 forward.

1142.01  Deliveries By Warehouse Receipts   - Except as otherwise provided,
deliveries on Crude Soybean Oil shall be made by delivery of warehouse receipts
issued by warehouses which have been approved and designated as regular
warehouses by the Exchange for the storage of Crude Soybean Oil. The warehouse
receipt shall be accompanied by insurance certificates or the warehouse receipt
marked "insured". In order to effect a valid delivery each warehouse receipt
must be endorsed by the holder making the delivery. 2012 (06/01/01)

1143.01  Registration of Warehouse Receipts   - Warehouse receipts, in order to
be eligible for delivery, must be registered with the Official Registrar.
Registration of warehouse receipts shall also be subject to the following
requirements:

<PAGE>

                           Ch11 Delivery Procedures

(a)  Warehousemen who are regular for delivery may register warehouse receipts
     at any time. If the warehouseman determines not to tender the warehouse
     receipt by 4:00 p.m on the day it is registered, the warehouseman shall
     declare the receipt has been withdrawn but is to remain registered by
     transmitting to the Registrar the warehouse receipt number and the name and
     location of the warehouse facility. The holder of a registered warehouse
     receipt may cancel its registration at any time. A warehouse receipt which
     has been canceled may not be registered again.

(b)  No notice of intention to deliver a warehouse receipt shall be tendered to
     the Clearing House unless said warehouse receipt is registered and in the
     possession of the Clearing House member tendering the notice or unless a
     warehouse receipt is registered and outstanding. When a notice of intention
     to deliver a warehouse receipt has been tendered to the Clearing House,
     said warehouse receipt shall be considering "outstanding".

(c)  From his own records, the Registrar shall maintain a current record of the
     number of warehouse receipts that are registered and shall be responsible
     for posting this record on the Exchange Floor and the CBOT website. The
     record shall not include any receipts that have been declared withdrawn.

(d)  When a regular warehouseman regains control of a registered warehouse
     receipt issued against stocks in one of his regular warehouses, which in
     any manner relieves him of the obligation to loadout crude soybean oil upon
     demand of a party other than himself, the warehouseman shall by 4:00 p.m.
     of that business day either cancel the registration of said warehouse
     receipt or declare that said warehouse receipt is withdrawn but is to
     remain registered by transmitting to the Registrar the warehouse receipt
     number and the name and location of the regular warehouse, except in the
     case where a notice of intention to redeliver said warehouse receipt for
     the warehouseman has been tendered to the Clearing House by 4:00 p.m. of
     the day that the warehouseman regained control of said warehouse receipt.

(e)  The Registrar shall not divulge any information concerning the
     registration, delivery or cancellation of warehouse receipts other than the
     record posted on the Exchange Floor and the CBOT website, except that he
     shall issue a weekly report showing the total number of registered
     warehouse receipts as of 4:00 p.m. on the last trading day of each week. In
     addition to the information posted on the Exchange Floor and CBOT website,
     this weekly report will show the names of warehousemen whose warehouse
     receipts are registered and the location of the warehouses involved. The
     report shall not include any receipts that have been declared withdrawn.
     2013 (11/01/02)


1144.01  Receipt Format   - The following form of warehouse receipt shall be
used:

                                                                 Date___________
No.______________
Received in store__________________,20___________, in______________________
Warehouse, located at______________________________________________________
in the Illinois    ___________ Territory,____________________________pounds
Eastern              ___________
Eastern Iowa         ___________
Southwest            ___________
Northwest            ___________

of Crude Soybean Oil under standards of the Board of Trade of the City of
Chicago, which will be delivered, subject to and in conformity with the Rules
and Regulations of the Board of Trade of the City of Chicago, to the order of

___________________________________________________________________________

upon surrender of this receipt and payment of all charges.

This oil is stored subject to the provisions of the laws of the State in
relation to warehousemen, any applicable Federal Laws, and subject to the Rules
and Regulations of the Board of Trade of the City of Chicago, as filed with the
Commodity Exchange Authority.

The warehouseman acknowledges that the oil so received into store complies with
the requirements of said Rules and Regulations of the Board of Trade of the City
of Chicago and that said oil is tenderable on contracts for future delivery made

                                      1107

<PAGE>

                           Ch11 Delivery Procedures

under said Rules and Regulations.

The warehouseman states that at the warehouseman's own expense said oil is
insured and will be kept insured for the current market value against loss or
damage from fire, lightning and/or any of the contingencies covered in the
standard extended coverage form for the benefit of the holder of this receipt.

Storage rates of____________per hundred pounds, per day shall include the cost
of insurance. The cost of loading into tank cars shall be ____________   of
1(cent) per pound. The cost of loading into trucks shall be _________________ of
1(cent) per pound.

The warehouseman claims a lien for the following:

All storage charges have been paid on Crude Soybean Oil covered by this receipt
up to and including the last date endorsed below.

Storage Payments

______________________     By________________________     ______________________
                                                                  Company
______________________     By________________________     By____________________
                                                          Registration of this
                                                          Receipt must be
                                                          canceled before
______________________     By________________________     property can be
                                                          released
                                                                            2034
(01/01/00)

1145.01   Lost or Destroyed Negotiable Warehouse Receipts  - (See Regulation
1045.01) (04/01/00)

1146.01   Date of Delivery  - Where Crude Soybean Oil is sold for delivery in a
specified month, delivery of such Crude Soybean Oil may be made by the Seller
upon such day of the specified month as the Seller may select. If not previously
delivered, delivery must be made upon the last business day of the month. 2017
(09/01/94)

1147.00   Delivery Notice  - (See 1047.00)  (09/01/94)

1147.01   Delivery Notices  - (See 1047.01)  (09/01/94)

1148.00   Method of Delivery  - (See 1048.00)  (09/01/94)

1149.00   Time of Delivery, Payment, Form of Delivery Notice  - (See 1049.00)
(09/01/94)

1149.02   Buyers' Report of Eligibility to Receive Delivery  - (See 1049.02)
(09/01/94)

1149.03   Sellers' Invoice to Buyers  - (See 1049.03)  (09/01/94)

1149.04   Payment  - (See 1049.04)  (09/01/94)

1150.00   Duties of Members - (See 1050.00)  (09/01/94)

1151.01   Office Deliveries Prohibited   - No office deliveries of warehouse
receipts may be made by members of the Clearing Corporation. Where a commission
house as a member of the Clearing Corporation has an interest both long and
short for customers on its own books, it must tender to the Clearing Corporation
such notices of intention to deliver as it receives from its customers who are
short. 2009 (09/01/94)

1154.00   Failure to Accept Delivery  - (See 1054.00)  (09/01/94)

1156.01   Storage Charges  - No Soybean Oil Warehouse Receipts shall be valid
for delivery on future contracts unless the storage charges shall have been paid
up to and including the 18/th/ day of the preceding month and such payment
endorsed on the Soybean Oil Warehouse Receipt unless registration is at a later
date. Unpaid accumulated storage charges at the posted tariff applicable to the
warehouse where the soybean oil is stored shall be allowed and credited to the
buyer by the seller to and including date of delivery.

If storage rates are not paid on-time up to and including the 18/th/ calendar
day preceding the delivery month of July and by the first calendar day of this
delivery month, a late charge will apply. The late charge will be an amount
equal to the total unpaid accumulated storage rates multiplied by the "prime
interest rate" in effect on the day that the accrued storage rates are paid,
all multiplied by the number of calendar days that storage is overdue, divided
by 360 days. The term "prime interest rate" shall mean the lowest of the rates
announced by each of the following four banks at Chicago, Illinois, as its
"prime rate": Bank of America-Illinois, Bank One, Harris Trust & Savings Bank,
and the Northern Trust Company.

The storage rates on Crude Soybean Oil shall not exceed 3/10th of one cent per
day per 100 pounds. When shipper schedules tank car loading, storage shall
continue through the date of surrender of a properly cancelled warehouse receipt
and shall begin again on the sixth day after surrender date if loading has not
been completed and continue until the oil has been loaded. When shipper
schedules truck loading storage, charges shall continue through the date of
loading. Regular Soybean Oil warehousemen shall maintain in the immediate
vicinity of the Exchange either an office, or duly authorized representative or
agent approved by the Exchange, to whom Soybean Oil Storage charges may be paid.
2033 (06/01/01)

1156.02   Storage, Car Rental, Etc.  - Except as otherwise provided, all charges
for storage, car

                                      1108

<PAGE>

                           Ch11 Delivery Procedures

rental, etc., shall remain the responsibility of the Seller until payment is
made. Payment is to be made by a check drawn on and certified by a Chicago bank
or by a Cashier's check issued by a Chicago bank. 2020 (09/01/94)

1156.03   Fees  - Sampling: The charge for drawing Official samples shall be
$5.00 for each tank car or truck on inbound shipments to a warehouse.

If sampling is ordered at a location where an Official Sampler is not regularly
located, all extra costs must be paid by the party ordering the sample.

These charges shall include the cost of delivering the samples to the Official
Chemists. 2028  (09/01/94)

1156.04 Loading Charges - The maximum charge for loading tank cars at delivery
point shall not exceed 1/40/th/ of one cent per pound and the combined charge
for unloading and loading tank cars at delivery point shall not exceed 1/10/th/
of one cent per pound including heating. The maximum charge for loading tank
trucks at delivery point shall not exceed 1/25/th/ of one cent per pound.
(06/01/01)

                                      1109

<PAGE>



Ch11 Regularity of Warehouses

*1180.01  Duties of Warehouse Operators   - It shall be the duty of the
operators of all regular warehouses:

(a)  To accept Crude Soybean Oil for delivery on Chicago Board of Trade
     contracts, provided such Crude Soybean Oil is of contract grade when
     received at such warehouses, and all space in such warehouses is not
     already filled or contracted for, to pay no premium on refining loss but to
     receive allowance for sludge. All inbound freight (including the transit
     charge necessary to obtain the transit balance rate) shall be prepaid by
     the depositor of the oil. Upon surrender of the inbound billing to the
     warehouseman the depositor of the oil shall be furnished with a regular
     Board of Trade Warehouse Receipt endorsed thereon with the transit balance
     freight to New York.

(b)  To notify the Exchange of any change in the condition of their warehouses.

(c)  To insure soybean oil covered by warehouse receipts tendered for delivery
     against the contingencies provided for in a standard "All Risks" policy
     (including earthquake) to such an extent and in such amounts as required by
     the Exchange.

     Any loss or damage to oil caused by leakage or discharge from the storage
     facilities resulting from the cracking, rupture, bursting, collapse,
     subsidence or disruption of the containing system, or the negligence of the
     warehouse operator shall be for the account of the warehouse operator,
     unless such loss or damage by leakage or discharge from the storage
     facilities is due to causes required to be insured against under this
     Regulation.

(d)  To furnish the Exchange with either a copy of the current insurance policy
     or policies, or a written confirmation from the insurance company that such
     insurance has been effected.

(e)  To advise the holder of the warehouse receipts when oil is tendered on a
     futures contract. the freight rate on the oil upon request to New York,
     N.Y., or to any other specific destinations; and to forward the oil on the
     basis of these rates whenever shipping instructions are received if orders
     are received within three days.

(f)  To register their daily load-out rate in jumbo rail tank car equivalents
     (minimum of 4) with the Exchange. Warehouse Operators shall limit warehouse
     receipts issued to an amount of soybean oil equal to the lesser of their
     approved regular space or 30 times the registered daily loading rate for
     jumbo tank cars times [152,500] 185,000 pounds.
                                     -------

(g)  To ship oil ordered out of the warehouses in Buyer's tank cars, if so
     arranged and to begin loading out soybean oil on or before the third
     business day following the date the car is ready for loading or the receipt
     is cancelled, whichever occurs later, at a daily rate per business day
     equal to the equivalent of shipper's registered daily rate of loading jumbo
     rail tank cars.

     All rail loading orders received prior to 2:00 p.m. on a given business day
     shall be considered dated that day and shall be entitled to equal
     treatment. Rail loading orders received after 2:00 p.m. on a business day
     shall be considered dated the following business day. When loading against
     rail loading orders and shipping instructions received by a shipper prior
     to 2:00 p.m. on a given business day, as determined hereunder, cannot be
     completed on the third following business day, the shipper shall allocate
     daily loading against such loading orders as equitably as possible on a
     pro-rata basis on subsequent business days. Loading against all rail orders
     scheduled for a given business day shall be completed before loading of any
     orders scheduled for a subsequent business day.

(h)  To load each tank car to its stenciled capacity upon surrender of
     sufficient warehouse receipts tendered on futures contracts. Any excess or
     deficiency from amount of warehouse receipt shall be settled at market
     price as of date of loading. Warehouse to make sight draft on shipper with
     Bill of Lading attached for any amounts due them in connection with loading
     oil, including premium for refining loss, unless otherwise mutually agreed.

(i)  To hold tank car after loading free of expense to shipper (except for car
     rental) until grade is

<PAGE>



                         Ch11 Regularity of Warehouses

     ascertained, and if grade is not of contract grade to unload car and reload
     oil of contract quality free of expense to shipper, and at all times to
     keep oil fully insured until car is released to railroad.

(j)  To ship oil ordered out of the warehouse in Buyer's tank truck, if so
     arranged, and to load the oil at a daily rate per business day equal to the
     equivalent of shipper's registered daily rate of loading for jumbo rail
     tank cars.

     All truck loading orders received prior to 2:00 p.m. on a given business
     day shall be considered dated that day and shall be entitled to equal
     treatment. Truck orders received after 2:00 p.m. on a business day shall be
     considered dated the following business day.

     When loading orders are received by 2:00 p.m. of any given business day,
     the shipper will advise the owner by 4:00 p.m. the same day of loading
     dates and tonnage due. Notification will be by telephone, telegraph or
     teletype.

     When a shipper has received one or more truck loading orders he shall begin
     loading against them not later than the third business day following their
     receipt. When loading against loading orders and shipping instructions
     received by a shipper prior to 2:00 p.m. on a given business day cannot be
     completed on the third following business day shipper shall allocate daily
     loadings against such loading orders as equitably as possible on a pro rata
     basis on subsequent business days.

     Loading against all truck orders scheduled for a given business day shall
     be completed before loading begins on any orders scheduled for a subsequent
     business day. Warehouseman will load tank trucks as promptly as possible on
     the day scheduled. Under no conditions will warehouseman be responsible for
     truck demurrage as long as it is loaded on day scheduled. Additional
     loadings may be arranged for by mutual agreement.

(k)  Notwithstanding any other provisions of this Regulation, on days when both
     rail cars and trucks are loaded, the warehouseman shall be required to load
     at a minimum daily rate equal to the equivalent of shipper's registered
     daily rate of loading rail tank cars.

     All rail and truck loading orders received prior to 2:00 p.m. on a given
     business day shall be considered dated that day and shall be entitled to
     equal treatment. Loading orders received after 2:00 p.m. on a business day
     shall be considered dated the following business day. When loading against
     loading orders and shipping instructions received by a shipper prior to
     2:00 p.m. on a given business day, as determined hereunder, cannot be
     completed on the third following business day, the shipper shall allocate
     daily loading against such loading orders as equitably possible on a pro-
     rata basis on subsequent business days. Loading against orders scheduled
     for a given business day shall be completed before loading of any orders
     for a subsequent business day.

(l)  To keep stock of Crude Soybean Oil in storage in balance with oil
     represented by outstanding warehouse receipts.

     It shall be the privilege of all regular warehouses to mingle or store
     together oil which is tenderable on contracts for future delivery under
     these Regulations, with other oil of like type and to deliver on loading
     orders oil of any contract type. 2031

(m)  Certification of Soybean Oil - Effective September 1, 1992 and upon written
     request by a taker of delivery at the time loading orders are submitted for
     the delivery of soybean oil against canceled warehouse receipts, the
     delivery warehouseman shall certify in writing to the taker of delivery on
     the day that the transportation conveyance is loaded that the soybean oil
     is produced from soybeans of U.S. origin only. Warehouse receipts issued
     prior to September 1, 1992 will be deliverable against futures contracts
     beginning September 1992 only if the regular warehouseman provides
     certification on the warehouse receipt that the U.S. origin-only option is
     available to the taker of delivery of soybean oil. (07/01/02)

  *  Addition underlined; deletion bracketed for contracts from January 2004
     forward.

1180.01A  Responsibility for Furnishing Tank Cars   - It shall be the
responsibility of the buyer of Crude Soybean Oil on a futures contract to
furnish tank cars when ordering Soybean Oil shipped from a warehouse. 26R
(09/01/94)

1180.01B  Car Ready for Loading   - Regulation 1180.01(f) A car is ready for
loading when it has




<PAGE>

                         Ch11 Regularity of Warehouses

been constructively placed and when the shipper has used due diligence in
preparing and placing the car on his property for loading. 30R1180.01C Transit
vs. Flat Rate (09/01/94)

1180.01C Transit vs. Flat Rate Billing   - If warehouseman furnishes transit
billing on crude soybean oil applicable to warehouse receipts holder's
destination, the warehouse receipt holder shall pay to warehouseman the
difference between the transit balance rate and the flat rate. 27R  (09/01/94)

1180.01D Freight Differentials   - Jumbo Tank Cars - The Board of Directors at
its regular meeting held on Tuesday, March 10, 1964, approved the following
Ruling recommended by the Crude Soybean Oil and Soybean Meal Committee in light
of the reduced rate on jumbo tank cars which became effective on February 9,
1964:

"Effective on March 1964 contracts the freight differentials in Regulations
1141.02 and 1180.02 shall be calculated on the basis of the jumbo tank car rate
since it is the lowest lawful carload rate and will be applicable to warehouse
receipts bearing no billing and any other warehouse receipts carrying billing
that will protect the jumbo tank car rate." 36R  (09/01/94)

1180.02  Transit Billing   - Transit billing may be applied to shipments at
warehouseman's option with warehouseman to get any advantage of such transit
application; however, warehouseman must protect the lowest lawful local carload
rate from point of loading stated in warehouse receipt to destination indicated
in shipping instructions, and such transit billing must allow at least one
additional transit beyond delivery points. 2016  (09/01/94)

1180.03  Freight Charges   - A warehouseman that is not served by a Class I
railroad must compensate the taker of delivery for the switching charge and/or
the rail rate to the nearest Class I railroad interchange point for the movement
of soybean oil beyond the interchange point by the Class I railroad, if
requested by the owner of the soybean oil.  The request must be in writing when
loading orders and canceled warehouse receipts are presented to the warehouse.
(01/01/00)

1181.01 Conditions of Regularity - Warehouses may be declared regular for the
delivery of Crude Soybean Oil with the approval of the Exchange. Persons
operating bulk oil warehouses who desire to have such warehouses made regular
for delivery of Crude Soybean Oil under the Rules and Regulations shall make
application for an initial Declaration of Regularity on a form prescribed by the
Exchange prior to May 1 of an even year, for a two year term beginning July 1 of
that year, and at any time during a current term for the balance of that term.
Regular Soybean Oil Warehouses that desire to increase their regular capacity
during a current term shall make application for the desired amount of total
regular capacity on the same form. Initial regularity for the current term and
increases in regularity shall be effective either thirty days after a notice
that a bona fide application has been received is posted by the Exchange, or the
day after the application is approved by the Exchange, whichever is later.
Persons operating Soybean Oil Warehouses who desire to have their daily rate of
loading decreased, shall file with the Exchange a written request for such
decrease. The decrease in the daily rate of loading for the facility will become
effective 30 days after a notice has been posted by the Exchange or the day
after the number of outstanding receipts at the facility is equal to or less
than 30 times the requested rate of loading, whichever is later. Persons
operating Soybean Oil Warehouses who wish to have their regular capacity space
decreased shall file with the Exchange a written request for such decrease and
such decrease shall be effective once a notice has been posted by the Exchange.
Applications for renewal of regularity must be made prior to May 1 of even
years, for the respective years beginning July 1 of those years, and shall be on
the same form.

The Exchange may establish such requirements and conditions for approval of
regularity as it deems necessary.

The following shall constitute the minimum requirements and conditions for
regularity of Soybean Oil Warehouses:


1)  The warehouse making application shall be inspected.

2)  Such warehouse shall be within the limitation of an area not east of the
    Indiana-Ohio boundary; nor south of Louisville, KY.

3)  Such warehouse shall be connected by railroad tracks with one or more
    railway lines.


4)  The operator or manager of such warehouse shall be in good financial
    standing and credit, and shall meet the minimum financial requirements and
    financial reporting requirements set forth in Appendix 4E. No warehouse
    shall be declared regular until the person operating the same files a bond
    with sufficient sureties in such sum and subject to such conditions as the
    Exchange may require.

5)  Such warehouse shall maintain on-site standard equipment and appliances for
    the receiving, handling, and shipping of Crude Soybean Oil in bulk,
    including equipment to issue official origin weight. Official origin weight
    may be obtained by using one of the following: (1) platform scale (either
    rail or truck); (2) tank scale; or, (3) batch scale.


                                      1112

<PAGE>


6)   The warehouseman shall comply with the system of registration of warehouse
     receipts established by the Exchange. The warehouseman shall furnish
     accurate information to the Exchange regarding all Crude Soybean Oil
     received and delivered by the warehouseman on a daily basis, and that
     remaining in store at the close of each week, in the form prescribed by the
     Exchange, with the exception of Crude Soybean Oil owned by the
     warehouseman.

7)   The operator or manager of such warehouse shall permit the Exchange, at any
     time, to examine the books and records of the warehouse for the purpose of
     ascertaining the stocks of Crude Soybean Oil which may be on hand at any
     time. The Exchange shall have the authority to determine the quantity of
     Crude Soybean Oil in said warehouse and to compare the books and records of
     warehouse with the records of the Exchange.

8)   The warehouseman operating such warehouse shall not engage in unethical or
     inequitable practices, and shall comply with all applicable laws, Federal
     or State, or Rules or Regulations promulgated under those laws.

9)   The warehouseman shall make such reports, keep such records, and permit
     such warehouse visitation as the Secretary of Agriculture may prescribe,
     and shall comply with all applicable Rules and Regulations and orders
     promulgated by the Secretary of Agriculture or the Commodity Futures
     Trading Commission, and shall comply with all requirements made by the
     Exchange because of such Rules and Regulations or orders.

10)  The operator or manager of such warehouse shall be subject to the
     Exchange's Rules and Regulations pertaining to arbitration procedures, as
     set forth in Chapter 6, and, with respect to compliance with Rules and
     Regulations pertaining to a warehouse's regularity, shall be subject to the
     Exchange's Rules and Regulations pertaining to disciplinary procedures, as
     set forth in Chapter 5.


11)  The operator or manager of such warehouse shall consent to the disciplinary
     jurisdiction of the Exchange for five years after such regularity lapses,
     for conduct pertaining to regularity which occurred while the warehouse was
     regular.


12)  If the warehouseman leases the warehouse or has entered into some form of
     service arrangement pursuant to which an agent or contractor performs the
     daily operations of the warehouse, the warehouseman shall submit an
     indemnification if requested by the Exchange.

13)  The Exchange may determine not to approve warehouses for regularity or
     increases in regular capacity of existing regular warehouses, in its sole
     discretion, regardless of whether such warehouses meet the preceding
     requirements and conditions. Some factors that the Exchange may, but is not
     required to, consider in exercising its discretion may include, among
     others, whether warehouse receipts issued by such warehouses, if tendered
     in satisfaction of futures contracts, might be expected to adversely affect
     the price discovery function of Soybean Oil futures contracts or impair the
     efficacy of futures trading in Soybean Oil, or whether the currently
     approved regular capacity provides for an adequate deliverable supply.
     2030(01/01/03)


1181.02  Leasing and Service Arrangements   - The warehouseman of a regular
warehouse is not required to own the warehouse and may lease the facility from
the owner. The warehouseman may also enter into a service arrangement pursuant
to which an agent or contractor performs the daily operations of the warehouse.
The warehouseman shall be responsible for the conduct of its agents or
contractors.

In the event that the warehouseman is unable properly to store or load out oil
for receipt holders because of another party's ownership of or control over the
warehouse, the warehouseman shall, at its own expense, provide each holder of an
outstanding receipt with either (a) a replacement warehouse receipt at another,
mutually acceptable regular warehouse, with adjustments for differences in
contract differentials or, if such replacement receipt is unavailable, (b) an
equivalent quantity and quality of the soybean oil designated in the warehouse
receipt at a mutually acceptable location.  (09/01/94)

1184.01  Revocation, Expiration or Withdrawal of Regularity   - Any regular
warehouse may be declared irregular at any time if it does not comply with the
conditions above set forth, or fails to carry out the prescribed duties of the
warehouseman. If the designation of a warehouse as regular shall be revoked a
notice of such revocation and the period of time, if any, during which the
receipts issued by such house shall thereafter be deliverable in satisfaction of
futures contracts in Crude Soybean Oil under the Rules and Regulations, shall be
posted on the bulletin board.

In the event of revocation, expiration or withdrawal of regularity, or in the
event of sale or abandonment

                                     1113

<PAGE>

                         Ch11 Regularity of Warehouses

of the properties where regularity is not reissued, holders of outstanding
warehouse receipts shall be given thirty days to take load-out of the commodity
from the facility. If a holder of an outstanding warehouse receipt chooses not
to take load-out during this period, the facility must provide him with another
warehouse receipt at another, mutually acceptable regular warehouse, with
adjustments for differences in contract differentials. Alternatively, if such
warehouse receipt is unavailable, the facility must provide the holder with an
equivalent quantity and quality of the soybean oil designated in the warehouse
receipt at a mutually acceptable location. 2032 (09/01/94)

1185.01  Application for Declaration of Regularity   - All applications by
operators of warehouses for a Declaration of Regularity under Regulation 1181.01
shall be on the following form:

WAREHOUSEMAN'S APPLICATION FOR A DECLARATION OF REGULARITY FOR THE DELIVERY OF
CRUDE SOYBEAN OIL UPON CONTRACTS FOR FUTURE DELIVERY UNDER THE CHARTER, RULES
AND REGULATIONS OF THE BOARD OF TRADE OF THE CITY OF CHICAGO

                                                        ____________, 20________
BOARD OF TRADE OF THE CITY OF CHICAGO
Chicago, Illinois
Gentlemen:
We, the_________________________________________________(Hereinafter called
Warehousemen) owner or lessee of The_______________________________________
located at_________________________________________________________________
in the Illinois   ____________ Territory,
Eastern           ____________
Eastern Iowa      ____________
Southwest         ____________
Northwest         ____________

having a storage capacity of_______________________ pounds of Crude Soybean Oil,
licensed/not licensed under the Warehouse Act of the State of
______________________ having a bond in the sum of____________________ Dollars,
and having/not having a soybean processing plant attached with a maximum 24 hour
crushing capacity of___________bushels of Soybeans per day, do hereby make
application to the Board of the Trade of the City of Chicago (hereinafter called
Exchange) for a declaration of regularity to handle, receive, and store Crude
Soybean Oil for delivery upon contracts for future delivery, for a period
beginning____________________________ and ending midnight June 30 ____.

                            Conditions of Regularity

Such declaration of regularity, if granted, shall be cancellable by the Exchange
whenever the following conditions shall not be observed:

1.  The Warehouseman must:
(1) give such bonds to the Exchange as it may require.
(2) submit to the Exchange for approval with such application for a declaration
    of regularity, a tariff listing in detail the maximum rates for the handling
    and storage of Crude Soybean Oil; submit promptly to the Exchange  all
    changes in said tariff, publish and display such tariff.
    (The maximum charge for loading tank cars at delivery point shall not exceed
    1/40th of one cent per pound on any loading during the term of this
    application. The maximum charge for loading trucks at delivery point shall
    not exceed 1/25th of one cent per pound on any loading during the term of
    this application.)
(3) remove no Crude Soybean Oil from the warehouse other than oil owned by the
    warehouseman save at the request of the owner or owners thereof upon
    surrender of the warehouse receipts.
(4) notify the Exchange immediately of any change in capital ownership, or any
    reduction in total capital of 20 percent or more from the level reported in
    the last financial statement filed with the Exchange, or of any change of
    conditions of its warehouse.
(5) make such reports, keep such records, and permit such warehouse visitation
    as the Secretary of Agriculture may prescribe; comply with all applicable
    Rules and Regulations and orders promulgated by the Secretary of Agriculture
    or the Government Agency administering the Commodity Exchange Act; and
    comply with all requirements of the Exchange permitted or required by such
    Rules and Regulations or orders.
(6) make application for renewal of a declaration of regularity in writing on or
    before May 1, 1994, and every even year thereafter.
(7) submit an indemnification as prescribed by the Exchange if the Warehouseman
    leases the warehouse or has entered into some form of service arrangement
    pursuant to which an agent or contractor performs the daily operations of
    the warehouse.
(8) notify the Exchange immediately of any change in the maximum 24 hour
    crushing capacity of soybeans for a soybean processing plant attached to its
    warehouse.
2.  The Warehouse must be:
    (1) subject to the prescribed examination and approval of the Exchange.
    (2) properly safeguarded and patrolled.
    (3) connected to a railroad.
    (4) equipped with standard equipment and appliances for the convenient and
        expeditious handling of Crude Soybean Oil in bulk.
3.  The Warehouse and Warehouseman must conform to the uniform requirements of
    the Exchange as to location, accessibility, and suitability as may be
    prescribed by the Rules and Regulations of the Exchange.

                                     1114

<PAGE>

                         Ch11 Regularity of Warehouses

                          Agreements of Warehouseman

The Warehouseman expressly agrees:
(1)  that all Crude Soybean Oil tendered in satisfaction of futures contracts
     will be weighed by an Official Weigher of the Exchange.
(2)  that all Crude Soybean Oil tendered in satisfaction of futures contracts
     will, when shipped from warehouse, be sampled by an Official Sampler and
     tested in accordance with Regulation 1140.01 of the Exchange.
(3)  that all warehouse receipts shall be registered with the Registrar of the
     Exchange.
(4)  to fulfill the duties set forth in Regulation 1180.01 of the Exchange.
(5)  to abide by the Rules and Regulations of the Exchange relating to the
     warehousing of Crude Soybean Oil deliverable in satisfaction of futures
     contracts and the delivery thereof in satisfaction of futures contracts.
(6)  that the Exchange may cancel said declaration of regularity, if granted,
     for any breach of such agreements.
(7)  that the signing of this application constitutes a representation that the
     conditions of regularity are complied with and will be observed during the
     life of the declaration of regularity and, if found to be untrue, the
     Exchange shall have the right to cancel said declaration of regularity
     immediately.
(8)  to have a representative in Chicago authorized and known to the Exchange to
     act in matters pertaining to warehouse receipts.
(9)  to be subject to the Association's Rules and Regulations pertaining to
     arbitration procedures, as set forth in Chapter 6, and with respect to
     compliance with Rules and Regulations pertaining to regularity, to be
     subject to the Association's Rules and Regulations pertaining to
     disciplinary procedures, as set forth in Chapter 5; and to abide by and
     perform any disciplinary decision imposed upon it or any arbitration award
     issued against it pursuant to such Rules and Regulations.
(10) to consent to the disciplinary jurisdiction of the Exchange for five years
     after regularity lapses for conduct pertaining to regularity which occurred
     while the firm was regular.

                                         _________________________________
                                                       Company

                                        By _________________________________
                                                         Title
Bond in the amount of________________  duly filed__________________________
                                    Date

                                         _________________________________
                                                       Secretary


                                                                            2-35
(01/01/00)

1186.01  Regular Shippers   - (See Appendix 11A)  (09/01/94)

                                     1115

<PAGE>

<TABLE>
<CAPTION>
================================================================================
Chapter 12
Soybean Meal
================================================================================

<S>                                                                                        <C>
    Ch12 Trading Conditions............................................................
           1201.00      Authority......................................................
           1202.01      Application of Regulations.....................................
           1204.01      Unit of Trading................................................
           1205.01      Months Traded In...............................................
           1206.01      Price Basis....................................................
           1207.01      Hours of Trading...............................................
           1208.01      Trading Limits.................................................
           1208.01A     Trading Limits.................................................
           1209.01      Last Day of Trading............................................
           1210.01      Margin Requirements............................................
           1211.01      Disputes.......................................................
           1212.01      Position Limits and Reportable Positions.......................

    Ch12 Delivery Procedures...........................................................
           1236.01      Standards......................................................
           1236.02      United States Origin Only......................................
           1237.01      Official Chemists..............................................
           1238.01      Sampling.......................................................
           1239.01      Weighing.......................................................
           1241.01      Shipping Plants................................................
           1242.01      Deliveries by Soybean Meal Shipping Certificates...............
           1243.01      Registration of Soybean Meal Shipping Certificates.............
           1244.01      Certificate Format.............................................
           1245.01      Lost or Destroyed Negotiable Warehouse Receipts................
           1246.01      Date of Delivery...............................................
           1247.00      Delivery Notice................................................
           1247.01      Delivery Notices...............................................
           1248.00      Method of Delivery.............................................
           1249.00      Time of Delivery, Payment, Form of Delivery Notice.............
           1249.01      Billing........................................................
           1249.02      Buyers' Report of Eligibility to Receive Delivery..............
           1249.03      Sellers' Invoice to Buyers.....................................
           1249.04      Payment........................................................
           1250.00      Duties of Members..............................................
           1251.01      Office Deliveries Prohibited...................................
           1254.00      Failure to Accept Delivery.....................................
           1256.01      Premium Charges................................................
           1256.03      Payment of Fees................................................

    Ch12 Regularity of Issuers of Shipping Certificates................................
           1290.01      Loading and Shipment of Meal Against Soybean Meal
                        Shipping Certificates..........................................
           1291.01      Conditions of Regularity.......................................
           1294.01      Revocation, Expiration or Withdrawal of Regularity.............
           1295.01      Application for Declaration of Regularity......................
           1296.01      Regular Shippers...............................................
</TABLE>


<PAGE>

================================================================================
Chapter 12
Soybean Meal
================================================================================

Ch12 Trading Conditions

1201.00   Authority - On and after August 1,1951, trading in Soybean Meal
futures may be conducted under such terms and conditions as may be prescribed by
Regulation. 802 (09/01/94)

1202.01   Application of Regulations - Transactions in Soybean Meal futures
shall be subject to the general Rules of the Association as far as applicable
and shall also be subject to the Regulations contained in this Chapter which are
exclusively applicable to trading in Soybean Meal. 2051 (09/01/94)

1204.01   Unit of Trading - The unit of trading for Soybean Meal shall be 100
tons (2,000 pounds per ton). Bids and offers may be accepted in lots of 100 tons
of multiples thereof. 2056 (09/01/94)

1205.01   Months Traded In - Trading in Soybean Meal may be conducted in the
current month and any subsequent months. 2057 (09/01/94)

1206.01   Price Basis - All prices of soybean meal shall be basis free on board
cars, bulk; Decatur, Illinois, in multiples of 10 cents per ton. Contracts shall
not be made on any other price basis. 2058 (09/01/94)

1207.01   Hours of Trading - The hours of trading for future delivery in Soybean
Meal shall be from 9:30 A.M. to 1:15 P.M. except on the last day of trading in
an expiring future the hours with respect to such future shall be from 9:30 A.M.
to 12 o'clock noon subject to the provisions of the second paragraph of Rule
1007.00. Market shall be opened and closed with a public call made month by
month, conducted by such persons as the Regulatory Compliance Committee shall
direct. 2061 (09/01/94)

1208.01   Trading Limits - (See 1008.01)  (09/01/94)

1208.01A  Trading Limits - (See 1008.01A)  (09/01/94)

1209.01   Last Day of Trading - No trades in Soybean Meal futures deliverable in
the current month shall be made after the business day preceding the 15th
calendar day of that month. Any contracts remaining open after the last day of
trading must be either:

(a)  Settled by delivery no later than the second business day following the
     last trading day (tender on business day prior to delivery).

(b)  Liquidated by means of a bona fide exchange of futures for the actual cash
     commodity, no later than the business day following the last trading day.
     2063 (01/01/00)

1210.01   Margin Requirements - (See Regulation 431.03) 2065  (09/01/94)

1211.01   Disputes - All disputes between interested parties may be settled by
arbitration as provided in the Rules and Regulations. 2066 (09/01/94)

1212.01   Position Limits and Reportable Positions - (See 425.01)  (09/01/94)


<PAGE>

Ch12 Delivery Procedures

1236.01   Standards - The contract grade for delivery on futures contracts made
under these Regulations shall be Soybean Meal in bulk which conforms to the
following specifications:

48% Protein Soybean Meal, produced by conditioning ground soybeans and reducing
the oil content of the conditioned product by the use of hexane or homologous
hydrocarbon solvents. Standard specifications are:

     ----------------------------------------------------------------
       Protein                                    minimum 48.0%
     ----------------------------------------------------------------
       Fat                                        minimum 0.5%
     ----------------------------------------------------------------
       Fiber                                      maximum 3.5%
     ----------------------------------------------------------------
       Moisture (when shipped by Processor)       maximum 12.0%
     ----------------------------------------------------------------

It may contain a non-nutritive inert, non-toxic conditioning agent to reduce
caking and improve flowability. In an amount not to exceed that necessary to
accomplish its intended effect, but in no case exceed 0.5%. The name of the
conditioning agent must be shown as an added ingredient.

Testing methods shall be those approved by the Association of Official
Analytical Chemists and American Oil Chemists Society. 2053 (09/01/94)

1236.02   United States Origin Only - Effective September 1, 1992, a futures
contract for the sale of soybean meal shall be performed on the basis of United
States origin only upon written request by a taker of delivery at the time
loading orders are submitted. (09/01/94)

1237.01   Official Chemists - An official Chemist shall be any chemist who is
currently designated as an Official Referee Chemist for Meal by the National
Soybean Processors Association. Certificates of quality analysis by an Official
Chemist shall be binding on all parties. (09/01/94)

1238.01   Sampling - The official sample will be taken at origin by Automatic
Mechanical Sampler (A.O.C.S. Official Method BA 1-38, Rev. 1966) or Pneumatic
Probe Sampler (A.O.C.S. Official Method BA 1-38, Rev. 1966). Shipper shall, on
the next business day after loading, mail a portion of the official sample in an
air tight container properly identified to the owner at an address specified by
the owner when he submits loading orders.

Any shipment testing 12.5% moisture or less based on official sample shall not
be subject to rejection or penalty on account of moisture content. Penalty for
excess moisture:

        Excess moisture two times delivered market price on date of shipment for
        excess moisture from 12% to 13% and 21-2 times delivered market price on
        date of shipment for excess moisture above 13%.

        Any shipment testing no more than 0.3% of fiber above the fiber
        specification (based on official sample adjusted to 12% moisture) shall
        not be subject to rejection or penalty on account of fiber content. When
        the amount of fiber exceeds 3.8% (based on official sample adjusted to
        12% moisture), the shipment shall be discounted 1.0% of the delivered
        market price on date of shipment for each 0.1% fiber in excess of 3.5%.

        Any shipment of soybean meal testing within 0.5% of protein below 48%
        protein (basis official sample moisture 12.0% or less; protein to be
        calculated on 12.0% moisture basis if official sample moisture exceeds
        12.0%) shall not be subject to rejection or penalty on account of
        protein content. Protein deficiency claims shall be settled between the
        parties on the basis of two times the delivered market price per unit of
        protein on date of shipment and shall be calculated on the same moisture
        basis as for protein rejection.

If the owner's analysis of the official sample indicates quality deficiency, the
owner shall submit his analysis and claim in writing to the shipper within 30
days after arrival of car. The shipper shall, within five (5) business days,
after receipt of the owner's analysis and claim, report his analysis of the
official sample to the owner. In the event that the owner and the shipper do not
reach agreement on analysis and/or settlement, the third portion of the official
sample shall be sent to an Official Chemist and his analysis will be binding
upon both parties for final settlement. The expense of the analysis will be
borne


<PAGE>

                           Ch12 Delivery Procedures
                           ------------------------

by the party in error.

If the owner and the shipper cannot agree that the official sample is
representative of the shipment, a representative sample shall be obtained at
destination by a disinterested qualified person mutually agreed upon by the
owner and shipper. Such destination sample must be obtained within 24 hours of
arrival and prior to unloading. "Constructive placement" shall be considered
arrival at destination. The official procedure for sampling at destination shall
be the Pneumatic Probe Sampler. (A.O.C.S. Method BA 1-38, Rev. 1966) and the
sample shall be submitted to an official chemist. The results of his analysis of
the destination sample shall be binding on both parties for final settlement.
The expense of such sampling and analysis, shall be borne by the owner if the
owner insists on destination sampling and analysis unless the shipper has failed
to take an official sample at origin, in which event, the expense of taking and
analyzing the destination sample shall be borne by the shipper. (09/01/94)

1239.01   Weighing - Weighing and official weights, as defined in the National
Soybean Processors Association Trading Rules for the Purchase and Sale of
Soybean Meal, shall be binding on all interested parties. (09/01/94)

1241.01   Shipping Plants - Soybean Meal Shipping Certificates shall specify
shipment from one of the plants currently regular for delivery and located in
Central Territory, Northeast Territory, Mid South Territory, Missouri Territory,
Eastern lowa Territory, or Northern Territory as defined in this Regulation.

The Exchange may declare additional shipping plants regular for delivery which
shall apply on all contracts outstanding or made thereafter.

                                 SHIPPING PLANTS

(a)  All loadings of soybean meal against Soybean Meal Shipping Certificates
     shall be in bulk free on board railroad cars at shipping plants.

(b)  Payment for Shipping Certificates issued in "Central Territory" (viz.:
     shipping plants located in Illinois and Kentucky) will be at contract
     price.

(c)  Payment for Shipping Certificates issued in "Northeast Territory" (viz.:
     shipping plants located in Indiana and Ohio) will be at a premium of $1.50
     per ton over contract price.

(d)  Payment for Shipping Certificates issued in "Mid South Territory" (viz.:
     shipping plants located in all of Tennessee and Arkansas and that part of
     Mississippi and Alabama north of a line extending eastward from the
     Arkansas and Louisiana border) will be at a premium of $6.50 per ton over
     contract price.

(e)  Payment for Shipping Certificates issued in "Missouri Territory" (viz.:
     shipping plants located in Missouri) will be at a premium of $1.00 per ton
     over contract price.

(f)  Payment for Shipping Certificates issued in "Eastern lowa Territory" (viz.:
     shipping plants located in lowa on and South of the main line of the
     Illinois Central Gulf RR from Dubuque, lowa to lowa Falls, lowa; and on and
     East of the main line of the Chicago Rock Island RR from lowa Falls to the
     Chicago & Northwestern RR from Des Moines through Blockton, lowa) will be
     made at a discount of $4.50 per ton under contract price.

(g)  Payment for Shipping Certificates issued in "Northern Territory" (viz.:
     shipping plants located in that portion of lowa not included in "Eastern
     lowa Territory") will be at a discount of $4.00 per ton under contract
     price.

(h)  For a given soybean crop year ending August 31 and a given Soybean Meal
     futures delivery territory except the "Central Territory," when the weekly
     (as of Friday) cumulative average ratio of outstanding Soybean Meal
     Shipping Certificates to CBOT maximum 24 hour soybean meal production
     capacity within that Soybean Meal futures delivery territory, relative to
     that ratio for the combined remaining Soybean Meal territories, is less
     than or equal to 0.5, payment for Shipping Certificates issued from that
     territory will be at a premium of $.50 per ton over contract price in
     addition to the territorial delivery differential adjustment.

(i)  For a given soybean crop year ending August 31, when the "Central
     Territory's" weekly (as of Friday) cumulative average ratio of outstanding
     Soybean Meal Shipping Certificates to maximum


<PAGE>

                           Ch12 Delivery Procedures
                           ------------------------


     CBOT 24 hour soybean meal production capacity within the Central Soybean
     Meal futures delivery territory, relative to that ratio for the combined
     remaining Soybean Meal territories, is less than or equal to 0.5, payment
     for Shipping Certificates issued from all other territories will be at a
     discount of $.50 per ton under contract price in addition to the
     territorial delivery differential adjustments.

(j)  For a given soybean crop year ending August 31 and a given Soybean Meal
     futures delivery territory except the "Central Territory," when the weekly
     (as of Friday) cumulative average ratio of outstanding Soybean Meal
     Shipping Certificates to CBOT maximum 24 hour soybean meal production
     capacity within that Soybean Meal futures delivery territory, relative to
     that ratio for the combined remaining Soybean Meal territories, is greater
     than or equal to 2.0, payment for Shipping Certificates issued from that
     territory will be at a discount of $.50 per ton under contract price in
     addition to the territorial delivery differential adjustment.

(k)  For a given soybean crop year ending August 31, when the "Central
     Territory's" weekly (as of Friday) cumulative average ratio of outstanding
     Soybean Meal Shipping Certificates to CBOT maximum 24 hour soybean meal
     production capacity within the Central Soybean Meal futures delivery
     terriory, relative to that ratio for the combined remaining Soybean Meal
     territories, is greater than or equal to 2.0, payment for Shipping
     Certificates issued from all other territories will be at a premium of $.50
     per ton over contract price in addition to the territorial delivery
     differential adjustments.


(l) Items (h) through (k) of Regulation 1241.01 shall apply to all CBOT Soybean
     Meal futures contracts delivered during a one calendar year period
     beginning with January following the soybean crop year ending August 31,
     provided that there are on a weekly average at least 150 CBOT outstanding
     Soybean Meal Shipping Certificates in all Soybean Meal delivery territories
     combined during that previous soybean crop year.


(m)  Based on the adjustments made to territorial delivery differentials during
     a given calendar year as outlined in items (h) through (I) of Regulation
     1241.01, the CBOT shall announce and publish by September 15 of that given
     calendar year new territorial delivery differentials applicable to all
     Soybean Meal futures contracts delivered during the next calendar year.
     (01/01/00)

1242.01   Deliveries by Soybean Meal Shipping Certificates - Deliveries of
Soybean Meal shall be made by delivery of Soybean Meal Shipping Certificates
issued by Shippers designated by the Exchange as regular to issue Soybean Meal
Shipping Certificates for Soybean Meal. In order to effect a valid delivery each
Soybean Meal Shipping Certificate must be endorsed by the holder making the
delivery. Such endorsement shall constitute a warranty of the genuineness of the
Certificate and of good title thereto, but shall not constitute a guaranty, by
any endorser, of performance by the issuer of the Certificate. 2067 (09/01/94)

1243.01   Registration of Soybean Meal Shipping Certificates - Soybean Meal
Shipping Certificates in order to be eligible for delivery must be registered
with the Official Registrar and in accordance with the requirements issued by
the Registrar. Registration of Soybean Meal Shipping Certificates shall also be
subject to the following requirements:


(a)  Shippers who are regular for delivery  may register certificates at any
     time. If the shipper determines not to tender the shipping certificate by
     4:00 p.m. on the day it is registered, the shipper shall declare the
     certificate is withdrawn but is to remain registered by transmitting to the
     Registrar the certificate number and the name and location of the shipping
     plant. The holder of a registered certificate may cancel its registration
     at any time. A certificate which has been cancelled may not be registered
     again.

(b)  No notice of intention to deliver a certificate shall be tendered to the
     Clearing House unless said certificate is registered and in the possession
     of the Clearing House member tendering the notice or unless a shipping
     certificate is registered and outstanding. When a notice of intention to
     deliver a certificate has been tendered to the Clearing House, said
     certificate shall be considered to be "outstanding" until its registration
     is cancelled.

(c)  From his own records, the Registrar shall maintain a current record of the
     number of certificates that are registered and shall be responsible for
     posting this record on the Exchange Floor and the CBOT website. The record
     shall not include any shipping certificates that have been declared
     withdrawn.

(d)  When a registered shipper regains control of a registered certificate
     calling for shipment from one of his plants, which is any manner relieves
     him of the obligation of ship meal upon demand of a party other than
     himself, the shipper shall, by 4:00 p.m. of that business day, either
     cancel the registration of said certificate or declare that said
     certificate is withdrawn but is to remain registered by transmitting to the
     Registrar the certificate number and the name and location of the shipping
     plant, except in the case where a notice of intention to redeliver said
     certificate for the shipper has been tendered to the Clearing House by 4:00
     p.m. of the day that the shipper regained control of said certificate.

(e)  The Registrar shall not divulge any information concerning the
     registration, delivery or cancellation of certificates other than the
     record posted on the Exchange Floor and the CBOT website, except that he
     shall issue a weekly report showing the total number of registered
     certificates as of 4:00 p.m. on the last trading day of each week. In
     addition to the information posted on the Exchange Floor and the CBOT
     website, this weekly report will show the names of shippers whose
     certificates are registered and the location of the shipping plants
     involved. This report shall not include any shipping certificates which
     have been declared withdrawn. 2069 (11/01/02)


<PAGE>

                           Ch12 Delivery Procedures
                           ------------------------



1244.01   Certificate Format - The following form of Soybean Meal Shipping
Certificate shall be used with proper designation, indicating Central Territory,
Northeast Territory, Mid South Territory, Missouri Territory, Eastern lowa
Territory or Northern Territory.

                     BOARD OF TRADE OF THE CITY OF CHICAGO
                SOYBEAN MEAL SHIPPING CERTIFICATE FOR DELIVERY
                   IN SATISFACTION OF CONTRACT FOR 100 TONS
                      (2,000 POUNDS EACH) OF SOYBEAN MEAL

           This certificate not valid unless registered by the Registrar
           of the Board of Trade of the City of Chicago.

           ____________________________________________________________

           48% Protein Soybean Meal

           Shipping Plant of___________________________________________

           Located at__________________________________________________

           Registered total daily rate of loading of_________ tons.

           Total rate of loading per day shall be in accordance with
           Regulation 1290.01 (c) and (d). A premium charge of 7 cents
           per ton per calendar day for each day is to be assessed
           starting the day after registration by the Registrar of this
           Certificate. When loading orders specify rail shipment within
           four days, the premium charge shall continue through the
           business day following receipt of loading orders; otherwise,
           the premium charge shall continue through the day of loading.
           In the case of shipment by truck, the premium charge shall
           continue through the day of loading.

           For value received and receipt of this document properly
           endorsed and lien for payment of premium charges the
           undersigned shipper, regular for delivery under the Rules and
           Regulations of the Board of Trade of the City of Chicago,
           hereby agrees to deliver 100 tons (2,000 pounds each) of
           Soybean Meal in bulk conforming to the standards of the Board
           of Trade of the City of Chicago and ship said Soybean Meal in
           accordance with orders of the lawful owner of this document
           and in accordance with Rules and Regulations of the Board of
           Trade of the City of Chicago. Delivery shall be by covered
           hopper car or truck according to the registered loading
           capability of the


<PAGE>

                           Ch12 Delivery Procedures
                           ------------------------

      shipper.

             Signed at___________________________ this________________________

             day of____________________________________, 20___________________

             __       Central Territory

             __       Northeast Territory

             __       Mid South Territory

             __       Missouri Territory

             __       Eastern lowa Territory

             __       Northern Territory     _________________________________

                                           By________________________________
                                             Authorized Signature of Issuer

             Registration date____________________

             Registrar's Number___________________ ___________________________

                                                    Registrar for Soybean Meal
                                         Board of Trade of the City of Chicago

      Registration cancelled for purpose of shipment of Soybean Meal by owner
      of certificate or by issuer of certificate for purpose of withdrawal of
      certificate.

             Cancellation Date_________________________  _____________________

                                                                 Registrar

      All premium charges have been paid on Soybean Meal covered by this
      certificate from date of registration, not counting date of registration
      but counting date of payment.

                                  Date_________________  by___________________

                                  Date__________________ by___________________

                                  Date__________________ by___________________

                                  Date__________________ by___________________

      Delivery of this Soybean Meal Shipping Certificate to issuer is
      conditioned upon loading of Soybean Meal in accordance with Rules and
      Regulations of the Board of Trade of the City of Chicago and a lien is
      claimed until all loadings are complete and proper shipping documents
      presented accompanying demand draft for freight and premium charges due
      which I (we) agree to honor upon presentation.

                                      ________________________________________
                                         Owner of this Soybean Meal Shipping
                                      Certificate or his duly authorized agent

                  Date___________________, 20________                     2080


(01/01/00)

1245.01   Lost or Destroyed Negotiable Warehouse Receipts - (See Regulation
1045.01) (04/01/00)

1246.01   Date of Delivery - Delivery of Soybean Meal Shipping Certificates may
be made by the Seller upon any permissible delivery day of the delivery month
but no later than the second business day following the last day of trading in a
delivery month. 2072 (09/01/94)

1247.00   Delivery Notice - (See 1047.00)  (09/01/94)

1247.01   Delivery Notices - (See 1047.01)  (09/01/94)

1248.00   Method of Delivery - (See 1048.00)  (09/01/94)

1249.00   Time of Delivery, Payment, Form of Delivery Notice - (See 1049.00)
(09/01/94)

1249.01   Billing - (See 1241.01)  (09/01/94)

1249.02   Buyers' Report of Eligibility to Receive Delivery - (See 1049.02)
(09/01/94)

1249.03   Sellers' Invoice to Buyers - (See 1049.03)  (09/01/94)

1249.04   Payment - Payment is to be made by a check drawn on and certified by a
Chicago bank or by a Cashier's check issued by a Chicago Bank. 2073 (09/01/94)


<PAGE>

                           Ch12 Delivery Procedures
                           ------------------------

1250.00   Duties of Members - (See 1050.00)  (09/01/94)

1251.01   Office Deliveries Prohibited - No office deliveries of soybean meal
shipping certificates may be made by Members of the Clearing Corporation. Where
a commission house as a Member of the Clearing Corporation has an interest in
both long and short for customers on its own books, it must tender to the
Clearing Corporation such notices of intention to deliver as it receives from
its customers who are short. 2064  (09/01/94)

1254.00   Failure to Accept Delivery - (See 1054.00)  (09/01/94)

1256.01   Premium Charges - No Soybean Meal Shipping Certificates shall be valid
for delivery on future contracts unless the premium charges shall have been paid
up to and including the 18th day of the preceding month and such payment
endorsed on the Soybean Meal Shipping Certificate unless registration is at a
later date. Unpaid accumulated premium charges shall be allowed and credited to
the Buyer by the Seller to and including the date of delivery.

If premium charges are not paid on-time up to and including the 18/th/ calendar
day preceding the delivery months of March and September and by the first
calendar day of each of these delivery months, a late charge will apply. The
late charge will be an amount equal to the total unpaid accumulated premium
charges multiplied by the "prime interest rate" in effect on the day that the
accrued storage rates are paid, all multiplied by the number of calendar days
that premium is overdue, divided by 360 days. The term "prime interest rate"
shall mean the lowest of the rates announced by each of the following four banks
at Chicago, Illinois, as its "prime rate": Bank of America-Illinois, Bank One,
Harris Trust & Savings Bank, and the Northern Trust Company.

The premium charges on Soyabean Meal for delivery shall not exceed 7 cents per
ton per day. 2068 (06/01/01)

1256.03   Payment of Fees - All outloading fees, including weighing, to load
Soybean Meal into railroad car, are to be paid by issuer of Soybean Meal
Shipping Certificate. 2075 (09/01/94)


<PAGE>

Ch12 Regularity of Issuers of Shipping Certificates
1290.01  Loading and Shipment of Meal Against Soybean Meal Shipping
Certificates -

(a) The operator of a shipping plant issuing Soybean Meal Shipping Certificates
    shall limit the number of Shipping Certificates issued to an amount not in
    excess of 15 times its registered total daily rate of loading plus the
    amount of meal or flakes in store (not limited to meal meeting minimum
    contract standards). All such meal or flakes in store must be stored in
    facilities for which the capacity has been registered with the Board of
    Trade and which have been inspected by the Registrar. The shipper shall
    register his total daily rate of loading covered hopper cars at not less
    than 40% nor more than 100% of his maximum 24 hour soybean meal production
    capacity. Each plant must be regular for a minimum total daily rate of
    loading of 200 tons per day.

(b) Each regular plant must also register a daily rate of loading for truck. The
    daily rate of loading for truck must be registered at not less than 40% of
    the registered total daily rate of loading for the plant.

(c) Each regular plant shall be required to load-out soybean meal against
    cancelled Shipping Certificates at a daily rate equivalent to the greater of
    either its registered total daily rate of loading, or 1/21st of the total
    amount of soybean meal represented by Shipping Certificates issued by the
    plant but not yet loaded.

(d) Each regular plant shall be required to load covered hopper cars against
    Shipping Certificates at a rate not greater than that established in
    paragraph (c), and trucks at a rate not greater than that determined by
    multiplying the rate established in paragraph (c) by the share of the
    registered total daily rate of loading registered by the plant as its daily
    rate of loading for truck. However, on days when rail and truck loading
    against Shipping Certificates takes place concurrently, the required daily
    rate of loading into each conveyance shall be determined by prorating the
    rate established in paragraph (c).

(e) The shipper shall assess a premium charge of 7 cents per ton per calendar
    day for each day a Soybean Meal Shipping Certificate is outstanding starting
    the day after the date of registration by the Registrar. When rail loading
    orders specify shipment within four business days the premium charge shall
    continue through the business day following the receipt of loading orders.
    Otherwise, the premium charge shall continue through the day of rail
    loading. "Business days" are those on which the Exchange is open for trading
    Soybean Meal. In the case of shipment by truck, the premium charge shall
    continue through the day of loading.

(f) The shipper shall maintain, in the immediate vicinity of the Exchange,
    either an office, or a duly authorized representative or agent approved by
    the Exchange, where owners of Shipping Certificates may pay premium charges,
    surrender properly endorsed Shipping Certificates for cancellation and file
    loading orders and shipping instructions.

(g) Rail Loading Procedures

    (1) The owner requesting rail load-out will furnish written rail loading
        orders and shipping instructions to the shipper by the close of business
        on the first business day following the date of cancellation of the
        Shipping Certificates in the Registrar's office. The loading orders
        shall specify if rail equipment will be the owner's (including leased
        cars) or shall specify the owner's election as to the type and size of
        covered hopper car to be ordered by the shipper. The shipper will load
        covered hopper cars with a  capacity of 75 tons or larger. Loadings will
        be in bulk, and shipments will be subject to the existing freight tariff
        Rules and Regulations of the railroads on file with the Interstate
        Commerce Commission at the time of loading. The shipper is responsible
        for loading suitable railroad owned or leased cars or owner's cars
        (including leased cars) which are available for loading at the facility.
        Owner and shipper will cooperate to ensure timely placement and loading
        of rail equipment or alternate shipping modes.

    (2) All loading orders and shipping instructions received prior to 2:00 p.m.
        on a given business day shall be considered dated that day and shall be
        entitled to equal treatment. Orders received after 2:00 p.m. on a
        business day shall be considered dated the following business day.
        Loading against all rail loading orders dated on a given business day
        shall be

<PAGE>

              Ch12 Regularity of Issuers of Shipping Certificates
              ---------------------------------------------------

        completed before loading begins on any rail loading orders dated on a
        subsequent business day subject to the provisions of subparagraph 4 of
        this paragraph.

    (3) When rail loading orders and shipping instructions are received by 2:00
        p.m. of any given business day, the shipper will advise the owner by
        10:00 a.m. the following business day of loading dates and tonnage due.
        Notification will be by telephone, telex or telefax.

    (4) When a shipper has received one or more rail loading orders and shipping
        instructions, he shall begin loading against them within 4 business days
        following their receipt, unless the owner requests a deferred loading
        date in his loading orders. When loadings against rail loading orders
        cannot be completed on the fourth following business day of their
        receipt, the shipper shall continue loading against such loading orders
        on each calendar day thereafter. Shipping instructions are to be
        provided to the Shipper by the owner 2 business days before loading is
        to begin. The shipper shall load at the rate specified in paragraph (d)
        of this Regulation.

    (5) When loading against rail loading orders and shipping instructions
        received by a shipper prior to 2:00 p.m. on a given business day cannot
        be completed by the fourth following business day, the shipper shall
        allocate daily loadings against such loading orders as equitably as
        possible on a pro-rata basis. Starting of loading against small orders
        may be delayed until the first day when pro-ration entitles such an
        order to an allocation of a full car, but in such a case loading of the
        last car against the order shall be accelerated by the same number of
        days as loading of the first car was delayed.

    (6) The shipper shall load cars at the shipping plant designated in the
        Shipping Certificate. If it becomes impossible to load at the designated
        shipping plant because of an Act of God, fire, flood, wind, explosion,
        war, embargo, civil commotion, sabotage, law, act of government, labor
        difficulties or unavoidable mechanical breakdown, the shipper will
        arrange for covered hopper cars to be loaded at another regular shipping
        plant in conformance with the Shipping Certificate and will compensate
        the owner for any transportation loss resulting from the change in the
        location of the shipping plant. If the aforementioned condition of
        impossibility prevails at a majority of regular shipping plants, then
        shipment may be delayed for the number of days that such impossibility
        prevails at a majority of regular shipping plants.

    (7) Rail loading orders involving one or more Shipping Certificates shall be
        considered as one lot. The minimum amount shipped against each loading
        order shall be the number of Shipping Certificates specified therein
        times 100 tons. A tolerance of 5 tons over the total may be shipped to
        be settled at the market price at the time of shipment of the last car
        of the order.

    (8) Rail cars must be loaded to "full visible capacity" unless tonnage on
        cancelled shipping certificates does not cover rail car capacity.

    (9) The owner will be responsible for whatever demurrage costs that are
        involved in loading multiple car or trainload shipments. All demurrage
        charges must be substantiated with a citation of car numbers loaded
        against cancelled Shipping Certificates either by proper notations on
        the shipper's average demurrage agreement with the carrier or actual
        demurrage bills rendered against cars shipped. 2078

(h)  Truck Loading Procedures

    (1) The owner requesting truck load-out shall furnish written loading orders
        and shipping instructions to the shipper by the close of business on the
        first business day following the date of cancellation of Shipping
        Certificates in the Registrar's Office. The owner shall supply the
        trucks. Open-top trucks with a minimum capacity of 20 tons must be
        provided. No vans or trucks with porthole loading shall be acceptable.
        Owner and shipper shall cooperate to ensure timely placement and loading
        of truck equipment.

    (2) All truck loading orders and shipping instructions received prior to
        2:00 p.m on any given business day shall be considered dated that day
        and shall be entitled to equal treatment. Orders received after 2:00
        p.m. on a business day shall be considered dated the following business
        day.


<PAGE>

              Ch12 Regularity of Issues of Shipping Certificates
              --------------------------------------------------

    (3)   When truck loading orders and shipping instructions are received by
          2:00 p.m. on any given business day, the shipper will advise the owner
          of loading dates and tonnage due by 10:00 a.m. the next business day.
          Notification will be by telephone, telex or telefax.

    (4)   The shipper shall begin loading against truck loading orders and
          shipping instructions on the fourth business day after their receipt.
          The shipper shall load at the rate specified in paragraph (d) of this
          Regulation.

    (5)   Truck loading shall occur during normal truck loading hours, as
          declared in the plant's application for regularity, and on normal
          business days. "Normal business days" shall be those on which the
          Exchange is open for trading Soybean Meal futures.

    (6)   A premium of $3.50/ton shall be applied to all shipments of meal
          loaded out by truck and shall be payable when shipping orders are
          filed.

    (7)   The owner shall present his trucks for loading at the shipping plant
          designated in the Shipping Certificate by 12:00 noon on the scheduled
          loading day. If trucks arrive by 12:00 noon, the shipper shall load
          the same day or be subject to the penalties and procedures specified
          in subparagraphs (10) and (11) of this paragraph (Truck Loading
          Procedures). If trucks arrive after 12:00 noon, the shipper shall be
          under no obligation to load and the owner shall be subject to the
          penalties and procedures specified in subparagraphs (8) and (9) of
          this paragraph.

    (8)   If the owner fails to present his trucks on time on the scheduled
          loading day, he shall be subject to a grace period until 12:00 noon
          the next business day and shall not be liable for a penalty up to that
          time. If the owner fails to present his trucks by 12:00 noon of the
          business day following the scheduled loading day, he shall be liable
          for a penalty of $4/ton/day for all meal not loaded out as scheduled.

    (9)   If, for any reason, the owner is unable to present his trucks for
          three consecutive normal business days, beginning with the originally
          scheduled loading day, the shipper may at his election:

          i)  Load the meal into rail cars for the owner and inform him of rail
              car numbers, or

          ii) Reissue a Shipping Certificate to the owner. If a Shipping
              Certificate is reissued, the premium charge specified in paragraph
              (e) of this Regulation shall be assessed retroactively, beginning
              the day after the business day following the receipt of loading
              orders.

          In these cases the owner is liable for the penalty specified in
          subparagraph (8) of this paragraph, if any, for two business days. The
          truck loading premium specified in subparagraph (6) of this paragraph
          shall be credited against any penalties due or refunded in full if
          there are no penalties due. If shipper elects either of these options
          he must promptly notify the owner.

    (10)  If the shipper fails to load the owner's trucks by 12:00 midnight on
          the scheduled loading day he shall be subject to a grace period until
          the next business day and shall not be subject to a penalty up to that
          time. If the shipper fails to load the owner's truck by 12:00 midnight
          of the business day following the scheduled loading day, he shall be
          liable for a penalty of $4/ton/day for all meal not loaded out as
          scheduled.

    (11)  If, for any reason, the shipper is unable to load the owner's trucks
          for three consecutive normal business days, beginning with the
          originally scheduled loading day, the shipper shall, with the owner's
          consent, make the meal available for truck load-out on the third day
          at another regular plant, in conformance with the Shipping
          Certificate, and will compensate the owner for any transportation loss
          resulting from the change in the location of the shipping plant.

    (12)  A tolerance of five tons over the total truck shipment may be loaded
          and settled at the market price at the time the last truck is loaded.

(i) Change of Election for Mode of Load-Out Due to Unavailability of Rail Cars


<PAGE>

              Ch12 Regularity of Issuers of Shipping Certificates
              ---------------------------------------------------

    The owner may elect to amend rail loading orders to load-out by truck in the
    event of rail car unavailability. Rail loading orders amended in this manner
    shall be entitled to equal treatment. A premium of $3.50/ton shall be
    applied to all shipments of meal loaded-out by truck and shall be payable on
    the day loading orders were amended to specify the owner's election for
    load-out by truck.

(j) Certification of Soybean Meal - Effective September 1, 1992 and upon written
    request by a taker of delivery at the time loading orders are  submitted for
    the delivery of soybean meal against canceled shipping certificates, the
    shipper shall certify in writing to the taker of delivery on the day that
    the transportation conveyance is loaded that the soybean meal is produced
    from soybeans of U.S. origin only. Shipping certificates issued prior to
    September 1, 1992 will be deliverable against futures contracts beginning
    September 1992 only if the regular shipper provides certification on the
    shipping certificate that the U.S. origin-only option is available to the
    taker of delivery of soybean meal.  (05/01/95)


1291.01  Conditions of Regularity - Shipping Plants may be declared regular for
the delivery of soybean meal with the approval of the Exchange. Persons
operating Soybean Meal shipping plants who desire to have such plants made
regular for delivery of Soybean Meal under the Rules and Regulations shall make
application for an initial Declaration of Regularity on a form prescribed by the
Exchange prior to May 1 of an even year, for a two year term beginning the
following July 1, and at any time during a current term for the balance of that
term. Regular Soybean Meal shipping plants that desire to increase their regular
capacity during a current term shall make application for the desired amount of
total regular capacity on the same form. Initial regularity for the current term
and increases in regularity shall be effective either thirty days after a notice
that a bona fide application has been received is posted by the Exchange, or the
day after the application is approved by the Exchange, whichever is later.
Persons operating soybean meal shipping plants who desire to have their daily
rate of loading decreased, shall file with the Exchange a written request for
such decrease. The decrease in the daily rate of loading for the facility will
become effective 30 days after a notice has been posted by the Exchange or the
day after the number of outstanding certificates at the facility is equal to or
less than 15 times the requested rate of loading plus the amount of meal or
flakes in store, whichever is later. Persons operating soybean meal shipping
plants who wish to have their regular capacity space decreased shall file with
Exchange a written request for such decrease and such decrease shall be
effective once a notice has been posted. Applications for renewal of regularity
must be made prior to May 1 by the Exchange of even years, for the respective
years beginning July 1 of those years, and shall be on the same form.



The Exchange may establish such requirements and conditions for approval of
regularity as it deems necessary.

The following shall constitute the minimum requirements and conditions of
regularity for soybean meal shipping plants:


1.  The plant of the shipper making application shall be inspected by the
    Exchange.

2.  Such shipping plant shall be connected by railroad tracks with one or more
    railway lines.

3.  The operator or manager of such shipping plant shall be in good financial
    standing and credit, and shall meet the minimum financial requirements and
    financial reporting requirements set forth in Appendix 4E. No shipping plant
    shall be declared regular until the person operating the same files a bond
    with sufficient sureties in such sum and subject to such conditions as the
    Exchange may require.

4.  Such shipping plant shall be provided with standard equipment and appliances
    for the convenient and expeditious shipping of Soybean Meal in bulk in the
    conveyances for which the plant is registered with the Exchange according to
    Regulation 1290.01 (a) and (b).


5.  The operator or manager of such shipping plant shall comply with the system
    of registration of Soybean Meal Shipping Certificates for Soybean Meal to be
    shipped in satisfaction of deliveries on futures contracts.


6.  No shipper shall engage in any unethical or inequitable practice or fail to
    comply with any law, Federal or State, or any rule or regulation promulgated
    thereunder.


7.  The shipper shall make such reports, keep such records, and permit such
    processing plant visitations as the Secretary of Agriculture may prescribe,
    and shall comply with all applicable Rules and Regulations and orders
    promulgated by the Secretary of Agriculture or the Commodity Futures
    Trading Commission, and shall comply with all requirements made by the
    Exchange because of such Rules and Regulations or orders.


8.  The plant must not have been continuously out of operation for the two
    consecutive years prior to application for regularity or renewal thereof.

9.  The operator or manager of such shipping plant shall accord every facility
    to the Exchange for the examination of the facility and the stocks of
    soybean meal which may be on hand at any time. Such examination may be made
    at any time.

<PAGE>

              Ch12 Regularity of Issuers of Shipping Certificates
              ---------------------------------------------------

10. Soybean Meal inventory which is covered by shipping certificates tendered
    for delivery shall be insured against the contingencies provided for in a
    standard "All Risks" policy (including earthquake) to such an extent and in
    such amounts as required by the Exchange. The shipper shall furnish the
    Exchange with either a copy of the current insurance policy or policies, or
    a written confirmation from the insurance company that such insurance has
    been effected.


11. The operator or manager of such shipping plant shall be subject to the
    Exchange's Rules and Regulations pertaining to arbitration procedures, as
    set forth in Chapter 6, and, with respect to compliance with Rules and
    Regulations pertaining to a shipping plant's regularity, shall be subject to
    the Exchange's Rules and Regulations pertaining to disciplinary procedures,
    as set forth in Chapter 5.



12. The operator or manager of such shipping plant shall consent to the
    disciplinary jurisdiction of the Exchange for five years after such
    regularity lapses, for conduct pertaining to regularity which occurred while
    the shipping plant was regular.



13. The Exchange may determine not to approve shipping plants for regularity or
    increases in regular capacity of existing regular shipping plants, in its
    sole discretion, regardless of whether such shipping plants meet the
    preceding requirements and conditions. Some factors that the Exchange may,
    but is not required to, consider in exercising its discretion may include,
    among others, whether shipping certificates issued by such shipping plants,
    if tendered in satisfaction of futures contracts, might be expected to
    adversely affect the price discovery function of Soybean Meal futures
    contracts or impair the efficacy of futures trading in Soybean Meal, or
    whether the currently approved regular capacity provides for an adequate
    deliverable supple. 2077 (01/01/03)


1294.01  Revocation, Expiration or Withdrawal of Regularity  - Any regular
shipper may be declared irregular at any time if he fails to carry out the
duties of delivery by Soybean Meal Shipping Certificate as prescribed by these
Regulations or violate any conditions of regularity. If designation of a shipper
as regular shall be revoked, the Exchange shall announce such revocation on the
bulletin board of the Exchange and also the period of time, if any, during which
the Soybean Meal Shipping Certificates issued by such shipper shall thereafter
be deliverable in satisfaction of futures contracts in Soybean Meal under the
Rules and Regulations.

In the event of revocation, expiration or withdrawal of regularity, or in the
event of sale or abandonment of the properties where regularity is not reissued,
holders of outstanding shipping certificates shall be given thirty days to take
load-out of the commodity from the facility. If a holder of an outstanding
shipping certificate chooses not to take load-out during this period, the
facility must provide him with another shipping certificate at another, mutually
acceptable regular shipping plant, with adjustments for differences in contract
differentials. Alternatively, if such shipping certificate is unavailable, the
facility must provide the holder with an equivalent quantity and quality of the
soybean meal designated in the shipping certificate at a mutually acceptable
location. 2079  (09/01/94)

1295.01  Application for Declaration of Regularity  - All applications by
operators of shipping plants for a Declaration of Regularity under Regulation
1291.01 shall be on the following form:

             SHIPPER'S APPLICATION FOR A DECLARATION OF REGULARITY
              FOR THE DELIVERY OF SOYBEAN MEAL UPON CONTRACTS FOR
           FUTURE DELIVERY UNDER THE CHARTER RULES AND REGULATIONS OF
                   THE BOARD OF TRADE OF THE CITY OF CHICAGO
                                                      _______________,20________

                     BOARD OF TRADE OF THE CITY OF CHICAGO
                               Chicago, Illinois
      Gentlemen:
      We, the______________________________________ (hereinafter
      called Shipper), owner or lessee of the__________________
      located at________________________ having a maximum 24 hour
      crushing capacity of____________ bushels of soybeans per day
      multiplied by the factor 0.022 for a maximum 24 hour production
      capacity of_______________ tons of Soybean Meal per day, having
      storage capacity for_________ tons of Soybean Meal, and
      applying_____________ tons as a registered total daily rate of
      loading (not less than 40% nor more than 100% of his maximum 24
      hour production capacity of soybean meal and a minimum of 200
      tons of regularity per day), (______ % of which shall be the
      registered daily rate of loading for truck. *Minimum 40%), as
      the basis of calculation for the purpose of Regulations 1290.01
      (a) 1290.01 (c) and 1290.01 (d), do hereby make application to
      the Board of Trade of the City of Chicago (herein after called
      Exchange), for a Declaration of Regularity to issue Soybean Meal
      Shipping Certificates for the Delivery of Soybean Meal upon
      contracts for future delivery for a period beginning July
      1,_________ and ending Midnight, June 30,___________. __ Central
      Territory __ Mid South Territory __ Eastern Iowa Territory __
      Northeast Territory __ Missouri Territory __ Northern Terrritory
      * As applicable, normal truck loading hours are______ a.m.
      to______ p.m., Central Daylight Saving Time.

                            Conditions of Regularity

      Such declaration of regularity, if granted, shall be cancellable
      by the Exchange whenever the following conditions shall not be
      observed:

      1.  The Shipper must:


<PAGE>

              Ch12 Regularity of Issuers of Shipping Certificates
              ---------------------------------------------------

          (1)  give such bonds to the Exchange as it may require.

          (2)  notify the Exchange immediately of any change in its capital
               ownership, of any reduction in total capital of 20 percent or
               more from the level reported in the last financial statement
               filed with the Exchange, or of any change in the condition of its
               shipping facilities.

          (3)  make such reports, keep such records, and permit such shipping
               plant visitation as the Secretary of Agriculture may prescribe;
               comply with all applicable Rules and Regulations and orders
               promulgated by the Secretary of Agriculture or the Government
               agency administering the Commodity Exchange Act; and comply with
               all requirements of the Exchange permitted or required by such
               Rules and Regulations or orders.

          (4)  make application for renewal of the declaration of regularity in
               writing on or before May 1, 1994, and every even year thereafter.

          (5)  notify the Exchange immediately of any change in the maximum 24
               hour crushing capacity of soybeans at the soybean meal shipping
               plant.

      2.  The Shipping Plant must be:

          (1)  subject to the prescribed examination and approval of the
               Exchange.

          (2)  connected by railroad tracks to one or more railway lines.

          (3)  equipped with standard equipment and appliances for the
               convenient and expeditious shipping of Soybean Meal in bulk.

      3.  The Shipping Plant and the Shipper must conform to the requirements of
          the Exchange as to location, accessibility and suitability as may be
          prescribed in the Rules and Regulations of the Exchange.

      Agreements of the Shipper

      The Shipper expressly agrees:

      (1) that all Soybean Meal tendered in satisfaction of futures contracts
          shall be weighed by an Official Weigher of the Exchange.

      (2) that all Soybean Meal Shipping Certificates will be registered with
          the Registrar of the Exchange.

      (3) to fulfill the duties of a shipper issuing Soybean Meal Shipping
          Certificates as set forth in the Regulations in the Chapter of the
          Rules and Regulations of the Board of Trade of the City of Chicago
          pertaining to Soybean Meal.

      (4) to abide by the Rules and Regulations of the Exchange applicable to
          the issuance of Soybean Meal Shipping Certificates, shipping,
          application of billing, standards, and inspection of Soybean Meal.

      (5) that the Exchange may cancel said declaration of regularity, if
          granted, for any breach of said agreements.

      (6) that the signing of this application constitutes a representation that
          the conditions of regularity are complied with and will be observed
          during the life of the declaration of regularity and, if found to be
          untrue, the Exchange  shall have the right to cancel said declaration
          of regularity immediately.

      (7) to be subject to the Association's Rules and Regulations pertaining to
          arbitration procedures, as set forth in Chapter 6, and with respect to
          compliance with Rules and Regulations pertaining to regularity, to be
          subject to the Association's Rules and Regulations pertaining to
          disciplinary procedures, as set forth in Chapter 5; and to abide by
          and perform any disciplinary decision imposed upon it or any
          arbitration award issued against it pursuant to such Rules and
          Regulations.

      (8) to consent to the disciplinary jurisdiction of the Exchange for five
          years after regularity lapses for conduct pertaining to regularity
          which occurred while the firm was regular.


                                    ____________________________________________
                                                          Company
                                  By____________________________________________
                                                          Title
      Bond in the amount of___________________ duly filed_______________________
                                                                   Date
                                      __________________________________________
                                                                 Secretary


      _____________________________
                  Date
                                                                            2081
(01/01/00)


<PAGE>

              Ch12 Regularity of Issuers of Shipping Certificates
              ---------------------------------------------------


1296.01  Regular Shippers  - (See Appendix 12A)  (09/01/94)


<PAGE>

<TABLE>
<CAPTION>
===================================================================================================================
Chapter 13
Oats Futures Options
===================================================================================================================
         <S>                                                                                                <C>
         Ch13 Trading Conditions............................................................................
                1301.00      Authority......................................................................
                1301.01      Application of Regulations.....................................................
                1302.01      Nature of Oats Futures Put Options.............................................
                1302.02      Nature of Oats Futures Call Options............................................
                1303.01      Trading Unit...................................................................
                1304.01      Striking Prices................................................................
                1305.01      Payment of Option Premium......................................................
                1306.01      Option Premium Basis...........................................................
                1307.01      Exercise of Option.............................................................
                1307.02      Automatic Exercise.............................................................
                1308.01      Expiration of Option...........................................................
                1309.01      Months Traded In...............................................................
                1310.01      Trading Hours..................................................................
                1311.01      Position Limits and Reportable Positions.......................................
                1312.01      Margin Requirements............................................................
                1313.01      Last Day of Trading............................................................
                1314.01      Option Premium Fluctuation Limits..............................................
</TABLE>


<PAGE>

================================================================================
Chapter 13
Oats Futures Options
================================================================================

Ch13 Trading Conditions

1301.00     Authority - (See Rule 2801.00.)  (09/01/94)

1301.01     Application of Regulations - Transactions in put and call options on
Oats futures contracts shall be subject to the general rules of the Association
as far as applicable and shall also be subject to the regulations contained in
this Chapter which are exclusively applicable to trading in put and call options
on Oats futures contracts. (See Rule 490.00) (09/01/94)

1302.01     Nature of Oats Futures Put Options - The buyer of one (1) Oats
futures put option may exercise his option at any time prior to expiration
(subject to Regulation 1307.01), to assume a short position in one (1) Oats
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Oats futures put option
incurs the obligation of assuming a long position in one (1) Oats futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a put option buyer. (09/01/94)

1302.02     Nature of Oats Futures Call Options - The buyer of one (1) Oats
futures call option may exercise his option at any time prior to expiration
(subject to Regulation 1307.01), to assume a long position in one (1) Oats
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Oats futures call option
incurs the obligation of assuming a short position in one (1) Oats futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a call option buyer. (09/01/94)

1303.01     Trading Unit - One (1) Oats futures contract of a specified contract
month on the Chicago Board of Trade 09/01/94)

1304.01     Striking Prices - Trading shall be conducted for put and call
options with striking prices (the "strikes") in integral multiples of five (5)
cents per Oat futures contract (i.e., 2.50, 2.55, 2.60, etc.) in integral
multiples of ten (10) cents per bushel per Oat futures contract (i.e., 2.50,
2.60, 2.70, etc.) and in integral multiples of twenty (20) cents per bushel per
Oat futures contract (i.e., 2.80, 3.00, 3.20, etc.) as follows:

1.   a.  In integral multiples of ten cents, at the commencement of trading for
         an option contract, the following strikes shall be listed: one with a
         strike closest to the previous day's settlement price of the underlying
         Oat futures contract, the next five consecutive higher and the next
         five consecutive lower strikes (the "initial band"). If the previous
         day's settlement price is midway between two strikes, the closest price
         shall be the larger of the two.

     b.  In integral multiples of twenty cents, at the commencement of trading
         for an option contract, the following strikes shall be listed: the next
         four consecutive strikes above the initial band.

     c.  In integral multiples of ten cents, over time, strikes shall be added
         as necessary to insure that all strikes within 55 cents of the previous
         day's trading range of the underlying futures contract are listed (the
         "minimum band").

     d.  In integral multiples of twenty cents, over time, strikes shall be
         added as necessary to insure that the next four consecutive strikes
         above the minimum band are listed.

     e.  No new strikes may be added by these procedures in the month in which
         an option expires.

2.   a.  In integral multiples of five cents, at the commencement of trading for
         options that are traded in months in which Oat futures are not traded,
         and for standard option months, the business day they become the second
         deferred month, the following strike prices shall be listed: one with a
         strike closest to the previous day's settlement price of the underlying
         Oat futures contract and the next five consecutive higher and the next
         five consecutive lower strikes. For example, five-cent strike price
         intervals for the September 2001 contract would be added on June 25,
         which is the business day after the expiration of the July contract
         month.

     b.  Over time, new five-cent strike prices will be added to ensure that at
         least five strike prices exist above and below the precious day's
         trading range in the underlying futures.

3.   a.  In integral multiples of twenty cents, all strikes in which the
         previous day's delta factors (as determined by the Board of Trade) for
         both the put and call options are 0.10 or greater for two consecutive
         business days will be listed for trading. However, no new strikes may
         be added by this procedure to an option month unless open positions
         exist in that contract month.

     b.  In integral multiples of ten cents, during the month in which an option
         expires, all strikes in which the previous day's delta factors (as
         determined by the Board of Trade) for both the put


<PAGE>

                            Ch13 Trading Conditions
                            -----------------------

           and call options are 0.10 or greater for two consecutive business
           days will be listed for trading.

4.      All strikes will be listed prior to the opening of trading on the
        following business day. The Exchange may modify the procedures for the
        introduction of strikes as it deems appropriate in order to respond to
        market conditions. (05/01/01)

1305.01 Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (09/01/94)

1306.01 Option Premium Basis - The premium for Oats futures options shall be in
multiples of one-eighth (1-8) of one cent per bushel of a 5,000 bushel Oats
futures contract which shall equal $6.25 per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $6.00 in $1.00 increments per option contract.
(09/01/94)

1307.01 Exercise of Option - The buyer of an Oats futures option may exercise
the option on any business day prior to expiration by giving notice of exercise
to the Clearing Corporation by 6:00 p.m., or by such other time designated by
the Board of Directors, on such day. Notwithstanding the foregoing, the buyer
may exercise the option prior to 10:00 a.m. on the expiration date:

        i)     to correct errors or mistakes made in good faith;

        ii)    to take appropriate action as the result of unreconciled Exchange
               option transactions;

        iii)   in exceptional cases involving a customer's inability to
               communicate to the member firm exercise instructions or the
               member firm's inability to receive such instructions prior to
               6:00 p.m. on the last day of trading. (12/01/99)

1307.02 Automatic Exercise - Notwithstanding the provisions of Regulation
1307.01 after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

        i)     to correct errors or mistakes made in good faith;

        ii)    to take appropriate action as the result of unreconciled Exchange
               option transactions;

        iii)   in exceptional cases involving a customer's inability to
               communicate to the member firm exercise instructions or the
               member firm's inability to receive such instructions prior to
               6:00 p.m. on the last day of trading. (12/01/99)

1308.01 Expiration of Option - Unexercised Oats futures options shall expire at
10:00 a.m. on the first Saturday following the last day of trading. (09/01/94)

1309.01 Months Traded In - Trading may be conducted in the nearby Oats futures
options contract month plus any succeeding months, provided however, that the
Board or a Committee authorized by the Board may determine not to list a
contract month. For options that are traded in months in which Oats futures are
not traded, the underlying futures contract is the next futures contract that is
nearest to the expiration of the option. For example, the underlying futures
contract for the February option contract is the March futures contract.
(09/01/00)

1310.01 Trading Hours - The hours of trading of options on Oats futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as the
close of trading of the Regular Daytime open outcry trading session for the
corresponding Oats futures contract, subject to the provisions of the second
paragraph in Rule 1007.00. On the last day of trading in an expiring option, the
expiring Oats futures options shall be closed with a public call, made strike
price by strike price, conducted by such persons as the Regulatory Compliance
Committee shall direct. Oats futures options shall be opened and closed for all
months and strike prices simultaneously or in such a manner as the Committee
shall direct. (03/01/00)


<PAGE>

                            Ch13 Trading Conditions
                            -----------------------

1311.01        Position Limits and Reportable Positions - (See Regulation
               425.01) (10/01/00)

1312.01        Margin Requirements - (See Regulation 431.05)  (09/01/94)

1313.01 Last Day of Trading - No trades in Oats futures options expiring in the
current month shall be made after the close of trading of the Regular Daytime
open outcry trading session for the corresponding Oats futures contract on the
last Friday which precedes by at least two business days, the last business day
of the month preceding the option month. If such Friday is not a business day,
the last day of trading shall be the business day prior to such Friday.
(07/01/01)



1314.01 Option Premium Fluctuation Limits - Trading is prohibited during any day
except for the last day of trading in an Oats futures option at a premium of
more than the trading limit for the Oats futures contract above and below the
previous day's settlement premium for that option as determined by the Clearing
Corporation. On the first day of trading, limits shall be set from the lowest
premium of the opening range. (09/01/94)


<PAGE>

<TABLE>
<CAPTION>
======================================================================================
Chapter m14
mini-sized New York Silver Futures
======================================================================================
<S>                          <C>                                                 <C>
     Chm14 Trading Conditions..................................................
         m1401.00            Authority.........................................
         m1402.01            Application of Regulations........................
         m1403.01            Derivative Markets................................
         m1404.01            Unit of Trading...................................
         m1405.01            Months Traded In..................................
         m1406.01            Price Basis.......................................
         m1407.01            Hours of Trading..................................
         m1409.01            Last Day of Trading...............................
         m1409.02            Liquidation During the Delivery Month.............
         m1410.01            Margin Requirements...............................
         m1411.01            Disputes..........................................
         m1412.01            Position Limits and Reportable Positions..........
         m1413.01            Contract Modification.............................
     Chm14 Delivery Procedures.................................................
         m1436.01            Standards.........................................
         m1440.01            Brands and Markings of Silver.....................
         m1440.02            Withdrawal of Approval of Silver Brands or
                             Markings..........................................
         m1440.03            Approved Brands...................................
         m1440.04            Product Certification and Shipment................
         m1440.05            Refiners, Vaults, Weighmasters, and Assayers......
         m1440.06            Cost of Inspection, Weighing, Storage and Delivery
         m1441.01            Delivery Points...................................
         m1442.01            Deliveries by Vault Receipts......................
         m1443.01            Deposit of Silver with Vaults.....................
         m1443.02            Issuance of Vault Receipts........................
         m1444.01            Form of Vault Receipt.............................
         m1446.01            Date of Delivery..................................
         m1447.01            Delivery Notices..................................
         m1448.01            Method of Delivery................................
         m1449.00            Time of Delivery, Payment, Form of Delivery Notice
         m1449.02            Buyers' Report of Eligibility to Receive Delivery.
         m1449.03            Sellers' Invoice to Buyers........................
         m1449.04            Payment...........................................
         m1450.00            Duties of Members.................................
         m1451.01            Office Deliveries Prohibited......................
         m1454.00            Failure to Accept Delivery........................
         m1456.01            Storage and Transfer Fees.........................
     Chm14 Regularity of Vaults................................................
         m1480.01            Duties of Vault Operators.........................
         m1481.01            Conditions of Regularity..........................
         m1484.01            Revocation of Regularity..........................
         m1486.01            Regular Vaults....................................
</TABLE>

<PAGE>


================================================================================
Chapter m14
mini-sized New York Silver Futures
================================================================================

Chm14 Trading Conditions

m1401.00  Authority - Trading of mini-sized New York Silver futures
as may be prescribed by Regulation.  (10/01/01)

m1402.01  Application of Regulations - Futures transactions in mini-sized New
York shall also be subject to the regulations contained in this chapter, which
are exclusively applicable to trading in mini-sized New York Silver futures
contracts. (10/01/01)

m1403.01  Derivative Markets - Settlement prices shall be set in accordance
with this regulation consistent with the settlement prices of the primary
market. Contract settlement prices shall be set equal to the settlement prices
of the corresponding contracts of the primary market for such commodity. Where a
particular contract has opened on the Exchange for which the primary market has
established no settlement price, the clearing house shall set a settlement price
consistent with the spread relationships of other contracts; provided, however,
that if the contract is not subject to daily price fluctuation limits then the
settlement prices shall be set at the fair market value of the contract at the
close of trading. (10/01/01)

m1404.01  Unit of Trading - The unit of trading for Silver shall be one thousand
troy ounces. Bids and offers may be accepted in lots of one thousand troy ounces
or multiples thereof. (10/01/01)

m1405.01  Months Traded In - Trading in Silver for future delivery may be
conducted in the current calendar month and any subsequent months. (10/01/01)

m1406.01  Price Basis - All prices of Silver shall be basis New York, New York,
or basis any other location designated by the primary market, in multiples of
10/100 of one cent per troy ounce. Contracts shall not be made on any other
price basis. (10/01/01)

m1407.01  Hours of Trading - The hours of trading for future delivery in Silver
futures shall be determined by the Exchange. On the last day of trading in an
expiring future, the closing time for such future shall be 1:25 p.m. (10/01/01)

m1409.01  Last Day of Trading - No trades in Silver futures deliverable in the
current month shall be made during the last two business days of that month and
any contracts remaining open must be settled by delivery or as provided in
Regulation m1409.02 after trading in such contracts has ceased; and if not
previously delivered, delivery must be made no later than the last business day
of the month. (10/01/01)

m1409.02  Liquidation During the Delivery Month - After trading in contracts for
future delivery in the current delivery month has ceased in accordance with the
previous rule of this chapter, outstanding contracts for such delivery may be
liquidated by means of a bona fide exchange of such current futures for the
actual cash commodity. Such exchange must, in any event, be made no later than
the last business day of the delivery month. (10/01/01)

m1410.01  Margin Requirements - Margin requirements shall be determined by the
Board. (See Regulation 431.03)  (10/01/01)

m1411.01  Disputes - All disputes between interested parties may be settled by
arbitration as provided in the Rules and Regulations. (10/01/01)


<PAGE>


                           Chm 14 Trading Conditions
                           -------------------------

m1412.01  Position Limits and Reportable Positions -
(See Regulation 425.01)(10/01/01)

m1413.01  Contract Modification - Specifications shall be fixed as of the first
day of trading of a contract except that all deliveries must conform to
government regulations in force at the time of delivery. If the U.S. government,
an agency, or duly constituted body thereof issues an order, ruling, directive,
or law inconsistent with the trading pursuant to these rules, such order,
ruling, directive, or law shall be construed to take precedence and become part
of these rules and all open and new contracts shall be subject to such
governmental orders. (10/01/01)


<PAGE>


Chm14 Delivery Procedures

m1436.01  Standards - The contract grade for delivery on futures contracts made
under these regulations shall be refined Silver in a bar cast in a basic weight
of either 1,000 troy ounces or 1,100 troy ounces (each bar may vary no more than
10% more or less); assaying not less than 999 fineness; and made up of one of
the brands and markings officially listed by the Exchange as provided in
Regulation m1440.01, current at the date of delivery of such silver. (10/01/01)

m1440.01  Brands and Markings of Silver - Brands and markings deliverable in
satisfaction of futures contracts shall be listed with the Exchange upon
approval by the Exchange. The Exchange may require such sureties as it deems
necessary. The Secretary's Office shall make available a list of the brands and
markings of silver bars which are deliverable. The addition of brands and
markings shall be binding upon all such contracts outstanding as well as those
entered into after approval. (10/01/01)

m1440.02  Withdrawal of Approval of Silver Brands or Markings - If at any time a
brand or marking fails to meet the requirements adopted by the Exchange or the
metallurgical assay of any silver bars bearing a brand or marking on the
official list depreciates below 999 fineness, the Exchange may exclude said
brand or marking from the official list unless deliveries of bars bearing said
brand or marking are accompanied by certificates of analysis of an official
assayer showing a silver fineness of not less than 999, and such additional bond
as the Exchange may deem necessary. Notice of such action shall be posted upon
the bulletin board of the Exchange and the official list shall indicate the
limitation upon deliveries of said brand or marking. (10/01/01)

m1440.03  Approved Brands - (See Appendix m14A) (10/01/01)

m1440.04  Product Certification and Shipment - To be eligible for delivery on
the Exchange, all silver must be certified as to fineness and weight by an
Exchange approved refiner, assayer, or other Exchange approved certifying
authority and must be shipped directly from the Exchange approved refiner,
assayer, or certifying authority via Exchange approved carriers to Exchange
approved vaults.

All silver, if not continuously in the custody of an Exchange approved vault or
carrier, must be recertified as to fineness and weight to be eligible for
delivery.

The Exchange at its sole discretion shall have the authority at any time to have
assayed any silver bars covered by vault receipts delivered against futures
contracts. In such an event, costs are to be borne by the Exchange. (10/01/01)

m1440.05  Refiners, Vaults, Weighmasters, and Assayers - Exchange approved
refiners, vaults, assayers, and weighmasters may be listed with the Exchange
upon approval by the Exchange. The Secretary's Office shall maintain and make
available such lists. The addition of refiners and vaults shall be binding upon
all contracts outstanding as well as those entered into after approval.
(10/01/01)

m1440.06  Cost of Inspection, Weighing, Storage and Delivery - All charges
associated with the delivery of silver and all costs associated with
inspections, weighing, and Exchange documentations, through the day of delivery,
shall be paid by the delivering party. The delivering party shall pay storage
charges through the business day following the day of delivery. The receivers
shall pay all charges including storage charges incurred after the business day
following the day of delivery.

A holder of an Exchange approved vault receipt for silver may request
recertification at his expense at any time while the unit represented by such
receipt is in the Exchange approved vault. Such recertification shall be made by
an Exchange approved certifying authority or assayer, selected by such holder.
(10/01/01)

m1441.01  Delivery Points - Silver located at regular vaults at points approved
by the Exchange may be delivered in satisfaction of futures contracts.
(10/01/01)

m1442.01  Deliveries by Vault Receipts - In order to be valid for delivery
against futures contracts, the vault receipt must be registered with the
official Registrar of the Exchange and in accordance with the requirements
issued by the Registrar. The vault receipt must be registered before 4:00 p.m.
on notice day, the business day prior to the day of delivery; however, in the
case of delivery on the last delivery day of the delivery month, the vault
receipt must be registered before 1:00 p.m. Deliveries on silver futures
contracts shall be made by the delivery of depository vault receipts issued by
vaults which have been approved and designated as regular vaults by the Exchange
for the storage of silver.


<PAGE>


                           Chm14 Delivery Procedures
                           -------------------------

Silver in bars must come to the regular vaults directly from an approved source
or from another regular vault either on the Chicago Board of Trade or the
Commodity Exchange, Inc., by insured or bonded carrier.

The vault receipts shall evidence that storage charges have been paid up to and
including the business day following the day of delivery.  If such charges are
not so paid, registration may be canceled at the request of the issuing vault.
Prepaid storage charges shall be charged to the buyer by the seller for a period
extending beyond the business day following the day of delivery (but not in
excess of thirty days) pro rata for the unexpired term and adjustments made upon
the invoice thereof.  In order to effect a valid delivery, each vault receipt
must be endorsed by the clearing member making the delivery.

By the tender of a vault receipt for silver duly endorsed for delivery of the
lot on an Exchange contract, the endorser shall be deemed to warrant, to his
transferee and each subsequent transferee of the receipt for delivery on
Exchange contracts, and their respective immediate principals, the genuineness,
validity, and worth of such receipt, the rightfulness and effectiveness of his
transfer thereof, and the quantity and quality of the silver shown on the
receipt.

In the event such Exchange member or principal shall claim a breach of such
warranty, and such claim relates to the quantity or quality of the silver, the
lot shall be immediately submitted for sampling and assaying to an assayer
approved by the Exchange; the silver must be shipped under bond, and at the
owner's expense, to the assayer.  The expense of sampling and assaying shall, in
the first instance, be borne by the claimant.  If a deficiency in quantity or
quality shall be determined by the assayer, the claimant shall have the right to
recover the difference in the market value and all expenses incurred in
connection with the sampling and assaying and any cost of replacement of the
silver.  The claimant may, at his option, proceed directly against the original
endorser of the vault receipt upon Exchange delivery, or against any endorser
prior to claimant without seeking recovery from his immediate deliverer on the
Exchange contract, and if the claim is satisfied by the original endorser of the
vault receipt, or any other endorser, all the endorsers will be thereby
discharged from liability to the claimant.  If the claimant seeks recovery from
any endorser and his claim is satisfied by such endorser, the party thus
satisfying the claim will have a similar option to claim recovery directly from
any endorser prior to him.  Such claims as are in dispute between members of the
Exchange may in each case be submitted to arbitration under the Rules of the
Exchange.

The liability of an endorser of a vault receipt as provided herein shall not be
deemed to limit the rights of such endorser against any person or party for
whose account the endorser acted in making delivery on an Exchange contract.  If
it shall be determined in such arbitration proceeding that any endorser of a
vault receipt or the person or party for whom such endorser acted was aware of
the breach of warranty or was involved in a plan or arrangement with the
original endorser (or his principal) to place such inferior silver in store in a
regular vault for use in deliveries upon Exchange contracts, such endorsers
shall not be entitled to recover from any prior endorser for the breach of
warranty.  (10/01/01)

m1443.01  Deposit of Silver with Vaults - Silver in bars shall be placed into
a regular vault accompanied by the following information:

    A.  Brand or markings;

    B.  Identification (serial number) of each bar;

    C.  Weight of each bar; and

    D.  Fineness.  (10/01/01)

m1443.02  Issuance of Vault Receipts - After the silver has been placed in a
regular vault, negotiable vault receipts shall be issued to its owners with the
following information:

    A.  Brand or markings;

    B.  Identification (serial number) of each bar;

    C.  Weight of each bar;

    D.  Fineness.

Receipts shall be lettered or numbered consecutively by each vault.  No two
receipts shall bear the

<PAGE>


                          Chm14 Delivery Procedures
                          -------------------------

same letter or number. No receipt shall be issued for more or less than one
contract unit.

Where a clearing member of the Exchange delivers silver in bars on an Exchange
contract, but did not order such silver into a regular vault, the clearing
member shall, for the purposes of Regulation m1442.01, be deemed the original
endorser of the vault receipt, and shall warrant to his transferee and each
subsequent transferee that such silver was delivered to the regular vault under
the terms of Regulation m1442.01. (10/01/01)

M1444.01  Form of Vault Receipt - The following form of vault receipt shall
be used:

                   -----------------------------------------
                               (Name of Issuer)

                   -----------------------------------------
                                   (Address)

        (Designated by the Exchange as Regular for Delivery of Silver)


Bearer Receipt No._________________

                 Location, ________________    _____________, 20------

RECEIVED from_____________________________________________________________

and stored in the vaults of the undersigned at the above facility, are _________
(____) BARS. Said bars are deliverable only at said vaults to them (or him) or
order or, if endorsed in blank, to the bearer hereof upon surrender hereof and
payment of the storage and other proper charges and for expenses for notice,
advertisement and sale.

_______________ (the "Vault"), acknowledges receipt, from Depositor named above,
of the bullion bars described in Schedule I (the "Bars"), stamped to indicate
the aggregate amount shown of silver 999 fine. Vault has recorded the
specifications concerning the bars as indicated thereon. The Vault is not
responsible for the authenticity for markings on, or for the weight, fineness,
or contents of, the Bars.

Storage charges are payable on the date of issue of this receipt to the end of
the current month; and monthly thereafter, in advance, on the first business day
of each calendar month. Unearned prepaid storage charges will be refunded to the
holder upon surrender of this receipt.

Detailed specifications of bars covered by this receipt have been recorded by
the undersigned as indicated on said bars.

THIS RECEIPT IS VOID unless signed by two (2) persons authorized to sign
on behalf of the Vault.

                                  SCHEDULE I

<TABLE>
<CAPTION>

                                   WEIGHT
    SERIAL NUMBER              (Troy Ounces)            MARK OR BRAND
----------------------------------------------------------------------------
<S>                            <C>                     <C>
----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                             Total __________
----------------------------------------------------------------------------
</TABLE>

__________________________           _______________________________________
Control Number                       Name of Vault

                                     ---------------------------------------
Notice:  Notification of transfer    By  Authorized Signature
of this receipt will facilitate      _______________________________________
billing of storage charge.           By   Authorized Signature

STORAGE AND HANDLING CHARGES: Storage charges of ________________

per day per contract, minimum ________________ per contract; plus
________________ handling charge per contract for each deposit and
________________ for each withdrawal.


<PAGE>


                           Chm14 Delivery Procedures
                           -------------------------

                                Storage Payments

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                              REC. DEL. CHG.                 STORAGE CHARGE
       RECEIVED                             -----------------     ------------------------------------
         FROM                 DATE                AMOUNT                  AMOUNT         PAID TO             SIGNATURE
-----------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>                    <C>                                     <C>
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  ENDORSEMENTS

           Date                         by
               -----------------------     --------------------------------
           Date                         by
               -----------------------     --------------------------------
           Date                         by
               -----------------------     --------------------------------

The following form of warehouse depository receipt shall be used:

Board of Trade of the City of Chicago, Inc.

                    141 W. Jackson Blvd.. Chicago, IL  60604
                                 (312) 435-3592

                Original Negotiable Warehouse Depository Receipt

Date Issued:                           No.
             -----------------             -----------------------

The issuer of this instrument will, upon notice and demand, deliver to:

                                         or his or it order 1,000 troy ounces of
----------------------------------------
silver contained in a bar conforming to the delivery specifications contained in
the Rules and Regulations of the Board of Trade of the City of Chicago, Inc.
Delivery shall be based upon identification markings appearing on said bar.  The
issuer has not ascertained, and is not responsible for, the authenticity or
correctness of markings on, or content, weight or fineness of, said bar.  Upon
the return of this receipt, properly endorsed, to issuer, and payment of all
storage charges pertaining to the silver represented, for which the Board of
Trade of the City of Chicago, Inc. claims a lien, the silver will be transferred
into the account of the bearer of this certificate.

Board of Trade of the City of Chicago, Inc.

By:
   -----------------------------------------
   Authorized Signature

Notice:  This receipt expires one year from date of issuance.  Return to issuer
prior to expiration for reissue or delivery.  (10/01/01)

m1446.01  Date of Delivery - Where Silver is sold for delivery in a specified
month, delivery of such silver may be made by the seller upon such day of the
specified month as the seller may select. If not previously delivered, delivery
must be made upon the last business day of the month. (10/01/01)

m1447.01  Delivery Notices - (See 1047.01) (10/01/01)

m1448.01  Method of Delivery - (See 1048.01) (10/01/01)

m1449.01  Time of Delivery, Payment, Form of Delivery Notice - (See 1049.00)
(10/01/01)

m1449.02  Buyer's Report of Eligibility to Receive Delivery - (See 1049.02)
(10/01/01)

m1449.03  Sellers' Invoice to Buyers - In addition to the requirements of
1049.03, the seller shall mail a copy of the invoice to the vault or vaults who
issued the vault receipts being delivered. The seller will thereby notify the
vault of the transfer of ownership of the indicated vault receipts from the
seller to the buyer. The seller will be responsible for the payment of storage
charges unless the vault has been notified thereby. (10/01/01)

m1449.04  Payment - Payment is to be made by a check drawn on and certified by a
Chicago bank or by a Cashier's check issued by a Chicago bank. The long clearing
member may effect payment by wire transfer only if this method of payment is
acceptable to the short clearing member. (10/01/01)

m1450.00  Duties of Members - (See 1050.00) (10/01/01)

m1451.01  Office Deliveries Prohibited - (See 1051.01) (10/01/01)

m1454.00  Failure to Accept Delivery - (See 1054.00) (10/01/01)

m1456.01  Storage and Transfer Fees - Storage charges, transfer fees and in-and-
out charges shall be set by each depository vault and the schedule of such
charges shall be posted with the Exchange, which shall be notified at least 60
days in advance of any changes in the rate schedule. Except as otherwise
provided, all such charges and fees shall remain the responsibility of the
Seller until payment is made. (10/01/01)

<PAGE>


Chm14 Regularity of Vaults

m1480.01  Duties of Vault Operators - It shall be the duty of the operators of
all regular vaults:

(a)  To accept Silver for delivery on Chicago Board of Trade contracts, provided
     such Silver is ordered into the Vault by a Clearing Member of the Exchange,
     and all space in such vaults is not already filled or contracted for.

(b)  To notify the Board of Trade of any change in the condition of their
     vaults.

(c)  To release to the bearer of the receipt the bars covered by said receipt
     upon presentation of the receipt and payment of all storage and outloading
     charges no later than the business day following compliance with these
     provisions.

(d)  To keep stocks of Silver in storage in balance with Silver represented by
     its outstanding vault receipts. (10/01/01)

m1481.01  Conditions of Regularity - Silver may be delivered against a Silver
contract from any vault designated by the Exchange specifically for the storage
of silver, and may not be delivered except from such vault. The following shall
constitute the requirements for regularity, and by accepting a Declaration of
Regularity the vault agrees to abide by these conditions:

(1)  The vault must notify the Exchange promptly of any material change in
     ownership or condition of its premises.

(2)  The vault is required to submit a certified financial statement within 90
     days of the firm's year-end. A letter of attestation must accompany all
     financial statements signed by the Chief Financial Officer or if there is
     none, a general partner or executive officer.

(3)  Such vault shall be provided with standard equipment and appliances for the
     convenient and safe storage of Silver and provide for proper security.

(4)  The operator of such vault shall furnish to the Registrar all needed
     information to enable him to keep a correct record and account of all
     Silver received and delivered by the vault daily and of that remaining in
     store at the close of each week.

(5)  The operator of such vault shall accord every facility to any duly
     authorized committee for the examination of its books or records for the
     purpose of ascertaining the stocks of Silver. The Exchange shall have the
     authority to employ experts to determine the quantity and quality of Silver
     in said vault.

(6)  No vault shall be deemed suitable to be declared regular if its location,
     accessibility, tariffs, or other qualifications shall depart from
     uniformity to the extent that its receipts as tendered in satisfaction of
     futures contracts impair the efficacy of futures trading in this market, or
     if the operator of such vault engages in unethical or inequitable
     practices, or if the operator fails to comply with any laws, Federal or
     State, or Rules or Regulations promulgated under those laws.

(7)  The operator shall make such reports, keep such records, and permit such
     vault visitation as the Board of Trade may prescribe, and shall comply with
     all applicable Rules and Regulations.

(8)  The operator of such vault must give such bonds to the Exchange as may be
     required by the Exchange.

(9)  The vault shall neither withdraw as a regular vault nor withdraw any
     regular capacity except after a sixty (60) day notice to the Exchange or
     having obtained the consent of the Exchange.

(10) The vault shall notify the Exchange at least sixty (60) days in advance of
     any changes in its maximum storage rates, penalty for late storage payment
     and handling charges.  (10/01/01)

m1484.01  Revocation of Regularity - Any regular vault may be declared by the
Business Conduct Committee or, pursuant to Regulation 540.10, the Hearing
Committee, to be irregular at any time if it does not comply with the conditions
above set forth, or fails to carry out its prescribed duties. If the designation
of a vault as regular shall be revoked a notice shall be posted on the bulletin
board and on the Exchange website announcing such revocation and also the period
of time, if any, during which the receipts issued by such vault shall thereafter
be deliverable in satisfaction of futures contracts in Silver under the Rules
and Regulations.

                          Chm14 Regularity of Vaults
                          --------------------------

By accepting a Declaration of Regularity the vault agrees, in the event of
revocation or expiration of regularity, to bear the expenses of the transfer of
silver under bond to another regular vault satisfactory to the holders of its
vault receipts. (10/01/01)

m1486.01  Regular Vaults - (See Appendix m14B)  (10/01/01)


<PAGE>


================================================================================
Chapter 20
X-Fund Futures
================================================================================

  Ch20 Trading Conditions...................................................2002
       2001.01  Authority...................................................2002
       2002.01  Application of Regulation...................................2002
       2004.01  Unit of Trading.............................................2002
       2005.01  Periods Traded In...........................................2002
       2006.01  Price Basis.................................................2002
       2007.01  Hours of Trading............................................2002
       2008.01  Trading Limits..............................................2002
       2009.01  Last Day of Trading.........................................2002
       2009.02  Liquidation During the Delivery Period......................2002
       2010.01  Margin Requirements.........................................2002
       2012.01  Position Limits and Reportable Positions....................2002

  Ch20 Delivery Procedures..................................................2003
       2036.01  Standards...................................................2003
       2042.01  Delivery on Futures Contracts...............................2004
       2042.02  Final Settlement Price......................................2004
       2042.03  The Final Settlement Day....................................2004
       2043.01  Discontinuation.............................................2004
       2047.01  Payment.....................................................2004
       2048.01  Disclaimer..................................................2004
       2049.01  Information Sharing.........................................2005


<PAGE>


================================================================================
Chapter 20

X-Fund Futures
================================================================================

Ch 20 Trading Conditions


2001.01   Authority  - Trading in CBOT(R)  X-Fund futures may be conducted
under such terms and conditions as may be prescribed by Regulation. (02/01/02)

2002.01  Application of Regulations  - Futures transactions in CBOT X-Fund
futures contracts shall be subject to the general rules of the Exchange as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in CBOT X-Fund futures
contracts. (02/01/02)

2004.01  Unit of Trading  - The unit of trading shall be $1,000 times the CBOT
X-Fund Index. (02/01/02)

2005.01  Periods Traded In  - Trading in CBOT X-Fund futures may be conducted in
the current two week period only. The commencement of trading in the current bi-
weekly CBOT X-Fund futures is a Friday designated by the Exchange and every
other Friday thereafter. If such Friday is not a business day, the commencement
of trading shall be the business day prior to such Friday. (02/01/02)

2006.01  Price Basis  - The price of the CBOT X-Fund futures shall be quoted in
points and tenths of a point (1/10). One point equals $1,000.00. The minimum
price fluctuation shall be one tenth of a point per contract, or $100.00.
Contracts shall not be made on any other price basis. (02/01/02)

2007.01  Hours of Trading  - The hours of trading for future delivery in CBOT
X-Fund futures shall be determined by the Exchange. (02/01/02)

2008.01  Trading Limits  - None. (02/01/02)

2009.01  Last Day of Trading  - No trades in the current bi-weekly CBOT X-Fund
futures shall be made after the business day preceding the Friday two weeks
following the commencement of trading in the current bi-weekly CBOT X-Fund
futures. If such Friday is not a business day, the last day of trading shall be
two business days prior to such Friday. (02/01/02)

2009.02  Liquidation During the Delivery Period  - After trading in CBOT X-Fund
futures contracts for future delivery in the current bi-weekly period has
ceased, in accordance with Regulation 2009.01 of this chapter, outstanding
contracts for such delivery shall be liquidated by cash settlement as prescribed
in Regulation 2042.01. (02/01/02)

2010.01  Margin Requirements  - Margin requirements shall be as determined by
the Exchange. (02/01/02)

2012.01  Position Limits and Reportable Positions  - (See Regulation 425.01)
Participants in CBOT X-Fund Futures must provide information to the Exchange on
their trading activity, including but not limited to, volume and open interest
in component futures contracts, including those listed on other designated
contract markets, upon request of the Exchange. (03/01/02)


<PAGE>


Ch 20 Delivery Procedures


2036.01  Standards  - The contract grade shall be based on the value of the CBOT
X-Fund Index on final settlement day.

a)  CBOT X-Fund Index Composition

     i)  The designer of the CBOT X-Fund Index selects the components making up
     the composition of the CBOT X-Fund Index.  The CBOT X-Fund Index underlies
     the current bi-weekly CBOT X-Fund futures contract.

     ii)  The CBOT X-Fund Index composition shall be limited to a maximum of any
     four eligible futures contracts, long and/or short.  The Exchange shall
     determine, from time to time, which futures contracts are eligible.

          (1)  Security futures products, as defined in Sections 1a(31) or
               1a(32) of the Commodity Exchange Act, are not eligible.

          (2)  At a minimum, no futures contract shall be determined to be
               eligible unless it has been listed on a U.S. designated contract
               market for a minimum of twelve months and it has had an average
               daily trading volume of at least 5,000 contracts for all months
               combined for the most recent calendar quarter.  Individual
               contract months with historical trading volume of at least 1,000
               contract per day are eligible.

          (3)  Cash settled index futures contracts are eligible based on their
               components meeting criteria (2).

          (4)  Derivative Markets futures contracts are eligible based on their
               underlying primary market futures contracts meeting criteria (2).

     iii)  The CBOT X-Fund Index shall not contain component contracts on or
     after the second business day prior to the first day of delivery or cash
     settlement for such contracts.

     iv)  No changes to the component contracts or contract positions in the
     CBOT X-Fund Index are permitted for the duration of trading in the current
     bi-weekly CBOT X-Fund futures contract.

     v)  Changes to the component contracts or contract positions in the CBOT X-
     Fund Index are permitted bi-weekly, following the final settlement of the
     current bi-weekly CBOT X-Fund futures contract and prior to the
     commencement of trading in the successive bi-weekly CBOT X-Fund futures
     contract.

     vi)  On the business day preceding the commencement of trading in the
     current bi-weekly CBOT X-Fund futures contract the component contracts of
     the CBOT X-Fund Index shall be announced by the Exchange.

b)  CBOT X-Fund Index Computation

     i)  The value of the CBOT X-Fund Index at its inception is set at
     $100,000.00 or 100.0 points.

     ii)  The value of the CBOT X-Fund Index at the commencement of trading of
     each successive bi-weekly CBOT X-Fund futures contract is set equal to the
     special quotation


<PAGE>


     value, rounded to the nearest tenth of a point (1/10), up
     if .05 or more, of the X-Fund Index on the final trading day of the prior
     bi-weekly CBOT X-Fund futures contract.

     iii)  The value of the CBOT X-Fund Index, marked-to-the-market, based on
     the settlement prices of the component contracts, shall be posted by the
     Exchange at the start of trading on each trading day.  (05/01/02)

2042.01  Delivery on Futures Contracts  - Delivery against the CBOT X-Fund
futures contract must be made through the Clearing Corporation. Delivery under
these regulations shall be on the final settlement day (as described in
Regulation 2042.03) and shall be accomplished by cash settlement as hereinafter
provided. Clearing members holding open positions in a CBOT X-Fund futures
contract at the time of termination of trading shall make payments to and
receive payment through the Clearing Corporation in accordance with normal
variation settlement procedures based on a settlement price equal to the final
settlement price. (02/01/02)

2042.02  Final Settlement Price  - The final settlement price shall be based on
a special quotation of the CBOT X-Fund Index, rounded to the nearest one
hundredth of a point (1/100), up if .005 or more, which corresponds to the
expiring contract at the close of business on the last trading day (as described
in Regulation 2009.01). This special quotation will consist of the CBOT X-Fund
Index which corresponds to the expiring contract calculated using the settlement
prices of the component contracts on the last trading day, except as noted
below.

If a component contract  month's settlement price on the last trading day is
unavailable because of an anticipated or unanticipated closure of trading in the
component contract, then the contribution to the final settlement price of the
affected component shall be cased on the settlement price of the first preceding
trading day. (05/01/02)

2042.03  The Final Settlement Day  - The final settlement day shall be the
business day following the last trading day of the expiring contract. (02/01/02)

2043.01  Discontinuation  - In the event that the CBOT X-Fund Index special
quotation is below 50.0 points, the CBOT X-Fund Index is discontinued and no
subsequent bi-weekly CBOT X-Fund futures on this CBOT X-Fund Index shall be
listed. (02/01/02)

2047.01  Payment  - See Regulation 1049.04 (02/01/02)

2048.01  Disclaimer  - The CBOT is not responsible for, and does not participate
in, determining the composition of the futures contracts in the CBOT X-Fund
Index, other than ensuring that such contracts meet the eligibility criteria
established by the Exchange. The CBOT X-Fund Index Designer has no obligation to
take the needs of the traders of CBOT X-Fund futures into consideration in
determining the composition of the futures contracts in the CBOT X-Fund Index.
Subject to compliance with CBOT Rules and Regulation, the CBOT X-Fund Designer,
and any firm of which he is a principal, may take long and short positions in
CBOT X-Fund futures based on the Index that he designs and in any of the Index
components. The CBOT X-Fund Designer, and such firm, shall not have any
liability to any third party as a result of the fact that any such positions
have been taken in compliance with CBOT Rules and Regulations and CFTC
requirements.

THE CBOT X-FUND INDEX DESIGNER AND THE CBOT MAKE NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE CBOT, TRADERS OF CBOT X-FUND
FUTURES, OR ANY OTHER PERSON OR ENTITY, FROM THE COMPOSITON OF THE CBOT X-FUND
INDEX. THE CBOT X-FUND INDEX DESIGNER AND THE CBOT MAKE NO EXPRESS OR IMPLIED
WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE CBOT X-FUND INDEX. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CBOT X-FUND INDEX DESIGNER
OR THE CBOT HAVE ANY LIABILITY


<PAGE>



FOR INDIRECT, PUNITIVE, SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING LOST
PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD
PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN THE CBOT X-FUND
INDEX DESIGNER AND THE CBOT. (03/01/02)

2049.01  Information Sharing  - Notwithstanding Regulation 170.02, the Office of
Investigations and Audits shall cooperate with, and provide information to,
another designated contract market, upon its request, in connection with any
investigation that such designated contract market may conduct relating to
trading activity in a futures contract as a result of its inclusion as a
component of a CBOT X-Fund futures contract. (03/01/02)


<PAGE>


================================================================================
Chapter m15
mini-sized New York Gold Futures
================================================================================

Chm15 Trading Conditions

m1501.00 Authority - Trading of mini-sized New York Gold futures may be
conducted under such terms and conditions as may be prescribed by Regulation.
(10/01/01)

m1502.01  Application of Regulations - Futures transactions in mini-sized New
York Gold futures shall be subject to the general rules of the Exchange as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in mini-sized New York Gold
futures contracts. (10/01/01)

m1503.01  Derivative Markets - Settlement prices shall be set in accordance with
this regulation consistent with the settlement prices of the primary market.
Contract settlement prices shall be set equal to the settlement prices of the
corresponding contracts of the primary market for such commodity. Where a
particular contract has opened on the Exchange for which the primary market has
established no settlement price, the clearing house shall set a settlement price
consistent with the spread relationships of other contracts; provided, however,
that if the contract is not subject to daily price fluctuation limits then the
settlement prices shall be set at the fair market value of the contract at the
close of trading. (10/01/01)

m1504.01  Unit of Trading - The unit of trading for Gold shall be for 33.2 fine
troy ounces of Gold not less than 0.995 fine contained in one bar. Bids and
offers may be accepted in lots of 33.2 fine troy ounces or multiples thereof.
(10/01/01)

m1505.01  Months Traded In  - Trading in Gold for future delivery may be
conducted in the current calendar month and any subsequent months. (10/01/01)

m1506.01  Price Basis - All prices of Gold shall be basis New York, New York, or
basis any other location designated by the primary market, in multiples of $0.10
(10 cents) per fine troy ounce. Contracts shall not be made on any other price
basis. (10/01/01)

m1507.01  Hours of Trading - The hours of trading for future delivery in Gold
futures shall be determined by the Exchange. On the last day of trading in an
expiring future, the closing time for such future shall be 1:30 p.m. (10/01/01)

m1509.01  Last Day of Trading - No trades in Gold futures deliverable in the
current month shall be made during the last two business days of that month and
any contracts remaining open must be settled by delivery or as provided in
Regulation m1509.02 after trading in such contracts has ceased; and if not
previously delivered, delivery must be made no later than the last business day
of the month. (10/01/01)

m1509.02  Liquidation During the Delivery Month - After trading in contracts
for future delivery in the current delivery month has ceased in accordance with
the previous rule of this chapter, outstanding contracts for such delivery may
be liquidated by means of a bona fide exchange of such current futures for the
actual cash commodity. Such exchange must, in any event, be made no later than
the last business day of the delivery month. (10/01/01)

m1510.01  Margin Requirements - Margin requirements shall be determined by the
Board. (See Regulation 431.03) (10/01/01)

m1511.01  Disputes - All disputes between interested parties may be settled by
arbitration as provided in the Rules and Regulations. (10/01/01)




<PAGE>


                           Chm 15 Trading Conditions
                           -------------------------



m1512.01  Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/01)

m1513.01  Contract Modification - Specifications shall be fixed as of the first
day of trading of a contract except that all deliveries must conform to
government regulations in force at the time of delivery. If the U.S. government,
an agency, or duly constituted body thereof issues an order, ruling, directive,
or law inconsistent with the trading pursuant to these rules, such order,
ruling, directive, or law shall be construed to take precedence and become part
of these rules and all open and new contracts shall be subject to such
governmental orders. (10/01/01)


<PAGE>



Chm15 Delivery Procedures

m1536.01  Standards - Each futures contract shall be for 33.2 fine troy ounces
of Gold no less than 995 fineness contained in no more than one bar.

Variations in the quantity of the delivery unit not in excess of ten percent of
33.2 fine troy ounces shall be permitted.

In accordance with the accepted practices of the trade, each bar for good
delivery must be of good appearance, easy to handle, and convenient to stack.
The sides and bottom should be reasonably smooth and free from cavities and
bubbles.  The edges should be rounded and not sharp.  Each bar, if not marked
with the fineness and stamp of an approved refiner, assayer, or other certifying
authority must be accompanied by a certificate issued by an approved refiner,
assayer, or other certifying authority, stating the serial number of the bar(s),
the weight, and the fineness. (10/01/01)

m1540.01  Brands and Markings of Gold - Brands and markings deliverable in
satisfaction of futures contracts shall be listed with the Exchange upon
approval by the Exchange. The Exchange may require such sureties as it deems
necessary.  The Secretary's Office shall make available a list of the brands and
markings of Gold bars which are deliverable. The addition of brands and markings
shall be binding upon all such contracts outstanding as well as those entered
into after approval. (10/01/01)

m1540.02  Withdrawal of Approval of Gold Brands or Markings - If at any time a
brand or marking fails to meet the requirements adopted by the Exchange or the
metallurgical assay of any Gold bars bearing a brand or marking on the official
list depreciates below 995 fineness, the Exchange may exclude said brand or
marking from the official list unless deliveries of bars bearing said brand or
marking are accompanied by certificates of analysis of an official assayer
showing a Gold fineness of not less than 995, and such additional bond as the
Exchange may deem necessary.  Notice of such action shall be posted upon the
bulletin board of the Exchange and the official list shall indicate the
limitation upon deliveries of said brand or marking. (10/01/01)

m1540.03  Approved Brands - (See Appendix m15A) (10/01/01)

m1540.04  Product Certification and Shipment - To be eligible for delivery on
the Exchange, all Gold must be certified as to fineness and weight by an
Exchange approved refiner, assayer, or other Exchange approved certifying
authority and must be shipped directly from the Exchange approved refiner,
assayer, or certifying authority via Exchange approved carriers to Exchange
approved vaults.

All Gold, if not continuously in the custody of an Exchange approved vault or
carrier, must be recertified as to fineness and weight to be eligible for
delivery.

The Exchange at its sole discretion shall have the authority at any time to have
assayed any Gold bars covered by vault receipts delivered against futures
contracts.  In such an event, costs are to be borne by the Exchange. (10/01/01)

m1540.05  Refiners, Vaults, Weighmasters, and Assayers - Exchange approved
refiners, vaults, assayers, and weighmasters may be listed with the Exchange
upon approval by the Exchange.  The Secretary's Office shall maintain and make
available such lists.  The addition of refiners and vaults shall be binding upon
all contracts outstanding as well as those entered into after approval.
(10/01/01)

m1540.06  Cost of Inspection, Weighing, Storage and Delivery - All charges
associated with the delivery of Gold and all costs associated with inspections,
weighing, and Exchange documentations, through the day of delivery, shall be
paid by the delivering party.  The delivering party shall pay storage charges
through the business day following the day of delivery.  The receivers shall pay
all charges including storage charges incurred after the business day following
the day of delivery.

A holder of an Exchange approved vault receipt for Gold may request
recertification at his expense at any time while the unit represented by such
receipt is in the Exchange approved vault.  Such recertification shall be made
by an Exchange approved certifying authority or assayer, selected by such
holder. (10/01/01)

m1541.01  Delivery Points - Gold located at regular vaults at points approved
by the Exchange may be delivered in satisfaction of futures contracts.
(10/01/01)

m1542.01  Deliveries by Vault Receipts - In order to be valid for delivery
against futures contracts,



<PAGE>


                          Chm 15 Delivery Procedures
                          --------------------------

the vault receipt must be registered with the official Registrar of the Exchange
and in accordance with the requirements issued by the Registrar. The vault
receipt must be registered before 4:00 p.m. on notice day, the business day
prior to the day of delivery; however, in the case of delivery on the last
delivery day of the delivery month, the vault receipt must be registered before
1:00 p.m. Deliveries on Gold futures contracts shall be made by the delivery of
depository vault receipts issued by vaults which have been approved and
designated as regular vaults by the Exchange for the storage of Gold. Gold in
bars must come to the regular vault directly from an approved source or from
another regular vault either on the Chicago Board of Trade or the Commodity
Exchange, Inc., by insured or bonded carrier.

The vault receipts shall evidence that storage charges have been paid up to and
including the business day following the day of delivery. If such charges are
not so paid, registration may be canceled at the request of the issuing vault.
Prepaid storage charges shall be charged to the buyer by the seller for a period
extending beyond the business day following the day of delivery (but not in
excess of thirty days) pro rata for the unexpired term and adjustments made upon
the invoice thereof. In order to effect a valid delivery, each vault receipt
must be endorsed by the clearing member making the delivery.

By the tender of a vault receipt for Gold duly endorsed for delivery of the lot
on an Exchange contract, the endorser shall be deemed to warrant, to his
transferee and each subsequent transferee of the receipt for delivery on
Exchange contracts, and their respective immediate principals, the genuineness,
validity, and worth of such receipt, the rightfulness and effectiveness of his
transfer thereof, and the quantity and quality of the Gold shown on the receipt.

In the event such Exchange member or principal shall claim a breach of such
warranty, and such claim relates to the quantity or quality of the Gold, the lot
shall be immediately submitted for sampling and assaying to an assayer approved
by the Exchange; the Gold must be shipped under bond, and at the owner's
expense, to the assayer. The expense of sampling and assaying shall, in the
first instance, be borne by the claimant. If a deficiency in quantity or quality
shall be determined by the assayer, the claimant shall have the right to recover
the difference in the market value and all expenses incurred in connection with
the sampling and assaying and any cost of replacement of the Gold. The claimant
may, at his option, proceed directly against the original endorser of the vault
receipt upon Exchange delivery, or against any endorser prior to claimant
without seeking recovery from his immediate deliverer on the Exchange contract,
and if the claim is satisfied by the original endorser of the vault receipt, or
any other endorser, all the endorsers will be thereby discharged from liability
to the claimant. If the claimant seeks recovery from any endorser and his claim
is satisfied by such endorser, the party thus satisfying the claim will have a
similar option to claim recovery directly from any endorser prior to him. Such
claims as are in dispute between members of the Exchange may in each case be
submitted to arbitration under the Rules of the Exchange.

The liability of an endorser of a vault receipt as provided herein shall not be
deemed to limit the rights of such endorser against any person or party for
whose account the endorser acted in making delivery on an Exchange contract. If
it shall be determined in such arbitration proceeding that any endorser of a
vault receipt or the person or party for whom such endorser acted was aware of
the breach of warranty or was involved in a plan or arrangement with the
original endorser (or his principal) to place such inferior Gold in store in a
regular vault for use in deliveries upon Exchange contracts, such endorsers
shall not be entitled to recover from any prior endorser for the breach of
warranty. (10/01/01)

m1543.01  Deposit of Gold with Vaults - Gold in bars shall be placed into a
regular vault accompanied by the following information:

     A.   Brand or markings;

     B.   Identification (serial number) of each bar;

     C.   Weight of each bar; and

     D.   Fineness. (10/01/01)

m1543.02  Issuance of Vault Receipts - After the Gold has been placed in a
regular vault, negotiable vault receipts shall be issued to its owners with the
following information:

     A.   Brand or markings;

<PAGE>

                          Chm 15 Delivery Procedures

    B.  Identification (serial number) of each bar;

    C.  Weight of each bar;

    D.  Fineness.

Receipts shall be lettered or numbered consecutively by each vault.  No two
receipts shall bear the same letter or number.  No receipt shall be issued for
more or less than one contract unit.

m1544.01  Form of Vault Receipt - The following form of vault receipt shall
be used:

  ---------------------------------------------------------------------------
                                (Name of Issuer)

  ---------------------------------------------------------------------------
                                   (Address)

          (Designated by the Exchange as Regular for Delivery of Gold)

      Bearer Receipt No._________________

               Location, _______________________    _________________, 20____

      RECEIVED from_____________________________________________________________
      and stored in the vaults of the undersigned at the above facility, are
      _________ (____) BARS.  Said bars are deliverable only at said vaults to
      them (or him) or order or, if endorsed in blank, to the bearer hereof upon
      surrender hereof and payment of the storage and other proper charges and
      for expenses for notice, advertisement and sale.

      _______________ (the "Vault"), acknowledges receipt, from Depositor named
      above, of the bullion bars described in Schedule I (the "Bars"), stamped
      to indicate the aggregate amount shown of Gold 995 fine.  Vault has
      recorded the specifications concerning the bars as indicated thereon.  The
      Vault is not responsible for the authenticity for markings on, or for the
      weight, fineness, or contents of, the Bars.

      Storage charges are payable on the date of issue of this receipt to the
      end of the current month; and monthly thereafter, in advance, on the first
      business day of each calendar month.  Unearned prepaid storage charges
      will be refunded to the holder upon surrender of this receipt.

      Detailed specifications of bars covered by this receipt have been recorded
      by the undersigned as indicated on said bars.

      THIS RECEIPT IS VOID unless signed by two (2) persons authorized to sign
      on behalf of the Vault.

                                  SCHEDULE I
-------------------------------------------------------------------------------
       SERIAL NUMBER                WEIGHT                    MARK OR BRAND

                                 (Troy Ounces)
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

                           Total ___________________
-------------------------------------------------------------------------------


-----------------------                   --------------------------------
Control Number                            Name of Vault

                                          --------------------------------
Notice:  Notification of transfer         By  Authorized Signature
of this receipt will facilitate
billing of storage charge.                --------------------------------
                                          By  Authorized Signature

STORAGE AND HANDLING CHARGES: Storage charges of ________________ per day per
contract, minimum ________________ per contract; plus ________________ handling
charge per contract for each deposit and ________________ for each withdrawal.


<PAGE>


                           Chm15 Delivery Procedures
                          -------------------------


                                Storage Payments

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------------
      RECEIVED                            REC. DEL.CHG.                  STORAGE CHARGE
        FROM                DATE               AMOUNT               AMOUNT           PAID TO                SIGNATURE
-----------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>                   <C>                    <C>              <C>
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  ENDORSEMENTS

           Date_______________________  by ________________________________
           Date_______________________  by ________________________________
           Date_______________________  by ________________________________

The following form of warehouse depository receipt shall be used:

Board of Trade of the City of Chicago, Inc.

                    141 W. Jackson Blvd.* Chicago, IL  60604
                                 (312) 435-3592

                Original Negotiable Warehouse Depository Receipt

Date Issued: _________________         No. _______________________

The issuer of this instrument will, upon notice and demand, deliver to:
________________________________________ or his or its order 33.2 troy ounces of
Gold contained in a bar conforming to the delivery specifications contained in
the Rules and Regulations of the Board of Trade of the City of Chicago, Inc.
Delivery shall be based upon identification markings appearing on said bar. The
issuer has not ascertained, and is not responsible for, the authenticity or
correctness of markings on, or content, weight or fineness of, said bar. Upon
the return of this receipt, properly endorsed, to issuer, and payment of all
storage charges pertaining to the Gold represented, for which the Board of Trade
of the City of Chicago, Inc. claims a lien, the Gold will be transferred into
the account of the bearer of this certificate.

Board of Trade of the City of Chicago, Inc.

By: ________________________________________
    Authorized Signature

Notice:  This receipt expires one year from date of issuance.  Return to issuer
prior to expiration for reissue or delivery.  (10/01/01)

m1546.01  Date of Delivery - Where Gold is sold for delivery in a specified
month, delivery of such Gold may be made by the seller upon such day of the
specified month as the seller may select. If not previously delivered, delivery
must be made upon the last business day of the month. (10/01/01)

m1547.01  Delivery Notices - (See 1047.01) (10/01/01)

m1548.01  Method of Delivery - (See 1048.01) (10/01/01)

m1549.01  Time of Delivery, Payment, Form of Delivery Notice - (See 1049.00)
(10/01/01)

m1549.02  Buyers' Report of Eligibility to Receive Delivery - (See 1049.02)
(10/01/01)


m1549.03  Sellers' Invoice to Buyers - In addition to the requirements of
1049.03, the seller shall mail a copy of the invoice to the vault or vaults who
issued the vault receipts being delivered. The seller will thereby notify the
vault of the transfer of ownership of the indicated vault receipts from the
seller to the buyer. The seller will be responsible for the payment of storage
charges unless the vault has been notified thereby. (10/01/01)


m1549.04  Payment - Payment shall be made on the basis of the number of fine
troy ounces of Gold contained and delivered. The fine Gold content of a bar for
good delivery is calculated to 0.001 of an ounce troy by multiplying the gross
weight by the assay, but in no case by more than 0.9999. The fourth decimal
place in the product of the multiplication is ignored unless it is a nine, in
such case the


<PAGE>



                          Chm 15 Delivery Procedures
                          --------------------------

third decimal place is increased by 0.001.

Payment is to be made by a check drawn on and certified by a Chicago bank or by
a Cashier's check issued by a Chicago bank.  The long clearing member may effect
payment by wire transfer only if this method of payment is acceptable to the
short clearing member. (10/01/01)

m1550.00  Duties of Members - (See 1050.00) (10/01/01)

m1551.01  Office Deliveries Prohibited - (See 1051.01) (10/01/01)

m1554.00  Failure to Accept Delivery - (See 1054.00) (10/01/01)

m1556.01  Storage and Transfer Fees - Storage charges, transfer fees and in-and-
out charges shall be set by each depository vault and the schedule of such
charges shall be posted with the Exchange, which shall be notified at least 60
days in advance of any changes in the rate schedule. Except as otherwise
provided, all such charges and fees shall remain the responsibility of the
Seller until payment is made. (10/01/01)



<PAGE>


Chm15 Regularity of Vaults

m1580.01  Duties of Vault Operators - It shall be the duty of the operators of
all regular vaults:


(a) To accept Gold for delivery on Chicago Board of Trade contracts, provided
    such Gold is ordered into the Vault by a Clearing Member of the Exchange,
    and all space in such vaults is not already filled or contracted for.

(b) To notify the Board of Trade of any change in the condition of their vaults.

(c) To release to the bearer of the receipt the bars covered by said receipt
    upon presentation of the receipt and payment of all storage and outloading
    charges no later than the business day following compliance with these
    provisions.

(d) To keep stocks of Gold in storage in balance with Gold represented by its
    outstanding vault receipts.  (10/01/01)

m1581.01  Conditions of Regularity - Gold may be delivered against a Gold
contract from any vault designated by the Exchange specifically for the storage
of Gold, and may not be delivered except from such vault. The following shall
constitute the requirements for regularity, and by accepting a Declaration of
Regularity the vault agrees to abide by these conditions:

(1) The vault must notify the Exchange promptly of any material change in
    ownership or condition of its premises.

(2) The vault is required to submit a certified financial statement within 90
    days of the firm's year-end.  A letter of attestation must accompany all
    financial statements signed by the Chief Financial Officer or if there is
    none, a general partner or executive officer.

(3) Such vault shall be provided with standard equipment and appliances for the
    convenient and safe storage of Gold and provide for proper security.

(4) The operator of such vault shall furnish to the Registrar all needed
    information to enable him to keep a correct record and account of all Gold
    received and delivered by the vault daily and of that remaining in store at
    the close of each week.

(5) The operator of such vault shall accord every facility to any duly
    authorized committee for the examination of its books or records for the
    purpose of ascertaining the stocks of Gold. The Exchange shall have the
    authority to employ experts to determine the quantity and quality of Gold in
    said vault.

(6) No vault shall be deemed suitable to be declared regular if its location,
    accessibility, tariffs, or other qualifications shall depart from uniformity
    to the extent that its receipts as tendered in satisfaction of futures
    contracts impair the efficacy of futures trading in this market, or if the
    operator of such vault engages in unethical or inequitable practices, or if
    the operator fails to comply with any laws, Federal or State, or Rules or
    Regulations promulgated under those laws.

(7) The operator shall make such reports, keep such records, and permit such
    vault visitation as the Board of Trade may prescribe, and shall comply with
    all applicable Rules and Regulations.

(8) The operator of such vault must give such bonds to the Exchange as may be
    required by the Exchange.

(9) The vault shall neither withdraw as a regular vault nor withdraw any regular
    capacity except after a sixty (60) day notice to the Exchange or having
    obtained the consent of the Exchange.

(10)The vault shall notify the Exchange at least sixty (60) days in advance of
    any changes in its maximum storage rates, penalty for late storage payment
    and handling charges.  (10/01/01)

m1584.01  Revocation of Regularity - Any regular vault may be declared by the
Business Conduct Committee or, pursuant to Regulation 540.10, the Hearing
Committee, to be irregular at any time if it does not comply with the conditions
above set forth, or fails to carry out its prescribed duties. If the designation
of a vault as regular shall be revoked a notice shall be posted on the bulletin
board and on the Exchange website announcing such revocation and also the period
of time, if any, during which the receipts issued by such vault shall thereafter
be deliverable in satisfaction of futures contracts in Gold under the Rules and
Regulations.

By accepting a Declaration of Regularity the vault agrees, in the event of
revocation or expiration of regularity, to bear the expenses of the transfer of
Gold under bond to another regular vault satisfactory to the holders of its
vault receipts.  (10/01/01)

m1586.01  Regular Vaults - (See Appendix m15B) (10/01/01)


<PAGE>

================================================================================
Chapter 18
U.S. Treasury Bonds
================================================================================

   Ch18 Trading Conditions................................................. 1802
        1801.00  Authority................................................. 1802
        1802.01  Application of Regulation................................. 1802
        1804.01  Unit of Trading........................................... 1802
        1805.01  Months Traded In.......................................... 1802
        1806.01  Price Basis............................................... 1802
        1806.01  Price Basis............................................... 1802
        1807.01  Hours of Trading.......................................... 1802
        1809.01  Last Day of Trading....................................... 1802
        1809.02  Liquidation in the Last Seven Days of the Delivery Month.. 1802
        1810.01  Margin Requirements....................................... 1802
        1812.01  Position Limits and Reportable Positions.................. 1802

   Ch18 Delivery Procedures................................................ 1803
        1836.01  Standards................................................. 1803
        1842.01  Deliveries on Futures Contracts........................... 1803
        1842.02  Wire Failure.............................................. 1803
        1846.01  Date of Delivery.......................................... 1803
        1847.01  Delivery Notices.......................................... 1804
        1848.01  Method of Delivery........................................ 1804
        1849.00  Time of Delivery, Payment, Form of Delivery Notice........ 1804
        1849.02  Buyer's Report of Eligibility to Receive Delivery......... 1804
        1849.03  Seller's Invoice to Buyers................................ 1804
        1849.04  Payment................................................... 1804
        1849.05  Buyers Banking Notification............................... 1804
        1850.00  Duties of Members......................................... 1804
        1851.01  Office Deliveries Prohibited.............................. 1804
        1854.00  Failure to Accept Delivery................................ 1804

     Ch18 Regularity of Banks.............................................. 1805
        1880.01  Banks..................................................... 1805



                                      1801

<PAGE>

================================================================================
Chapter 18
U.S. Treasury Bonds
================================================================================
Ch18 Trading Conditions

1801.00  Authority  - (See Rule 1701.00)  (10/01/94)

1802.01  Application of Regulations  - Futures transactions in long term U.S.
Treasury bonds shall be subject to the general rules of the Association as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in long term U.S. Treasury
bonds. 3000 (09/01/00)

1804.01  Unit of Trading  - The unit of trading shall be United States Treasury
bonds having a face value at maturity of one hundred thousand dollars ($100,000)
or multiples thereof. 3002 (10/01/94)

1805.01  Months Traded In  - Trading in long-term U.S. Treasury bonds may be
scheduled in such months as determined by the Exchange. (03/01/00)

1806.01  Price Basis  - Minimum price fluctuations shall be in multiples of one
thirty-second (1/32) point per 100 points ($31.25 per contract) except for
intermonth spreads, where minimum price fluctuations shall be in multiples of
one-fourth of one-thirty-second point per 100 points ($7.8125 per contract). Par
shall be on the basis of 100 points. Contracts shall not be made on any other
price basis. 3004 (02/01/01)

1807.01  Hours of Trading  - The hours of trading for future delivery in U.S.
Treasury Bonds shall be determined by the Board. On the last day of the trading
in an expiring future, the closing time for such future shall be 12:00 noon,
subject to the provisions of the second paragraph of Rule 1007.00. The market
shall be opened and closed for all months simultaneously, or in such other
manner as the Regulatory Compliance Committee shall direct. 3007 (10/01/94)

1809.01  Last Day of Trading  - No trades in long term U.S. Treasury bond
futures deliverable in the current month shall be made during the last seven
business days of that month and any contracts remaining open must be settled by
delivery or as provided in Regulation 1809.02 after trading in such contracts
has ceased. 3008 (10/01/94)

1809.02  Liquidation in the Last Seven Days of the Delivery Month  - After
trading in contracts for future delivery in the current delivery month has
ceased in accordance with Regulation 1809.01 of this chapter, outstanding
contracts may be liquidated by the delivery of book-entry U.S. Treasury bonds
(Regulation 1842.01) or by mutual agreement by means of a bona fide exchange of
such current futures for the actual long term U.S. Treasury bonds or comparable
instruments. Such exchange must, in any event, be made no later than the fifth
business day immediately preceding the last business day of the delivery month.
3009 (10/01/94)

1810.01  Margin Requirements  -  (See Regulation 431.03)  (10/01/94)

1812.01  Position Limits and Reportable Positions  - (See 425.01) (10/01/94)
Ch18 Delivery Procedures

                                      1802

<PAGE>

                           Ch18 Delivery Procedures

1836.01  Standards   - The contract grade for delivery on futures contracts made
under these regulations shall be long term U.S. Treasury bonds which if callable
are not callable for at least 15 years or if not callable have a maturity of at
least 15 years. All bonds delivered against a contract must be of the same
issue. For settlement, the time to maturity (time to call if callable) of a
given issue is calculated in complete three month increments (i.e. 15 years and
5 months = 15 years and 1 quarter) from the first day of the delivery month. The
price at which a bond with this time to maturity (time to call if callable) and
with the same coupon rate as this issue will yield 6% according to bond tables
prepared by the Financial Publishing Co. of Boston, Mass., is multiplied times
the settlement price to arrive at the amount which the short invoices the long.

U.S. Treasury Bonds deliverable against futures contracts under these
regulations must have semi-annual coupon payments.

Interest accrued on the bonds shall be charged to the long by the short in
accordance with Department of the Treasury Circular 300, Subpart P.

New issues of long term U.S. Treasury bonds which satisfy the standards in this
regulation shall be added to the deliverable grade as they are issued. The Board
shall have the right to exclude any new issue from deliverable status or to
further limit outstanding issues from deliverable status. 3001 (03/01/00)

1842.01  Deliveries on Futures Contracts   - Deliveries against long term U.S.
Treasury bond futures contracts shall be by book-entry transfer between accounts
of Clearing Members at qualified banks (Regulation 1880.01) in accordance with
Department of the Treasury Circular 300, Subpart O: Book-Entry Procedure.
Delivery must be made no later than the last business day of the month. Notice
of intention to deliver shall be given to the Board of Trade Clearing
Corporation by 8:00 p.m. (Chicago time), or by such other time designated by the
Board of Directors, on the second business day preceding delivery day. In the
event the long Clearing Member does not agree with the terms of the invoice
received from the short Clearing Member, the long Clearing Member must notify
the short Clearing Member, and the dispute must be settled by 9:30 a.m. (Chicago
time) on delivery day. The short Clearing Member must have contract grade U.S.
Treasury bonds in place at his bank in acceptable (to his bank) delivery form no
later than 10:00 a.m. (Chicago time) on delivery day. The short Clearing Member
must notify his bank (Regulation 1880.01) to transfer contract grade U.S.
Treasury bonds by book-entry to the long Clearing Member's account at the long
Clearing Member's bank on a delivery versus payment basis. That is, payment
shall not be made until the bonds are delivered. On delivery day, the long
Clearing Member must make funds available by 7:30 a.m. (Chicago time) and notify
his bank (Regulation 1880.01) to accept contract grade U.S. Treasury bonds and
to remit federal funds to the short Clearing Member's account at the short
Clearing Member's bank (Regulation 1880.01) in payment for delivery of the
bonds. Contract grade U.S. Treasury bonds must be transferred and payment must
be made before 1:00 p.m. (Chicago time) on delivery day. All deliveries must be
assigned by the Clearing Corporation. Where a commission house as a member of
the Clearing Corporation has an interest both long and short for customers on
its own books, it must tender to the Clearing Corporation such notices of
intention to deliver as it received from its customers who are short. 3011
(12/01/99)

1842.02  Wire Failure   - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or the short Clearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m. on
the next business day on which the Federal Reserve wire or bank access to it is
operable. Interest shall accrue to the long paid by the short beginning on the
day on which the bonds were to be originally delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 1842.01 and 1849.04 and that all other provisions of
Regulations 1842.01 and 1849.04 have been complied with. 3014   (10/01/94)

1846.01  Date of Delivery   - Delivery of U.S. Treasury bonds may be made by the
short upon any

                                      1803

<PAGE>

                           Ch18 Delivery Procedures

permissible delivery day of the delivery month the short may select. Delivery of
U.S. Treasury bonds must be made no later th an the last business day of that
month. 3012 (10/01/94)

1847.01  Delivery Notices   - (See Regulation 1047.01)  (10/01/94)

1848.01  Method of Delivery   - (See Regulation 1048.01)  (10/01/94)

1849.00  Time of Delivery, Payment, Form of Delivery Notice   - (See Rule
1049.00) (10/01/94)

1849.02  Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/94)

1849.03  Seller's Invoice to Buyers   - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers,
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m., or by such other time designated by the Board
of Directors, on the day of intention except on the last intention day of the
month, where such invoices shall be delivered to the Clearing House by 3:00
p.m., or by such other time designated by the Board of Directors. Upon receipt
of such invoices, the Clearing House shall promptly make them available to
buyers to whom they are addressed, by placing them in buyer's mail boxes
provided for that purpose in the Clearing House. (12/01/99)

1849.04  Payment   - Payment shall be made in federal funds. The long obligated
to take delivery must take delivery and make payment before 1:00 p.m. on the day
of delivery except on banking holidays when delivery must be taken and payment
made before 9:30 a.m. the next banking business day. Adjustments for differences
between contract prices and delivery prices established by the Clearing House
shall be made with the Clearing House in accordance with its By-laws and
Resolutions. 3013 (10/01/94)

1849.05  Buyers Banking Notification   - The long Clearing Member shall provide
the short Clearing Member by 4:00 p.m. (5:00 p.m. EST) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of U.S. securities. (10/01/94)

1850.00  Duties of Members   - (See Rule 1050.00)  (10/01/94)

1851.01  Office Deliveries Prohibited   - (See Regulation 1051.01)  (10/01/94)

1854.00  Failure to Accept Delivery   - (See Rule 1054.00)  (10/01/94)

                                      1804

<PAGE>

Ch18 Regularity of Banks

1880.01  Banks   - For purposes of these regulations relating to trading in long
term U.S. Treasury bonds, the word "Bank" (Regulation 1842.01) shall mean a U.S.
commercial bank (either Federal or State charter) that is a member of the
Federal Reserve System and with capital (capital, surplus and undivided
earnings) in excess of one hundred million dollars ($100,000,000). 3015
(10/01/94)

                                      1805

<PAGE>


==============================================================================
Chapter 19
10-Year Municipal Note Index Futures
==============================================================================

      Ch19 Trading Conditions .......................................   1902
           1901.01 Authority ........................................   1902
           1902.01 Application of Regulation ........................   1902
           1904.01 Unit of Trading ..................................   1902
           1905.01 Months Traded ....................................   1902
           1906.01 Price Basis ......................................   1902
           1907.01 Hours of Trading .................................   1902
           1909.01 Last Day of Trading ..............................   1902
           1909.02 Liquidation During the Delivery Month ............   1902
           1910.01 Margin Requirements ..............................   1902
           1912.01 Position Limits and Reportable Positions .........   1902

      Ch19 Delivery Procedures ......................................   1903
           1936.01 Standards ........................................   1903
           1942.01 Delivery on Futures Contracts ....................   1903
           1947.01 Payment ..........................................   1903
           1950.01 Index Composition ................................   1903




                                      1901

<PAGE>



                             Ch19 Trading Conditions

================================================================================
Chapter 19
10-Year Municipal Note Index Futures
================================================================================

Ch19 Trading Conditions

1901.01   Authority - (See Rule 1701.00) (11/01/02)

1902.01   Application of Regulations - Futures transactions in CBOT(R) 10-Year
Municipal Note Index (the "Index") contracts shall be subject to the general
rules of the Exchange as far as applicable and shall also be subject to the
regulations contained in this chapter, which are exclusively applicable to
trading in Index futures contracts. (11/01/02)

1904.01   Unit of Trading - The unit of trading shall be $1,000.00 times the
Index. (11/01/02)

1905.01   Months Traded - Trading in Index futures contracts may be scheduled in
such months as determined by the Exchange. (11/01/02)

1906.01   Price Basis - The price of Index futures contracts shall be quoted in
points. One point equals $1,000.00. The minimum price fluctuation shall be 1/32
of one point or thirty-one dollars and twenty-five cents ($31.25) per contract.
Contracts shall not be made on any other price basis. (11/01/02)

1907.01   Hours of Trading - The hours of trading for future delivery in Index
futures contracts shall be determined by the Board. On the last day of trading
in an expiring futures contract, the closing time for such future shall be 2:00
p.m. Chicago time (3:00 p.m. New York time) subject to the otherwise applicable
provisions of the second paragraph of Rule 1007.00. The market shall be opened
and closed for all months simultaneously or in such other manner as the Exchange
shall direct. (11/01/02)

1909.01   Last Day of Trading - No trades in Index futures contracts deliverable
in the current delivery month shall be made during the last seven business days
of that month. If on the last day of trading FT Interactive Data Corporation
does not publish a closing Index value, the last day of trading shall be the
next business day for which a closing Index value is published. (11/01/02)

1909.02   Liquidation During the Delivery Month - After trading in contracts for
future delivery in the current delivery month has ceased, in accordance with
Regulation 1909.01 of this chapter, outstanding contracts for such delivery
shall be liquidated by cash settlement as prescribed in Regulation 1942.01.
(11/01/02)

1910.01   Margin Requirements - (See Regulation 431.03). (11/01/02)

1912.01   Position Limits and Reportable Positions - (See Regulation 425.01).
(11/01/02)




                                      1902

<PAGE>


Ch19 Delivery Procedures

1936.01   Standards - The contract grade shall be $1,000.00 times the closing
value of the Index on the last day of trading. The Index shall be composed and
determined by the Exchange in accordance with the criteria set forth in
Regulation 1950.01. The closing value of the Index shall be determined by FT
Interactive Data Corporation. (11/01/02)

1942.01   Delivery on Futures Contracts - Delivery against Index futures
contracts shall be made through the Clearing House. Delivery under these
regulations shall be accomplished by cash settlement as hereinafter provided.

After trading ceases on the last day of trading, the Clearing House shall advise
clearing members holding open positions in current month Index futures contracts
of the closing value of the Index on the last day of trading. Clearing members
shall make and receive payment through the Clearing House in accordance with
normal variation settlement procedures. The settlement price on the last day of
trading is equal to $1,000.00 times the closing value of the Index on the last
day of trading.

The final settlement value of the Index on the last day of trading shall be
determined as follows:

Final Settlement Value = 100 * [5/r + (1-5/r) *(1 + r/200)/-20/]

where r represents the simple average yield-to-worst of the component bonds in
the Index for the last day of trading, expressed in percent terms. For example,
if the simple average yield-to-worst for the last day of trading is five and one
quarter percent, then r is equal to 5.25.

The contract expiration price shall be the final settlement value, so
determined, rounded to the nearest one thirty-second of a point.

Example: Suppose the simple average yield-to-worst on the last day of trading is
5.50. The final settlement value will be 96.19318. To render this in terms of
price point and thirty-seconds of price points, note that it is between
99-7/32nds and 99-6/32nds (where each price point equals $1,000.00):

          99-7/32nds               =         96.21875
          Final Settlement Value   =         96.19318
          99-6/32nds               =         96.18750

The final settlement value is nearer to 99-6/32nds. Thus, the contract
expiration price is obtained by rounding down to 99-6/32nds.

In the event that the final settlement value is at the exact midpoint between
any two adjacent thirty-seconds of a price point, the contract expiration price
will be obtained by rounding up to the nearest thirty-second of a point.

On the last day of trading, open contracts will be marked to market based on the
closing futures price. A final mark to market will be made on the day the
contract expiration price is determined. (11/01/02)

1947.01   Payment - (See Regulation 1049.04) (11/01/02)

1950.01   Index Composition - The Index shall be constructed by the Exchange in
accordance with the following criteria:

(a)  General Index Composition-The Index, at all times, shall be composed of no
     fewer than 100 but no more than 250 municipal bonds that are generally
     exempt from federal income taxation, including those generally exempt
     issues whose interest payments may be subject to an alternative minimum
     tax. The Exchange, in its discretion, may include bonds which meet the
     following criteria:

     1.   Size - Each bond shall have a principal value that is equal to or
          greater than $50 million and shall be a component tranche of a
          municipal issuance that has a deal size that is equal to or greater
          than $200 million.

     2.   Rating - Each bond shall carry an insured or underlying trading of AAA
          by Standard and Poor's Corporation (S&P) and Aaa by Moody's Investors
          Service (MIS) upon initial inclusion in the Index. Bonds that fall
          below an insured or underlying rating of A- by S&P or A3 by MIS or
          both shall be deleted from the Index immediately.

     3.   Maturity - Each bond shall have a remaining maturity that is not less
          than 10 years or more than 40 years from the first calendar day of the
          corresponding futures contract month.


                                      1903

<PAGE>


                            Ch19 Delivery Procedures

     4.   Call Provisions - Each bond may or may not be callable. If callable,
          the first call date shall be not less than 7 years from the first
          calendar day of the corresponding futures contract month.

     5.   Par Issue - Each bond must have a price that is equal to or greater
          than 90 at its issuance date to be eligible for inclusion in the
          Index.

     6.   Private Placements - A bond that is issued as a private placement is
          not eligible for inclusion in the Index.

     7.   Coupon - Each bond shall pay semi-annual interest at a fixed coupon
          rate that is not less than three percent per annum or greater than
          nine percent per annum.

     8.   Issuer Limit - No more than five percent of the number of bonds in the
          Index shall be from the same issuer. A bond shall be deemed to have
          been issued by the same issuer if such bond has the same nominal and
          generic security, that is, the same ultimate source of payment for
          debt service, of another bond in the Index. A first or second lien
          bond of the same generic security shall be defined as having been
          issued by the same issuer.

     9.   State Limit - No more than fifteen percent of the number of bonds in
          the Index shall be from within the jurisdictions of the same state,
          Puerto Rico. or other territorial jurisdictions.

     10.  Insurance Limit - Each bond may or may not be insured. No more than 40
          percent of the number of bonds in the Index shall be insured by Ambac
          Indemnity Corporation, Financial Guaranty Insurance Corporation,
          Financial Security Assurance, or MBIA Insurance Corporation.

(b)  Index Pricing - FI Interactive Data Corporation shall compute the closing
     value of the Index each day the municipal bond cash market is open using
     the following procedures:

     1.   Component Bond Pricing - FT Interactive Data Corporation shall price
          each component bond in the Index daily. The price of each component
          bond shall be defined as FT Interactive Data Corporation's fair market
          value estimation.

          With the exception of the last trading day in the current contract
          expiration, FT Interactive Data Corporation shall price each component
          bond:

          -  at 3:00 p.m. Chicago time (4:00 p.m. New York time) when the
             underlying cash market is open for normal trading hours and is
             therefore not subject to an early scheduled halt in cash market
             trading, or

          -  at 1:00 p.m. Chicago time (2:00 p.m. New York time) when the
             underlying cash market is subject to an early scheduled halt in
             cash market trading.

          On the last trading day in the current contract expiration, however,
          FT Interactive Data Corporation shall price each component bond at
          2:00 p.m. Chicago time (3:00 p.m. New York time).

          If the Exchange determines in advance that circumstances in the cash
          market will occasion either an early halt to cash market trading or an
          otherwise unscheduled holiday which would impede FT Interactive Data
          Corporation from pricing the component bonds of the Index, the
          Exchange may suspend or reschedule the pricing for that day provided
          that such determination is published before the start of trading on
          the day in question and provided that such day is not the last day of
          trading in a contract month.

     2.   Index Computation - FT Interactive Data Corporation shall compute the
          daily Index value. FT Interactive Data Corporation shall first
          determine the price of each component bond in the Index. FT
          Interactive Data Corporation shall then calculate the simple average
          yield-to-worst of the component bonds by summing the individual yields
          of the component bonds and dividing by the number of component bonds.
          The simple average yield-to-worst of the component bonds in the Index
          shall be rounded to the nearest one-tenth of one basis point and
          rounded up in the case of a tie. This simple average yield-to-worst
          will be entered into the pricing algorithm in Regulation 1942.01 to
          calculate the daily Index value. The daily


                                      1904

<PAGE>


                            Ch19 Delivery Procedures

          Index value shall be rounded to the nearest one thirty-second of a
          full point. If the Index value is exactly at the midpoint between two
          thirty-seconds of a point, the Index value shall be rounded up to the
          nearest one thirty-second.

          With the exception of the last trading day in the current contract
          expiration, FT Interactive Data Corporation shall compute the daily
          Index value:

          -  at 3:00 p.m. Chicago time (4:00 p.m. New York time) when the
             underlying cash market is open for normal trading hours and is
             therefore not subject to an early scheduled halt in cash market
             trading; or

          -  at 1:00 p.m. Chicago time (2:00 p.m. New York time) when the
             underlying cash market is subject to an early scheduled halt in
             cash market trading.

          On the final trading day in the current expiration month, FT
          Interactive Data Corporation will price the component bonds on the
          Index at 2:00 p.m. Chicago rime (3:00 p.m. New York time) and will
          compute the final settlement value of the Index according to the
          method as described in the previous paragraph with one exception. Any
          component bond whose price change from the previous day's close falls
          outside of one standard deviation of the average price change of all
          component bonds in the Index will be excluded from the Index for final
          cash settlement purposes.

(c)  Index Revisions - The Exchange shall revise the Index after 3:00 p.m.
     Chicago time (4:00 p.m. New York time) on the first business day in the
     February, May, August and November quarterly cycle. For example, the Index
     revision for the March futures contract expiration will occur on the first
     business day in November, the index revision for the June futures contract
     expiration will occur on the first business day in February, the index
     revision for the September futures contract expiration will occur on the
     first business day in May, and the index revision for the December futures
     contract expiration will occur on the first business day in August. If such
     day is not an Exchange business day, or is an Exchange business day that is
     subject to an early halt in cash market trading, the Exchange shall revise
     the Index shall after 3:00 p.m. Chicago time (4:00 p.m. New York time) on
     the immediately preceding Exchange business day that is not subject to an
     early halt in cash market trading. The revised Index will be implemented on
     the next business day following an Index revision.

     The Exchange shall add bonds to the Index as prescribed in Regulation
     1950.01(a). The Exchange shall delete bonds from the Index as prescribed in
     Regulation 1950.01(d).

(d)  Bonds no longer meeting all the original selection criteria shall be
     deleted from the Index.

     At Index revisions, no additions to, or deletions from, the Index will be
     implemented that would have the effect of violating global Index rules with
     respect to Issuer, State, or Insurance coverage limits.

     In the event that more than 250 bonds meet the eligibility criteria for
     Index inclusion, as stipulated in Regulation 1950.01(a), the Exchange will
     increase in increments of $1 million the required $50 million principal
     value for bond eligibility in order to construct an Index that shall be
     composed of as many bonds as possible without exceeding the 250 bond limit.

     The Exchange has final authority over Index composition. (11/01/02)


                                      1905

<PAGE>

================================================================================
Chapter 21
30-Day Fed Fund Futures
================================================================================
   Ch21 Trading Conditions................................................. 2102
        2101.01  Authority................................................. 2102
        2102.01  Application of Regulation................................. 2102
        2104.01  Unit of Trading........................................... 2102
        2105.01  Months Traded In.......................................... 2102
        2106.01  Price Basis............................................... 2102
        2107.01  Hours of Trading.......................................... 2102
        2109.01  Last Day of Trading....................................... 2102
        2109.02  Liquidation During the Delivery Month..................... 2102
        2110.01  Margin Requirements....................................... 2102
        2112.01  Position Limits and Reportable Positions.................. 2102
        2113.01  Strip Transactions........................................ 2102

   Ch21 Delivery Procedures................................................ 2104
        2136.01  Standards................................................. 2104
        2142.01  Delivery on Futures Contracts............................. 2104
        2147.02  Payment................................................... 2104




                                      2101

<PAGE>

================================================================================
Chapter 21
30-Day Fed Fund Futures
================================================================================
Ch21 Trading Conditions

2101.01  Authority - (See Rule 1701.00)  (10/01/94)

2102.01  Application of Regulation  - Futures transactions in 30-Day Fed Fund
futures contracts shall be subject to the general rules of the Association as
far as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in 30-Day Fed Fund futures.
(10/01/94)

2104.01  Unit of Trading  - The unit of trading shall be interest on Fed funds
having face value of $5,000,000 or multiples thereof for one month calculated on
a 30-day basis at a rate equal to the average overnight Fed funds rate for the
contract month. (10/01/94)

2105.01  Months Traded In - Trading shall be for delivery in the current
calendar month, and in the following twenty-four calendar months, and in the
March, June, September, and December cycle months for a forty-two month period
beginning with the first such cycle month following the last spot month,
provided however that the Exchange may determine not to list a contract month.
(10/01/94)

2106.01  Price Basis - Prices will be quoted on an index basis, i.e., 100 minus
the monthly average overnight Fed funds rate (e.g., a rate of 6.50% is quoted at
93.50). Minimum price fluctuations shall be in increments of one-half of one-
hundredth of one percent of five million dollars on a 30 day basis ($20.835 per
one-half basis point), rounded up to the nearest cent. (07/01/99)

2107.01  Hours of Trading - The hours of trading for future delivery in 30-Day
Fed Fund futures shall be as determined by the Board. On the last day of trading
in an expiring future, the closing time for such future shall be 2:00 p.m.
Chicago time subject to the otherwise applicable provisions of the second
paragraph of Rule 1007.00. The market shall be opened and closed for all months
simultaneously or in such other manner as the Regulatory Compliance Committee
shall direct. (10/01/94)

2109.01  Last Day of Trading - The last day of trading shall be the last
business day of the delivery month. (10/01/94)

2109.02  Liquidation During the Delivery Month - After trading in contracts for
future delivery in the current delivery month has ceased, in accordance with
Regulation 2109.01 of this chapter, outstanding contracts for such delivery
shall be liquidated by cash settlement as prescribed in Regulation 2142.01.
(10/01/94)

2110.01  Margin Requirements - (See Regulation 431.03). (10/01/94)

2112.01  Position Limits and Reportable Positions - (See Regulation 425.01).
(10/01/94)

2113.01  Strip Transactions - A 30-Day Fed Fund futures strip transaction
involving the simultaneous purchase or sale of an equal amount of futures
contract months at a differential to the previous settlement prices is permitted
on this Exchange provided:

     1.  that each month of the strip is for the same account. Provided that,
         when an order has been executed in the wrong month, and the erroneous
         transaction has been placed in the broker's or firm's error account,
         the error may be corrected by a spread transaction in which one leg of
         the spread offsets the position in the error account and the other leg
         is the correct execution of the order. Provided further that the
         liability of the floor broker or FCM shall be determined in accordance
         with Regulation 350.04.

     2.  that all months of the strip are priced at prices within the daily
         trading limits specified in Regulation 1008.01.

     3.  that the strip is offered by public outcry in the pit assigned to 30-
         Day Fed Fund futures.

                                      2102

<PAGE>

                            Ch21 Trading Procedures

    4.  that the transaction shall be reported, recorded and publicized as a
        strip.

    5.  that when such transactions are executed simultaneously, the executing
        member on each side of the transaction shall designate each part of the
        trade as a strip on his cards or order by an appropriate word or symbol
        clearly identifying each part of such transactions.

Brokers may not couple separate orders and execute them as a strip, nor may a
broker take one part of a strip for his own account and give the other part to a
customer on an order.  (10/01/94)

                                      2103

<PAGE>

Ch21 Delivery Procedures

2136.01  Standards - The contract grade shall be 100 minus the average daily Fed
funds overnight rate for the delivery month. The average daily Fed funds
overnight rate is a simple average of the daily Fed funds overnight rates as
determined by the Federal Reserve Bank of New York. This simple average will be
rounded to the nearest tenth of a basis point and rounded up on the case of a
tie.



For days for which the Federal Reserve Bank of New York does not compute a rate
(e.g. weekends and holidays), the rate shall be the rate determined on the last
business day for which a rate was determined.  (08/01/01)

2142.01  Delivery on Futures Contracts - Delivery against 30-Day Fed Fund
futures contracts shall be made by cash settlement through the Clearing House
following normal variation margin procedures. The final settlement price will be
calculated on the business day that the Federal Reserve Bank of New York
releases the overnight Fed funds rate for the last day of trading. The final
settlement price shall be 100 minus the average daily Fed funds overnight rate
for the delivery month. On the last day of trading open contracts will be marked
to market based on the closing futures price. A final mark to market will be
made on the day the final settlement price is determined. (10/01/94)

2147.02  Payment - (See 1049.04) (10/01/94)



<PAGE>


================================================================================
Chapter 23
Short Term U.S. T-Notes (2-Year)
================================================================================
   Ch23 Trading Conditions................................................. 2302
        2301.00  Authority................................................. 2302
        2302.01  Application of Regulation................................. 2302
        2303.01  Emergencies, Acts of God, Acts of Government.............. 2302
        2304.01  Unit of Trading........................................... 2302
        2305.01  Months Traded In.......................................... 2302
        2306.01  Price Basis............................................... 2302
        2307.01  Hours of Trading.......................................... 2302
        2309.01  Last Day of Trading....................................... 2303
        2309.02  Liquidation after Trading has Ceased...................... 2303

   Ch23 Delivery Procedures................................................ 2304
        2336.01  Standards................................................. 2304
        2346.01  Date of Delivery.......................................... 2304
        2347.01  Delivery Notices.......................................... 2305
        2348.01  Method of Delivery........................................ 2305
        2349.01  Time of Delivery, Payment, Form of Delivery Notice........ 2305
        2349.02  Buyer's Report of Eligibility to Receive Delivery......... 2305
        2349.03  Seller's Invoice to Buyers................................ 2305
        2349.04  Payment................................................... 2305
        2349.05  Buyers Banking Notification............................... 2305
        2350.00  Duties of Members......................................... 2305
        2350.01  Office Deliveries Prohibited.............................. 2305
        2354.00  Failure to Accept Delivery................................ 2305
        2380.01  Banks..................................................... 2305



                                      2301

<PAGE>

                           Ch 23 Trading Conditions
================================================================================
Chapter 23
Short Term U.S. T-Notes (2-Year)
================================================================================
Ch23 Trading Conditions

2301.00  Authority - (See Rule 1701.00)  (10/01/94)

2302.01  Application of Regulation - Futures transactions in short term U.S.
Treasury Notes shall be subject to the general rules of the Association as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in short term U.S. Treasury
Notes.

For the purpose of this chapter, the trading day begins with the commencement of
trading on Project A at 2:15 p.m. and ends with the close of trading of regular
daytime trading.  (10/01/98)

2303.01  Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either, is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. For example, and without
limiting the Board's power, it may extend delivery dates and designate
alternative delivery points in the event of conditions interfering with the
normal operations of approved facilities.

In the event the Board determines that there exists a shortage of deliverable
U.S. Treasury Notes, it may, upon a two-thirds vote under Rule 180.00, take such
action as may in the Board's sole discretion appear necessary to prevent,
correct or alleviate the condition. Without limiting the foregoing or the
authority of the Board under Rule 180.00, the Board may:

(1)  designate as deliverable, U.S. Treasury Bonds or U.S. Treasury Notes
     otherwise meeting the specifications and requirements stated in this
     chapter;

(2)  designate as deliverable one or more issues of U.S. Treasury Notes and/or
     U.S. Treasury Bonds having maturities shorter than one year, nine months or
     longer than two years and otherwise meeting the specifications and
     requirements stated in this chapter; and/or

(3)  determine a cash settlement based on the current cash value of a 6% coupon
     rate, one year nine months to two years U.S. Treasury Note, as determined
     by using the current market yield curve for U.S. Treasury securities on the
     last day of trading. (03/01/00)

2304.01  Unit of Trading - The unit of trading shall be United States Treasury
Notes having a face value at maturity of two hundred thousand dollars ($200,000)
or multiples thereof. (10/01/94)

2305.01  Months Traded In - Trading in Short-Term U.S. Treasury Notes futures
may be scheduled in such months as determined by the Exchange. (03/01/00)

2306.01  Price Basis - Minimum price fluctuations shall be in multiples of one-
quarter of one thirty-second (1/32) point per 100 points ($15.625 rounded up to
the nearest 1 cent per contract). Par shall be on the basis of 100 points.
Contracts shall not be made on any other price basis. (10/01/94)

                                      2302

<PAGE>

                           Ch 23 Trading Conditions

2307.01  Hours of Trading - The hours of trading for future delivery in short
term U.S. Treasury Notes shall be determined by the Board. On the last day of
trading in an expiring future, the closing time for such future shall be 12:00
noon, subject to the provisions of the second paragraph of Rule 1007.00. The
market shall be opened and closed for all months simultaneously, or in such
other manner as the Regulatory Compliance Committee shall direct. (10/01/94)

2309.01  Last Day of Trading - No trades in short term U.S. Treasury Note
futures deliverable in the current month shall be made following the last
business day of the calendar month or two business days prior to issuance of two
year notes by the U.S. Treasury auctioned in the current month, whichever occurs
first, and any contracts remaining open must be settled by delivery or as
provided in Regulation 2309.02 after trading in such contract has ceased.
(10/01/94)

2309.02  Liquidation after Trading has Ceased - After trading in contacts for
future delivery in the current delivery month has ceased in accordance with
Regulation 2309.01 of this chapter, outstanding contracts may be liquidated by
the delivery of book-entry U.S. Treasury Notes (Regulation 2342.01) or by mutual
agreement by means of a bona fide exchange of such current futures for actual
U.S. Treasury Notes or comparable instruments. Such exchange must, in any event
be made no later than 12:00 p.m. (Chicago time) on the second business day
immediately preceding the last business day of the delivery month as defined in
Regulation 2346.01. (10/01/94)



                                      2303

<PAGE>

                           Ch23 Delivery Procedures

Ch23 Delivery Procedures

2336.01   Standards - The contract grade for delivery on futures contracts made
under these regulations shall be U.S. Treasury Notes which have an original
maturity no greater than five years three months and remaining maturity not less
than one year, nine months and not more than two years as defined below. All
notes delivered against a contract must be of the same issue. For settlement or
for determining remaining maturity for delivery eligibility, the time to
maturity of a given issue is calculated in complete one month increments (i.e. 1
year, 10 months, 17 days is taken to be 1 year, 10 months) from the first day of
the delivery month. The price at which a note with this time to maturity and
with the same coupon rate as this issue will yield 6%, according to bond tables
prepared by the Financial Publishing Co. of Boston, Mass., is multiplied by the
settlement price to arrive at the amount at which the short invoices the long.

Interest accrued on the notes shall be charged to the long by the short in
accordance with Department of the Treasury Circular 300, Subpart P.

New issues of U.S. Treasury Notes which satisfy the standards in this regulation
shall be added to the deliverable grade as they are issued. If during the
auction of a note which will meet the standards of this chapter the Treasury re-
opens an existing issue, thus rendering the existing issue indistinguishable
from the newly auctioned one, the older issue is deemed to meet the standards of
this chapter and would be deliverable. The Exchange shall have the right to
exclude any new issue from deliverable status or to further limit outstanding
issues from deliverable status.  (03/01/00)

2342.01   Deliveries on Futures Contracts - Deliveries against short-term U.S.
Treasury Notes futures contracts shall be by book-entry transfer between
accounts of Clearing Members at qualified banks (Regulation 2380.01) in
accordance with Department of Treasury Circular 300, Subpart 0: Book-Entry
Procedure. Delivery must be made no later than the last business day of the
month. Notice of intention to deliver shall be given to the Board of Trade
Clearing Corporation by 8:00 p.m. (Chicago time), or by such other time
designated by the Board of Directors, on the second business day preceding
delivery day. In the event the long Clearing Member does not agree with the
terms of the invoice received from the short Clearing Member, the long Clearing
Member must notify the short Clearing Member, and the dispute must be settled by
9:30 a.m. (Chicago time) on delivery day. The short Clearing Member must have
contract grade U.S. Treasury notes at his bank in acceptable (to his bank)
delivery form by 10:00 a.m. (Chicago time) on delivery day. The short Clearing
Member must notify his bank (Regulation 2380.01) to transfer contract grade U.S.
Treasury notes by book-entry to the long Clearing Member's account on a delivery
versus payment basis. That is, payment shall not be made until the notes are
delivered. On delivery day, the long Clearing Member must make funds available
by 7:30 a.m. (Chicago time) and notify his bank (Regulation 2380.01) to accept
contract grade U.S. Treasury notes and to remit federal funds to the short
Clearing Members' account at the short Clearing Member's bank (Regulation
2380.01) in payment for delivery of the notes. Contract grade U.S. Treasury
notes must be transferred and payment must be made before 1:00 p.m. (Chicago
time) on delivery day. All deliveries must be assigned by the Clearing
Corporation. Where a commission house as a member of the Clearing Corporation
has an interest both long and short for customers on its own books, it must
tender to the Clearing Corporation such notices of intention to deliver as it
received from its customers who are short. (12/01/99)

2342.02   Wire Failure - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or the short Clearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m. on
the next business day on which the Federal Reserve wire is operable. Interest
shall accrue to the long paid by the short beginning on the day at which the
notes were to be originally delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 2342.01 and 2349.04 and that all provisions of
Regulations of 2342.01 and 2349.04 have been complied with.  (10/01/94)

2346.01   Date of Delivery - Delivery of short term U.S. Treasury Notes may be
made by the short upon any permissible delivery day of the delivery month the
short may select. The delivery month extends to and includes the third business
day following the last trading day in the current month. Delivery of short term
U.S. Treasury Notes must be made no later than the last business day

                                      2304

<PAGE>

                           Ch23 Delivery Procedures

of that month. (11/01/94)

2347.01   Delivery Notices - (See Regulation 1047.01)  (10/01/94)

2348.01   Method of Delivery - (See Regulation 1048.01)  (10/01/94)

2349.01   Time of Delivery, Payment, Form of Delivery Notice - (See Rule
1049.00) (10/01/94)

2349.02   Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/94)

2349.03   Seller's Invoice to Buyers - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers,
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m., or by such other time designated by the Board
of Directors, on the day of intention except on the last intention day of the
month, where such invoices shall be delivered to the Clearing House by 3:00
p.m., or by such other time designated by the Board of Directors. Upon receipt
of such invoices, the Clearing House shall promptly make them available to
buyers to whom they are addressed, by placing them in buyers' mail boxes
provided for that purpose in the Clearing House. (12/01/99)

2349.04   Payment - Payment shall be made in federal funds. The long obligated
to take delivery must take delivery and make payments before 1:00 p.m. on the
day of delivery, except on banking holidays when delivery must be taken and
payment made before 9:30 a.m. the next banking business day. Adjustments for
differences between contract prices and delivery prices established by the
Clearing House shall be made with the Clearing House in accordance with its by-
laws and resolutions. (10/01/94)

2349.05   Buyers Banking Notification - The long Clearing Member shall provide
the short Clearing member by 4:00 p.m. (5:00 p.m. EST) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of U.S. securities. (10/01/94)

2350.00   Duties of Members - (See Rule 1050.00) (10/01/94)

2350.01   Office Deliveries Prohibited - (See Regulation 1051.01) (10/01/94)

2354.00   Failure to Accept Delivery - (See Rule 1054.00) (10/01/94)

2380.01   Banks - For purposes of these regulations relating to trading in short
term U.S. Treasury Notes, the word "Bank" (Regulation 2342.01) shall mean a U.S.
commercial bank (either Federal or State charter) that is a member of the
Federal Reserve System and with capital (capital, surplus, and undivided
earnings) in excess of one hundred million dollars ($100,000,000). (10/01/94)


                                      2305

<PAGE>

================================================================================
Chapter 24
Long Term T-Notes (6 1/2 -10 Year)
================================================================================

    Ch24 Trading Conditions................................................ 2402
      2401.00  Authority................................................... 2402
      2402.01  Application of Regulation................................... 2402
      2403.01  Emergencies, Acts of God, Acts of Government................ 2402
      2404.01  Unit of Trading............................................. 2402
      2405.01  Months Traded In............................................ 2402
      2406.01  Price Basis................................................. 2402
      2407.01  Hours of Trading............................................ 2402
      2409.01  Last Day of Trading......................................... 2402
      2409.02  Liquidation in the Last Seven Days of Delivery Months....... 2403
      2412.12  Position Limits and Reportable Positions.................... 2403

    Ch24 Delivery Procedures............................................... 2404
      2436.01  Standards................................................... 2404
      2442.01  Deliveries of Futures Contracts............................. 2404
      2442.02  Wire Failure................................................ 2404
      2446.01  Date of Delivery............................................ 2405
      2447.01  Delivery Notices............................................ 2405
      2448.01  Method of Delivery.......................................... 2405
      2449.00  Time of Delivery, Payment, Form of Delivery Notice.......... 2405
      2449.02  Buyer's Report of Eligibility to Receive Delivery........... 2405
      2449.03  Sellers Invoice to Buyers................................... 2405
      2449.04  Payment..................................................... 2405
      2449.05  Buyers Banking Notification................................. 2405

    Ch24 Regularity of Banks............................................... 2406
      2480.01  Banks....................................................... 2406


                                      2401

<PAGE>

================================================================================
Chapter 24
Long Term T-Notes (6 1/2 -10 Year)
================================================================================

Ch24 Trading Conditions

2401.00  Authority - (See Rule 1701.00)  (10/01/94)

2402.01  Application of Regulations - Futures transactions in long term U.S.
Treasury Notes shall be subject to the general rules of the Association as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in long term U.S. Treasury
Notes.  (09/01/00)

2403.01  Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either, is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. For example, and without
limiting the Board's power, it may extend delivery dates and designate
alternative delivery points in the event of conditions interfering with the
normal operations of approved facilities.

In the event the Board determines that there exists a shortage of deliverable
U.S. Treasury Notes, it may, upon a two-thirds vote under Rule 180.00, take such
action as may be in the Board's sole discretion appear necessary to prevent,
correct or alleviate the condition. Without limiting the foregoing or the
authority of the Board under Rule 180.00, the Board may:

(1) designate as deliverable, callable U.S. Treasury Bonds otherwise meeting the
    specifications and requirements stated in this chapter;

(2) designate as deliverable one or more issues of U.S. Treasury Notes and/or
    U.S. Treasury Bonds having maturities shorter than six and one-half years,
    or longer than ten years and otherwise meeting the specifications and
    requirements stated in this chapter; and/or

(3) determine a cash settlement based on the current cash value of a 6% coupon
    rate, six and one-half years to ten years U.S. Treasury Note, as determined
    by using the current market yield curve for U.S. Treasury securities on the
    last day of trading.  (03/01/00)

2404.01  Unit of Trading - The unit of trading shall be United States Treasury
Notes having a face value at maturity of one hundred thousand dollars ($100,000)
or multiples thereof.  (10/01/94)

2405.01  Months Traded In - Trading in Long-Term U.S. Treasury notes futures
may be scheduled in such months as determined by the Exchange. (03/01/00)

2406.01  Price Basis - Minimum price fluctuations shall be in multiples of
one-half of one thirty-second (1/32) point per 100 points ($15.625 per contract)
except for intermonth spreads, where minimum price fluctuations shall be in
multiples of one-fourth of one thirty-second point per 100 points ($7.8125 per
contract).  Par shall be on the basis of 100 points. Contracts shall not be made
on any other price basis.  (02/01/01)

2407.01  Hours of Trading - The hours of trading for future delivery in long
term U.S. Treasury Notes shall be determined by the Board. On the last day of
trading in an expiring future, the closing time for such future shall be 12:00
noon subject to the provisions of the second paragraph of Rule 1007.00.

The market shall be opened and closed for all months simultaneously, or in such
other manner as the Regulatory Compliance Committee shall direct.  (10/01/94)

2409.01  Last Day of Trading - No trades in long term U.S. Treasury Note
futures deliverable in the current month shall be made during the last seven
business days of that month and any contracts



                                      2402

<PAGE>

                            Ch24 Trading Conditions
                            -----------------------

remaining open must be settled by delivery or as provided in Regulation 2409.02
after trading in such contracts has ceased. (10/01/94)

2409.02  Liquidation in the Last Seven Days of Delivery Months - After trading
in contracts for future delivery in the current delivery month has ceased in
accordance with Regulation 2409.01 of this chapter, outstanding contracts may be
liquidated by the delivery of book-entry U.S. Treasury Notes or Bonds
(Regulation 2442.01) or by mutual agreement by means of a bona fide exchange of
such current futures for actual U.S. Treasury Notes or Bonds or comparable
instruments. Such exchange must, in any event, be made no later than the fifth
business day immediately preceding the last business day of the delivery month.
(10/01/94)

2412.12  Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/94)

                                      2403

<PAGE>

Ch24 Delivery Procedures

2436.01  Standards - The contract grade for delivery on futures contracts made
under these regulations shall be U.S. Treasury Notes which have an actual
maturity of not less than six and one-half years and not more than ten years.
All notes delivered against a contract must be of the same issue. For
settlement, the time to maturity of a given issue is calculated in complete
quarter year increments (i.e. 8 years, 10 months, 17 days is taken to be 8
years, 9 months) from the first day of the delivery month. The price at which a
note with this time to maturity and with the same coupon rate as this issue will
yield 6%, according to bond tables prepared by the Financial Publishing Co. of
Boston, Mass., is multiplied by the settlement price to arrive at the amount at
which the short invoices the long.

U.S. Treasury Notes deliverable against futures contracts under these
regulations must have semi-annual coupon payments.

Interest accrued on the notes shall be charged to the long by the short in
accordance with Department of the Treasury Circular 300, Subpart P.

New issues of U.S. Treasury Notes which satisfy the standards in this regulation
shall be added to the deliverable grade as they are issued. If during the
auction of a note which will meet the standards of this chapter the Treasury re-
opens an existing issue, thus rendering the existing issue indistinguishable
from the newly auctioned one, the older issue is deemed to meet the standards of
this chapter and would be deliverable. The Exchange shall have the right to
exclude any new issue from deliverable status or to further limit outstanding
issues from deliverable status.  (03/01/00)

2442.01  Deliveries of Futures Contracts - Deliveries against long term U.S.
Treasury Note futures contracts shall be by book-entry transfer between accounts
of Clearing Members at qualified banks (Regulation 2480.01) in accordance with
Department of Treasury Circular 300, Subpart O: Book-Entry Procedure. Delivery
must be made no later than the last business day of the month. Notice of
intention to deliver shall be given to the Board of Trade Clearing Corporation
by 8:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors, on the second business day preceding delivery day. In the event the
long Clearing Member does not agree with the terms of the invoice received from
the short Clearing Member, the long Clearing Member must notify the short
Clearing Member, and the dispute must be settled by 9:30 a.m. (Chicago time) on
delivery day. The short Clearing Member must have contract grade U.S. Treasury
notes in place at his bank in acceptable (to his bank) delivery form no later
than 10:00 a.m. (Chicago time) on delivery day. The short Clearing Member must
notify his bank (Regulation 2480.01) to transfer contract grade U.S. Treasury
notes by book-entry to the long Clearing Member's account at the long Clearing
Member's bank on a delivery versus payment basis. That is, payment shall not be
made until the notes are delivered. On delivery day, the long Clearing Member
must make funds available by 7:30 a.m. (Chicago time) and notify his bank
(Regulation 2480.01) to accept contract grade U.S. Treasury notes and to remit
federal funds to the short Clearing Member's account at the short Clearing
Member's bank (Regulation 2480.01) in payment for delivery of the notes.
Contract grade U.S. Treasury notes must be transferred and payment must be made
before 1:00 p.m. (Chicago time) on delivery day. All deliveries must be assigned
by the Clearing Corporation. Where a commission house as a member of the
Clearing Corporation has an interest both long and short for customers on its
own books, it must tender to the Clearing Corporation such notices of intention
to deliver as it received from its customers who are short.  (12/01/99)

2442.02  Wire Failure - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or thbulletinClearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m. on
the next business day on which the Federal Reserve wire is operable. Interest
shall accrue to the long paid by the short beginning on the day at which the
notes were to be originally delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 2442.01 and 2449.04 and that all other provisions of
Regulations of 2442.01 and 2449.04 have been complied with.  (10/01/94)



                                      2404

<PAGE>

                           Ch24 Delivery Procedures
                           ------------------------

2446.01  Date of Delivery - Delivery of long term U.S. Treasury Notes may be
made by the short upon any permissible delivery day of the delivery month the
short may select. Delivery of long term U.S. Treasury Notes must be made no
later than the last business day of that month. (10/01/94)

2447.01  Delivery Notices - (See Regulation 1047.01) (10/01/94)

2448.01  Method of Delivery - (See Regulation 1048.01) (10/01/94)

2449.00  Time of Delivery, Payment, Form of Delivery Notice - (See Rule 1049.00)
(10/01/94)

2449.02  Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/94)

2449.03  Sellers Invoice to Buyers - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m., or by such other time designated by the Board
of Directors, on the day of intention except on the last intention day of the
month, where such invoices shall be delivered to the Clearing House by 3:00
p.m., or by such other time designated by the Board of Directors. Upon receipt
of such invoices, the Clearing House shall promptly make them available to
buyers to whom they are addressed, by placing them in buyer's mail boxes
provided for that purpose in the Clearing House. (12/01/99)

2449.04  Payment - Payment shall be made in federal funds. The long obligated to
take delivery must take delivery and make payment before 1:00 p.m. on the day of
delivery, except on banking holidays when delivery must be taken and payment
made before 9:30 a.m. the next business day. Adjustments for differences between
contract prices and delivery prices established by the Clearing House shall be
made with the Clearing House in accordance with its by-laws and resolutions.
(10/01/94)

2449.05  Buyers Banking Notification - The long Clearing Member shall provide
the short Clearing member by 4:00 p.m. (5:00 p.m. EST) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of U.S. securities. (10/01/94)



                                      2405

<PAGE>

Ch24 Regularity of Banks

2480.01  Banks - For purposes of these regulations relating to trading in long
term U.S. Treasury Notes, the word "Bank" (Regulation 2442.01) shall mean a U.S.
commercial bank (either Federal or State charter) that is a member of the
Federal Reserve System and with capital (capital, surplus and undivided
earnings) in excess of one hundred million dollars ($100,000,000). (10/01/94)



                                      2406

<PAGE>

===============================================================================
Chapter m18
CBOT mini-sized U.S. Treasury Bonds
===============================================================================

     Chm18 Trading Conditions...........................................
         m1801.01     Authority.........................................
         m1802.01     Application of Regulations........................
         m1803.01     Derivative Markets................................
         m1804.01     Unit of Trading...................................
         m1805.01     Months Traded In..................................
         m1806.01     Price Basis.......................................
         m1807.01     Hours of Trading..................................
         m1809.01     Last Day of Trading...............................
         m1809.02     Liquidation in the Last Seven Days of the
                      Delivery Month....................................
         m1810.01     Margin Requirements...............................
         m1812.01     Position Limits and Reportable Positions..........

     Chm18 Delivery Procedures..........................................
         m1836.01     Standards.........................................
         m1842.01     Deliveries on Futures Contracts...................
         m1842.02     Wire Failure......................................
         m1846.01     Date of Delivery..................................
         m1847.01     Delivery Notices..................................
         m1848.01     Method of Delivery................................
         m1849.00     Time of Delivery, Payment, Form of Delivery Notice
         m1849.02     Buyer's Report of Eligibility to Receive Delivery.
         m1849.03     Seller's Invoice to Buyers........................
         m1849.04     Payment...........................................
         m1849.05     Buyers Banking Notification.......................
         m1854.00     Failure to Accept Delivery........................

     Chm18 Regularity of Banks..........................................
         m1880.01     Banks.............................................



<PAGE>

===============================================================================
Chapter m18
CBOT mini-sized U.S. Treasury Bonds
===============================================================================

Chm18 Trading Conditions

m1801.01  Authority - Trading in mini-sized long term U.S. Treasury bond futures
may be conducted under such terms and conditions as may be prescribed by
regulation. (10/01/01)

m1802.01  Application of Regulations - Futures transactions in mini-sized long
term U.S. Treasury bonds shall be subject to the general rules of the Exchange
as far as applicable and shall also be subject to the regulations contained in
this chapter, which are exclusively applicable to trading in mini-sized long
term U.S. Treasury bonds. (10/01/01)

m1803.01  Derivative Markets - Settlement prices shall be set in accordance with
this regulation consistent with the settlement prices of the primary market.
Contract settlement prices shall be set equal to the settlement prices of the
corresponding contracts of the primary market for such commodity. Where a
particular contract has opened on the Exchange for which the primary market has
established no settlement price, the manager of the clearing house shall set a
settlement price consistent with the spread relationships of other contracts;
provided, however, that if the contract is not subject to daily price
fluctuation limits then the settlement price shall be set at the fair market
value of the contract at the close of trading. (10/01/01)

m1804.01  Unit of Trading - The unit of trading shall be United States Treasury
bonds having a face value at maturity of fifty thousand dollars ($50,000) or
multiples thereof. (10/01/01)

m1805.01  Months Traded In - (See Regulation 1805.01) (10/01/01)

m1806.01  Price Basis - Minimum price fluctuations shall be in multiples of one
thirty-second (1/32) point per 100 points ($15.625 per contract). Par shall be
on the basis of 100 points. Contracts shall not be made on any other price
basis. (10/01/01)

m1807.01  Hours of Trading - The hours of trading for future delivery in mini-
sized U.S. Treasury Bonds shall be determined by the Board. On the last day of
trading in an expiring future, the closing time for such future shall be 12:00
noon, subject to the provisions of Regulation 9B.02. (11/01/01)

m1809.01  Last Day of Trading - (See Regulation 1809.01) (10/01/01)

m1809.02  Liquidation in the Last Seven Days of the Delivery Month - (See
Regulation 1809.02) (10/01/01)

m1810.01  Margin Requirements - (See Regulation 431.03) (10/01/01)

m1812.01  Position Limits and Reportable Positions - (See 425.01 and 425.09)
(10/01/01)




<PAGE>

Chm18 Delivery Procedures

m1836.01  Standards - (See Regulation 1836.01) (10/01/01)

m1842.01  Deliveries on Futures Contracts - (See Regulation 1842.01) (10/01/01)

m1842.02  Wire Failure - (See Regulation 1842.02) (10/01/01)

m1846.01  Date of Delivery -(See Regulation 1846.01) (10/01/01)

m1847.01  Delivery Notices - (See Regulation 1047.01) (10/01/01)

m1848.01  Method of Delivery - (See Regulation 1048.01) (10/01/01)

m1849.00  Time of Delivery, Payment, Form of Delivery Notice - (See Rule
1049.00) (10/01/01)

m1849.02  Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/01)

m1849.03  Seller's Invoice to Buyers - (See Regulation 1849.03) (10/01/01)

m1849.04  Payment - (See Regulation 1849.04) (10/01/01)

m1849.05  Buyers Banking Notification - (See Regulation 1849.05) (10/01/01)

m1854.00  Failure to Accept Delivery - (See Rule 1054.00) (10/01/01)


Chm18 Regularity of Banks

m1880.01  Banks - (See Regulation 1880.01) (10/01/01)


<PAGE>


<TABLE>
<CAPTION>
================================================================================
Chapter m24

CBOT mini-sized Long Term U.S. Treasury Notes
================================================================================
<S>                                                                       <C>
  Chm24 Trading Conditions...............................................
    m2401.01 Authority...................................................
    m2402.01 Application of Regulations..................................
    m2403.01 Emergencies, Acts of God, Acts of Government................
    m2403.02 Derivative Markets..........................................
    m2404.01 Unit of Trading.............................................
    m2405.01 Months Traded In............................................
    m2406.01 Price Basis.................................................
    m2407.01 Hours of Trading............................................
    m2409.01 Last Day of Trading.........................................
    m2409.02 Liquidation in the Last Seven Days of the Delivery Month....
    m2410.01 Margin Requirements.........................................
    m2412.01 Position Limits and Reportable Positions....................

  Chm24 Delivery Procedures..............................................
    m2436.01 Standards...................................................
    m2442.01 Deliveries on Futures Contracts.............................
    m2442.02 Wire Failure................................................
    m2446.01 Date of Delivery............................................
    m2447.01 Delivery Notices............................................
    m2448.01 Method of Delivery..........................................
    m2449.00 Time of Delivery, Payment, Form of Delivery Notice..........
    m2449.02 Buyer's Report of Eligibility to Receive Delivery...........
    m2449.03 Seller's Invoice to Buyers..................................
    m2449.04 Payment.....................................................
    m2449.05 Buyers Banking Notification.................................
    m2454.00 Failure to Accept Delivery..................................

  Chm24 Regularity of Banks..............................................
    m2480.01 Banks.......................................................
</TABLE>

<PAGE>


================================================================================
Chapter m24

CBOT mini-sized Long Term U.S. Treasury Notes
================================================================================

Chm24 Trading Conditions

m2401.01  Authority - Trading in mini-sized long term U.S. Treasury Note futures
may be conducted under such terms and conditions as may be prescribed by
regulation. (10/01/01)

m2402.01  Application of Regulations - Futures transactions in mini-sized long
term U.S. Treasury Notes shall be subject to the general rules of the Exchange
as far as applicable and shall also be subject to the regulations contained in
this chapter, which are exclusively applicable to trading in mini-sized long
term U.S. Treasury Notes. (10/01/01)

m2403.01  Emergencies, Acts of God, Acts of Government - (See Regulation
2403.01) (10/01/01)

m2403.02  Derivative Markets - Settlement prices shall be set in accordance with
this regulation consistent with the settlement prices of the primary market.
Contract settlement prices shall be set equal to the settlement prices of the
corresponding contracts of the primary market for such commodity. Where a
particular contract has opened on the Exchange for which the primary market has
established no settlement price, the manager of the clearing house shall set a
settlement price consistent with the spread relationships of other contracts;
provided, however, that if the contract is not subject to daily price
fluctuation limits then the settlement price shall be set at the fair market
value of the contract at the close of trading. (10/01/01)

m2404.01  Unit of Trading - The unit of trading shall be United States Treasury
Notes having a face value at maturity of fifty thousand dollars ($50,000) or
multiples thereof. (10/01/01)

m2405.01  Months Traded In - (See Regulation 2405.01) (10/01/01)

m2406.01  Price Basis - Minimum price fluctuations shall be in multiples of one-
half of one thirty-second (1/32) point per 100 points ($7.8125 per contract).
Par shall be on the basis of 100 points. Contracts shall not be made on any
other price basis. (10/01/01)

m2407.01  Hours of Trading - The hours of trading for future delivery in mini-
sized Long Term U.S. Treasury Notes shall be determined by the Board. On the
last day of trading in an expiring future, the closing time for such future
shall be 12:00 noon, subject to the provisions of Regulation 9B.02. (11/01/01)

m2409.01  Last Day of Trading - (See Regulation 2409.01) (10/01/01)

m2409.02  Liquidation in the Last Seven Days of the Delivery Month - (See
Regulation 2409.02) (10/01/01)

m2410.01  Margin Requirements - (See Regulation 431.03) (10/01/01)

m2412.01  Position Limits and Reportable Positions - (See 425.01 and 425.10)
(10/01/01)

<PAGE>


Chm24 Delivery Procedures

m2436.01  Standards - (See Regulation 2436.01) (10/01/01)

m2442.01  Deliveries on Futures Contracts - (See Regulation 2442.01) (10/01/01)

m2442.02  Wire Failure - (See Regulation 2442.02) (10/01/01)

m2446.01  Date of Delivery - (See Regulation 2446.01) (10/01/01)

m2447.01  Delivery Notices - (See Regulation 2447.01) (10/01/01)

m2448.01  Method of Delivery - (See Regulation 1048.01) (10/01/01)

m2449.00  Time of Delivery, Payment, Form of Delivery Notice - (See Rule
1049.00) (10/01/01)

m2449.02  Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/01)

m2449.03  Seller's Invoice to Buyers - (See Regulation 2449.03) (10/01/01)

m2449.04  Payment - (See Regulation 2449.04) (10/01/01)

m2449.05  Buyers Banking Notification - (See Regulation 2449.05) (10/01/01)

m2454.00  Failure to Accept Delivery - (See Rule 1054.00) (10/01/01)

Chm24 Regularity of Banks

m2480.01  Banks - (See Regulation 2480.01) (10/01/01)

<PAGE>

================================================================================
Chapter 25
Medium Term U.S. Treasury Notes (5 Year)
================================================================================

    Ch25 Trading Conditions................................................ 2502
      2501.00  Authority................................................... 2502
      2502.01  Application of Regulation................................... 2502
      2503.01  Emergencies, Acts of God, Acts of Government................ 2502
      2504.01  Unit of Trading............................................. 2502
      2505.01  Months Traded In............................................ 2502
      2506.01  Price Basis................................................. 2502
      2509.01  Last Day of Trading......................................... 2502
      2509.02  Liquidation in the Last Seven Days of the Delivery Month.... 2503
      2510.01  Margin Requirements......................................... 2503

    Ch25 Delivery Procedures............................................... 2504
      2536.01  Standards................................................... 2504
      2542.01  Deliveries on Futures Contracts............................. 2504
      2542.02  Wire Failure................................................ 2504
      2546.01  Date of Delivery............................................ 2504
      2547.01  Delivery Notices............................................ 2505
      2548.01  Method of Delivery.......................................... 2505
      2549.00  Time of Delivery, Payment, Form of Delivery Notice.......... 2505
      2549.02  Buyer's Report of Eligibility to Receive Delivery........... 2505
      2549.03  Seller's Invoice to Buyers.................................. 2505
      2549.04  Payment..................................................... 2505
      2549.05  Buyers Banking Notification................................. 2505
      2550.00  Duties of Members........................................... 2505
      2551.01  Office Deliveries Prohibited................................ 2505
      2554.00  Failure to Accept Delivery.................................. 2505

    Ch25 Regularity of Banks............................................... 2506
      2580.01  Banks....................................................... 2506




                                      2501

<PAGE>

================================================================================
Chapter 25
Medium Term U.S. Treasury Notes (5 Year)
================================================================================
Ch25 Trading Conditions

2501.00  Authority - (See Rule 1701.00) (10/01/94)

2502.01  Application of Regulations - Futures transactions in medium term U.S.
Treasury Notes shall be subject to the general rules of the Association as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in medium term U.S.
Treasury Notes. (09/01/00)

2503.01  Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either, is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. For example, and without
limiting the Board's power, it may extend delivery dates and designate
alternative delivery points in the event of conditions interfering with the
normal operations of approved facilities.

In the event the Board determines that there exists a shortage of deliverable
U.S. Treasury Notes, it may, upon a two-thirds vote under Rule 180.00, take such
action as may in the Board's sole discretion appear necessary to prevent,
correct or alleviate the condition. Without limiting the foregoing or the
authority of the Board under Rule 180.00, the Board may:

(1)  designate as deliverable, U.S. Treasury Bonds otherwise meeting the
     specifications and requirements stated in this chapter;

(2)  designate as deliverable one or more issues of U.S. Treasury Notes and/or
     U.S. Treasury Bonds having maturities shorter than four years and two
     months, or longer than five years and two months and otherwise meeting the
     specifications and requirements stated in this chapter.

(3)  determine a cash settlement based on the current cash value of a  6% coupon
     rate, five year U.S. Treasury Note, as determined by using the current cash
     market yield curve for U.S. Treasury securities on the last day of trading.
     (03/01/00)

2504.01  Unit of Trading - The unit of trading shall be United States Treasury
Notes having a face value at maturity of one hundred thousand dollars ($100,000)
or multiples thereof. (10/01/94)

2505.01  Months Traded In - Trading in Medium-Term U.S. Treasury notes futures
may be scheduled in such months as determined by the Exchange. (03/01/00)

2506.01  Price Basis - Minimum price fluctuations shall be in multiples of one-
half of one thirty-second (1/32) point per 100 points ($15.625 rounded up to the
nearest 1c per contract) except for intermonth spreads, where minimum price
fluctuations shall be in multiples of one-fourth of one thirty-second point per
100 points ($7.8125 per contract). Par shall be on the basis of 100 points.
Contracts shall not be made on any other price basis. (02/01/01)

2507.01  Hours of Trading - The hours of trading for future delivery in U.S.
Treasury Notes shall be determined by the Board. On the last day of trading in
an expiring future, the closing time for such future shall be 12:00 noon subject
to the provisions of the second paragraph of Rule 1007.00. The market shall be
opened and closed for all months simultaneously or in such other manner as the
Regulatory Compliance Committee shall direct. (10/01/94)

2509.01  Last Day of Trading - No trades in medium term U.S. Treasury Note
futures deliverable in the current month shall be made during the last seven
business days of that month and any contracts remaining open must be settled by
delivery as provided in Regulation 2509.02 after trading in such contracts has
ceased. (10/01/94)

                                      2502

<PAGE>

                            Ch25 Trading Conditions

2509.02  Liquidation in the Last Seven Days of the Delivery Month - After
trading in contracts for future delivery in the current delivery month has
ceased in accordance with Regulation 2509.01 of this chapter, outstanding
contracts may be liquidated by the delivery of book-entry U.S. Treasury Notes
(Regulation 2542.01) or by mutual agreement by means of bona fide exchange of
such current futures for actual U.S. Treasury Notes or comparable instruments.
Such exchange must, in any event, be made no later than the fifth business day
immediately preceding the last business day of the delivery month. (10/01/94)

2510.01  Margin Requirements - (See Regulation 431.03) (10/01/94)


                                      2503

<PAGE>

Ch25 Delivery Procedures

2536.01  Standards - The contract grade for delivery on futures contracts made
under these regulations shall be U.S. notes which have an original maturity of
not more than 5 years three months and which have a remaining maturity of not
less than four years and two months as defined below. To be delivered in the
current month, the note must have been issued by the Treasury before the last
day of trading in the current month. All notes or bonds delivered against a
contract must be of the same issue. For settlement, the time to maturity of a
given issue is calculated in complete one month increments (i.e. 4 years, 5
months and 14 days is taken to be 4 years and 5 months) from the first day of
the delivery month. The price at which a note with this time to maturity and
with the same coupon rate as this issue will yield 6%, according to bond tables
prepared by the Financial Publishing Co. of Boston, Mass., is multiplied by the
settlement price to arrive at the amount which the short invoices the long.

Interest accrued on the notes shall be charged to the long by the short in
accordance with Department of the Treasury Circular 300, Subpart P.

New issues of U.S. Treasury Notes which satisfy the standards in this regulation
shall be added to the deliverable grade as they are issued. If during the
auction of a note which will meet the standards of this chapter the Treasury re-
opens an existing issue, thus rendering the existing issue indistinguishable
from the newly auctioned one, the older issue is deemed to meet the standards of
this chapter and would be deliverable. The Exchange shall have the right to
exclude any new issue from deliverable status or to further limit outstanding
issues from deliverable status.  (03/01/00)

2542.01  Deliveries on Futures Contracts - Deliveries against medium term U.S.
Treasury Note futures contracts shall be by book-entry transfer between accounts
of Clearing Members at qualified banks (Regulation 2580.01) in accordance with
Department of Treasury Circular 300, Subpart O: Book-Entry Procedure. Delivery
must be made no later than the last business day of the month. Notice of
intention to deliver shall be given to the Board of Trade Clearing Corporation
by 8:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors, on the second business day preceding delivery day. In the event the
long Clearing Member does not agree with the terms of the invoice received from
the short Clearing Member, the long Clearing Member must notify the short
Clearing Member, and the dispute must be settled by 9:30 a.m. (Chicago time) on
delivery day. The short Clearing Member must have contract grade U.S. Treasury
notes at his bank in acceptable (to his bank) delivery form by 10:00 a.m.
(Chicago time) on delivery day. The short Clearing Member must notify his bank
(Regulation 2580.01) to transfer contract grade U.S. Treasury notes by book-
entry to the long Clearing Member's account on a delivery versus payment basis.
That is, payment shall not be made until the notes are delivered. On delivery
day, the long Clearing Member must make funds available by 7:30 a.m. (Chicago
time) and notify his bank (Regulation 2580.01) to accept contract grade U.S.
Treasury notes and to remit federal funds to the short Clearing Member's account
at the short Clearing Member's bank (Regulation 2580.01) in payment for delivery
of the notes. Contract grade U.S. Treasury notes must be transferred and payment
must be made before 1:00 p.m. (Chicago time) on delivery day. All deliveries
must be assigned by the Clearing Corporation. Where a commission house as a
member of the Clearing Corporation has an interest both long and short for
customers on its own books, it must tender to the Clearing Corporation such
notices of intention to deliver as it received from its customers who are short.
(12/01/99)

2542.02  Wire Failure - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or the short Clearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m. on
the next business day on which the Federal Reserve wire is operable. Interest
shall accrue to the long paid by the short beginning on the day at which the
notes were to be originally delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 2542.01 and 2549.04 and that all other provisions of
Regulations of 2542.01 and 2549.04 have been complied with.  (10/01/94)

2546.01  Date of Delivery - Delivery of medium term U.S. Treasury Notes may be
made by the short upon any permissible delivery day of the delivery month the
short may select. Delivery of


                                      2504

<PAGE>

                           Ch25 Delivery Procedures

medium term U.S. Treasury Notes must be made no later than the last business day
of that month. (10/01/94)

2547.01  Delivery Notices - (See Regulation 1047.01) (10/01/94)

2548.01  Method of Delivery - (See Regulation 1048.01) (10/01/94)

2549.00  Time of Delivery, Payment, Form of Delivery Notice - (See Rule 1049.00)
(10/01/94)

2549.02  Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (10/01/94)

2549.03  Seller's Invoice to Buyers - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers,
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m., or by such other time designated by the Board
of Directors, on the day of intention except on the last intention day of the
month, where such invoices shall be delivered to the Clearing House by 3:00
p.m., or by such other time designated by the Board of Directors. Upon receipt
of such invoices, the Clearing House shall promptly make them available to
buyers to whom they are addressed, by placing them in buyer's mail boxes
provided for that purpose in the Clearing House. (12/01/99)

2549.04  Payment - Payment shall be made in federal funds. The long obligated to
take delivery must take delivery and make payment before 1:00 p.m. on the day of
delivery, except on banking holidays when delivery must be taken and payment
made before 9:30 a.m. the next banking business day. Adjustments for differences
between contract prices and delivery prices established by the Clearing House
shall be made with the Clearing House in accordance with its by-laws and
resolutions. (10/01/94)

2549.05  Buyers Banking Notification - The long Clearing Member shall provide
the short Clearing member by 4:00 p.m. (5:00 p.m. EST) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of U.S. securities. (10/01/94)

2550.00  Duties of Members - (See Rule 1050.00) (10/01/94)

2551.01  Office Deliveries Prohibited - (See Regulation 1051.01) (10/01/94)

2554.00  Failure to Accept Delivery - (See Rule 1054.00) (10/01/94)


                                      2505

<PAGE>

================================================================================
Chapter 26
CBOT mini-sized Three-Month Eurodollar Time Deposits
================================================================================

     Ch26 Trading Conditions..............................................  2602
          2601.01   Authority.............................................  2602
          2602.01   Application of Regulations............................  2602
          2603.01   Derivative Markets....................................  2602
          2604.01   Unit of Trading.......................................  2602
          2605.01   Months Traded in......................................  2602
          2606.01   Price Basis...........................................  2602
          2607.01   Hours of Trading......................................  2602
          2609.01   Last Day of Trading...................................  2602
          2610.01   Margin Requirements...................................  2602
          2612.01   Position Limits and Reportable Positions..............  2602

     Ch26 Delivery Procedures.............................................  2603
          2636.01   Standards.............................................  2603
          2642.01   Deliveries of Futures Contracts.......................  2603
          2647.01   Payment...............................................  2603


<PAGE>

================================================================================
Chapter 26
CBOT mini-sized Three-Month Eurodollar Time
Deposits
================================================================================

Ch26 Trading Conditions

2601.01   Authority - Trading in mini-sized Eurodollar futures may be conducted
under such terms and conditions as may be prescribed by regulation. (12/01/01)

2602.01   Application of Regulations - Futures transactions in mini-sized
Eurodollars shall be subject to the general rules of the Exchange as far as
applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in mini-sized Eurodollars.
(12/01/01)

2603.01   Derivative Markets - Settlement prices shall be set in accordance
with this regulation consistent with the settlement prices of the primary
market. Contract settlement prices therein shall be set equal to the settlement
prices of the corresponding contracts of the primary market for such commodity.
Where a particular contract has opened on the Exchange for which the primary
market has established no settlement price, the manager of the clearing house
shall set a settlement price consistent with the spread relationships of other
contracts; provided, however, that if the contract is not subject to daily price
fluctuation limits then the settlement price shall be set at the fair market
value of the contract at the close of trading. (12/01/01)

2604.01   Unit of Trading - The unit of trading shall be three-month Eurodollar
time deposits in the amount of $500,000. (12/01/01)

2605.01   Months Traded In - Trading in mini-sized Eurodollars futures may be
scheduled in such months as determined by the Exchange. (12/01/01)

2606.01   Price Basis - Minimum price fluctuations shall be one-half of one
basis point (0.005) of $500,000 on a 90-day basis, or $6.25 per contract. Prices
shall be quoted in terms of an index consisting of the difference between the
number 100.00 and the three-month Eurodollar yield on an annual basis for a
360-day year. (For example, a deposit rate of 4.50 percent shall be quoted as
95.50.) Contracts shall not be made on any other price basis. (12/01/01)

2607.01   Hours of Trading - The hours of trading for future delivery in
mini-sized Eurodollar futures shall be determined by the Exchange. (12/01/01)

2609.01   Last Day of Trading The last day of trading in Eurodollar futures
contracts, deliverable in the current month, shall be the second London bank
business day immediately preceding the third Wednesday of the contract month. On
the last day of trading in an expiring future, the closing time for such future
shall be 11:00 a.m. (London time)*, subject to the provisions of Regulation
9B.02. (12/01/01)

*This is 5:00 a.m. (Chicago time) except when Daylight Saving Time is in effect
in either, but not both, London or Chicago.

2610.01   Margin Requirements - (See Regulation 431.03) (12/01/01)

2612.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(12/01/01)













<PAGE>

Ch26 Delivery Procedures

2636.01   Standards - Each contract which is not offset prior to the expiration
of trading shall be offset with the clearing house on the second London bank
business day immediately preceding the third Wednesday of the contract month at
a settlement price established by the International Monetary Market for
settlement of its corresponding expiring Three-Month Eurodollar Time Deposits
futures contract. If the foregoing date for cash settlement is an Exchange
holiday, each contract which is not offset prior to the expiration of trading
shall be offset with the clearing house on the next succeeding Exchange business
day. (12/01/01)

2642.01   Deliveries of Futures Contracts - Deliveries against mini-sized
Eurodollar futures contracts must be made through the Clearing Corporation.
Delivery under these regulations shall be made on settlement day and shall be
accomplished by cash settlement as hereinafter provided.

The Clearing Corporation will advise clearing members holding open positions in
mini-sized Eurodollar futures contracts deliverable in the current month of the
final settlement price established for that month, as soon as practicable on
settlement day.  Clearing members shall then make payment to and receive payment
through the Clearing Corporation in accordance with normal variation settlement
procedures, based on the settlement price.  (12/01/01)

2647.01   Payment - (See Regulation 1049.04) (12/01/01)

                                     2603

<PAGE>

Ch25 Regularity of Banks

2580.01  Banks - For purposes of these regulations relating to trading in U.S.
Treasury notes, the word "Bank" (Regulation 2542.01) shall mean a U.S.
commercial bank (either Federal or State charter) that is a member of the
Federal Reserve System and with capital (capital, surplus, and undivided
earnings) in excess of one hundred million dollars ($100,000,000). (10/01/94)


                                      2506

<PAGE>

================================================================================
Chapter 27A (Standard Options)
Long Term Treasury Note Futures Options
================================================================================

     Ch27A Trading Conditions.............................................. 2702
          A2701.00  Authority.............................................. 2702
          A2701.01  Application of Regulations............................. 2702
          A2702.01  Nature of Long Term Treasury Note Futures Put Options.. 2702
          A2702.02  Nature of Long Term Treasury Note Futures Call Options. 2702
          A2703.01  Trading Unit........................................... 2702
          A2704.01  Striking Prices........................................ 2702
          A2705.01  Payment of Option Premium.............................. 2702
          A2706.01  Option Premium Basis................................... 2702
          A2707.01  Exercise of Option..................................... 2703
          A2707.02  Automatic Exercise..................................... 2703
          A2708.01  Expiration of Option................................... 2703
          A2709.01  Months Traded In....................................... 2703
          A2710.01  Trading Hours.......................................... 2703
          A2711.01  Position Limits and Reportable Positions............... 2703
          A2712.01  Margin Requirements.................................... 2703
          A2713.01  Last Day of Trading.................................... 2703

                                     2701A

<PAGE>

================================================================================
Chapter 27A (Standard Options)
Long Term Treasury Note Futures Options
================================================================================

Ch27A Trading Conditions

A2701.00  Authority - (See Rule 2801.00)  (10/01/94)

A2701.01  Application of Regulations - Transactions in put and call options on
Long Term Treasury Note futures contracts shall be subject to the general rules
of the Association as far as applicable and shall also be subject to the
regulations contained in this chapter which are exclusively applicable to
trading in put and call options on Long Term Treasury Note futures contracts.
(See Rule 490.00) (09/01/00)

A2702.01 Nature of Long Term Treasury Note Futures Put Options - The buyer of
one (1) Long Term Treasury Note futures put option may exercise his option at
any time prior to expiration (subject to Regulation 2707.01), to assume a short
position in one (1) Long Term Treasury Note futures contract of a specified
contract month at a striking price set at the time the option was purchased. The
seller of one (1) Long Term Treasury Note futures put option incurs the
obligation of assuming a long position in one (1) Long Term Treasury Note
futures contract of a specified contract month at a striking price set at the
time the option was sold, upon exercise by a put option buyer. (10/01/94)

A2702.02 Nature of Long Term Treasury Note Futures Call Options - The buyer of
one (1) Long Term Treasury Note futures call option may exercise his option at
any time prior to expiration (subject to Regulation 2707.01), to assume a long
position in one (1) Long Term Treasury Note futures contract of a specified
contract month at a striking price set at the time the option was purchased. The
seller of one (1) Long Term Treasury Note futures call option incurs the
obligation of assuming a short position in one (1) Long Term Treasury Note
futures contract of a specified contract month at a striking price set at the
time the option was sold, upon exercise by a call option buyer. (10/01/94)

A2703.01 Trading Unit - One (1) $100,000 face value Long Term Treasury Note
futures contract of a specified contract month on the Chicago Board of Trade.
(10/01/94)

A2704.01 Striking Prices - Trading shall be conducted for put and call options
with striking prices in integral multiples of one (1) point per Long Term
Treasury Note futures contract. At the commencement of trading for such option
contracts, the following strike prices shall be listed: one with a striking
price closest to the previous day's settlement price on the underlying Long Term
Treasury Note futures contract, and the next fifteen consecutive higher and the
next fifteen consecutive lower striking prices closest to the previous day's
settlement price; and all strike prices listed for all other option contract
months listed at the time. If the previous day's settlement price is midway
between two striking prices, the closest price shall be the larger of the two.
When a sale in the underlying Long Term Treasury Note futures contract occurs at
a price greater than or equal to the fifteenth largest striking price, a new
striking price one increment higher than the existing striking prices will be
added. When a sale in the underlying Long Term Treasury Note futures contract
occurs at a price less than or equal to the fifteenth smallest striking price, a
new striking price one increment lower than the existing striking prices will be
added. When a new strike price is added for an option contract month, the same
strike price will be added to all option contract months for which that strike
price is not already listed. All new strike prices will be added prior to the
opening of trading on the following business day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions. (01/01/99)

A2705.01 Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

A2706.01 Option Premium Basis - The Premium for Long Term Treasury Note futures
options

                                     2702A

<PAGE>

                           Ch27A Trading Conditions
                           ------------------------

shall be in multiples of one sixty-fourth (1/64) of one percent (1%) of a
$100,000 Long Term Treasury Note futures contract which shall equal $15.63 per
1/64 and $1,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract.

If options are quoted in volatility terms, the minimum fluctuation shall be .10
percent (i.e.-10.0%, 10.1%, 10.2%, etc.) (10/01/94)

A2707.01 Exercise of Option - The buyer of a Long Term Treasury Note futures
option may exercise the option on any business day prior to expiration by giving
notice of exercise to the Clearing Corporation by 6:00 p.m., or by such other
time designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. on the
expiration date:

  i) to correct errors or mistakes made in good faith;

 ii) to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

A2707.02 Automatic Exercise - Notwithstanding the provisions of Regulation
2707.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

  i) to correct errors or mistakes made in good faith;

 ii) to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

A2708.01 Expiration of Option - Unexercised Long Term Treasury Note futures
options shall expire at 10:00 a.m. on the first Saturday following the last day
of trading. (10/01/94)

A2709.01 Months Traded In - Trading may be conducted in Long Term Treasury Note
futures options for a thirty six month period extending from the nearby contract
month, provided however, that the Exchange may determine not to list a contract
month. Both serial and quarterly options may be listed to expire into either
front-month or deferred futures as determined by the Board. (06/01/99)

A2710.01 Trading Hours - The hours of trading of options on Long Term Treasury
Note futures contracts shall be determined by the Board. On the last day of
trading in an expiring option the closing time for such option shall be the same
as the close of trading of the Regular Daytime open outcry trading session for
the corresponding Long Term Treasury Note futures contract, subject to the
provisions of the second paragraph of Rule 1007.00. Long Term Treasury Note
futures options shall be opened and closed for all months and strike prices
simultaneously or in such a manner as the Regulatory Compliance Committee shall
direct. (04/01/00)

A2711.01 Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/00)

A2712.01 Margin Requirements - (See Regulation 431.05) (10/01/94)

A2713.01 Last Day of Trading - No trades in Long Term Treasury Note futures
options expiring in the current month shall be made after the close of trading
of the Regular Daytime open outcry trading session for the corresponding Long
Term Treasury Note futures contract, on the last Friday which precedes by at
least two [five] business days, the last business day of the month preceding the
      ---
option month. If such Friday is not a business day, or there is a Friday which
is not a business day which precedes by one business day the last business day
                                        ---
of the month preceding the option month, the last day of trading shall be the
business day prior to such Friday. (07/01/01)

<PAGE>

                           Ch27A Trading Conditions
                           ------------------------



<PAGE>

================================================================================
Chapter 27B (Flexible Options)
Long Term Treasury Note Flexible Options
================================================================================

     Ch27B Trading Conditions............................................. 2706B
          B2702.03  Nature of Flexible Options............................ 2706B
          B2703.01  Trading Unit.......................................... 2706B
          B2704.01  Strike Prices......................................... 2706B
          B2707.01  Exercise of Flexible Options.......................... 2706B
          B2707.02  Automatic Exercise.................................... 2706B
          B2708.01  Expiration Date....................................... 2707B
          B2709.01  Months Traded In...................................... 2707B
          B2713.01  Last Day of Trading................................... 2707B
          B2715.01  Exercise Style........................................ 2707B
          B2716.01  Underlying Futures Contract for Flexible Options...... 2707B
          B2717.01  Initiating a Flexible Option Contract Series.......... 2707B
          B2719.01  RFQ Trading Interval.................................. 2707B
          B2720.01  Expiration of an RFQ.................................. 2707B
          B2721.01  Reporting of Flexible Option Trades................... 2707B

                                     2705B

<PAGE>

===============================================================================
Chapter 27B (Flexible Options)
Long Term Treasury Note Flexible Options
===============================================================================

     Note: The following Flexible option regulations with the exception noted in
           the second paragraph of Regulation 2702.03 supersede the
           corresponding standard regulations presented in Part A of this
           chapter. Regulations 2701.00, 2701.01, 2702.01, 2702.02, 2705.01,
           2706.01, 2710.01, 2711.01, 2712.01, and 2714.01 remain in effect for
           both standard and Flexible options.

Ch27B Trading Conditions

B2702.03 Nature of Flexible Options - Flexible options on Long Term Treasury
Note futures shall be permitted in puts and calls which do not have the same
underlying futures contract, same strike price, same exercise style, and same
last day of trading as standard options.

However, Flexible Options on Long Term Treasury Note futures shall also be
permitted in puts and calls which have the same underlying futures contract,
same strike price, same exercise style, and same last day of trading as standard
options that are not at the time listed for trading in the standard options pit
or on e-cbot. All Flexible Option regulations except 2707.01, 2707.02, 2708.01,
and 2713.01 will pertain for these options.*

Trading shall be permitted in any CBOT recognized option/option or
option/futures spread involving puts, calls or futures. (09/01/00)

B2703.01 Trading Unit - The minimum size for requesting a quote and/or trading
in a flexible option series is 50 contracts, where each contract represents one
of the underlying futures contracts at the Chicago Board of Trade. Parties may
request a quote and/or trade for less than 50 contracts in order to entirely
close out a position in a flexible series.

For a flexible options series, respondents to a request for quote, must be
willing to trade at least 50 contracts, with the exception that a respondent may
trade less than 50 contracts if the respondent is entirely closing out a
position in the series. (07/01/99)

B2704.01 Strike Prices - Strike prices for flexible options must be specified in
points and 32nd's of points per Long Term Treasury Note futures contract.
However, for a Request for Quote (RFQ), strike prices may be specified in one
32nd point increments relative to the underlying futures contract. Strike prices
cannot be outside the range of the currently listed strike prices for standard
options. (06/01/95)

B2707.01 Exercise of Flexible Options - Notification of the intent to exercise a
flexible option must be received by the Clearing Corporation by 4:10 p.m.
Chicago time, or by such other time designated by the Board of Directors. No
exceptions to the 4:10 p.m. exercise deadline, or such other deadline designated
by the Board of Directors, shall be permitted.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2702.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B2707.02 Automatic Exercise - After the close on the last day of trading, all
in-the-money flexible options will be automatically exercised unless notice to
cancel automatic exercise is given to the Clearing Corporation by 4:10 p.m., or
by such other time designated by the Board of Directors, on that day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2702.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B2708.01 Expiration Date - Flexible option expiration may be specified for any
Monday through Friday that is not an Exchange holiday except that expiration may
not occur following the last Friday that precedes by at least two business days
the last business day of the calendar month preceding the underlying future
contract month. Flexible options expire at 4:30 p.m. on the last trading

<PAGE>

                           Ch27B Trading Conditions
                           ------------------------

day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2702.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (04/01/00)
(07/01/01)

B2709.01 Months Traded In - Trading my be conducted in flexible options in any
month up through the most distant underlying futures contract in which a trade
has occurred. (05/01/94)

B2713.01 Last Day of Trading - The last day of trading in a flexible option
shall be the expiration day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2702.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (05/01/94)

B2715.01 Exercise Style - Flexible options may be American or European exercise
style. (10/01/94)

B2716.01 Underlying Futures Contract for Flexible Options - The underlying
futures contract for a flexible option shall be the same as the underlying
futures contract month of the nearest March quarterly cycle standard futures
option expiring on or after the expiration of the flexible option. (10/01/94)

B2717.01 Initiating a Flexible Option Contract Series - The opening of trading
in any flexible option series shall occur through the submission of an RFQ or at
such time that a trade takes place in the particular flexible option series. If
so desired, participants can submit additional RFQ's for any open series.
However, in this situation no priority period (Regulation 2719.01) will exist.
(02/01/01)

B2719.01 RFQ Trading Interval - If the submitter of the first RFQ of the day in
a flexible series requests either a bid or an offer but not both, then they
shall have up to a one minute priority period during which they shall have the
sole right to either buy or sell as specified in their RFQ. The exact length of
the priority period shall be determined by the Exchange.

If more than one RFQ is the first RFQ of the day in a flexible series, all the
RFQ's individually ask for either a bid or an offer but not both, and all the
RFQ's collectively are for the same side of the market (all bids or all offers)
then the submitters shall jointly share priority during the priority period.

Priority for RFQ's is determined by submission to the RFQ official, except that
all RFQ's submitted before the open shall be treated equally. (02/01/01)

B2720.01 Expiration of an RFQ - Trading in a given flexible option series
following an RFQ shall remain open for the remainder of the trading session.
Trading in a given flexible option series following a transaction in that series
shall remain open through the remainder of the trading session in which the
transaction was executed and through each subsequent session in which there is
open interest in the flexible option series. (02/01/01)

B2721.01 Reporting of Flexible Option Trades - It shall be the responsibility of
the participants in a flexible option trade to report the quantities and prices
to the flexible pit reporter in a timely manner, including any later trades in
open flexible contract term series. (10/01/94)

*    The effect of the second paragraph of Regulation 2702.03 is to permit
     trading in standard options under certain Flexible trading procedures prior
     to the listing of such options in the standard options pit or on e-cbot.
     Once and if these options are listed for trading in the standard options
     pit or on e-cbot, they will be traded only in the standard options pit or
     on e-cbot subject to standard options trading requirements. Upon such
     listing, all existing open positions established under Flexible trading
     procedures shall be fully fungible with transactions in the respective
     standard option series for all purposes under these regulations.


<PAGE>

================================================================================
Chapter 28A (Standard Options)
T-Bond Futures Options
================================================================================
      Ch28A Trading Conditions..........................................  2802A
         A2801.00    Authority..........................................  2802A
         A2801.01    Application of Regulations.........................  2802A
         A2802.01    Nature of U.S. Treasury Bond Futures Put Options...  2802A
         A2802.02    Nature of U.S. Treasury Bond Futures Call Options..  2802A
         A2803.01    Trading Unit.......................................  2802A
         A2804.01    Striking Prices....................................  2802A
         A2805.01    Payment of Option Premium..........................  2803A
         A2806.01    Option Premium Basis...............................  2803A
         A2807.01    Exercise of Option.................................  2803A
         A2807.02    Automatic Exercise.................................  2803A
         A2808.01    Expiration of Option...............................  2803A
         A2809.01    Months Traded In...................................  2803A
         A2810.01    Trading Hours......................................  2803A
         A2811.01    Position Limits and Reportable Positions...........  2804A
         A2812.01    Margin Requirements................................  2804A
         A2813.01    Last Day of Trading................................  2804A

                                     2801A

<PAGE>

================================================================================
Chapter 28A (Standard Options)
T-Bond Futures Options
================================================================================

Ch28A Trading Conditions

A2801.00  Authority - Trading in put and call options on futures contracts and
on commodities may be conducted under such terms and conditions as may be
prescribed by regulation.  (10/01/94).

A2801.01  Application of Regulations - Transactions in put and call options on
U.S. Treasury Bond futures contracts shall be subject to the general rules of
the Association as far as applicable and shall also be subject to the
regulations contained in this chapter which are exclusively applicable to
trading in put and call options on U.S. Treasury Bond futures contracts. (See
Rule 490.00)  (09/01/00)

A2802.01  Nature of U.S. Treasury Bond Futures Put Options - The buyer of one
(1) U.S. Treasury Bond futures put option may exercise his option at any time
prior to expiration (subject to Regulation 2807.01), to assume a short position
in one (1) U.S. Treasury Bond futures contract of a specified contract month at
a striking price set at the time the option was purchased. The seller of one (1)
U.S. Treasury Bond futures put option incurs the  obligation of assuming a long
position in one (1) U.S. Treasury Bond futures contract of a specified contract
month at a striking price set at the time the option was sold, upon exercise by
a put option buyer.  (10/01/94)

A2802.02  Nature of U.S. Treasury Bond Futures Call Options - The buyer of one
(1) U.S. Treasury Bond futures call option may exercise his option at any time
prior to expiration (subject to Regulation 2807.01), to assume a long position
in one (1) U.S. Treasury Bond futures contract of a specified contract month at
a striking price set at the time the option was purchased. The seller of one (1)
U.S. Treasury Bond futures call option incurs the obligation of assuming a short
position in one (1) U.S. Treasury Bond futures contract of a specified contract
month at a striking price set at the time the option was sold, upon exercise by
a call option buyer.  (10/01/94)

A2803.01  Trading Unit - One (1) $100,000 face value U.S. Treasury Bond
futures contract of a specified contract month on the Chicago Board of Trade.
(10/01/94)

A2804.01  Striking Prices - Trading shall be conducted for put and call
options with striking prices in integral multiples of two (2) points and one (1)
point per U.S. Treasury Bond futures contract as follows:  At the commencement
of trading for quarterly expirations the following strike prices in two point
intervals shall be listed: one with a striking price closest to the previous
day's settlement price on the underlying U.S. Treasury Bond futures contract,
the next fifteen consecutive higher and the next fifteen consecutive lower
striking prices closest to the previous day's settlement price; and all two
point strike prices listed for all other option contract months listed at the
time. If the previous day's settlement price is midway between two striking
prices, the closest striking price shall be the larger of the two.  Over time
new two point striking prices will be added to ensure that at least fifteen two
point striking prices always exist above and below the previous day's trading
range in the underlying futures.  When a new two point strike price is added for
an option contract month, the same strike price will be added to all option
contract months for which that strike price is not already listed.  At the
commencement of trading for a non-quarterly expiration and for a quarterly
expiration on the day they become the second deferred month, the following
striking prices in one point intervals shall be listed:  one with a striking
price closest to the U.S. Treasury Bond futures contract's previous day's
settlement price, the next thirty consecutive higher and lower striking prices
in one point intervals and all other striking prices in two point intervals that
exist for other option contract months.  Over time, new one point striking
prices will be added to ensure that at least thirty one point striking prices
always exist above and below the previous day's trading range in the underlying
futures.  All new strike prices will be added prior to the opening of trading on
the following business day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions.  (09/01/00)

A2805.01  Payment of Option Premium - The option premium must be paid in full
by each clearing member to the Clearing House and by each option customer to his
commission merchant at the time

                                     2802A

<PAGE>

                           Ch28A Trading Conditions
                           ------------------------

that the option is purchased, or within a reasonable time after the option is
purchased. (10/01/94)

A2806.01  Option Premium Basis  - The Premium for U.S. Treasury Bond futures
options shall be in multiples of one sixty-fourth (1/64) of one percent (1%) of
a $100,000 U.S. Treasury Bond futures contract which shall equal $15.63 per 1/64
and $1,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract.

If options are quoted in volatility terms, the minimum fluctuation shall be .10
percent (i.e.-10.0%, 10.1%, 10.2%, etc.)  (10/01/94)

A2807.01  Exercise of Option   - The buyer of a U.S. Treasury Bond futures
option may exercise the option on any business day prior to expiration by giving
notice of exercise to the Clearing Corporation by 6:00 p.m., or by such other
time designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. on the
expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A2807.02 Automatic Exercise  - Notwithstanding the provisions of Regulation
2807.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A2808.01 Expiration of Option- Unexercised U.S. Treasury Bond futures options
shall expire at 10:00 a.m. on the first Saturday following the last day of
trading. (10/01/94)

A2809.01  Months Traded In - Trading may be conducted in U.S. Treasury Bond
futures options for a thirty-six month period extending from the nearby contract
month, provided however, that the Exchange may determine not to list a contract
month. Both serial and quarterly options may be listed to expire into either
front-month or deferred futures as determined by the Board (06/01/99)

A2801.01  Trading Hours - The hours of trading of options in U.S. Treasury Bond
futures contracts shall be determined by the Board. On the last day of trading
in an expiring option, the closing time for such options shall be the same as
the close of trading of the Regular Daytime open outcry trading session for the
corresponding U.S. Treasury Bond futures contracts, subject to the provisions of
the second paragraph of Rule 1007.00. U.S. Treasury Bond futures options shall
be opened and closed for all months and strike prices simultaneously or in such
a manner as the Regular Compliance Committee shall direct. (04/01/00) A28011.01
Position Limits and Reportable Positions - (See Regulation 425.01) (10/01/00)

A2812.01  Margin Requirements - (See Regulation 431.05) (10/01/94)

A2813.01 Last Day of Trading - No trades in U.S. Treasury Bond futures options
expiring in the current month shall be made after the close of the Regular
Daytime open outcry trading session for the corresponding U.S. Trading Bond
futures contract on the last Friday which precedes by at least two business
days, the last business day of the month preceding the option month. If


<PAGE>

                           Ch28A Trading Conditions
                           ------------------------

such Friday is not a business day, or there is a Friday which is not a business
day which precedes by one business day the last business day of the month
preceding the option month, the last day of trading shall be the business day
prior to such Friday. (07/01/01)

<PAGE>

===============================================================================
Chapter 28B (Flexible Options)
Treasury Bond Flexible Options
===============================================================================
<TABLE>
     <S>                                                                  <C>
     Ch28B Trading Conditions...                                          2806B
         B2802.03   Nature of Flexible Options.........................   2806B
         B2803.01   Trading Unit.......................................   2806B
         B2804.01   Strike Prices......................................   2806B
         B2807.01   Exercise of Flexible Options.......................   2806B
         B2807.02   Automatic Exercise.................................   2806B
         B2808.01   Expiration Date....................................   2807B
         B2809.01   Months Traded In...................................   2807B
         B2813.01   Last Day of Trading................................   2807B
         B2815.01   Exercise Style.....................................   2807B
         B2816.01   Underlying Futures Contract for Flexible Options...   2807B
         B2817.01   Initiating a Flexible Option Contract Series.......   2807B
         B2819.01   RFQ Trading Interval...............................   2807B
         B2820.01   Expiration of an RFQ...............................   2807B
         B2821.01   Reporting of Flexible Option Trades................   2807B
</TABLE>

                                     2805B

<PAGE>

================================================================================
Chapter 28B (Flexible Options)
Treasury Bond Flexible Options
================================================================================

    Note:  The following Flexible option regulations with the exception noted in
           the second paragraph of Regulation 2802.03 supersede the
           corresponding standard regulations presented in Part A of this
           chapter. Regulations 2801.00, 2801.01, 2802.01, 2802.02, 2805.01,
           2806.01, 2810.01, 2811.01, 2812.01, and 2814.01 remain in effect for
           both standard and Flexible options.

Ch28B Trading Conditions

B2802.03  Nature of Flexible Options - Flexible options on U.S. Treasury Bond
futures shall be permitted in puts and calls which do not have the same
underlying futures contract, same strike price, same exercise style, and same
last day of trading as standard options.

However, Flexible Options on U.S. Treasury Bond futures shall also be permitted
in puts and calls which have the same underlying futures contract, same strike
price, same exercise style, and same last day of trading as standard options
that are not at the time listed for trading in the standard options pit or on e-
cbot.  All Flexible Option regulations except 2807.01, 2807.02, 2808.01, and
2813.01 will pertain for these options.*

Trading shall be permitted in any CBOT recognized option/option or option/
futures spread involving puts, calls or futures. (09/01/00)

B2803.01  Trading Unit - The minimum size for requesting a quote and/or trading
in a flexible option series is 50 contracts, where each contract represents one
of the underlying futures contracts at the Chicago Board of Trade. Parties may
request a quote and/or trade for less than 50 contracts in order to entirely
close out a position in a flexible series.

For a flexible options series, respondents to a request for quote, must be
willing to trade at least 50 contracts, with the exception that a respondent may
trade less than 50 contracts if the respondent is entirely closing out a
position in the series. (07/01/99)

B2804.01  Strike Prices - Strike prices for flexible options must be specified
in points and 32nd's of points per U.S. Treasury Bond futures contract.
However, for a Request for Quote (RFQ), strike prices may be specified in one
32nd point increments relative to the underlying futures contract.  Strike
prices cannot be outside the range of the currently listed strike prices for
standard options. (06/01/95)

B2807.01  Exercise of Flexible Options - Notification of the intent to exercise
a flexible option must be received by the Clearing Corporation by 4:10 p.m.
Chicago time, or by such other time designated by the Board of Directors. No
exceptions to the 4:10 p.m. exercise deadline, or such other deadline designated
by the Board of Directors, shall be permitted.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2802.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B2807.02  Automatic Exercise - After the close on the last day of trading, all
in-the-money flexible options will be automatically exercised unless notice to
cancel automatic exercise is given to the Clearing Corporation by 4:10 p.m., or
by such other time designated by the Board of Directors, on that day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2802.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B2808.01  Expiration Date - Flexible option expiration may be specified for any
Monday through Friday that is not an Exchange holiday except that expiration may
not occur following the last Friday that precedes by at least two business days
the last business day of the calendar month preceding the underlying future
contract month. Flexible options expire at 4:30 p.m. on the last trading

<PAGE>

                           Ch28B Trading Conditions
                           ------------------------

day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2902.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (07/01/01)

B2809.01  Months Traded In - Trading may be conducted in flexible options in any
month up through the most distant underlying futures contract in which a trade
has occurred. (10/01/94)

B2813.01  Last Day of Trading - The last day of trading in a flexible option
shall be the expiration day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 2802.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (05/01/94)

B2815.01  Exercise Style - Flexible options may be American or European exercise
style. (10/01/94)

B2816.01  Underlying Futures Contract for Flexible Options - The underlying
futures contract for a flexible option shall be the same as the underlying
futures contract month of the nearest March quarterly cycle standard futures
option expiring on or after the expiration of the flexible option. (10/01/94)

B2817.01  Initiating a Flexible Option Contract Series - The opening of trading
in any flexible option series shall occur through the submission of an RFQ or at
such time that a trade takes place in the particular flexible option series.

If so desired, participants can submit additional RFQ's for any open series.
However, in this situation no priority period (Regulation 2819.01) will exist.
(02/01/01)

B2819.01  RFQ Trading Interval - If the submitter of the first RFQ of the day in
a flexible series requests either a bid or an offer but not both, then they
shall have up to a one minute priority period during which they shall have the
sole right to either buy or sell as specified in their RFQ. The exact length of
the priority period shall be determined by the Exchange.

If more than one RFQ is the first RFQ of the day in a flexible series, all the
RFQ's individually ask for either a bid or an offer but not both, and all the
RFQ's collectively are for the same side of the market (all bids or all offers)
then the submitters shall jointly share priority during the period.

Priority for RFQ's is determined by submission to the RFQ official, except that
all RFQ's submitted before the open shall be treated equally. (02/01/01)

B2820.01  Expiration of an RFQ - Trading in a given flexible option series
following an RFQ shall remain open for the remainder of the trading session.
Trading in a given flexible option series following a transaction in that series
shall remain open through the remainder of the trading session in which the
transaction was executed and through each subsequent session in which there is
open interest in the flexible option series. (02/01/01)

B2821.01  Reporting of Flexible Option Trades - It shall be the responsibility
of the participants in a flexible option trade to report the quantities and
prices to the flexible pit reporter in a timely manner,

including any later trades in open flexible contract term series. (10/01/94)

*   The effect of the second paragraph of Regulation 2802.03 is to permit
    trading in standard options under certain Flexible trading procedures prior
    to the listing of such options in the standard options pit or e-cbot. Once
    and if these options are listed for trading in the standard options pit or
    on e-cbot, they will be traded only in the standard options pit or on e-cbot
    subject to standard options trading requirements. Upon such listing, all
    existing open positions established under Flexible trading procedures shall
    be fully fungible with transactions in the respective standard option series
    for all purposes under these regulations.



<PAGE>

<TABLE>
<CAPTION>
================================================================================
Chapter 29
Soybean Futures Options
================================================================================
<S>                                                                        <C>
     Ch29 Trading Conditions.............................................. 2902
          2901.00  Authority.............................................. 2902
          2901.01  Application of Regulations............................. 2902
          2902.01  Nature of Soybean Futures Put Options.................. 2902
          2902.02  Nature of Soybean Futures Call Options................. 2902
          2903.01  Trading Unit........................................... 2902
          2904.01  Striking Prices........................................ 2902
          2905.01  Payment of Option Premium.............................. 2903
          2906.01  Option Premium Basis................................... 2903
          2907.01  Exercise of Option..................................... 2903
          2907.02  Automatic Exercise..................................... 2903
          2908.01  Expiration of Option................................... 2903
          2909.01  Months Traded.......................................... 2903
          2910.01  Trading Hours.......................................... 2904
          2911.01  Position Limits and Reportable Positions............... 2904
          2912.01  Margin Requirements.................................... 2904
          2913.01  Last Day of Trading.................................... 2904
          2914.01  Option Premium Fluctuation Limits...................... 2904
</TABLE>


<PAGE>

================================================================================
Chapter 29
Soybean Futures Options
================================================================================

Ch29 Trading Conditions

2901.00  Authority - (See Rule 2801.00).  (10/01/94)

2901.01  Application of Regulations - Transactions in put and call options on
Soybean futures contracts shall be subject to the general rules of the
Association as far as applicable and shall also be subject to the regulations
contained in this chapter which are exclusively applicable to trading in put and
call options on Soybean futures contracts. (See Rule 490.00).  (10/01/94)

2902.01  Nature of Soybean Futures Put Options - The buyer of one (1) Soybean
futures put option may exercise his option at any time prior to expiration,
(subject to Regulation 2907.01), to assume a short position in one (1) Soybean
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Soybean futures put option
incurs the obligation of assuming a long position in one (1) Soybean futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a put option buyer.  (10/01/94)

2902.02  Nature of Soybean Futures Call Options - The buyer of one (1) Soybean
futures call option may exercise his option at any time prior to expiration,
(subject to Regulation 2907.01), to assume a long position in one (1) Soybean
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Soybean  futures call
option incurs the obligation of assuming a short position in one (1) Soybean
futures contract of a specified contract month at a striking price set at the
time the option was sold, upon exercise by a call option buyer.  (10/01/94)

2903.01  Trading Unit - One (1) 5,000 bushel Soybean futures contract of a
specified contract month on the Chicago Board of Trade.  (10/01/94)

2904.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of ten (10) cents per
bushel per Soybean futures contract (i.e., 6.10, 6.20, 6.30, etc) in integral
multiples of twenty (20) cents per bushel per Soybean futures contract (i.e.,
6.20, 6.40, 6.60, etc.) and in integral multiples of forty (40) cents per bushel
per Soybean futures contract (i.e., 6.00, 6.40, 6.80, etc.) as follows:

1.   a.  In integral multiples of twenty cents, at the commencement of trading
         for an option contract, the following strikes shall be listed: one with
         a strike closest to the previous day's settlement price of the
         underlying Soybean futures contract, the next five consecutive higher
         and the next five consecutive lower strikes (the "initial band"). If
         the previous day's settlement price is midway between two strikes, the
         closest price shall be the larger of the two.

     b.  In integral multiples of forty cents, at the commencement of trading
         for an option contract, the following strikes shall be listed: the next
         four consecutive strikes above the initial band.

     c.  In integral multiples of twenty cents, over time, strikes shall be
         added as necessary to ensure that all strikes within $1.10 of the
         previous day's trading range of the underlying futures contract are
         listed (the "minimum band").

     d.  In integral multiples of forty cents, over time, strikes shall be added
         as necessary to ensure that the next four consecutive strikes above the
         minimum band are listed.

     e.  No new strikes may be added by these procedures in the month in which
         an option expires.

2.   a.  In integral multiples of ten cents, at the commencement of trading for
         options that are traded in months in which Soybean futures are not
         traded, and for standard option months, the business day they become
         the second deferred month, the following strike prices shall be listed:
         one with a strike closest to the previous day's settlement price of the
         underlying Soybean futures contract and the next five consecutive
         higher and the next five consecutive



<PAGE>

                            Ch29 Trading Conditions
                            -----------------------

         lower strikes. For example, ten-cent strike price intervals for the
         September 2000 contract month would be added on June 26, which is the
         business day after the expiration of the July contract month.

     b.  Over time, new ten-cent strike prices will be added to ensure that at
         least five strike prices exist above and below the previous day's
         trading range in the underlying futures.

3.   a.  In integral multiples of forty cents, all strikes in which the
         previous day's delta factors (as determined by the Board of Trade) for
         both the put and call options are 0.10 or greater for two consecutive
         business days will be listed for trading. However, no new strikes may
         be added by this procedure to an option month unless open positions
         exist in that contract month.

     b.  In integral multiples of twenty cents, during the month in which an
         option expires, all strikes in which the previous day's delta factors
         (as determined by the Board of Trade) for both the put and call options
         are 0.10 or greater for two consecutive business days will be listed
         for trading.

4.   All strikes will be listed prior to the opening of trading on the following
     business day. The Exchange may modify the procedures for the introduction
     of strikes as it deems appropriate in order to respond to market
     conditions. (09/01/00)

2905.01  Payment of Option Premium - The option premium must be paid in full
by each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased.  (10/01/94)

2906.01  Option Premium Basis - The premium for Soybean futures options shall
be in multiples of one-eighth (1/8) of one cent per bushel of a 5,000 bushel
Soybean futures contract which shall equal $6.25 per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $6.00 in $1.00 increments per option contract.
(10/01/94)

2907.01  Exercise of Option - The buyer of a Soybean futures option may
exercise the option on any business day prior to expiration by giving notice of
exercise to the Clearing Corporation by 6:00 p.m., or by such other time
designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. on expiration
date:

i)       to correct errors or mistakes made in good faith;

ii)      to take appropriate action as the result of unreconciled Exchange
         option transactions;

iii)     in exceptional cases involving a customer's inability to communicate to
         the member firm exercise instructions or the member firm's inability to
         receive such instructions prior to 6:00 p.m. on the last day of
         trading. (12/01/99)

2907.02  Automatic Exercise - Notwithstanding the provisions of Regulation
2907.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)       to correct errors or mistakes made in good faith;

ii)      to take appropriate action as the result of unreconciled Exchange
         option transactions;

iii)     in exceptional cases involving a customer's inability to communicate to
         the member firm exercise instructions or the member firm's inability to
         receive such instructions prior to 6:00 p.m. on the last day of
         trading. (12/01/99)

2908.01  Expiration of Option - Unexercised Soybean futures options shall expire
at 10:00 a.m. on the first Saturday following the last day of trading.
(10/01/94)

2909.01  Months Traded - Trading may be conducted in the nearby Soybean futures
options


<PAGE>

                            Ch29 Trading Conditions
                            -----------------------

contract month plus any succeeding months, provided however, that the Exchange
may determine not to list a contract month. For options that are traded in
months in which Soybean futures are not traded, the underlying futures contract
is the next futures contract that is nearest to the expiration of the option.
For example, the underlying futures contract for the February option contract is
the March futures contract. (09/01/00)

2910.01    Trading Hours - The hours of trading of options on Soybean futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as the
close of trading of the Regular Daytime open outcry trading session for the
corresponding Soybean futures contract, subject to the provisions of the second
paragraph of Rule 1007.00. On the last day of trading in an expiring option, the
expiring Soybean futures options shall be closed with a public call made
striking price by striking price, conducted by such persons as the Regulatory
Compliance Committee shall direct. On all other days, Soybean futures options
shall be opened and closed for all months and striking prices simultaneously or
in such a manner as the Regulatory Compliance Committee shall direct. (03/01/00)

2911.01    Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/00)

2912.01    Margin Requirements - (See Regulation 431.05) (10/01/94)

2913.01   Last Day of Trading - No trades in Soybean futures options expiring
in the current month shall be made after the close of trading of the Regular
Daytime open outcry trading session for the corresponding Soybean futures
contract on the last Friday which precedes by at least two business days, the
last business day of the month preceding the option month. If such Friday is not
a business day, the last day of trading shall be the business day prior to such
Friday. (07/01/01)

2914.01    Option Premium Fluctuation Limits   -Trading is prohibited during any
day except for the last day of trading in a Soybean futures option at a premium
of more than the trading limit for the Soybean futures contract above and below
the previous day's settlement premium for that option as determined by the
Clearing Corporation. On the first day of trading, limits shall be set from the
lowest premium of the opening range.  (10/01/94)


<PAGE>

================================================================================
Chapter 30
Corn Futures Options
================================================================================

     Ch30 Trading Conditions..................................
          3001.00  Authority..................................
          3001.01  Application of Regulations.................
          3002.01  Nature of Corn Futures Put Options.........
          3002.02  Nature of Corn Futures Call Options........
          3003.01  Trading Unit...............................
          3004.01  Striking Prices............................
          3005.01  Payment of Option Premium..................
          3006.01  Option Premium Basis.......................
          3007.01  Exercise of Option.........................
          3007.02  Automatic Exercise.........................
          3008.01  Expiration of Option.......................
          3009.01  Months Traded..............................
          3010.01  Trading Hours..............................
          3011.01  Position Limits............................
          3012.01  Margin Requirements........................
          3013.01  Last Day of Trading........................
          3014.01  Option Premium Fluctuation Limits..........


<PAGE>

================================================================================
Chapter 30
Corn Futures Options
================================================================================

Ch30 Trading Conditions

3001.00  Authority   - (See Rule 2801.00).  (10/01/94)

3001.01  Application of Regulations - Transactions in put and call options on
Corn futures contracts shall be subject to the general rules of the Association
as far as applicable and shall also be subject to the regulations contained in
this chapter which are exclusively applicable to trading in put and call options
on Corn futures contracts. (See Rule 490.00). (10/01/94)

3002.01  Nature of Corn Futures Put Options - The buyer of one (1) Corn futures
put option may exercise his option at any time prior to expiration, (subject to
Regulation 3007.01), to assume a short position in one (1) Corn futures contract
of a specified contract month at a striking price set at the time the option was
purchased. The seller of one (1) Corn futures put option incurs the obligation
of assuming a long position in one (1) Corn futures contract of a specified
contract month at a striking price set at the time the option was sold, upon
exercise by a put option buyer. (10/01/94)

3002.02  Nature of Corn Futures Call Options - The buyer of one (1) Corn futures
call option may exercise his option at any time prior to expiration, (subject to
Regulation 3007.01), to assume a long position in one (1) Corn futures contract
of a specified contract month at a striking price set at the time the option was
purchased. The seller of one (1) Corn futures call option incurs the obligation
of assuming a short position in one (1) Corn futures contract of a specified
contract month at a striking price set at the time the option was sold, upon
exercise by a call option buyer. (10/01/94)

3003.01  Trading Unit - One (1) 5,000 bushel Corn futures contract of a
specified contract month on the Chicago Board of Trade. (10/01/94)

3004.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of five (5) cents per
bushel per Corn futures contract (i.e., 2.55, 2.60, 2.65, etc.), in integral
multiples of ten (10) cents per bushel per Corn futures contract (i.e., 2.50,
2.60, 2.70, etc.) and in integral multiples of twenty (20) cents per bushel per
Corn futures contract (i.e., 2.80, 3.00, 3.20, etc.) as follows:

1.  a.  In integral multiples of ten cents, at the commencement of trading
        for an option contract, the following strikes shall be listed: one with
        a strike closest to the previous day's settlement price of the
        underlying Corn futures contract, the next five consecutive higher and
        the next five consecutive lower strikes (the "initial band"). If the
        previous day's settlement price is midway between two strikes, the
        closest price shall be the larger of the two.

    b.  In integral multiples of twenty cents, at the commencement of trading
        for an option contract, the following strikes shall be listed: the next
        four consecutive strikes above the initial band.

    c.  In integral multiples of ten cents, over time, strikes shall be added as
        necessary to ensure that all strikes within 55 cents of the previous
        day's trading range of the underlying futures contract are listed (the
        "minimum band").

    d.  In integral multiples of twenty cents, over time, strikes shall be added
        as necessary to ensure that the next four consecutive strikes above the
        minimum band are listed.

    e.  No new strikes may be added by these procedures in the month in which an
        option expires.

2.  a.  In integral multiples of five cents, at the commencement of trading
        for options that are traded in months in which Corn futures are not
        traded, and for standard option months, the business day they become the
        second deferred month, the following strike prices shall be listed:  one
        with a strike closest to the previous day's settlement price of the
        underlying Corn futures contract and the next five consecutive higher
        and the next five consecutive lower strikes.  For example, five-cent
        strike price intervals for the September 2000 contract month would be
        added on June 26, which is the business day after the expiration of the
        July

<PAGE>

                            Ch30 Trading Conditions
                            -----------------------


        contract month.


    b.  Over time, new-five cent strike prices will be added to ensure that at
        least five strike prices exist above and below the previous day's
        trading range in the underlying futures.

3.  a.  In integral multiples of twenty cents, all strikes in which the previous
        day's delta factors (as determined by the Board of Trade) for both the
        put and call options are 0.10 or greater for two consecutive business
        days will be listed for trading. However, no new strikes may be added by
        this procedure to an option month unless open positions exist in that
        contract month.

    b.  In integral multiples of ten cents, during the month in which an option
        expires, all strikes in which the previous day's delta factors (as
        determined by the Board of Trade) for both the put and call options are
        0.10 or greater for two consecutive business days will be listed for
        trading.

4.  All strikes will be listed prior to the opening of trading on the following
    business day. The Exchange may modify the procedures for the introduction of
    strikes as it deems appropriate in order to respond to market conditions.
    (09/01/00)

3005.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

3006.01  Option Premium Basis - The premium for Corn futures options shall be in
multiples of one-eighth (1/8) of one cent per bushel of a 5,000 bushel Corn
futures contract which shall equal $6.25 per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $6.00 in $1.00 increments per option contract.
(10/01/94)

3007.01  Exercise of Option - The buyer of a Corn futures option may exercise
the option on any business day prior to expiration by giving notice of exercise
to the Clearing Corporation by 6:00 p.m., or by such other time designated by
the Board of Directors, on such day. Notwithstanding the foregoing, the buyer
may exercise the option prior to 10:00 a.m. on expiration date:

i)       to correct errors or mistakes made in good faith;

ii)      to take appropriate action as the result of unreconciled Exchange
         option transactions;

iii)     in exceptional cases involving a customer's inability to communicate to
         the member firm exercise instructions or the member firm's inability to
         receive such instructions prior to 6:00 p.m. on the last day of
         trading. (12/01/99)

3007.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3007.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:


i)       to correct errors or mistakes made in good faith;

ii)      to take appropriate action as the result of unreconciled Exchange
         option transactions;

iii)     in exceptional cases involving a customer's inability to communicate to
         the member firm exercise instructions or the member firm's inability to
         receive such instructions prior to 6:00 p.m. on the last day of
         trading. (12/01/99)

3008.01  Expiration of Option - Unexercised Corn futures options shall expire at
10:00 a.m. on the first Saturday following the last day of trading. (10/01/94)

3009.01  Months Traded - Trading may be conducted in the nearby Corn futures
options contract


<PAGE>

                            Ch30 Trading Conditions
                            -----------------------


month plus any succeeding months, provided however, that the Exchange may
determine not to list a contract month. For options that are traded in months in
which Corn futures are not trading underlying futures contract is the next
futures contract that is nearest to the expiration of the option. For example,
the underlying futures contract for the February option contract is the March
futures contract. (09/01/00)

3010.01  Trading Hours - The hours of trading of options on Corn futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as close of
trading of the Regular Daytime open outcry trading session for the corresponding
Corn futures contract, subject to the provisions of the second paragraph of Rule
1007.00. On the last day of trading in an expiring option, the expiring Corn
futures options shall be closed with a public call made striking price by
striking price, conducted by such persons as the Regulatory Compliance Committee
shall direct. On all other days, Corn futures options shall be opened and closed
for all months and striking prices simultaneously or in such a manner as the
Regulatory Compliance Committee shall direct. (03/01/00)

3011.01  Position Limits - (See Regulation 425.01) (10/01/00)

3012.01  Margin Requirements - (See Regulation 431.05) (10/01/94)

3013.01  Last Day of Trading - No trades in Corn futures options expiring in the
current month shall be made after the close of trading of the Regular Daytime
open outcry trading session for the corresponding Corn futures contract on the
last Friday which precedes by at least two business days, the last business day
of the month preceding the option month. If such Friday is not a business day,
the last day of trading shall be the business day prior to such Friday.
(07/01/01)

3014.01  Option Premium Fluctuation Limits - Trading is prohibited during any
day except for the last day of trading in a Corn futures option at a premium of
more than the trading limit for the Corn futures contract above and below the
previous day's settlement premium for that option as determined by the Clearing
Corporation. On the first day of trading, limits shall be set from the lowest
premium of the opening range. (10/01/94)


<PAGE>

================================================================================
Chapter 31
Wheat Futures Options
================================================================================

     Ch31 Trading Conditions.................................
          3101.00  Authority.................................
          3101.01  Application of Regulations................
          3102.01  Nature of Wheat Futures Put Options.......
          3102.02  Nature of Wheat Futures Call Options......
          3103.01  Trading Unit..............................
          3104.01  Striking Prices...........................
          3105.01  Payment of Option Premium.................
          3106.01  Option Premium Basis......................
          3107.01  Exercise of Option........................
          3107.02  Automatic Exercise........................
          3108.01  Expiration of Option......................
          3109.01  Months Traded.............................
          3110.01  Trading Hours.............................
          3111.01  Position Limits...........................
          3112.01  Margin Requirements.......................
          3113.01  Last Day of Trading.......................
          3114.01  Option Premium Fluctuation Limits.........



<PAGE>

================================================================================
Chapter 31
Wheat Futures Options
================================================================================

Ch31 Trading Conditions

3101.00  Authority   - (See Rule 2801.00).  (10/01/94)

3101.01  Application of Regulations - Transactions in put and call options on
Wheat futures contracts shall be subject to the general rules of the Association
as far as applicable and shall also be subject to the regulations contained in
this chapter which are exclusively applicable to trading in put and call options
on Wheat futures contracts. (See Rule 490.00). (10/01/94)

3102.01  Nature of Wheat Futures Put Options - The buyer of one (1) Wheat
futures put option may exercise his option at any time prior to expiration,
(subject to Regulation 3107.01), to assume a short position in one (1) Wheat
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Wheat futures put option
incurs the obligation of assuming a long position in one (1) Wheat futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a put option buyer. (10/01/94)

3102.02  Nature of Wheat Futures Call Options - The buyer of one (1) Wheat
futures call option may exercise his option at any time prior to expiration,
(subject to Regulation 3107.01), to assume a long position in one (1) Wheat
futures contract of a specified contract month at a striking price set at the
time the option was purchased. The seller of one (1) Wheat futures call option
incurs the obligation of assuming a short position in one (1) Wheat futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a call option buyer. (10/01/94)

3103.01  Trading Unit - One (1) 5,000 bushel Wheat futures contract of a
specified contract month on the Chicago Board of Trade. (10/01/94)

3104.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of five (5) cents per
bushel per Wheat futures contract (i.e. 3.70, 3.75, 3.80, etc.), in integral
multiples of ten (10) cents per bushel per Wheat futures contract (i.e., 3.70,
3.80, 3.90, etc.) and in integral multiples of twenty (20) cents per bushel per
Wheat futures contract (i.e., 4.00, 4.20, 4.40, etc.) as follows:

1.   a.  In integral multiples of ten cents, at the commencement of trading for
         an option contract, the following strikes shall be listed: one with a
         strike closest to the previous day's settlement price of the underlying
         Wheat futures contract, the next five consecutive higher and the next
         five consecutive lower strikes (the "initial band"). If the previous
         day's settlement price is midway between two strikes, the closest price
         shall be the larger of the two.

     b.  In integral multiples of twenty cents, at the commencement of trading
         for an option contract, the following strikes shall be listed: the next
         four consecutive strikes above the initial band.

     c.  In integral multiples of ten cents, over time, strikes shall be added
         as necessary to ensure that all strikes within 55 cents of the previous
         day's trading range of the underlying futures contract are listed (the
         "minimum band").

     d.  In integral multiples of twenty cents, over time, strikes shall be
         added as necessary to ensure that the next four consecutive strikes
         above the minimum band are listed.

     e.  No new strikes may be added by these procedures in the month in which
         an option expires.

2.   a.  In integral multiples of five cents, at the commencement of trading for
         options that are traded in months in which Wheat futures are not
         traded, and for standard option months, the business day they become
         the second deferred month, the following strike prices shall be listed:
         one with a strike closest to the previous day's settlement price of the
         underlying Wheat futures contract and the next five consecutive higher
         and the next five consecutive lower strikes. For example, five-cent
         strike price intervals for the September 2000 contract month would be
         added on June 26, which is the business day after the expiration of the
         July

<PAGE>

                            Ch31 Trading Conditions
                            -----------------------


         contract month.


     b.  Over time, new five-cent strike prices will be added to ensure that at
         least five strike prices exist above and below the previous day's
         trading range in the underlying futures.

3.   a.  In integral multiples of twenty cents, all strikes in which the
         previous day's delta factors (as determined by the Board of Trade) for
         both the put and call options are 0.10 or greater for two consecutive
         business days will be listed for trading. However, no new strikes may
         be added by this procedure to an option month unless open positions
         exist in that contract month.

     b.  In integral multiples of ten cents, during the month in which an option
         expires, all strikes in which the previous day's delta factors (as
         determined by the Board of Trade) for both the put and call options are
         0.10 or greater for two consecutive business days will be listed for
         trading.

4.   All strikes will be listed prior to the opening of trading on the following
     business day. The Exchange may modify the procedures for the introduction
     of strikes as it deems appropriate in order to respond to market
     conditions. (09/01/00)

3105.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

3106.01  Option Premium Basis - The premium for Wheat futures options shall be
in multiples of one-eighth (1/8) of one cent per bushel of a 5,000 bushel Wheat
futures contract which shall equal $6.25 per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $6.00 in $1.00 increments per option contract.
(10/01/94)

3107.01  Exercise of Option - The buyer of a Wheat futures option may exercise
the option on any business day prior to expiration by giving notice of exercise
to the Clearing Corporation by 6:00 p.m., or by such other time designated by
the Board of Directors, on such day. Notwithstanding the foregoing, the buyer
may exercise the option prior to 10:00 a.m. on expiration date:

i)   to correct errors or mistakes made in good faith;

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

3107.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3107.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)   to correct errors or mistakes made in good faith;

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

3108.01  Expiration of Option - Unexercised Wheat futures options shall expire
at 10:00 a.m. on the first Saturday following the last day of trading.
(10/01/94)

3109.01  Months Traded - Trading may be conducted in the nearby Wheat futures
options


<PAGE>

                            Ch31 Trading Conditions
                            -----------------------


contract month plus any succeeding months, provided however, that the Exchange
may determine not to list a contract month. For options that are traded in
months in which Wheat futures are not traded, the underlying futures contract is
the next futures contract that is nearest to the expiration of the option. For
example, the underlying futures contract for the February option contract is the
March futures contract. (09/01/00)

3110.01  Trading Hours - The hours of trading of options on Wheat futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as the
close of trading of the Regular Daytime open outcry trading session for the
corresponding Wheat futures contract, subject to the provisions of the second
paragraph of Rule 1007.00. On the last day of trading in an expiring option, the
expiring Wheat futures options shall be closed with a public call made striking
price by striking price, conducted by such persons as the Regulatory Compliance
Committee shall direct. On all other days, Wheat futures options shall be opened
and closed for all months and striking prices simultaneously or in such a manner
as the Regulatory Compliance Committee shall direct. (03/01/00)

3111.01  Position Limits - (See Regulation 425.01) (10/01/00)

3112.01  Margin Requirements - (See Regulation 431.05) (10/01/94)

3113.01  Last Day of Trading - No trades in Wheat futures options expiring in
the current month shall be made after the close of trading of the Regular
Daytime open outcry trading session for the corresponding Wheat futures contract
on the last Friday which precedes by at least two business days, the last
business day of the month preceding the option month. If such Friday is not a
business day, the last day of trading shall be the business day prior to such
Friday. (07/01/01)

3114.01  Option Premium Fluctuation Limits - Trading is prohibited during any
day except for the last day of trading in a Wheat futures option at a premium of
more than the trading limit for the Wheat futures contract above and below the
previous day's settlement premium for that option as determined by the Clearing
Corporation. On the first day of trading, limits shall be set from the lowest
premium of the opening range. (10/01/94)



<PAGE>

================================================================================
Chapter 32
Soybean Oil Futures Options
================================================================================

     Ch32 Trading Conditions...................................
          3201.00  Authority...................................
          3201.01  Application of Regulations..................
          3202.01  Nature of Soybean Oil Futures Put Options...
          3202.02  Nature of Soybean Oil Futures Call Options..
          3203.01  Trading Unit................................
          3204.01  Striking Prices.............................
          3205.01  Payment of Option Premium...................
          3206.01  Option Premium Basis........................
          3207.01  Exercise of Option..........................
          3207.02  Automatic Exercise..........................
          3208.01  Expiration of Option........................
          3209.01  Months Traded...............................
          3210.01  Trading Hours...............................
          3211.01  Position Limits and Reportable Positions....
          3212.01  Margin Requirements.........................
          3213.01  Last Day of Trading.........................
          3214.01  Option Premium Fluctuation Limits...........


<PAGE>

================================================================================
Chapter 32
Soybean Oil Futures Options
================================================================================

Ch32 Trading Conditions

3201.00  Authority - (See Rule 2801.00). (10/01/94)

3201.01  Application of Regulations - Transactions in put and call options on
Soybean Oil futures contracts shall be subject to the general rules of the
Association as far as applicable and shall also be subject to the regulations
contained in this chapter which are exclusively applicable to trading in put and
call options on Soybean Oil futures contracts. (See Rule 490.00). (10/01/94)

3202.01  Nature of Soybean Oil Futures Put Options - The buyer of one (1)
Soybean Oil futures put option may exercise his option at any time prior to
expiration, (subject to Regulation 3207.01), to assume a short position in one
(1) Soybean Oil futures contract of a specified contract month at a striking
price set at the time the option was purchased. The seller of one (1) Soybean
Oil futures put option incurs the obligation of assuming a long position in one
(1) Soybean Oil futures contract of a specified contract month at a striking
price set at the time the option was sold, upon exercise by a put option buyer.
(10/01/94)

3202.02  Nature of Soybean Oil Futures Call Options - The buyer of one (1)
Soybean Oil futures call option may exercise his option at any time prior to
expiration, (subject to Regulation 3207.01), to assume a long position in one
(1) Soybean Oil futures contract of a specified contract month at a striking
price set at the time the option was purchased. The seller of one (1) Soybean
Oil futures call option incurs the obligation of assuming a short position in
one (1) Soybean Oil futures contract of a specified contract month at a striking
price set at the time the option was sold, upon exercise by a call option buyer.
(10/01/94)

3203.01  Trading Unit - One (1) 60,000 pound Soybean Oil futures contract of a
specified contract month on the Chicago Board of Trade. (10/01/94)

3204.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of one-half cent per
pound per Soybean Oil futures contract (i.e., .210, .215, .220, etc.) for all
strikes less than thirty cents and in integral multiples of one cent per pound
per Soybean Oil futures contract (i.e., .300, .310, .320, etc.) for all strikes
greater than or equal to thirty cents (the "first tier"); and in integral
multiples of one cent per pound per Soybean Oil futures contract (i.e., .210,
..220, .230, etc.) for all strikes less than thirty cents and in integral
multiples of two cents per pound per Soybean Oil futures contract (i.e., .320,
..340, .360, etc.) for all strikes greater than or equal to thirty cents (the
"second tier") as follows:

1.   a.  Per the first tier, at the commencement of trading for an option
         contract, the following strikes shall be listed: one with a strike
         closest to the previous day's settlement price of the underlying
         Soybean Oil futures contract and a consecutive series within 5.5 cents
         above and below that strike (the "initial band"). If the previous day's
         settlement price is midway between two strikes, the closest price shall
         be the larger of the two.

     b.  Per the second tier, at the commencement of trading for an option
         contract, the following strikes shall be listed: the next four
         consecutive strikes above the initial band.

     c.  Per the first tier, over time, strikes shall be added as necessary to
         insure that all strikes within 5.5 cents of the previous day's trading
         range of the underlying futures contract are listed (the "minimum
         band").

     d.  Per the second tier, over time, strikes shall be added as necessary to
         insure that the next four consecutive strikes above the minimum band
         are listed.

     e.  No new strikes may be added by these procedures in the month in which
         an option expires.

2.   a.  Per the second tier, all strikes in which the previous day's delta
         factors (as determined by the Board of Trade) for both the put and call
         options are 0.10 or greater for two consecutive

<PAGE>

                            Ch32 Trading Conditions
                            -----------------------


         business days will be listed for trading. However, no new strikes may
         be added by this procedure to an option month unless open positions
         exist in that contract month.

     b.  Per the first tier, during the month in which an option expires, all
         strikes in which the previous day's delta factors (as determined by the
         Board of Trade) for both the put and call options are 0.10 or greater
         for two consecutive business days will be listed for trading.

3.   All strikes will be listed prior to the opening of trading on the following
     business day. The Exchange may modify the procedures for the introduction
     of strikes as it deems appropriate in order to respond to market
     conditions. (07/01/95)

3205.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

3206.01  Option Premium Basis - The premium for Soybean Oil futures options
shall be in multiples of five thousandths (5/1000) of one cent per pound of a
60,000 pound Soybean Oil futures contract which shall equal $3.00 per contract.

However, when both sides of the trade are closing transactions, the option
premium may be equal to $1.00 or $2.00 per option contract. (10/01/94)

3207.01  Exercise of Option - The buyer of a Soybean Oil futures option may
exercise the option on any business day prior to expiration by giving notice of
exercise to the Clearing Corporation by 6:00 p.m., or by such other time
designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. on expiration
date:

i)   to correct errors or mistakes made in good faith;

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

3207.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3207.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)   to correct errors or mistakes made in good faith;

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

3208.01  Expiration of Option - Unexercised Soybean Oil futures options shall
expire at 10:00 a.m. on the first Saturday following the last day of trading.
(10/01/94)

3209.01  Months Traded - Trading may be conducted in the nearby Soybean Oil
futures options contract month plus any succeeding months, provided however,
that the Exchange may determine not to list a contract month. For options that
are traded in months in which Soybean Oil futures are not traded, the underlying
futures contract is the next futures contract that is nearest to the expiration
of the option. For example, the underlying futures contract for the February
option contract is the March futures contract. (09/01/00)

3210.01  Trading Hours - The hours of trading of options on Soybean Oil futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as the
close of trading of the Regular Daytime open outcry trading session for the
corresponding Soybean Oil futures contract, subject to the provisions of the
second paragraph


<PAGE>

                            Ch32 Trading Conditions
                            -----------------------


of Rule 1007.00. On the last day of trading in an expiring option, the expiring
Soybean Oil futures options shall be closed with a public call made striking
price by striking price, conducted by such persons as the Regulatory Compliance
Committee shall direct. On all other days, Soybean Oil futures options shall be
opened and closed for all months and striking prices simultaneously or in such a
manner as the Regulatory Compliance Committee shall direct. (03/01/00)

3211.01  Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/00)

3212.01  Margin Requirements - (See Regulation 431.05) (10/01/94)

3213.01  Last Day of Trading - No trades in Soybean Oil futures options expiring
in the current month shall be made after the close of trading of the Regular
Daytime open outcry trading session for the corresponding Soybean Oil futures
contract on the last Friday which precedes by at least two business days, the
last business day of the month preceding the option month. If such Friday is not
a business day, the last day of trading shall be the business day prior to such
Friday. (07/01/01)

3214.01  Option Premium Fluctuation Limits - Trading is prohibited during any
day except for the last day of trading in a Soybean Oil futures option at a
premium of more than the trading limit for the Soybean Oil futures contract
above and below the previous day's settlement premium for that option as
determined by the Clearing Corporation. On the first day of trading, limits
shall be set from the lowest premium of the opening range. (10/01/94)


<PAGE>

================================================================================
Chapter 33
Soybean Meal Futures Options
================================================================================

     Ch33 Trading Conditions......................................
          3301.00  Authority......................................
          3301.01  Application of Regulations.....................
          3302.01  Nature of Soybean Meal Futures Put Options.....
          3302.02  Nature of Soybean Meal Futures Call Options....
          3303.01  Trading Unit...................................
          3304.01  Striking Prices................................
          3305.01  Payment of Option Premium......................
          3306.01  Option Premium Basis...........................
          3307.01  Exercise of Option.............................
          3307.02  Automatic Exercise.............................
          3308.01  Expiration of Option...........................
          3309.01  Months Traded..................................
          3310.01  Trading Hours..................................
          3311.01  Position Limits and Reportable Positions.......
          3312.01  Margin Requirements............................
          3313.01  Last Day of Trading............................
          3314.01  Option Premium Fluctuation Limits..............


<PAGE>

================================================================================
Chapter 33
Soybean Meal Futures Options
================================================================================

Ch33 Trading Conditions

3301.00   Authority - (See Rule 2801.00). (10/01/94)

3301.01   Application of Regulations - Transactions in put and call options on
Soybean Meal futures contracts shall be subject to the general rules of the
Association as far as applicable and shall also be subject to the regulations
contained in this chapter which are exclusively applicable to trading in put and
call options on Soybean Meal futures contracts. (See Rule 490.00). (10/01/94)

3302.01   Nature of Soybean Meal Futures Put Options - The buyer of one (1)
Soybean Meal futures put option may exercise his option at any time prior to
expiration, (subject to Regulation 3307.01), to assume a short position in one
(1) Soybean Meal futures contract of a specified contract month at a striking
price set at the time the option was purchased. The seller of one (1) Soybean
Meal futures put option incurs the obligation of assuming a long position in one
(1) Soybean Meal futures contract of a specified contract month at a striking
price set at the time the option was sold, upon exercise by a put option buyer.
(10/01/94)

3302.02   Nature of Soybean Meal Futures Call Options - The buyer of one (1)
Soybean Meal futures call option may exercise his option at any time prior to
expiration, (subject to Regulation 3307.01), to assume a long position in one
(1) Soybean Meal futures contract of a specified contract month at a striking
price set at the time the option was purchased. The seller of one (1) Soybean
Meal futures call option incurs the obligation of assuming a short position in
one (1) Soybean Meal futures contract of a specified contract month at a
striking price set at the time the option was sold, upon exercise by a call
option buyer. (10/01/94)

3303.01   Trading Unit - One (1)100 ton Soybean Meal futures contract of a
specified contract month on the Chicago Board of Trade. (10/01/94)

3304.01   Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of five (5) dollars
per ton per Soybean Meal futures contract (i.e., 185, 190, 195, etc.) for all
strikes less than two hundred dollars and in integral multiples of ten (10)
dollars per ton per Soybean Meal futures contract (i.e., 200, 210, 220, etc.)
for all strikes greater than or equal to two hundred dollars (the "first tier");
and in integral multiples of ten (10) dollars per ton per Soybean Meal futures
contract (i.e., 200, 210, 220, etc.) for all strikes less than two hundred
dollars and in integral multiples of twenty (20) dollars per ton per Soybean
Meal futures contract (i.e., 200, 220, 240, etc.) for all strikes greater than
or equal to two hundred dollars (the "second tier") as follows:

1.   a.  Per the first tier, at the commencement of trading for an option
         contract, the following strikes shall be listed: one with a strike
         closest to the previous day's settlement price of the underlying
         Soybean Meal futures contract, the next ten consecutive higher strikes
         and the next ten consecutive lower strikes (the "initial band"). If the
         previous day's settlement price is midway between two strikes, the
         closest price shall be the larger of the two.

     b.  Per the second tier, at the commencement of trading for an option
         contract, the following strikes shall be listed: the next four
         consecutive strikes above the initial band.


<PAGE>

                            Ch33 Trading Conditions
                            -----------------------


     c.  Per the first tier, over time, strikes shall be added as necessary to
         insure that at least ten strikes above and below the previous day's
         trading range of the underlying futures are listed (the "minimum
         band").

     d.  Per the second tier, over time, strikes shall be added as necessary to
         insure that the next four consecutive strikes above the minimum band
         are listed.

     e.  No new strikes may be added by these procedures in the month in which
         an option expires.

2.   a.  Per the second tier, all strikes in which the previous day's delta
         factors (as determined by the Board of Trade) for both the put and call
         options are 0.10 or greater for two consecutive business days will be
         listed for trading. However, no new strikes may be added by this
         procedure to an option month unless open positions exist in that
         contract month.

     b.  Per the first tier, during the month in which an option expires, all
         strikes in which the previous day's delta factors (as determined by the
         Board of Trade) for both the put and call options are 0.10 or greater
         for two consecutive business days will be listed for trading.

3.  All strikes will be listed prior to the opening of trading on the following
    business day. The Exchange may modify the procedures for the introduction of
    strikes as it deems appropriate in order to respond to market conditions.
    (03/01/99)

3305.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

3306.01  Option Premium Basis - The premium for Soybean Meal futures options
shall be in multiples of five (5) cents per ton of a 100 ton Soybean Meal
futures contract which shall equal $5.00 per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $4.00 in $1.00 increments per option contract.
(10/01/94)

3307.01  Exercise of Option - The buyer of a Soybean Meal futures option may
exercise the option on any business day prior to expiration by giving notice of
exercise to the Clearing Corporation by 6:00 p.m., or at such other time
designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. on the
expiration date:

i)   to correct errors or mistakes made in good faith;

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to
     the member firm exercise instructions or the member firm's inability to
     receive such instructions prior to 6:00 p.m. on the last day of trading.
     (12/01/99)

3307.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3307.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or at such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)   to correct errors or mistakes made in good faith;

<PAGE>

ii)  to take appropriate action as the result of unreconciled Exchange option
     transactions;

iii) in exceptional cases involving a customer's inability to communicate to the
     member firm exercise instructions or the member firm's inability to receive
     such instructions prior to 6:00 p.m. on the last day of trading. (12/01/99)

3308.01  Expiration of Option - Unexercised Soybean Meal futures options shall
expire at 10:00 a.m. on the first Saturday following the last day of trading.
(10/01/94)

3309.01  Months Traded - Trading may be conducted in the nearby Soybean Meal
futures options contract month plus any succeeding months, provided however,
that the Exchange may determine not to list a contract month. For options that
are traded in months in which Soybean Meal futures are not traded, the
underlying futures contract is the next futures contract that is nearest to the
expiration of the option. For example, the underlying futures contract for the
February option contract is the March futures contract. (09/01/00)

3310.01  Trading Hours - The hours of trading of options on Soybean Meal futures
contracts shall be determined by the Board. On the last day of trading in an
expiring option, the closing time for such options shall be the same as the
close of trading of the Regular Daytime open outcry trading session for the
corresponding Soybean Meal futures contract, subject to the provisions of the
second paragraph of Rule 1007.00. On the last day of trading in an expiring
option, the expiring Soybean Meal futures options shall be closed with a public
call made striking price by striking price, conducted by such persons as the
Regulatory Compliance Committee shall direct. On all other days, Soybean Meal
futures options shall be opened and closed for all months and striking prices
simultaneously or in such a manner as the Regulatory Compliance Committee shall
direct. (03/01/00)

3311.01  Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/00)

3312.01  Margin Requirements - (See Regulation 431.03) (10/01/94)

3313.01  Last Day of Trading - No trades in Soybean Meal futures options
expiring in the current month shall be made after the close of trading of the
Regular Daytime open outcry trading session for the corresponding Soybean Meal
futures contract on the last Friday which precedes by at least two business
days, the last business day of the month preceding the option month. If such
Friday is not a business day, the last day of trading shall be the business day
prior to such Friday. (07/01/01)

3314.01  Option Premium Fluctuation Limits - Trading is prohibited during any
day except for the last day of trading in a Soybean Meal futures option at a
premium of more than the trading limit for the Soybean Meal futures contract
above and below the previous day's settlement premium for that option as
determined by the Clearing Corporation. On the first day of trading, limits
shall be set from the lowest premium of the opening range. (10/01/94)


<PAGE>

<TABLE>
<CAPTION>
===============================================================================================================
Chapter 35A (Standard Options)
Medium Term U.S. Treasury Note Futures Options
===============================================================================================================
         <S>                                                                                               <C>
         Ch35A Trading Conditions..........................................................................3502A
                A3501.00     Authority.....................................................................3502A
                A3501.01     Application of Regulations....................................................3502A
                A3502.01     Nature of Medium Term U.S. Treasury Note Futures Put Options..................3502A
                A3502.02     Nature of Medium Term U.S. Treasury Note Futures Call Options.................3502A
                A3503.01     Trading Unit..................................................................3502A
                A3504.01     Striking Prices...............................................................3502A
                A3505.01     Payment of Option Premium.....................................................3503A
                A3506.01     Option Premium Basis..........................................................3503A
                A3507.01     Exercise of Option............................................................3503A
                A3507.02     Automatic Exercise............................................................3503A
                A3508.01     Expiration of Option..........................................................3503A
                A3509.01     Months Traded In..............................................................3503A
                A3510.01     Trading Hours.................................................................3503A
                A3511.01     Position Limits and Reportable Positions......................................3504A
                A3512.01     Margin Requirements...........................................................3504A
                A3513.01     Last Day of Trading...........................................................3504A
</TABLE>

                                     3501A

<PAGE>

================================================================================
Chapter 35A (Standard Options)
Medium Term U.S. Treasury Note Futures Options
================================================================================

Ch35A Trading Conditions

A3501.00  Authority - (See Rule 2801.00.)  (10/01/94)

A3501.01  Application of Regulations - Transactions in put and call options on
Medium Term U.S. Treasury Note futures contracts shall be subject to the general
rules of the Association as far as applicable and shall also be subject to the
regulations contained in this Chapter which are exclusively applicable to
trading in put and call options on Medium Term U.S. Treasury Note futures
contracts. (See Rule 490.00.) (09/01/00)

A3502.01  Nature of Medium Term U.S. Treasury Note Futures Put Options - The
buyer of one (1) Medium Term U.S. Treasury Note futures put option may exercise
his option at any time prior to expiration (subject to Regulation 3507.01), to
assume a short position in one (1) Medium Term U.S. Treasury Note futures
contract of a specified contract month at a striking price set at the time the
option was purchased. The seller of one (1) Medium Term U.S. Treasury Note
futures put option incurs the obligation of assuming a long position in one (1)
Medium Term U.S. Treasury Note futures contract of a specified contract month at
a striking price set at the time the option was sold, upon exercise by a put
option buyer. (10/01/94)

A3502.02  Nature of Medium Term U.S. Treasury Note Futures Call Options - The
buyer of one (1) Medium Term U.S. Treasury Note futures call option may exercise
his option at any time prior to expiration (subject to Regulation 3507.01), to
assume a long position in one (1) Medium Term U.S. Treasury Note futures
contract of a specified contract month at a striking price set at the time the
option was purchased. The seller of one (1) Medium Term U.S. Treasury Note
futures call option incurs the obligation of assuming a short position in one
(1) Medium Term U.S. Treasury Note futures call option incurs the obligation of
assuming a short position in one (1) Medium Term U.S. Treasury Note futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a call option buyer. (10/01/94)

A3503.01  Trading Unit - One (1) Medium Term U.S. Treasury Note futures contract
of a specified contract month on the Chicago Board of Trade. (10/01/94)

A3504.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices in integral multiples of one-half (1/2) point per Medium
Term U.S. Treasury Note futures contract. At the commencement of trading for
such option contracts, the following strike prices shall be listed: one with a
striking price closest to the previous day's settlement price on the underlying
Medium Term U.S. Treasury Note futures contract, the next twelve consecutive
higher and the next twelve consecutive lower striking prices closest to the
previous day's settlement price; and all strike prices listed for all other
option contract months listed at that time. If the previous day's settlement
price is midway between two striking prices, the closest price shall be the
larger of the two. When a sale in the underlying Medium Term U.S. Treasury Note
futures contract occurs at a price greater than or equal to the twelfth largest
striking price, a new striking price one increment higher than the existing
striking prices will be added. When a sale in the underlying Medium Term U.S.
Treasury Note futures contract occurs at a price less than or equal to the
twelfth smallest striking price, a new striking price one increment lower than
the existing striking prices will be added. When a new strike price is added for
an option contract month, the same strike price will be added to all options
contract months for which that strike price is not already listed. All new
strike prices will be added prior to the opening of trading on the following
business day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions. (10/01/94)

A3505.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

                                     3502A

<PAGE>

                           Ch35A Trading Conditions
                           ------------------------

A3506.01  Option Premium Basis - The premium for Medium Term U.S. Treasury Note
futures options shall be in multiples of one sixty-fourth (1/64) of one point
($1,000) of a Medium Term U. S. Treasury Note futures contract which shall equal
$15.63 per 1/64 and $1,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract

If options are quoted in volatility terms, the minimum price fluctuation shall
be .10 percent (i.e.-10.0%, 10.1%, 10.2%, etc.) (10/01/94)

A3507.01  Exercise of Option - The buyer of a Medium Term U.S. Treasury Note
futures option may exercise the option on any business day prior to expiration
by giving notice of exercise to the Clearing Corporation by 6:00 p.m., or by
such other time designated by the Board of Directors, on such day.
Notwithstanding the foregoing, the buyer may exercise the option prior to 10:00
a.m. on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A3507.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3507.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A3508.01  Expiration of Option - Unexercised Medium Term U.S. Treasury Note
futures options shall expire at 10:00 a.m. on the first Saturday following the
last day of trading. (10/01/94)

A3509.01  Months Traded In - Trading may be conducted in Medium Term U.S.
Treasury Note futures options for a thirty-six month period extending from the
nearby contract month, provided however, that the Exchange may determine not to
list a contract month. Both serial and quarterly options may be listed to expire
into either front-month or deferred futures as determined by the Board.
(06/01/99)

A3510.01  Trading Hours - The hours of trading of options on Medium Term U.S.
Treasury Note futures contracts shall be determined by the Board. On the last
day of trading in an expiring option, the closing time for such options shall be
the same as the close of trading of the Regular Daytime open outcry trading
session for the corresponding Medium Term U.S. Treasury Note futures contract,
subject to the provisions of the second paragraph of Rule 1007.00. Medium Term
U.S. Treasury Note futures options shall be opened and closed for all months and
strike prices simultaneously or in such a manner as the Regulatory Compliance
Committee shall direct. (04/01/00)

A3511.01  Position Limits and Reportable Positions - (See Regulation 425.01.)
(10/01/00)

A3512.01  Margin Requirements - (See Regulation 431.05.) (10/01/94)

A3513.01 Last Day of Trading - No trades in Medium Term U.S. Treasury Note
futures put and call options expiring in the current month shall be made after
the close of trading of the Regular Daytime open outcry trading session for the
corresponding U.S. Treasury Bond futures contract on the last Friday which
precedes by at least two business days, the last business day of the month
                     ---

<PAGE>

                           Ch35A Trading Conditions
                           ------------------------

preceding the option month. If such Friday is not a business day, or there is a
Friday which is not a business day which precedes by one business day the last
business day of the month preceding the option month, the last day of trading
will be the business day prior to such Friday. (07/01/01)


<PAGE>

<TABLE>
<CAPTION>
================================================================================================================
Chapter 35B (Flexible Options)
Medium Term Treasury Note Flexible Options
----------------------------------------------------------------------------------------------------------------
================================================================================================================
<S>                                                                                                        <C>
         Ch35B Trading Conditions..........................................................................3506B
                B3502.03     Nature of Flexible Options....................................................3506B
                B3503.01     Trading Unit..................................................................3506B
                B3504.01     Strike Prices.................................................................3506B
                B3507.01     Exercise of Flexible Options..................................................3506B
                B3507.02     Automatic Exercise............................................................3506B
                B3508.01     Expiration Date...............................................................3507B
                B3509.01     Months Traded In..............................................................3507B
                B3513.01     Last Day of Trading...........................................................3507B
                B3516.01     Underlying Futures Contract for Flexible Options..............................3507B
                B3517.01     Initiating a Flexible Option Contract Series..................................3507B
                B3519.01     RFQ Trading Interval..........................................................3507B
                B3520.01     Expiration of an RFQ..........................................................3507B
                B3521.01     Reporting of Flexible Option Trades...........................................3507B
</TABLE>

                                     3505B

<PAGE>

================================================================================
Chapter 35B (Flexible Options)
Medium Term Treasury Note Flexible Options
--------------------------------------------------------------------------------
================================================================================

        Note:  The following Flexible option regulations with the exception
               noted in the second paragraph of Regulation 3502.03 supersede the
               corresponding standard regulations presented in Part A of this
               chapter. Regulations 3501.00, 3501.01, 3502.01, 3502.02, 3501.01,
               3506.01, 3510.01, 3511.01, 3512.01, and 3514.01 remain in effect
               for both standard and Flexible options.

Ch35B Trading Conditions

B3502.03  Nature of Flexible Options - Flexible options on Medium Term Treasury
Note futures shall be permitted in puts and calls which do not have the same
underlying futures contract, same strike price, same exercise style, and same
last day of trading as standard options.

However, Flexible Options on Medium Term Treasury Note futures shall also be
permitted in puts and calls which have the same underlying futures contract,
same strike price, same exercise style, and same last day of trading as standard
options that are not at the time listed for trading in the standard options pit
or on e-cbot. All Flexible Option regulations except 3507.01, 3507.02, 3508.01
and 3513.01 will pertain for these options.*

Trading shall be permitted in any CBOT recognized option/option or
option/futures spread involving puts, calls or futures. (09/01/00)

B3503.01  Trading Unit - The minimum size for requesting a quote and/or trading
in a flexible option series is 50 contracts, where each contract represents one
of the underlying futures contracts at the Chicago Board of Trade. Parties may
request a quote and/or trade for less than 50 contracts in order to entirely
close out a position in a flexible series.

For a flexible options series, respondents to a request for quote, must be
willing to trade at least 50 contracts, with the exception that a respondent may
trade less than 50 contracts if the respondent is entirely closing out a
position in the series. (07/01/99)

B3504.01  Strike Prices - Strike prices for flexible options must be specified
in points and 64th's of points per Medium Term Treasury Note futures contract.
However, for a Request for Quote (RFQ), strike prices may be specified in one
64th point increments relative to the underlying futures contract. Strike prices
cannot be outside the range of the currently listed strike prices for standard
options. (06/01/95)

B3507.01  Exercise of Flexible Options - Notification of the intent to exercise
a flexible option must be received by the Clearing Corporation by 4:10 p.m.
Chicago time, or by such other time designated by the Board of Directors. No
exceptions to the 4:10 p.m. exercise deadline, or such other deadline designated
by the Board of Directors, shall be permitted.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3502.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B3507.02  Automatic Exercise - After the close on the last day of trading, all
in-the-money flexible options will be automatically exercised unless notice to
cancel automatic exercise is given to the Clearing Corporation by 4:10 p.m., or
by such other time designated by the Board of Directors, on that day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3502.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B3508.01  Expiration Date - Flexible option expiration may be specified for any
Monday through Friday that is not an Exchange holiday except that expiration may
not occur following the last Friday that precedes by at least two business days
                                                              ---
the last business day of the calendar month

<PAGE>

preceding the underlying future contract month. Flexible options expire at 4:30
p.m. on the last trading day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3502.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (07/01/01)

B3509.01  Months Traded In - Trading may be conducted in flexible options in any
month through the most distant underlying futures contract in which a trade has
occurred. (10/01/94)

B3513.01  Last Day of Trading - The last day of trading in a flexible option
shall be the expiration day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3502.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (05/01/94)

B3515.01  Exercise Style - Flexible options may be American or European exercise
style. (10/01/94)

B3516.01  Underlying Futures Contract for Flexible Options - The underlying
futures contract for a flexible option shall be the same as the underlying
futures contract month of the nearest March quarterly cycle standard futures
option expiring on or after the expiration of the flexible option. (10/01/94)

B3517.01  Initiating a Flexible Option Contract Series - The opening of trading
in any flexible option series shall occur through the submission of an RFQ or at
such time that a trade takes place in the particular flexible option series.

If so desired, participants can submit additional RFQ's for any open series.
However, in this situation no priority period (Regulation 3519.01) will exist.
(02/01/01)

B3519.01  RFQ Trading Interval - If the submitter of the first RFQ of the day in
a flexible series requests either a bid or an offer but not both, then they
shall have up to a one minute priority period during which they shall have the
sole right to either buy or sell as specified in their RFQ. The exact length of
the priority period shall be determined by the Exchange.

If more than one RFQ is the first RFQ of the day in a flexible series, all the
RFQ's individually ask for either a bid or an offer but not both, and all the
RFQ's collectively are for the same side of the market (all bids or all offers)
then the submitters shall jointly share priority during the priority period.

Priority for RFQ's is determined by submission to the RFQ official, except that
all RFQ's submitted before the open shall be treated equally. (02/01/01)

B3520.01  Expiration of an RFQ - Trading in a given flexible option series
following an RFQ shall remain open for the remainder of the trading session.
Trading in a given flexible option series following a transaction in that series
shall remain open through the remainder of the trading session in which the
transaction was executed and through each subsequent session in which there is
open interest in the flexible option series. (02/01/01)

B3521.01  Reporting of Flexible Option Trades - It shall be the responsibility
of the participants in a flexible option trade to report the quantities and
prices to the flexible pit reporter in a timely manner, including any later
trades in open flexible contract term series. (10/01/94)

*       The effect of the second paragraph of Regulation 3502.03 is to permit
        trading in standard option under certain Flexible trading procedures
        prior to the listing of such options in the standard options pit or on
        e-cbot. Once and if these options are listed for trading in the standard
        options pit or on e-cbot, they will be traded only in the standard
        options pit or on e-cbot, they will be traded only in the standard
        options pit or e-cbot subject to standard options trading requirements.
        Upon such listing, all existing open positions established under
        Flexible trading procedures shall be fully fungible with transactions in
        the respective standard option series for all purposes under these
        regulations.


<PAGE>

<TABLE>
<CAPTION>
================================================================================================================
Chapter 36A (Standard Options)
Short Term U.S. Treasury Note Futures Options
----------------------------------------------------------------------------------------------------------------
================================================================================================================
<S>                                                                                                        <C>
         Ch36A Trading Conditions..........................................................................3602A
                A3601.00     Authority.....................................................................3602A
                A3601.01     Application of Regulations....................................................3602A
                A3602.01     Nature of Short Term U.S. Treasury Note Futures Put Options...................3602A
                A3602.02     Nature of Short Term U.S. Treasury Note Futures Call Options..................3602A
                A3603.01     Trading Unit..................................................................3602A
                A3604.01     Striking Prices...............................................................3602A
                A3605.01     Payment of Option Premium.....................................................3603A
                A3606.01     Option Premium Basis..........................................................3603A
                A3607.01     Exercise of Option............................................................3603A
                A3607.02     Automatic Exercise............................................................3603A
                A3608.01     Expiration of Option..........................................................3603A
                A3609.01     Months Traded In..............................................................3603A
                A3610.01     Trading Hours.................................................................3603A
                A3611.01     Position Limits and Reportable Positions......................................3604A
                A3612.01     Margin Requirements...........................................................3604A
                A3613.01     Last Day of Trading...........................................................3604A
</TABLE>

                                     3601A

<PAGE>

===============================================================================
Chapter 36A (Standard Options)
Short Term U.S. Treasury Note Futures Options
-------------------------------------------------------------------------------
===============================================================================

Ch36A Trading Conditions

A3601.00  Authority - (See Rule 2801.00.)  (10/01/94)

A3601.01  Application of Regulations - Transactions in put and call options on
Short Term U.S. Treasury Note futures contracts shall be subject to the general
rules of the Association as far as applicable and shall also be subject to the
regulations contained in this chapter which are exclusively applicable to
trading in put and call options on Short Term U.S. Treasury Note futures
contracts. (See Rule 490.00.) (09/01/00)

A3602.01  Nature of Short Term U.S. Treasury Note Futures Put Options - The
buyer of one (1) Short Term U.S. Treasury Note futures put option may exercise
his option at any time prior to expiration (subject to Regulation 3607.01), to
assume a short position in one (1) Short Term U.S. Treasury Note futures
contract of a specified contract month at a striking price set at the time the
option was purchased. The seller of one (1) Short Term U.S. Treasury Note
futures put option incurs the obligation of assuming a long position in one (1)
Short Term U.S. Treasury Note futures contract of a specified contract month at
a striking price set at the time the option was sold, upon exercise by a put
option buyer. (10/01/94)

A3602.02  Nature of Short Term U.S. Treasury Note Futures Call Options - The
buyer of one (1) Short Term U.S. Treasury Note futures call option may exercise
his option at any time prior to expiration (subject to Regulation 3607.01), to
assume a long position in one (1) Short Term U.S. Treasury Note futures contract
of a specified contract month at a striking price set at the time the option was
purchased. The seller of one (1) Short Term U.S. Treasury Note futures call
option incurs the obligation of assuming a short position in one (1) Short Term
U.S. Treasury Note futures contract of a specified contract month at a striking
price set at the time the option was sold, upon exercise by a call option buyer.
(10/01/94)

A3603.01  Trading Unit - One (1) $200,000 face value Short Term U.S. Treasury
Note futures contract at a specified contract month on the Chicago Board of
Trade. (10/01/94)

A3604.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices in integral multiples of one-quarter (1/4) point per Short
Term U.S. Treasury Note futures contract. At the commencement of trading for
such option contracts, the following strike prices shall be listed: one with a
striking price closest to the previous day's settlement price on the underlying
Short Term U.S. Treasury Note futures contract, the next six consecutive higher
and the next six consecutive lower striking prices closest to the previous day's
settlement price; and all strike prices listed for all other option contract
months listed at that time. If the previous day's settlement price is midway
between two striking prices, the closest price shall be the larger of the two.
When a sale in the underlying Short Term U.S. Treasury Note futures contract
occurs at a price greater than or equal to the sixth largest striking price, a
new striking price one increment higher than the existing striking prices will
be added. When a sale in the underlying Short Term U.S. Treasury Note futures
contract occurs at a price less than or equal to the sixth smallest striking
price, a new striking price one increment lower than the existing striking
prices will be added. When a new strike price is added for an option contract
month, the same strike price will be added to all option contract months for
which that strike price is not already listed. All new strike prices will be
added prior to the opening of trading on the following business day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions. (10/01/94)

A3605.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (10/01/94)

                                     3602A

<PAGE>

A3606.01  Option Premium Basis - The premium for Short Term U.S. Treasury Note
futures options shall be in multiples of one half of one sixty-fourth (1/64) of
one point ($15.63) of a Short Term U.S. Treasury Note futures contract which
shall equal $2,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract.

If options are quoted in volatility terms, the minimum price fluctuation shall
be .10 percent (i.e.-10.0%, 10.1%, 10.2%, etc.) (10/01/94)

A3607.01  Exercise of Option - The buyer of a Short Term U.S. Treasury Note
futures option may exercise the option on any business day prior to expiration
by giving notice of exercise to the Clearing Corporation by 6:00 p.m., or by
such other time designated by the Board of Directors, on such day.
Notwithstanding the foregoing, the buyer may exercise the option prior to 10:00
a.m. on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A3607.02  Automatic Exercise - Notwithstanding the provisions of Regulation
3607.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m., or by such other time designated by the Board of Directors, on the
last day of trading, except that such notice may be given to the Clearing
Corporation prior to 10:00 a.m. on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions;

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

A3608.01  Expiration of Option - Unexercised Short Term U.S. Treasury Note
futures options shall expire at 10:00 a.m. on the first Saturday following the
last day of trading. (10/01/94)

A3609.01  Months Traded In - Trading may be conducted in Short Term U.S.
Treasury Note futures options for a forty-two month period extending from the
nearby contract month, provided however, that the Exchange may determine not to
list a contract month. Both serial and quarterly options may be listed to expire
into either front-month or deferred futures as determined by the Board.
(06/01/99)

A3610.01  Trading Hours - The hours of trading of options on Short Term U.S.
Treasury Note futures contracts shall be determined by the Board. On the last
day of trading in an expiring option, the closing time for such options shall be
the same as the close of trading of the Regular Daytime open outcry trading
session for the corresponding Short Term U.S. Treasury Note futures contract,
subject to the provisions of the second paragraph of Rule 1007.00. Short Term
U.S. Treasury Note futures options shall be opened and closed for all months and
strike prices simultaneously or in such a manner as the Regulatory Compliance
Committee shall direct. (04/01/00)

A3611.01  Position Limits and Reportable Positions - (See Regulation 425.01.)
          (10/01/00)

A3612.01  Margin Requirements - (See Regulation 431.05)  (10/01/94)

A3613.01 Last Day of Trading - No trades in Short Term U.S. Treasury Note
futures put and call options expiring in the current month shall be made after
the close of trading of the Regular Daytime open outcry trading session for the
corresponding Short Term U.S. Treasury Note futures contract on the last Friday
which precedes by at least two business days, the last business day of the
                           ---
month preceding the option month. If such Friday is not a business day, or there
is a Friday which is not a

<PAGE>

                           Ch36A Trading Conditions
                           ------------------------

business day which precedes by one business day[s] the last business day of the
                               ---
month preceding the option month, the last day of trading shall be the first
business day prior to such Friday. (07/01/01)

<PAGE>

===============================================================================
Chapter 36B (Flexible Options)
Short Term Treasury Note Flexible Options
===============================================================================

<TABLE>
<S>                                                                                                         <C>
         Ch36B Trading Conditions...........................................................................3606
                B3602.03     Nature of Flexible Options.....................................................3606
                B3603.01     Trading Unit...................................................................3606
                B3604.01     Strike Prices..................................................................3606
                B3607.01     Exercise of Flexible Options...................................................3606
                B3607.02     Automatic Exercise.............................................................3606
                B3608.01     Expiration Date................................................................3606
                B3609.01     Months Traded In...............................................................3607
                B3613.01     Last Day of Trading............................................................3607
                B3615.01     Exercise Style.................................................................3607
                B3616.01     Underlying Futures Contract for Flexible Options...............................3607
                B3617.01     Initiating a Flexible Option Contract Series...................................3607
                B3619.01     RFQ Trading Interval...........................................................3607
                B3620.01     Expiration of an RFQ...........................................................3607
                B3621.01     Reporting of Flexible Option Trades............................................3607
</TABLE>

                                     3605B

<PAGE>

===============================================================================
Chapter 36B (Flexible Options)
Short Term Treasury Note Flexible Options
===============================================================================

     Note: The following Flexible option regulations with the exception noted in
           the second paragraph of Regulation 3602.03 supersede the
           corresponding standard regulations presented in Part A of this
           chapter. Regulations 3601.00, 3601.01, 3602.01, 3602.02, 3605.01,
           3606.01, 3610.01, 3611.01, 3612.01, and 3614.01 remain in effect for
           both standard and Flexible options.

Ch36B Trading Conditions

B3602.03  Nature of Flexible Options - Flexible options on Short Term Treasury
Note futures shall be permitted in puts and calls which do not have the same
underlying futures contract, same strike price, same exercise style, and same
last day of trading as standard options.

However, Flexible Options on Short Term Treasury Note futures shall also be
permitted in puts and calls which have the same underlying futures contract,
same strike price, same exercise style, and same last day of trading as standard
options that are not at the time listed for trading in the standard options pit
or on e-cbot. All Flexible Option regulations except 3607.01, 3607.02, 3608.01
and 3613.01 will pertain for these options.*

Trading shall be permitted in any CBOT recognized option/option or
option/futures spread involving puts, calls or futures. (09/01/00)

B3603.01  Trading Unit - The minimum size for requesting a quote and/or trading
in a flexible option series is 50 contracts, where each contract represents one
of the underlying futures contracts at the Chicago Board of Trade. Parties may
request a quote and/or trade for less than 50 contracts in order to entirely
close out a position in a flexible series.

For a flexible options series, respondents to a request for quote, must be
willing to trade at least 50 contracts, with the exception that a respondent may
trade less than 50 contracts if the respondent is entirely closing out a
position in the series. (07/01/99)

B3604.01  Strike Prices - Strike prices for flexible options must be specified
in points and 64th's of points per Short Term Treasury Note futures contract.
However, for a Request for Quote (RFQ), strike prices may be specified in one
64th point increments relative to the underlying futures contract. Strike prices
cannot be outside the range of the currently listed strike prices for standard
options. (06/01/95)

B3607.01  Exercise of Flexible Options - Notification of the intent to exercise
a flexible option must be received by the Clearing Corporation by 4:10 p.m.
Chicago time, or by such other time designated by the Board of Directors. No
exceptions to the 4:10 p.m. exercise deadline, or such other deadline designated
by the Board of Directors, shall be permitted.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3602.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (12/01/99)

B3607.02  Automatic Exercise - After the close on the last day of trading, all
in-the-money flexible options will be automatically exercised unless notice to
cancel automatic exercise is given to the Clearing Corporation by 4:10 p.m., or
by such other time designated by the Board of Directors, on that day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3602.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (`12/01/99)

B3608.01  Expiration Date - Flexible option expiration may be specified for any
Monday through Friday that is not an Exchange holiday except that expiration may
not occur following the last Friday that precedes by at least two business days
                                                              ---
the last business day of the calendar month preceding the underlying future
contract month. Flexible options expire at 4:30 p.m. on the last trading

<PAGE>

                           Ch36B Trading Conditions
                           ------------------------

day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3602.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (07/01/01)


B3609.01  Months Traded In - Trading may be conducted in flexible options in any
month up through the most distant underlying futures contract in which a trade
has occurred. (10/01/94)

B3613.01  Last Day of Trading - The last day of trading in a flexible option
shall be the expiration day.

However, options which meet the criteria given in the second paragraph of
Flexible Option Regulation 3602.03 will follow expiration and exercise
procedures as specified in the standard option regulations. (05/01/94)

B3615.01  Exercise Style - Flexible options may be American or European exercise
style. (10/01/94)

B3616.01  Underlying Futures Contract for Flexible Options - The underlying
futures contract for a flexible option shall be the same as the underlying
futures contract month of the nearest March quarterly cycle standard futures
option expiring on or after the expiration of the flexible option. (10/01/94)

B3617.01  Initiating a Flexible Option Contract Series - The opening of trading
in any flexible option series shall occur through the submission of an RFQ or at
such time that a trade takes place in the particular flexible option series.

If so desired, participants can submit additional RFQ's for any open series.
However, in this situation no priority period (Regulation 3619.01) will exist.
(02/01/01)

B3619.01  RFQ Trading Interval - If the submitter of the first RFQ of the day in
a flexible series requests either a bid or an offer but not both, then they
shall have up to a one minute priority period during which they shall have the
sole right to either buy or sell as specified in their RFQ. The exact length of
the priority period shall be determined by the Exchange.

If more than one RFQ is the first RFQ of the day in a flexible series, all the
RFQ's individually ask for either a bid or an offer but not both, and all the
RFQ's collectively are for the same side of the market (all bids or all offers)
then the submitters shall jointly share priority during the priority period.

Priority for RFQ's is determined by submission to the RFQ official, except that
all RFQ's submitted before the open shall be treated equally. (02/01/01)

B3620.01  Expiration of an RFQ - Trading in a given flexible option series
following an RFQ shall remain open for the remainder of the trading session.
Trading in a given flexible option series following a transaction in that series
shall remain open through the remainder of the trading session in which the
transaction was executed and through each subsequent session in which there is
open interest in the flexible option series. (002/01/01)

B3621.01  Reporting of Flexible Option Trades - It shall be the responsibility
of the participants in a flexible option trade to report the quantities and
prices to the flexible pit reporter in a timely manner, including any later
trades in open flexible contract term series. (10/01/94)

*    The effect of the second paragraph of Regulation 3602.03 is to permit
     trading in standard options under certain Flexible trading procedures prior
     to the listing of such options in the standard options pit or on e-cbot.
     Once and if these options are listed for trading in the standard options
     pit or on e-cbot, they will be traded only in the standard options pit or
     on e-cbot subject to standard options trading requirements. Upon such
     listing, all existing open positions established under Flexible trading
     procedures shall be fully fungible with transactions in the respective
     standard option series for all purposes under these regulations.



<PAGE>

<TABLE>
================================================================================
Chapter 37
CBOT Rough Rice Futures
================================================================================
     <S>                                                                       <C>
     Ch37 Trading Conditions...................................................
          3700.01   Introduction...............................................
          3701.01   Contract Specifications....................................
          3701.02   Trading Months and Hours...................................
          3701.03   Trading Unit...............................................
          3701.04   Price Increments...........................................
          3701.05   Daily Price Limits.........................................
          3701.06   Termination of Trading.....................................
          3701.07   Contract Modifications.....................................
          3701.08   Position Limits and Trading Limits.........................
          3702.01   Delivery by Warehouse Receipts.............................
          3702.02   Registration of Warehouse Receipts.........................
          3702.03   Delivery Dates.............................................
          3702.04   Storage....................................................
          3702.05   Par Delivery Unit..........................................
          3702.06   Par Delivery Point.........................................
          3702.07   Delivery Differentials.....................................
          3702.08   Delivery and Loading Out...................................
          3702.09   Notice of Intention........................................
          3703.01   Weighing...................................................
          3703.02   Storage Charges............................................

     Ch37 Delivery Facilities and Procedures...................................
          3704.01   Conditions of Regularity for Warehouses....................
          3704.02   Application For Declaration of Regularity..................
          3704.03   Duties of Warehousemen.....................................
          3704.04   Safeguarding Condition Of Stored Commodities...............
          3704.05   Damage To Commodity In Store...............................
          3704.06   Revocation of Regularity...................................
          3704.07   Federal Warehouses.........................................
          3704.08   Finality of USDA Or Other Required Inspection Certificate..
          3705.01   Delivery Through Clearing House............................
          3705.02   Payment Upon Delivery......................................
          3705.03   Necessity Of Possession Of Documents.......................
          3705.04   Suspended Member Out Of Line For Delivery..................
          3705.05   Failure to Deliver.........................................
          3705.06   Failure To Accept Delivery.................................
          3705.07   Transfer Of Cash For Futures After Termination Of Contract.
          3705.08   Risk Of Loss And Charges...................................
</TABLE>


<PAGE>

================================================================================
Chapter 37
CBOT Rough Rice Futures
================================================================================

Ch37 Trading Conditions

3700.01   Introduction - This chapter is limited in application to futures
trading in rough rice. The procedures for trading, clearing, inspection,
delivery, settlement and any other matters not specifically covered herein shall
be governed by the Rules and Regulations of the Exchange. (11/01/94)


*3701.01   Contract Specifications - All futures contracts shall be for U.S. No.
2 or better long grain rough rice as the same is established by standards
promulgated by the United States Department of Agriculture (U.S.D.A.) at the
time of the first day of trading in a particular contract. [A combined maximum
of ten stained kernels and lightly stained kernels in a 500-gram sample are
permitted. A maximum of five stained kernels are permitted. Stained kernels are
defined by USDA FGIS Interpretive Line Slide 2.1 and lightly stained kernels are
defined by USDA FGIS Interpretive Line Slide 2.2.] No heat-damaged kernels as
defined by USDA FGIS Interpretive Line Slide 2.0 are permitted in a 500-gram
                                                                    --------
sample. No stained kernels as defined by USDA FGIS Interpretive Line Slide 2.1
        ----------------------------------------------------------------------
are permitted in a 500-gram sample. A maximum of 75 lightly discolored kernels
------------------------------------------------------------------------------
as defined by USDA FGIS Interpretive Line Slide 2.2 are permitted in a 500-gram
-------------------------------------------------------------------------------
sample. No other grade is deliverable.
-------

To be deliverable, rough rice shall have a milling yield of not less than 65%,
including not less than 48% head rice. Each percent of head rice over or below
55% shall receive a 1.5% premium or discount, respectively, toward the
settlement price for long grain rough rice and each percent of broken rice over
or below 15% shall receive a .75% premium or discount, respectively. All rough
rice shall be of a Southern origin or such other origin as the Exchange may
approve. (12/01/02)

* Addition underlined, deletions bracketed for contract months September 2003
forward.


3701.02   Trading Months and Hours - Futures contracts shall be traded initially
for delivery during the months of September, November, January, March, May and
July of each year. The number of months to be open at one time shall be at the
discretion of the Exchange. Trading shall be conducted from 9:15 a.m. to 1:30
p.m. Chicago Time, except in the expiring contract on the last day of trading
when trading shall cease at 12:00 Noon. (11/01/98)

3701.03   Trading Unit - The unit of trading shall be 2,000 hundredweight
(200,000 pounds). (11/01/94)

3701.04   Price Increments - All bids and offers shall be in multiples of $.005
per hundredweight. (11/01/94)

3701.05   Daily Price Limits - (See 1008.01) (11/01/94)

3701.06   Termination of Trading - No trades shall be made during the last seven
business days of the trading month. Any trades remaining open during this period
shall be settled by delivery or a bona fide exchange of futures for the cash
commodity or over-the-counter transaction. (01/01/03)

3701.07   Contract Modifications - Contract specifications shall be fixed as of
the first day of trading of the contract and must conform to government grading
standards in force at that time. If any federal governmental agency issues an
order, ruling, directive or law that conflicts with requirements of these
regulations, such order, ruling, directive or law shall be construed to become
part of these regulations, and all new contracts shall be subject to such
governmental orders. (11/01/94)

3701.08   Position Limits and Trading Limits - (See Regulation 425.01)
(11/01/94)

3702.01   Delivery by Warehouse Receipts - Deliveries of rough rice shall be
made only by delivery of rough rice warehouse receipts issued by warehouses
located in the Arkansas counties of Craighead, Jackson, Poinsett, Woodruff,
Cross, St. Francis, Lonoke, Prairie, Monroe, Jefferson, Arkansas and DeSha and
designated by the Exchange as regular. Rough rice warehouse receipts issued by
otherwise regular warehouses licensed under the U.S. Warehouse Act shall be
eligible for delivery in satisfaction of Exchange contracts regardless of
whether such warehouses are or are not also licensed by any state. In order to
effect a valid delivery, each receipt shall (a) be endorsed by holder making
delivery; (b) be marked "INSURED"; (c) indicate payment for storage charges up
to and including the 18th day of the preceding month; (d) be negotiable; (e) be
registered with the registrar of the Exchange; (f) specify the warehouse; and
(g) specify the grade, milling yield and quantity of the rough rice stored.
Unpaid accumulated storage charges shall be allowed and credited to the buyer by
the seller up to and including the date of delivery. No warehouse receipt shall
be valid for delivery if the receipt has expired prior to the delivery or has an
expiration date in the month in which delivered.

<PAGE>


                            Ch37 Trading Conditions
                            -----------------------

Endorsement by the holder shall constitute a warranty of the genuineness of the
warehouse receipt and of good title thereto, but shall not constitute a
guarantee of performance by the issuer. (11/01/94)


*3702.02   Registration of Warehouse Receipts - Registration of rough rice
warehouse receipts shall be subject to the following requirements:

     A.   Warehouses which are regular for delivery may have their warehouse
          receipts registered at any time with the Official Registrar and in
          accordance with the requirements issued by the Registrar. If the
          warehouseman determines not to tender the warehouse receipt by 4.00
          p.m. on the day it is registered, the warehouseman shall declare the
          receipt has been withdrawn but is to remain registered by transmitting
          to the Registrar the warehouse receipt number and the name and
          location of the warehouse facility. [Warehouse receipts must not be
          more than one year old, and must not have an expiration date in the
          month in which they are delivered.] The holder of a registered
          warehouse receipt may cancel its registration at any time. A warehouse
          receipt which has been canceled may not be registered again.

     B.   Except in the case of delivery on the last delivery day of a
          delivery month, in which case the warehouse receipt must be registered
          before 1:00 p.m. on the last delivery day of the delivery month, the
          rough rice warehouse receipt must be registered before 4:00 p.m. on
          notice day, the business day prior to the day of delivery. If notice
          day is the last business day of a week, rough rice warehouse receipts
          must be registered before 3:00 p.m. on that day.

     C.   The Registrar shall issue a weekly report showing the total number of
          warehouse receipts under registration as of 4:00 p.m. on the last
          trading day of each week. In addition to the information posted on the
          Exchange floor and the CBOT website, this weekly report shall show the
          names of warehouses whose receipts are registered. The record shall
          not include any receipts that have been declared withdrawn.

     D.   From his own records, the Registrar shall maintain a current record of
          the number of receipts that are registered and shall be responsible
          for posting this record on the Exchange Floor and the CBOT website.
          The record shall not include any receipts that have been declared
          withdrawn.

     E.   When a warehouseman regains control of his own registered receipt, the
          warehouseman shall by 4:00 p.m. of that business day either cancel the
          registration of said receipt or declare that said receipt is withdrawn
          but is to remain registered by transmitting to the Registrar the
          receipt number and the name and location of the warehouse facility,
          except in the case where a notice of intention to redeliver said
          receipt for the warehouseman has been tendered to the Clearing House
          by 4:00 p.m. of the day that the warehouseman regained control of said
          receipt. (12/01/02)

* Deletions bracketed for contract months September 2003 forward.


3702.03   Delivery Dates - For the trading months of January, March, May, July,
September and November, delivery may be made by the seller upon any business day
of the delivery month the seller may select. Delivery must be made no later than
the last business day of the delivery month. (11/01/94)

3702.04   Storage - Rough rice shall be stored in a bin or bins in a warehouse
declared regular by the Exchange, and may contain rough rice from one or more
different lots of the same quality and milling yield. Rough rice may be added to
or withdrawn from such lots, provided any rice added shall be of the same
quality and milling yield and shall conform to the specifications of this
chapter and any withdrawal shall not reduce the amount of rice stored in such
lots to an amount less than the total amount required to satisfy all outstanding
warehouse receipts issued thereagainst. (11/01/94)

3702.05   Par Delivery Unit - Par delivery is 2,000 hundredweight (200,000
pounds) of U.S. No. 2 or better long-grain rough rice. A weight variation of 1%
shall be permitted, such variation to be priced at the previous day's settlement
price if the expiring future is still trading and at the expiration price of the
nearest previous future if no expiring future is trading. (11/01/94)

3702.06   Par Delivery Point - The par delivery points for rough rice shall be
mill site warehouses within the boundaries of the Arkansas counties of
Craighead, Jackson, Poinsett, Woodruff, Cross, St. Francis, Lonoke, Prairie,
Monroe, Jefferson, Arkansas and DeSha. Designation as a mill site warehouse
shall be determined by the Exchange. Rough rice may be delivered in satisfaction
of the rough rice futures contract at rice mill warehouses regular for delivery
at the contract price. Rough rice may be delivered at regular warehouses within
the twelve-county area which are not at mill sites in accordance with a schedule
of discounts established and published by the Exchange pursuant to 3702.07. No
warehouse regular for delivery of rough rice shall be located outside the twelve
Arkansas counties listed above. (11/01/94)

3702.07   Delivery Differentials - Delivery of rough rice in satisfaction of the
rough rice futures contract at regular warehouses other than regular mill site
warehouses shall be subject to a delivery differential of -15 cents per
hundredweight (cwt.) subject to the following:

     1.   At the time of filing an initial or renewal application for
          regularity, a warehouse shall be required to declare whether or not it
          is a mill site warehouse as defined in Appendix A.

     2.   If a regular mill site warehouse (non-mill site warehouse) renews
          regularity as a non-mill site warehouse (mill site warehouse) for a
          two-year term beginning July 1, the change in the delivery
          differential will become effective for the new crop delivery month of
          September within that two-year term.

     3.   Whenever the Exchange receives a bona fide renewal application for
          regularity which will cause the warehouse's delivery differential to
          change for the next crop year, a notice of the receipt of the
          application will be posted on the floor of the Exchange after the
          close of the market that day.

     4.   A warehouse which has been declared regular for delivery as a non-mill
          site warehouse (mill site warehouse) for a current regularity term
          ending June 30 may not be declared regular for


<PAGE>

                            Ch37 Trading Conditions
                            -----------------------

          delivery as a mill site warehouse (non-mill site warehouse) during the
          balance of that term.

     Pursuant to the provisions of this regulation, 3702.06 and Appendix A of
     these rules and regulation, the Exchange shall publish a list of all
     regular warehouses and the applicable discount.

3702.08   Delivery and Loading Out - Delivery shall be made on the basis of the
actual weight of rough rice loaded into rail cars or trucks. A load-out charge
not to exceed the tariff as filed with the Exchange in accordance with 3704.01.H
shall be paid by the buyer to cover loading and weighing. The maximum load-out
charge for the loading-out of rough rice against a rough rice registered
warehouse receipt is 22.222 cents per cwt. which will be subject to an
evaluation by the Exchange at the time of renewal of regularity of rice
warehouses. An increase or decrease in the maximum load-out charge for rough
rice may become effective 30 days after a notice has been posted on the Exchange
floor. The notice will state the amount of the maximum load-out charge, the
applicable warehouse receipts and the date that the charge will become
effective.

Load-outs shall begin not later than the third business day following the day on
which loading instructions are given to the warehouseman; provided, however,
that the withdrawing party has within that period furnished rail cars or trucks
to receive the rice. The warehouseman shall be required to load-out rice at the
normal rate of load-out for the facility, but not less than 20 trucks or its
equivalent weight loaded-out in rail cars per business day and shall be able to
load out the warehouse's entire regular capacity in 45 calendar days or less. A
party taking delivery shall receive the quantity ordered loaded out as soon as
reasonably possible but no more than 45 calendar days after load-out begins.
Rough rice regular warehouses shall not be required to meet these minimum
load-out rates when transportation equipment is not clean and load ready,
inspection services are not available, a condition of force majeure exists, or
inclement weather prevents loading.

In addition, rough rice regular warehouses shall not be required to meet the
minimum load-out rate for rail cars when rail cars have been constructively
placed for load-in prior to constructive placement of rail cars for load-out.
However, when rail cars for load-out are constructively placed after rail cars
for load in, the warehouse will load-in grain from the rail cars at the normal
rate of load-in for the facility. This rate shall not be less than the
equivalent weight of 20 trucks loaded-in from rail cars. Rough rice regular
warehouses shall not be required to meet these minimum load-in rates when a
condition of force majeure exists, inspection services are not available or
inclement weather prevents unloading.

The warehouse operator is not obligated to commence load-out of rough rice to a
given party sooner than three business days after he receives canceled warehouse
receipts and written loading instructions from such party, even if such party
may have a conveyance positioned to accept load-out of rough rice before that
time. If the party taking delivery presents transportation equipment of a
different type (rail or truck) than that specified in the loading instructions,
he is required to provide the warehouse operator with new loading orders, and
the warehouse operator shall not be obligated to begin load-out of rough rice to
such party sooner than three business days after he receives the new loading
orders. Written loading orders received after 2:00 p.m. (Chicago time) on a
given business day shall be deemed to be received on the following business day.

The warehouseman upon receipt of the canceled receipts by his agent and loading
instructions from the owner by 2:00 p.m. on a given day, shall notify the owner
by telex or telefax by 4:00 p.m. on that given day the scheduled day for
load-out. The daily tariff load-out rate and the amount of tonnage which is
scheduled for load-out before owner's load-out shall also be provided in the
notification.

The owner upon acceptance of the scheduled load-out date, and if he so requests
on a given day prior to load-out, shall receive a telex or telefax from the
warehouseman specifying the amount of tonnage remaining before owner's equipment
is loaded.

The warehouseman upon cancellation of loading instructions on any business day
prior to the day of actual loading of rice, and if requested by the owner, shall
reissue and register warehouse receipts for the amount of rough rice which
remains unloaded. Storage fees shall begin on the date of re-issuance of the new
warehouse receipts.

Storage charges on rough rice to be shipped pursuant to loading instructions
shall cease no later than three calendar days following the day on which
canceled warehouse receipts are surrendered or


<PAGE>

                            Ch37 Trading Conditions
                            -----------------------

loading instructions are given, whichever occurs later; provided, however, that
the owner makes transportation available for loading on the scheduled load-out
date or has not canceled loading instructions.

The warehouse operator shall be permitted a two percent deviation above or below
the yield of head rice shown on the warehouse receipt issued for delivery on the
contract. The warehouse operator shall also be permitted a two percent deviation
above or below the total milling yield shown on the warehouse receipt issued for
delivery on the contract.

The warehouse operator is responsible for maintaining the milling yield of rice
specified on said warehouse receipt, within the stated allowable deviations, for
the total quantity of rice represented by said warehouse receipt and not for
sub-lots (i.e. truckloads) of said warehouse receipt. The warehouse operator is
also responsible for maintaining the numerical grade of rice specified on said
warehouse receipt for the total quantity of rice represented by said warehouse
receipt for the total quantity of rice represented by said warehouse receipt,
however, the numerical grade for sub-lots (i.e., truckloads) shall be no more
than one numerical grade below the deliverable grade specified in 3701.01.
Averaging the grade or milling yield of multiple receipts is not permissible.

When the rough rice is ordered out-of-store, the warehouse operator will be
reimbursed by the buyer in cash if the total milling yield or the yield of head
rice of the rice loaded out is over the total milling yield or the yield of head
rice listed on the warehouse receipt (up to two percent).

Conversely, the warehouse operator will reimburse the buyer in cash if the total
milling yield or the yield of head rice of the rice loaded out is under the
total milling yield or the yield of head rice listed on the warehouse receipt
(up to two percent). Calculations shall be made daily for each receipt loaded
out that day and shall be based on the nearby month rough rice future's
settlement price on the day of load out. Such payments to or from the warehouse
operator for excess or deficit head and broken rice shall be at the premium and
discount schedule specified in 3701.01, Contract Specifications. Adjustments on
the milling yield of head rice shall be based on an official test.

Both the buyer and the warehouseman will provide for an analysis of the rough
rice for grade and milling yield. If there is a disagreement, then a duplicate
sample taken at origin shall be analyzed by the Federal Grain Inspection Service
(FGIS), or a mutually agreed-upon third party to resolve the disagreement.

Notwithstanding the above, the buyer retains the right, at his expense, to an
official sampling and anaylsis by FGIS, or a mutually agreed-upon third party,
at orgin, of rough rice loaded-out at any time. (03/01/97)

3702.09   Notice of Intention - A clearing member intending to deliver shall,
not later than 4:00 p.m. on position day, the second business day prior to the
intended delivery day, provide to the Clearing House, a notice of intention in
the form prescribed by the Exchange. On the last notice day of the delivery
month, however, delivery notices may be delivered to the Clearing House until
2:00 p.m. No intra-office delivery may be made. If a clearing member has both
long and short interest on its books, it must tender to the Clearing House such
notices as it receives from its customers who are short. Prior to the opening of
the market of the following business day, the Clearing House shall pass such
notice to the clearing member having the oldest long contract as of the close of
trading on the day of receipt by the Clearing House of the notice of intent
(position day).

Upon receipt of the names of the buyers obligated to accept delivery from him
and a description of each commodity tendered by him which was assigned by the
Clearing House to each such buyer, the seller shall prepare invoices addressed
to its assigned buyers describing the amount which buyers must pay to the seller
in settlement of the actual deliveries, based on the delivery prices established
by the Clearing House for that purpose adjusted for applicable premiums,
discounts, storage charges, quantity variations and other items for which
provision is made in these rules and regulations and other items for which
provision is made in these rules and regulations relating to contracts. Such
invoices shall be delivered to the Clearing House by 4:00 p.m. on notice day.
Upon receipt of such invoices, the Clearing House shall promptly made them
available to buyers to whom they are addressed. A buyer receiving such an
invoice from the Clearing House shall, not later than 1:00 p.m. of the following
day, present the invoice at the office of the seller by whom it was issued
together with a certified check for the amount due, and thereupon warehouse
receipts shall be delivered by the seller to the buyer.

<PAGE>

                            Ch37 Trading Conditions
                            -----------------------

(11/01/94)

3703.01   Weighing - Weighing shall be done in accordance with the current
custom of the trade. The official shipped weight so obtained shall be final
provided, however, that railroad weights shall be acceptable and shall be final
if the negotiable warehouse receipt holder and the seller so agree in writing.
(11/01/94)


*3703.02   Storage Charges - Storage charges on rough rice shall not exceed such
charges as have been filed with the Exchange in accordance with 3704.01H. (which
shall be designed to cover costs of storage, insurance and taxes).



No rough rice warehouse receipts shall be valid for delivery on futures
-----------------------------------------------------------------------
contracts unless the storage charges shall have been paid up to and including
-----------------------------------------------------------------------------
the 18/th/ day of the preceding month and such payment endorsed on the rough
----------------------------------------------------------------------------
rice warehouse receipt. Unpaid accumulated storage charges at the posted tariff
-------------------------------------------------------------------------------
applicable to the warehouse where the rough rice is stored shall be allowed and
-------------------------------------------------------------------------------
credited to the buyer by the seller to and including date of delivery.
----------------------------------------------------------------------

If storage charges up to and including the 18/th/ calendar day preceding the
----------------------------------------------------------------------------
delivery months of March, July and September and are not paid by the first
--------------------------------------------------------------------------
calendar day of any such delivery month, a late charge will apply. The late
---------------------------------------------------------------------------
charge will be an amount equal to the total unpaid accumulated storage charges
------------------------------------------------------------------------------
multiplied by the "prime interest rate" in effect on the day that the accrued
-----------------------------------------------------------------------------
storage charges are paid, all multiplied by the number of calendar days that
----------------------------------------------------------------------------
storage is overdue divided by 360 days. The term "prime interest rate" shall
----------------------------------------------------------------------------
mean the lowest of the rates announced by each of the following four banks at
-----------------------------------------------------------------------------
Chicago, Illinois, as its "prime rate": Bank of America-Illinois, Bank One,
---------------------------------------------------------------------------
Harris Trust & Savings Bank and the Northern Trust Company.
-----------------------------------------------------------



Storage [charges] on rough rice shall not exceed 34/100 of a cent per
hundredweight per day.



Regular Rough Rice warehousemen shall maintain in the immediate vicinity of the
-------------------------------------------------------------------------------
Exchange either an office, or a duly authorized representative or agent which is
--------------------------------------------------------------------------------
a registered clearing member of the Exchange to whom Rough Rice storage charges
-------------------------------------------------------------------------------
must be paid. (12/01/02)
-------------


* Additions underlined; deletions bracketed for contract months September 2003
  forward.

<PAGE>

Ch37 Delivery Facilities and Procedures

*3704.01   Conditions of Regularity for Warehouses - The following shall
constitute the minimum requirements and conditions for regularity of Rough Rice
warehouses:


     A.   The warehouse shall at all times meet standards of construction,
          sanitation and dust control, insurability and physical maintenance
          applicable generally to commercial warehouses.

     B.   It shall be situated with respect to transportation facilities deemed
          adequate by the Exchange.

     C.   It shall be located in such states as the Exchange may designate from
          time to time as delivery locations for Rough Rice.

     D.   It shall be in good financial standing and credit, and shall meet the
          minimum financial requirements and financial reporting requirements
          set forth in Appendix 37D. It shall file a bond with sufficient
          sureties in such sum and subject to such conditions as the Exchange
          may require. The Exchange may, at its option, waive bond requirements.

     E.   It shall maintain all licenses required by state or federal law.

     F.   It shall have standard equipment and appliances for the convenient and
          expeditious receiving, handling and shipping of Rough Rice in bulk,
          in railroad cars, [barges or] and in trucks, and shall be properly
                                        ---
          safeguarded and patrolled.

     G.   It shall cooperate with the Exchange's system of registration of
          negotiable warehouse receipts and furnish to the Exchange all needed
          information to enable it to keep a correct record and account of all
          Rough Rice remaining in store and receipts issued as of the close of
          each week.

     H.   It shall file its tariffs listing in detail the maximum charges for
          the handling and storage of Rough Rice, and thereafter it shall file
          with the Exchange any proposed changes in such tariffs. The effective
          date of the change will be on the first day of the month that follows
          a two-month time period after the day a written notice of the change
          is received by the Exchange.






     I.   It shall not engage in unethical conduct, or fail to be operated in
          accordance with accepted commercial practices or fail to comply with
          governmental statutes, rules and regulations governing warehouses and
          the commodities stored therein.

     J.   It shall make such reports, keep such records, and permit such
          warehouse visitations and examinations of documents as the Exchange,
          the Commodity Futures Trading Commission pursuant to Commission
          Regulation 1.44(a) - (c) and the United States Department of Justice
          may prescribe or undertake; it shall comply with all applicable rules,
          regulations and orders promulgated by the Commodity Futures Trading
          Commission and with all requirements established by the Exchange
          because of such rules or orders.

     K.   The Exchange may determine not to approve warehouses for regularity or
          increases in regular capacity of existing regular warehouses, in its
          sole discretion, regardless of whether such warehouses meet the
          preceding requirements and conditions. Some factors that the Exchange
          may, but is not required to, consider in exercising its discretion may
          include, among others, whether warehouse receipts issued by such
          warehouses, if tendered in satisfaction of futures contracts, might be
          expected to adversely affect the price discovery function of Rough
          Rice futures contracts or impair the efficacy of futures trading in
          Rough Rice, or whether the currently approved regular capacity
          provides for an adequate deliverable supply. (01/01/03)

* Addition underlined; deletions bracketed for contract months September 2003
forward.

3704.02   Application For Declaration of Regularity - Persons operating
warehouses for the storage of Rough Rice traded on the Exchange who desire to
have such warehouses made regular for delivery of Rough Rice under the rules and
regulations shall make application for an initial declaration of regularity on a
form prescribed by the Exchange prior to May 1, 1994, and every even year
thereafter, for a two-year term beginning the following July 1, and every even
year thereafter, and at any time during a current term for the balance of that
term. Regular warehouses who desire to change their regular capacity during a
current term shall make application for the desired amount of total regular
capacity on the same form. Initial regularity for the current term and changes
in regularity shall be effective either thirty days after a notice that a bona
fide application has been received, is posted on the floor of the exchange, or
the day after the application is approved by the Exchange, whichever is later.
Applications for a renewal of regularity shall be made prior to May 1, 1994, and
every even year

<PAGE>

                    Ch37 Delivery Facilities and Procedures
                    ---------------------------------------

thereafter, for the respective years beginning July 1, 1994 and every even year
thereafter, and shall be on the same form.

As part of its application for regularity, the warehouseman expressly agrees to
consent to the disciplinary jurisdiction of the Exchange for five (5) years
after regularity lapses for conduct pertaining to regularity which occurred
while the warehouse was regular.

3704.03   Duties of Warehousemen - It shall be the duty of operators of all
regular warehouses:

     A.   RESERVED

     B.   To notify the Exchange of any change in the condition of their
          warehouse which might materially affect their physical or financial
          ability to continue to meet the requirements for regularity under
          these rules and regulations. Any warehouse must immediately notify the
          Exchange of any material reduction of its capital, including the
          incurring of a contingent liability which would materially affect
          capital should such liability become fixed. Such notice must be in
          writing and signed by an officer of the warehouse.

          For purposes of this requirement, a reduction amounting to twenty
          percent (20%) or more from the total capital reported as of the last
          date for which a financial statement was filed under this requirement
          shall be deemed material. In determining total capital, there shall be
          taken into consideration equities and deficits in all proprietary
          accounts properly included in the determination of net worth.

     C.   To insure adequately and fully commodities covered by warehouse
          receipts tendered for delivery against loss by fire, tornado and the
          contingencies provided for in the standard form of "extended coverage"
          endorsements or policies. Commodities shall be deemed so insured when
          the warehouse shall maintain such insurance for the benefit of all
          depositories of grain under tariffs, rules or regulations authorized
          and promulgated under the authority of the United States Warehouse
          Act. In any warehouse declared regular by the Exchange, the charge for
          insurance on commodities delivered on futures contracts shall be
          limited to a maximum of $1.00 per $100.00 evaluation annually. Any
          charges for insurance in excess of this amount shall be paid by the
          warehouseman.

     D.   To remove no commodity covered by negotiable warehouse receipts
          registered with the Exchange from the designated warehouse or, if
          appropriate, from the designated bond save at the request of the
          negotiable warehouse receipt holder upon surrender of the receipt.

     E.   To register with the Exchange all negotiable warehouse receipts
          relating to commodities for which the warehouse is declared regular
          and to cancel such registrations before releasing property.

     F.   To have a representative in Chicago, Illinois authorized and known to
          the Exchange to act in matters pertaining to negotiable warehouse
          receipts including shipping instructions.

     G.   To load vehicles furnished by holders of negotiable warehouse receipts
          of the Exchange within the time specified by these rules and
          regulations.

     H.   To furnish the Exchange with copies of policies or certificates of
          insurance under which deliverable commodities in the warehouse are
          insured.

     I.   To deliver commodities ordered out of the warehouse in buyer's
          vehicles within such times as specified by these rules and regulations
          showing no preference in out-loading, unless conditions such as acts
          of God, fire, flood, windstorm, explosion or other force majeure
          interfere therewith; provided, the warehouse shall make no charge for
          storage after three days following receipt of the load-out order
          notwithstanding delivery is prevented because of such act of God, etc.

          If no time period for out-loading is set forth in the rules or
          regulations of a given contract, load-out under such contract shall
          occur not later than three business days after vehicles are ready for
          loading, except as provided herein.

     J.   To inspect the transportation facilities furnished by the negotiable
          warehouse receipt holder. If, in the warehouseman's judgement,
          cleaning is necessary, he shall immediately notify the


<PAGE>

                    Ch37 Delivery Facilities and Procedures
                    ---------------------------------------

          receipt holder and thereafter abide by the holder's instructions.

     K.   To load each vehicle to its capacity providing sufficient negotiable
          warehouse receipts are tendered.

     L.   To bear the costs of all expenses contingent upon transfer of title of
          the warehoused commodity to another regulated warehouse satisfactory
          to the owners of such commodity in the event of expiration or
          revocation of regularity or in the event of abandonment or sale of the
          properties where regularity is not reissued. (11/01/94)

3704.04   Safeguarding Condition Of Stored Commodities -

     A.   Whenever in the opinion of the operator of the warehouse any commodity
          stored in a public warehouse under his jurisdiction should be loaded
          out in order to protect the best interests of the parties concerned,
          such operator shall notify the Exchange giving the location and grades
          of such commodity. The Exchange shall immediately notify an
          appropriate inspection service which shall at once proceed to the
          warehouse in which the commodity is stored and examine it in
          conjunction with the operator of such warehouse. If the inspection
          service agrees with the operator that the commodity should be moved,
          it shall so notify the Registrar. If the inspection service does not
          agree with the operator that the commodity should be moved, the
          operator of the warehouse shall have the right to appeal to the
          Business Conduct Committee of the Exchange. If on such appeal the
          Business Conduct Committee shall agree with the operator that the
          commodity should be moved, the committee shall so notify the
          Registrar, and the warehouse receipts covering the above specified lot
          or lots shall no longer be regular for delivery on futures contracts.
          Upon receiving such notice, either from the inspection service or from
          the Business Conduct Committee, the Registrar shall notify the holder,
          or holders, or their agents, together with the Chairman of the
          Business Conduct Committee, of the total quantity of the grade of
          commodity in question (selecting the oldest registered warehouse
          receipt first, then such additional registered warehouse receipts in
          the order of their issuance as may be necessary to equal such total
          quantity of the commodity).

          When this information reaches the Chairman of the Business Conduct
          Committee, he shall appoint a Committee consisting of five
          disinterested handlers of the cash commodity. This Committee shall
          meet at once and after taking into consideration various factors that
          establish the value of the grade of the receipts held by such owner or
          owners, shall determine the fair value of the commodity, which price
          shall be that to be paid by the operator. If the price offered is not
          satisfactory, a Committee appointed by the Chairman of the Business
          Conduct Committee (at the request of such owner), shall procure other
          offers for such commodity, and such offers shall be immediately
          reported to the owner or his agent. If the owner refuses to accept any
          such offers, he shall have the two following business days to order
          and furnish facilities for loading the commodity out of store, and
          during this period the warehouse shall be obliged to deliver the
          commodity called for by the warehouse receipts, but not more than
          three (3) days may elapse after notification by the Registrar to the
          holder of the receipt before satisfactory disposition shall have been
          made of the commodity, either by sale to the operator or by the
          ordering out and furnishing facilities to load the same, provided the
          amount of such commodity does not exceed 20,000 hundredweight of rough
          rice in any one warehouse. If the amount of commodity in question
          exceeds such amount, the owner, or owners, of the warehouse receipts
          shall be allowed forty-eight hours of grace over and above the
          aforementioned three days for each additional 20,000 hundredweight.

     B.   In the event that the holder of the warehouse receipt, or his agent,
          fails to move the commodity or make other satisfactory disposition of
          same within the prescribed time, it shall be held for his account, and
          any loss in grade sustained shall likewise be for his account.

     C.   Nothing in the foregoing provisions shall be construed as prohibiting
          the warehouseman from fulfilling contracts from other stocks under his
          control. (11/01/94)

3704.05   Damage To Commodity In Store - Notice - The operator of a warehouse
shall promptly advise the Exchange of any damage to a commodity held in store by
it whenever such damage shall


<PAGE>


                    Ch37 Delivery Facilities and Procedures
                    ---------------------------------------

occur to an extent that will render it unwilling to purchase and withdraw from
store, at its cost, all such damaged commodity. (11/01/94)

3704.06   Revocation of Regularity - Any declaration of regularity may be
withdrawn by the Exchange at any time if the warehouse does not comply with the
conditions above set forth or fails to carry out prescribed duties; providing,
however, the Exchange has theretofore given notice to the warehouseman of the
deficiencies and a reasonable time, under the circumstances, to cure them.

If the designation is revoked, the Exchange shall post such revocation on the
bulletin board together with the period of time, if any, during which the
negotiable warehouse receipts issued by the warehouse will be deliverable in
satisfaction of futures contracts.

Once such period of time, if any, has expired, and the negotiable warehouse
receipts issued by the warehouse are no longer deliverable in satisfaction of
futures contracts, the warehouse shall bear the cost of the transfer of the
warehoused commodity to another regulated warehouse, in accordance with 3704.03,
paragraph L. (11/01/94)

3704.07   Federal Warehouses - In compliance with the provisions of Section
5a(7) of the Commodity Exchange Act, providing that the commodity may be
delivered from a warehouse subject to the United States Warehouse Act, 7 U.S.C.
Sections 241-273, a receipt issued under that Act shall be accepted for delivery
on any futures contract provided the commodity represented by the receipt meets
contract specifications and the warehouse issuing the receipt meets the
requirements imposed by this chapter on all other warehouses. (11/01/94)

3704.08   Finality of USDA Or Other Required Inspection Certificate - The
Exchange assumes no responsibility and disclaims all liability on account of the
grade, quantity or specifications of any commodity delivered on the basis of a
USDA or other required inspection certificate. Such certificate shall constitute
conclusive evidence of the grade, quantity or other specifications of the
commodity described therein. (11/01/94)

3705.01   Delivery Through Clearing House - All deliveries on maturing contracts
shall be made through the Clearing House. The Clearing House shall prescribe
such forms and requirements for initiating and completing delivery as are
consistent with this chapter and the various contract specification chapters.
(11/01/94)

3705.02   Payment Upon Delivery - The receiver of a Notice of Intention from the
Clearing House shall present the delivery invoice at the office of the deliverer
not later than 1:00 p.m. on the next business day, i.e., delivery day, together
with a certified or cashier's check drawn on a Chicago bank, and shall receive
therefore, properly endorsed, warehouse receipts or shipping certificates in
accordance with the Notice and any other contract documents required under these
rules and regulations.

If said delivery day is a banking holiday, delivery and payment must be made
before 9:30 a.m. the next banking business day and the seller shall be
responsible for storage charges up to and including that banking holiday.
Adjustments for differences between contract prices and delivery prices
established by the Clearing House shall be made with the Clearing House in
accordance with its Regulations. (11/01/94)

3705.03   Necessity Of Possession Of Documents - The deliverer shall at such
time as the Notice of Intent is delivered to the Clearing House have possession
of all documents (except a warehouse receipt in the case of a redelivery)
necessary to make good delivery. (11/01/94)

3705.04   Suspended Member Out Of Line For Delivery - When a member of the
Clearing House who has open purchases is suspended from the clearing House for
default or insolvency, he shall be deemed out of line for delivery and tender
shall be made to the buyer obligated upon the next oldest contract. Also, if
tender be made to a buyer who is thereafter suspended for default or insolvency
before delivery is accepted, the Notice shall be withdrawn and another
immediately served upon the buyer obligated upon the next oldest contract.
(11/01/94)

3705.05   Failure to Deliver - A clearing member who has not tendered a Notice
on or before 8:00 p.m. on the last day in a delivery month on which such notice
is permitted shall be in default. Failure to make delivery shall constitute
improper conduct. In addition to the penalties provided under Exchange


<PAGE>

                    Ch37 Delivery Facilities and Procedures
                    ---------------------------------------

rules and regulations, the Exchange shall determine and assess the damages
incurred by the buyer, taking into account the settlement price and such other
factors as it may deem just. (11/01/94)

3705.06   Failure To Accept Delivery -

     A.   If a clearing member fails to accept delivery, the commodity shall be
          sold for the account of the buyer by the Exchange. If the proceeds are
          insufficient to pay the seller the full delivery price, the clearing
          member failing to accept delivery shall be liable for the difference.

     B.   If a clearing member is unable or refuses to make full payment to the
          seller, the Clearing House shall bear the seller's loss in the first
          instance.

     C.   Failure to accept delivery or make full payment shall also constitute
          improper conduct. (11/01/94)

3705.07   Transfer Of Cash For Futures After Termination Of Contract - Subject
to the Exchange approval, a transfer of cash merchandise for futures may be
permitted during the contract month after termination of the contract.

Such transfer of cash for futures shall be cleared through the Clearing House in
accordance with normal procedures and shall be made at the prices as are
mutually agreed upon by the two parties to the transaction. Such transfers shall
be clearly designated by proper symbol as transfer transactions and shall be
recorded by the Exchange and the clearing member to the transactions, and proper
notice given to the membership. Each party to such transaction must satisfy the
Exchange that the transaction is bona fide and must file with the Clearing House
all memoranda necessary to establish the nature of the transaction, the kind and
quantity of the cash commodity, the kind, quantity and price of the commodity
future, the names of all clearing members to the transaction and such other
information as the Clearing House or Exchange may require.

Such transfer of cash for futures shall bear the normal commission charges
pursuant to deliveries. (11/01/94)

3705.08   Risk Of Loss And Charges -

     A.   Title and the risk of loss or damage pass to the buyer at the time of
          delivery of the warehouse receipts.

     B.   The deliverer shall be responsible for all warehouse charges until the
          time when title passes and thereafter the receiver shall be
          responsible.

     C.   The receiver shall be responsible for all inspection and weighing
          charges at load-out. (11/01/94)


<PAGE>

================================================================================
Chapter 38
CBOT Rough Rice Options
================================================================================

     Ch38 Trading Conditions...........................................
          3800.01   Scope Of Chapter...................................
          3801.01   Unit Of Trading....................................
          3802.01   Options Call.......................................
          3803.01   Striking Prices....................................
          3804.01   Option Exercise....................................
          3805.01   Daily Price Limits.................................
          3806.01   Automatic Exercise.................................


<PAGE>

================================================================================
Chapter 38
CBOT Rough Rice Options
================================================================================

Ch38 Trading Conditions

3800.01   Scope Of Chapter - This chapter is limited in application to the
trading of put and call options exercisable for Chicago Board of Trade Rough
Rice futures contracts. Procedures for trading, clearing and any other matters
not specifically covered herein shall be governed by the rules of the
Association. (11/01/94)

3801.01   Unit Of Trading - The unit of trading shall be a put or call option
exercisable for (1) 2,000 hundredweight Chicago Board of Trade rough rice
futures contract. (11/01/94)

3802.01   Options Call -

     A.        Hours Of Trading - The hours of options trading shall be
               concurrent with the hours of the underlying futures contract.

     B.        Contract Months - Trading may be conducted in the nearby rough
               rice options contract month plus any succeeding months, provided
               however that the Exchange may determine not to list a contract
               month. For options that are traded in months in which rough rice
               futures are not traded, the underlying futures contract is the
               next futures contract that is nearest to the expiration of the
               option. For example, the underlying futures contract for the
               February option contract is the March futures contract.

     C.        Termination Of Trading - No trades in rough rice futures options
               expiring in the current month shall be made after the close of
               trading of the Regular Daytime open outcry trading session for
               the corresponding Rough Rice futures contract on the last Friday
               which precedes, by at least two business days, the last business
                                           ---
               day of the month preceding the option month. If such Friday is
               not a business day, then trading shall terminate on the preceding
               business day prior to such Friday.

               On the last day of trading in an expiring option class, the
               expiring options shall be closed with a public call made striking
               price by striking price, conducted by such persons as the
               Exchange shall direct.

     D.        Option Expiration - The contractual rights and obligations
               arising from the unexercised option contract expire at 10:00 a.m.
               on the first Saturday following the last trading day.

     E.        Option Premium Basis - The minimum price fluctuation of the
               option premium shall be $0.0025 per hundredweight or $5.00 per
               contract.

               However, when both sides of the trade are closing transactions,
               the option premium may range from $1.00 to $4.00 in $1.00
               increments per option contract.

     F.        Position Limits And Reportable Positions - (See Regulation
               425.01) (07/01/01)

3803.01   Striking Prices - Trading shall be conducted for put and call options
with striking prices (the "strikes") in integral multiples of twenty (20) cents
per hundredweight per rough rice futures contract (i.e., 7.80, 8.00, 8.20, etc.)
and in integral multiples of forty (40) cents per hundredweight per rough rice
futures contract (i.e. 8.00, 8.40, 8.80, etc.) as follows:

     A.   1.   In integral multiples of twenty cents, at the commencement of
               trading for an option contract, the following strikes shall be
               listed: one with a strike closest to the previous day's
               settlement price of the underlying rough rice futures contract,
               the next five consecutive higher and the next five consecutive
               lower strikes (the "initial band"). If the previous day's
               settlement price is midway between two strikes, the closest price
               shall be the larger of the two.

          2.   In integral multiples of forty cents, at the commencement of
               trading for an option


<PAGE>

                            Ch38 Trading Conditions
                            -----------------------

               contract, the following strikes shall be listed: the next four
               consecutive strikes above the initial band.

          3.   In integral multiples of twenty cents, over time, strikes shall
               be added as necessary to insure that all strikes within $1.10 of
               the previous day's trading range of the underlying futures
               contract are listed (the "minimum band").

          4.   In integral multiples of forty cents, over time, strikes shall be
               added as necessary to insure that the next four consecutive
               strikes above the minimum band are listed.

          5.   No new strikes may be added by these procedures in the month in
               which an option expires.

     B.   1.   In integral multiples of forty cents, all strikes in which the
               previous day's delta factors (as determined by the Exchange) for
               both the put and call options are 0.10 or greater for two
               consecutive business days will be listed for trading. However, no
               new strikes may be added by this procedure to an option month
               unless open positions exist in that contract month.

          2.   In integral multiples of twenty cents, during the month in which
               an option expires, all strikes in which the previous day's delta
               factors (as determined by the Exchange) for both the put and call
               options are 0.10 or greater for two consecutive business days
               will be listed for trading.

     C.   All strikes will be listed prior to the opening of trading on the
          following business day. The Exchange may modify the procedures for the
          introduction of strikes as it deems appropriate in order to respond to
          market conditions. (11/01/94)

3804.01   Option Exercise - An option holder intending to exercise shall present
to the clearing house, no later than 6:00 p.m., or by such other time designated
by the Board of Directors, on any business day through and including the last
trading day, on a form prescribed thereby, a notice of exercise.

The clearing house shall assign such a notice promptly and at random to a
clearing member carrying a short position in the option series. Said clearing
member in turn shall assign such notice to accounts with an open short option
position in a fair and non-preferred manner in accordance with written
procedures. By the opening of the next trading session, in the case of a call
option, the writer shall sell to the holder by book entry the underlying futures
contract at the contracted striking price. In the case of a put option, the
writer shall buy from the holder by book entry the underlying futures contract
at the contracted striking price. Thenceforth, the writer and the holder assume
the rights and obligations associated with their respective positions in the
underlying futures contract.

Notwithstanding the foregoing, an option holder may exercise an option prior to
10:00 a.m. on the expiration date:

     A.   to correct errors or mistakes made in good faith;

     B.   to take appropriate action as the result of unreconciled Exchange
          option transactions;

     C.   in exceptional cases involving a customer's inability to communicate
          exercise instructions to the member firm or the member firm's
          inability to receive such instructions prior to 6:00 p.m. on the last
          day of trading. (12/01/99)

3805.01   Daily Price Limits - Trading in a rough rice futures option shall be
confined to a premium no greater than the trading limit for the rough rice
futures contract above and below the option's previous day settlement premium
for all trading days except the last. (11/01/94)

3806.01   Automatic Exercise - Notwithstanding the provisions of Regulation
3804.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the clearing house.

Notice to cancel automatic exercise shall be given to the clearing house by 6:00
p.m., or by such other time designated by the Board of Directors, on the last
day of trading, except that such notice may be given to the clearing house prior
to 10:00 a.m. on the expiration date:


<PAGE>

                            Ch38 Trading Conditions
                            -----------------------

          A.   to correct errors or mistakes made in good faith;

          B.   to take appropriate action as the result of unreconciled Exchange
               option transactions;

          C.   in exceptional cases involving a customer's inability to
               communicate exercise instructions to the member firm or the
               member firm's inability to receive such instructions prior to
               6:00 p.m. on the last day of trading. (12/01/99)


<PAGE>

<TABLE>
=========================================================================================================
Chapter 43
CBOT(R) Dow Jones Industrial Average(SM) Index Futures
=========================================================================================================
<S>                                                                                                  <C>
     Ch 43 Trading Conditions.....................................................................
            4301.00   Authority...................................................................
            4302.01   Application of Regulation...................................................
            4303.01   Emergencies, Acts of God, Acts of Government................................
            4304.01   Unit of Trading.............................................................
            4305.01   Months Traded In............................................................
            4306.01   Price Basis.................................................................
            4307.01   Hours of Trading............................................................
            4308.01   Price Limits and Trading Halts..............................................
            4309.01   Last Day of Trading.........................................................
            4309.02   Liquidation During the Delivery Month.......................................
            4310.01   Margin Requirements.........................................................
            4312.01   Position Limits and Reportable Positions....................................

     Ch 43 Delivery Procedures....................................................................
            4336.01   Standards...................................................................
            4342.01   Delivery on Futures Contracts...............................................
            4342.02   Final Settlement Price......................................................
            4342.03   The Final Settlement Day....................................................
            4347.01   Payment.....................................................................
            4348.01   Disclaimer..................................................................
</TABLE>


<PAGE>

================================================================================
 Chapter 43
 CBOT(R) Dow Jones Industrial Average(SM) Index/1/ Futures

================================================================================
 Ch 43 Trading Conditions

 4301.00   Authority - (See 1701.00)  (11/01/97)

 4302.01   Application of Regulations - Futures transactions in CBOT Dow Jones
 Industrial Average(SM) ("DJIA") Index contracts shall be subject to the general
 rules of the Association as far as applicable and shall also be subject to the
 regulations contained in this chapter, which are exclusively applicable to
 trading in CBOT Dow Jones Industrial Average(SM) Index contracts. (09/01/00)

 4303.01   Emergencies, Acts of God, Acts of Government - If delivery or
 acceptance or any precondition or requirement of either, is prevented by
 strike, fire, accident, act of government, act of God or other emergency, the
 seller or buyer shall immediately notify the Chairman. If the Chairman
 determines that emergency action may be necessary, he shall call a special
 meeting of the Board and arrange for the presentation of evidence respecting
 the emergency condition. If the Board determines that an emergency exists, it
 shall take such action under Rule 180.00 as it deems necessary under the
 circumstances and its decision shall be binding upon all parties to the
 contract. (11/01/97)

 4304.01   Unit of Trading - The unit of trading shall be $10.00 times the Dow
 Jones Industrial Average(SM). The Dow Jones Industrial Average(SM) is a price-
 weighted composite index of 30 stocks. (11/01/97)

 4305.01   Months Traded In - The months listed for trading are March, June,
 September and December, at the discretion of the Exchange. (11/01/97)

 4306.01   Price Basis - The price of the CBOT Dow Jones Industrial Average(SM)
 Index futures shall be quoted in points. One point equals $10.00. The minimum
 price fluctuation shall be one point per contract. Contracts shall not be made
 on any other price basis. (11/01/97)

 4307.01   Hours of Trading - The hours of trading for future delivery in CBOT
 Dow Jones Industrial Average(SM) Index futures shall be determined by the
 Board.

 The market shall be opened and closed for all months simultaneously, or in such
 other manner as the Regulatory Compliance Committee shall direct. (11/01/97)

 4308.01   Price Limits and Trading Halts - (See Regulation 1008.01) (11/01/97)

 4309.01   Last Day of Trading - The last day of trading in CBOT Dow Jones
 Industrial Average
_____________________
1          "Dow Jones(SM)", "The Dow(SM)", Dow Jones Industrial Average(SM)" and
           "DJIA(SM)" are service marks of Dow Jones & Company, Inc. and have
           been licensed for use for certain purposes by the Board of Trade of
           the City of Chicago ("CBOT".). The CBOT's futures and futures option
           contracts based on the Dow Jones Industrial Average(SM) are not
           sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones,
           and Dow Jones makes no representation regarding the advisability of
           trading in such product(s).


<PAGE>

                           Ch 43 Trading Conditions
                           ------------------------

Index futures contracts deliverable in the current delivery month shall be the
trading day immediately preceding the final settlement day (as described in
Regulation 4342.03). (11/01/97)

4309.02    Liquidation During the Delivery Month - After trading in contracts
for future delivery in the current delivery month has ceased, in accordance with
Regulation 4309.01 of this chapter, outstanding contracts for such delivery
shall be liquidated by cash settlement as prescribed in Regulation 4342.01.
(11/01/97)

4310.01    Margin Requirements - (See Regulation 431.03) (11/01/97)

4312.01    Position Limits and Reportable Positions - (See Regulation 425.01)
(11/01/97)


<PAGE>

Ch 43 Delivery Procedures

4336.01    Standards - The contract grade shall be the final settlement price
(as described in Regulation 4342.02) of the Dow Jones Industrial Average(SM)
Index on final settlement day (as described in Regulation 4342.03). (11/01/97)

4342.01    Delivery on Futures Contracts - Delivery against the CBOT Dow Jones
Industrial Average(SM) Index Futures contract must be made through the Clearing
Corporation. Delivery under these regulations shall be on the final settlement
day (as described in regulation 4342.03) and shall be accomplished by cash
settlement as hereinafter provided.

Clearing members holding open positions in a CBOT Dow Jones Industrial
Average(SM) Index futures contract at the time of termination of trading shall
make payment to and receive payment through the Clearing Corporation in
accordance with normal variation settlement procedures based on a settlement
price equal to the final settlement price (as described in Regulation 4342.02).
(11/01/97)

4342.02    Final Settlement Price - The final settlement price shall be
determined on the final settlement day. The final settlement price shall be $10
times a Special Open Quotation (SOQ) of the Dow Jones Industrial Average(SM)
Index based on the opening prices of the component stocks in the index, or on
the last sale price of a stock that does not open for trading on the regularly
scheduled day of final settlement (as described in Regulation 4342.03).

If the New York Stock Exchange ("NYSE") does not open on the day scheduled for
the determination of the final settlement price, then the NYSE-stock component
of the final settlement price shall be based on the next opening prices for NYSE
stocks. (11/01/97)

4342.03    The Final Settlement Day - The final settlement day shall be defined
as the third Friday of the contract month, or if the Dow Jones Industrial
Average(SM) is not published for that day, the first preceding business day for
which the Dow Jones Industrial Average(SM) is scheduled to be published.
(11/01/97)

4347.01    Payment - (See Regulation 1049.04.) (11/01/97)

4348.01    Disclaimer -

CBOT Dow Jones Industrial Average(SM) Index futures and futures options
contracts are not sponsored, endorsed, sold or promoted by Dow Jones. Dow Jones
makes no representation or warranty, express or implied, to the owners of CBOT
Dow Jones Industrial Average(SM) Index futures and futures options contracts or
any member of the public regarding the advisability of trading in CBOT Dow Jones
Industrial Average(SM) Index futures and futures options contracts. Dow Jones'
only relationship to the Exchange is the licensing of certain trademarks and
trade names of Dow Jones and of the Dow Jones Industrial Average(SM) which is
determined, composed and calculated by Dow Jones without regard to the Chicago
Board of Trade or CBOT Dow Jones Industrial Average(SM) Index futures and
futures options contracts. Dow Jones has no obligation to take the needs of the
Chicago Board of Trade or the owners of CBOT Dow Jones Industrial Average(SM)
Index futures and futures options contracts into consideration in determining,
composing or calculating the Dow Jones Industrial Average(SM). Dow Jones is not
responsible for and has not participated in the determination of the timing of,
prices at, or quantities of CBOT Dow Jones Industrial Average(SM) Index futures
and futures options contracts to be listed or in the determination or
calculation of the equation by which CBOT Dow Jones Industrial Average(SM) Index
futures and futures options contracts are to be converted into cash. Dow Jones
has no obligation or liability in connection with the administration, marketing
or trading of the CBOT Dow Jones Industrial Average(SM) Index futures and
futures options contracts.

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW
JONES INDUSTRIAL AVERAGE(SM) OR ANY DATA INCLUDED THEREIN AND DOW JONES SHALL
HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE
CHICAGO BOARD OF TRADE, OWNERS OF CBOT DOW JONES INDUSTRIAL AVERAGE(SM) INDEX
FUTURES AND FUTURES OPTIONS CONTRACTS, OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE DOW JONES INDUSTRIAL AVERAGE(SM) OR ANY DATA INCLUDED THEREIN. DOW
JONES MAKES NO EXPRESS OR IMPLIED


<PAGE>

                           Ch 43 Delivery procedures
                           -------------------------

WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OR MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DOW JONES INDUSTRIAL
AVERAGE(SM) OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING,
IN NO EVENT SHALL DOW JONES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT,
PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY
BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW JONES AND THE
CHICAGO BOARD OF TRADE. (11/01/97)


<PAGE>

<TABLE>
<CAPTION>
=======================================================================================================
Chapter 44
CBOT(R) Dow Jones Industrial Average(SM) Index Futures Options
=======================================================================================================
    <S>                                                                                            <C>
    Ch 44 Trading Conditions.....................................................................
           4401.00  Authority....................................................................
           4401.01  Application of Regulations...................................................
           4402.01  Nature of CBOT Dow Jones Industrial Average(SM) Index Futures Put Options....
           4402.02  Nature of Dow Jones Industrial Average(SM) Index Futures Call Options........
           4403.01  Trading Unit.................................................................
           4404.01  Striking Prices..............................................................
           4405.01  Payment of Option Premium....................................................
           4406.01  Option Premium Basis.........................................................
           4407.01  Exercise of Option...........................................................
           4407.02  Automatic Exercise...........................................................
           4408.01  Expiration of Option.........................................................
           4409.01  Months Traded In.............................................................
           4410.01  Trading Hours................................................................
           4411.01  Position Limits and Reportable Positions.....................................
           4412.01  Margin Requirements..........................................................
           4413.01  Last Day of Trading..........................................................
           4414.01  Option Premium Fluctuation Limits............................................
           4414.02  Trading Halts on Project A.02................................................
           4415.01  Disclaimer...................................................................
</TABLE>


<PAGE>

================================================================================
Chapter 44
CBOT(R) Dow Jones Industrial Average(SM) Index/1/
Futures Options
================================================================================

Ch 44 Trading Conditions

4401.00   Authority - (See Rule 2801.00) (11/01/97)

4401.01   Application of Regulations - Transactions in put and call options on
CBOT Dow Jones Industrial Average(SM) ("DJIA") Index futures contracts shall be
subject to the general rules of the Association as far as applicable and shall
also be subject to the regulations contained in this chapter which are
exclusively applicable to trading in put and call options on CBOT Dow Jones
Industrial Average(SM) Index futures contracts. (See Rule 490.00) (09/01/00)

4402.01   Nature of CBOT Dow Jones Industrial Average(SM) Index Futures Put
Options- The buyer of one (1) CBOT Dow Jones Industrial Average(SM) Index
futures put option may exercise his option at any time prior to expiration
(subject to Regulation 4407.01), to assume a short position in one (1) CBOT Dow
Jones Industrial Average(SM) Index futures contract of a specified contract
month at a striking price set at the time the option was purchased. The seller
of one (1) CBOT Dow Jones Industrial Average(SM) Index futures put option incurs
the obligation of assuming a long position in one (1) CBOT Dow Jones Industrial
Average(SM) Index futures contract of a specified contract month at a striking
price set at the time the option was sold, upon exercise by a put option buyer.
(11/01/97)

4402.02   Nature of Dow Jones Industrial Average(SM) Index Futures Call
Options -The buyer of one (1) CBOT Dow Jones Industrial Average(SM) Index
futures call option may exercise his option at any time prior to expiration
(subject to Regulation 4407.01), to assume a long position in one (1) CBOT Dow
Jones Industrial Average(SM) Index futures contract of a specified contract
month at a striking price set at the time the option was purchased. The seller
of one (1) CBOT Dow Jones Industrial Average(SM) Index futures call option
incurs the obligation of assuming a short position in one (1) CBOT Dow Jones
Industrial Average(SM) Index futures contract of a specified contract month at a
striking price set at the time the option was sold, upon exercise by a call
option buyer. (11/01/97)

4403.01   Trading Unit - One (1) CBOT Dow Jones Industrial Average(SM) Index
futures contract of a specified contract month on the Chicago Board of Trade.
(11/01/97)

4404.01   Striking Prices - Trading shall be conducted for put and call options
with striking prices in integral multiples of one hundred (100) index points per
CBOT Dow Jones Industrial Average Index futures contract and in integral
multiples of two hundred (200) index points per CBOT Dow Jones Industrial
Average(SM) Index futures contract as follows:

A.   At the commencement of trading for quarterly and non-quarterly expirations,
     the following strike prices in one hundred point intervals shall be listed:
     one with a striking price closest to the previous day's settlement price on
     the underlying CBOT Dow Jones Industrial Average Index futures contract and
     the next twenty consecutive higher and the next twenty consecutive lower
     striking prices closest to the previous day's settlement price. If the
     previous day's settlement price is midway between two striking prices, the
     closest price shall be the larger of the two. Over time new striking prices
     will be added

____________

/1/  "Dow Jones(SM)", "The Dow(SM)", "Dow Jones Industrial Average(SM)", and
     "DJIA(SM)" are service marks of Dow Jones & Company, Inc. and have been
     licensed for use for certain purposes by the Board of Trade of the City of
     Chicago ("CBOT."). The CBOT's futures and futures options contracts based
     on the Dow Jones Industrial Average(SM) are not sponsored, endorsed, sold
     or promoted by Dow Jones, and Dow Jones makes no representation regarding
     the advisability of trading in such product(s).


<PAGE>

                           Ch 44 Trading Conditions
                           ------------------------

     to ensure that at least twenty one hundred point striking prices always
     exist above and below the previous day's settlement price in the underlying
     futures.

B.   At the commencement of trading for quarterly and non-quarterly expirations,
     the following strike prices in two hundred point intervals shall be listed:
     the next twenty consecutive higher and the next twenty consecutive lower
     strike prices above and below the strike price band as stipulated in
     Regulation 4404.01(A). Over time new striking prices will be added to
     ensure that at least twenty striking prices in two hundred point intervals
     always exist above and below the strike price band as stipulated in
     Regulation 4404.01(A).

C.   All new strike prices will be added prior to the opening of trading on the
     following business day. The Exchange may modify the procedure for the
     introduction of striking prices as it deems appropriate in order to respond
     to market conditions. (10/01/99)

4405.01   Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (11/01/97)

4406.01   Option Premium Basis - The premium for CBOT Dow Jones Industrial
Average(SM) Index futures options shall be in multiples of one-half (1/2) of one
index point of a CBOT Dow Jones Industrial Average(SM) Index futures contract
which shall equal $5.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $5.00 in $1.00 increments per option contract.
(11/01/97)

4407.01   Exercise of Option - The buyer of a CBOT Dow Jones Industrial
Average(SM) Index futures option may exercise the option on any business day
prior to expiration by giving notice of exercise to the Clearing Corporation by
6:00 p.m., or by such other time designated by the Board of Directors, on such
day. (12/01/99)

4407.02   Automatic Exercise - Notwithstanding the provisions of Regulation
4407.01, for options with quarterly expirations, all in-the-money2 options shall
be automatically exercised after 6:00 p.m. on the business day following the
last day of trading, unless notice to cancel automatic exercise is given to the
Clearing Corporation. Notwithstanding the provisions of Regulation 4407.01, for
options with non-quarterly expirations, all in-the-money options shall be
automatically exercised after 6:00 p.m. on the last day of trading, unless
notice to cancel automatic exercise is given to the Clearing Corporation.

For options with quarterly expirations, notice to cancel automatic exercise
shall be given to the Clearing Corporation by 6:00 p.m., or by such other time
designated by the Board of Directors, on the business day following the last day
of trading. For options with non-quarterly expirations, notice to cancel
automatic exercise shall be given to the Clearing Corporation by 6:00 p.m., or
by such other time designated by the Board of Directors, on the last day of
trading. (12/01/99)

4408.01   Expiration of Option - Unexercised CBOT Dow Jones Industrial
Average(SM) Index futures options with quarterly expirations shall expire at
7:00 p.m. on the business day following the last day of trading.

Unexercised CBOT Dow Jones Industrial Average(SM) Index futures options with
non-quarterly expirations shall expire at 7:00 p.m. on the last day of trading.
(11/01/97)

4409.01   Months Traded In - The months listed for trading are January through
December at the discretion of the Exchange; provided however, that the Exchange
may determine not to list a contract month. For options that are traded in
months in which CBOT Dow Jones Industrial Average(SM) Index futures are not
traded, the underlying futures contract is the next futures contract that is
nearest to the expiration of the option. For example, the underlying futures
contract for the October or November option contract is the December futures
contract. (01/01/98)

4410.01   Trading Hours - The hours of trading of options on CBOT Dow Jones
Industrial

_______________

/2/  An option is in-the-money if the settlement price of the underlying futures
     contract is less in the case of a put, or greater in the case of a call
     than the exercise price for the option.


<PAGE>

                           Ch 44 Trading Conditions
                           ------------------------

Average(SM) Index futures contracts shall be determined by the Board.
On the last day of trading in an expiring option the closing time for such
option shall be the same as the underlying futures contract, subject to the
provisions of the second paragraph of Rule 1007.00. On the last day of trading
in an expiring option, the expiring CBOT Dow Jones Industrial Average(SM) Index
futures options shall be closed with a public call, made strike price by strike
price, conducted by such persons as the Regulatory Compliance Committee shall
direct. CBOT Dow Jones Industrial Average(SM) Index futures options shall be
opened and closed for all months and strike prices simultaneously or in such a
manner as the Regulatory Compliance Committee shall direct. (11/01/97)

4411.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(10/01/00)

4412.01   Margin Requirements - (See Regulation 431.05) (11/07/97)

4413.01   Last Day of Trading - For options expiring on the quarterly cycle,
trading shall terminate at the same date and time as the underlying futures
contract. For options that expire in months other than those in the quarterly
cycle, options trading shall terminate on the third Friday of the option
contract month, at the end of the regular trading session. If that day is not an
Exchange business day, options trading shall terminate on the first preceding
business day. (11/01/97)

4414.01   Option Premium Fluctuation Limits - Option premium limits for the CBOT
Dow Jones Industrial Average(SM) Index futures options shall correspond to the
daily trading limit in effect at that time for the underlying futures contract
as specified in Regulation 1008.01F. There shall be no trading in any option
contract during a period in which trading in the underlying future is halted as
specified in Regulation 1008.01F. On the first day of trading, limits shall be
set from the lowest premium of the opening range. (11/01/97)

4414.02   Trading Halts on e-cbot - There shall be no trading in any option
contract during e-cbot trading hours when the CBOT Dow Jones Industrial
Average(SM) Index primary futures contract is limit bid or limit offered at the
e-cbot price limit. (09/01/00)

4415.01   Disclaimer -

CBOT Dow Jones Industrial Average(SM) Index futures and futures options are not
sponsored, endorsed, sold or promoted by Dow Jones. Dow Jones makes no
representation or warranty, express or implied, to the owners of CBOT Dow Jones
Industrial Average(SM) Index futures and futures options contracts or any member
of the public regarding the advisability of trading in CBOT Dow Jones Industrial
Average(SM) Index futures and futures options contracts. Dow Jones' only
relationship to the Exchange is the licensing of certain trademarks and trade
names of Dow Jones and of the Dow Jones Industrial Average(SM) which is
determined, composed and calculated by Dow Jones without regard to the Chicago
Board of Trade or CBOT Dow Jones Industrial Average(SM) Index futures and
futures options contracts. Dow Jones has no obligation to take the needs of the
Chicago Board of Trade or the owners of CBOT Dow Jones Industrial Average(SM)
Index futures and futures options contracts into consideration in determining,
composing or calculating the Dow Jones Industrial Average(SM). Dow Jones is not
responsible for and has not participated in the determination of the timing of,
prices at, or quantities of CBOT Dow Jones Industrial Average(SM) Index futures
and futures options contracts to be listed or in the determination or
calculation of the equation by which CBOT Dow Jones Industrial Average(SM) Index
futures and futures options contracts are to be converted into cash. Dow Jones
has no obligation or liability in connection with the administration, marketing
or trading of CBOT Dow Jones Industrial Average(SM) Index futures and futures
options contracts.

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW
JONES INDUSTRIAL AVERAGE(SM) OR ANY DATA INCLUDED THEREIN AND DOW JONES SHALL
HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE
CHICAGO BOARD OF TRADE, OWNERS OF CBOT DOW JONES INDUSTRIAL AVERAGE(SM) INDEX
FUTURES AND FUTURES OPTIONS CONTRACTS, OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE DOW JONES INDUSTRIAL AVERAGE(SM) OR ANY DATA INCLUDED THEREIN. DOW
JONES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL
WARRANTIES, OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH
RESPECT TO THE DOW JONES INDUSTRIAL AVERAGE(SM) OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF

<PAGE>

                           Ch 44 Trading Conditions
                           ------------------------

THE FOREGOING, IN NO EVENT SHALL DOW JONES HAVE ANY LIABILITY FOR ANY LOST
PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST
PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO
THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW JONES
AND THE CHICAGO BOARD OF TRADE. (11/01/97)


<PAGE>

================================================================================
Chapter 45
Long Term Fannie Mae(R)Benchmark Notes(SM) and Freddie Mac Reference Notes(SM)
(6 Years 6 Months - 10 Years 3 Months)
================================================================================

<TABLE>
<S>                                                                                                         <C>
         Ch45 Trading Conditions............................................................................4502
                4501.00      Authority......................................................................4502
                4502.01      Application of Regulation......................................................4502
                4503.01      Emergencies, Acts of God, Acts of Government...................................4502
                4504.01      Unit of Trading................................................................4503
                4505.01      Months Traded In...............................................................4503
                4506.01      Price Basis....................................................................4503
                4507.01      Hours of Trading...............................................................4503
                4509.01      Last Day of Trading............................................................4503
                4509.02      Liquidation in the Last Seven Days of Delivery Months..........................4503
                4510.01      Margin Requirements............................................................4503
                4512.02      Position Limits and Reportable Positions.......................................4503

         Ch45 Delivery Procedures...........................................................................4504
                4536.01      Standards......................................................................4504
                4542.01      Deliveries of Futures Contracts................................................4504
                4542.02      Wire Failure...................................................................4505
                4546.01      Date of Delivery...............................................................4505
                4547.01      Delivery Notices...............................................................4505
                4548.01      Method of Delivery.............................................................4505
                4549.00      Time of Delivery, Payment, Form of Delivery Notice.............................4505
                4549.02      Buyer's Report of Eligibility to Receive Delivery..............................4505
                4549.03      Seller's Invoice to Buyers.....................................................4505
                4549.04      Payment........................................................................4505
                4549.05      Buyers Banking Notification....................................................4505
                4550.00      Duties of Members..............................................................4506
                4551.01      Office Deliveries Prohibited...................................................4506
                4554.00      Failure to Accept Delivery.....................................................4506

         Ch45 Regularity of Banks....-......................................................................4507
                4580.01      Banks..........................................................................4507
</TABLE>

                                     4501

<PAGE>

================================================================================
Chapter 45
Long Term Fannie Mae(R)Benchmark Notes(SM) and Freddie Mac Reference Notes(SM)
(6 Years 6 Month - 10 Years 3 Months)
================================================================================

*Note:  These contracts are listed for trading by the Chicago Board of Trade
 ----
pursuant to Commodity Futures Trading Commission exchange certification
procedures.

Ch45 Trading Conditions

4501.00   Authority - (See Rule 1701.00) (04/01/00)

4502.01   Application of Regulation - Futures transactions in Long Term Fannie
Mae(R) Benchmark Notes(SM) and Freddie Mac Reference Notes(SM) shall be subject
to the general rules of the Association as far as applicable and shall also be
subject to the regulations contained in this chapter, which are exclusively
applicable to trading in Long Term Fannie Mae Benchmark Notes and Freddie Mac
Reference Notes. Long Term Fannie Mae Benchmark Notes and Freddie Mac Reference
Notes are listed for trading by the Association pursuant to Commodity Futures
Trading Commission exchange certification procedures. (02/01/01)

4503.01   Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. For example, and without
limiting the Board's power, it may extend delivery dates and designate
alternative delivery points in the event of conditions interfering with the
normal operations of approved facilities.

In the event the Board determines that there exists a shortage of deliverable
Fannie Mae Benchmark Notes and/or Freddie Mac Reference Notes, it may, upon a
two-thirds vote under Rule 180.00, take such action as may be in the Board's
sole discretion appear necessary to prevent, correct or alleviate the condition.
Without limiting the foregoing or the authority of the Board under Rule 180.00,
the Board may:

     (1)  designate as deliverable, callable Fannie Mae Benchmark Notes and
     Bonds, and/or Freddie Mac Reference Notes and Bonds otherwise meeting the
     specifications and requirements stated in this chapter;

     (2)  designate as deliverable one or more issues of Fannie Mae Benchmark
     Notes and Freddie Mac Reference Notes and/or Fannie Mae Benchmark Bonds and
     Freddie Mac Reference Bonds having maturities shorter than six and one-half
     years, or longer than ten years three months and otherwise meeting the
     specifications and requirements stated in this chapter; and/or

                                     4502

<PAGE>

                              Regularity of Banks
                              -------------------


     (3) determine a cash settlement based on the current cash value of an 6%
     coupon rate, six and one-half years to ten years three months Fannie Mae
     Benchmark Note and/or Freddie Mac Reference Note, as determined by using
     the current market yield curve for Fannie Mae Benchmark Notes and Freddie
     Mac Reference Notes on the last day of trading. (04/01/00)

4504.01   Unit of Trading - The unit of trading shall be Fannie Mae Benchmark
Notes or Freddie Mac Reference Notes having a face value at maturity of one
hundred thousand dollars ($100,000) or multiples thereof. (04/01/00)

4505.01   Months Traded In - Trading in Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures may be scheduled in such months as determined
by the Exchange. (04/01/00)

4506.01   Price Basis - Minimum price fluctuations shall be in multiples of one-
half of one thirty-second (1/32) point per 100 points ($15.625 rounded up to the
nearest 1(cent) per contract) except for intermonth spreads, where minimum price
fluctuations shall be in multiples of one-fourth of one thirty-second point per
100 points ($7.8125 per contract). Par shall be on the basis of 100 points.
Contracts shall not be made on any other price basis. (02/01/01)

4507.01   Hours of Trading - The hours of trading for future delivery in Long
Term Fannie Mae Benchmark Notes and Freddie Mac Reference Notes shall be
determined by the Board. On the last day of trading in an expiring future, the
closing time for such future shall be 12:00 noon (Chicago time), subject to the
provisions of the second paragraph of Rule 1007.00.

The market shall be opened and closed for all months simultaneously, or in such
other manner as the Regulatory Compliance Committee shall direct. (04/01/00)

4509.01   Last Day of Trading - No trades in Long Term Fannie Mae Benchmark Note
and Freddie Mac Reference Note futures deliverable in the current month shall be
made during the last seven business days of that month and any contracts
remaining open must be settled by delivery or as provided in Regulation 4509.02
after trading in such contracts has ceased. (04/01/00)

4509.02   Liquidation in the Last Seven Days of Delivery Month - After trading
in contracts for future delivery in the current delivery month has ceased in
accordance with Regulation 4509.01 of this chapter, outstanding contracts may be
liquidated by the delivery of book-entry Fannie Mae Benchmark Notes or Freddie
Mac Reference Notes (Regulation 4542.01) or by mutual agreement by means of a
bona fide exchange of such current futures for actual Fannie Mae Benchmark Notes
or Bonds and/or Freddie Mac Reference Notes or Bonds or comparable instruments.
Such exchange must, in any event, be made no later than the fifth business day
immediately preceding the last business day of the delivery month. (04/01/00)

4510.01   Margin Requirements - (See Regulation 431.03) (04/01/00)

4512.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(04/01/00)



                                     4503

<PAGE>

                              Delivery Procedures
                              -------------------

Ch45 Delivery Procedures

4536.01   Standards - The contract grade for delivery on futures contracts made
under these regulations shall be non-callable Fannie Mae Benchmark Notes or non-
callable Freddie Mac Reference Notes which have an original issue size of at
least $3 billion and an original maturity of not more than ten years three
months and which have a remaining maturity of not less than six years six months
as defined below. All notes delivered against a contract must be of the same
issue. For settlement, the time to maturity of a given issue is calculated in
complete quarter year increments (e.g., 8 years, 10 months, 17 days is taken to
be 8 years, 9 months) from the first day of the delivery month. The price at
which a note with this time to maturity and with the same coupon rate as this
issue will yield 6%, according to bond tables prepared by the Financial
Publishing Co. of Boston, Mass., is multiplied by the settlement price to arrive
at the amount at which the short invoices the long.

Fannie Mae Benchmark Notes and Freddie Mac Reference Notes deliverable against
futures contracts under these regulations must have semi-annual fixed coupon
payments.

Interest accrued on the notes shall be charged to the long by the short on the
basis of a 360 - day year consisting of twelve 30 - day months.

New issues of Fannie Mae Benchmark Notes and Freddie Mac Reference Notes which
satisfy the standards in this regulation shall be added to the deliverable grade
as they are issued. To be eligible for delivery in the current month, the newly
issued notes must have been issued and settled at least three business days
before the first eligible day for delivery (see 4542.01).

If during the issuance of notes Fannie Mae or Freddie Mac re-opens an existing
issue, thus rendering the existing issue indistinguishable from the newly issued
one, the older issue would be deliverable if it meets the following standards.
The reopening must have an original issue size of at least $3 billion, and meet
the maturity standards of this chapter at the time of the reopening.

The Exchange reserves the right to exclude any new issue from deliverable status
or to further limit outstanding issues from deliverable status. (06/01/01)

4542.01   Deliveries of Futures Contracts - Deliveries against Long Term Fannie
Mae Benchmark Note and Freddie Mac Reference Note futures contracts shall be by
book-entry transfer between accounts of Clearing Members at qualified banks
(Regulation 4580.01) in accordance with Department of Housing and Urban
Development Title 24 CFR Part 81. Delivery must be made no earlier than the
first business day of the month and no later than the last business day of the
month. Notice of intention to deliver shall be given to the Board of Trade
Clearing Corporation by 8:00 p.m. (Chicago time), or by such other time
designated by the Board of Directors, on the second business day preceding
delivery day. In the event the long Clearing Member does not agree with the
terms of the invoice received from the short Clearing Member, the long Clearing
Member must notify the short Clearing Member, and the dispute must be settled by
9:30 a.m. (Chicago time) on delivery day. The short Clearing Member must have
contract grade Fannie Mae Benchmark Notes or Freddie Mac Reference Notes in
place at his bank in acceptable (to his bank) delivery form no later than 10:00
a.m. (Chicago time) on delivery day. The short Clearing Member must notify his
bank (Regulation 4580.01) to transfer contract grade Fannie Mae Benchmark Notes
or Freddie Mac Reference Notes by book-entry to the long Clearing Member's
account at the long Clearing Member's bank on a delivery versus payment basis.
That is, payment shall not be made until the notes are delivered. On delivery
day, the long Clearing Member must make funds available by 7:30 a.m. (Chicago
time) and notify his bank (Regulation 4580.01) to accept contract grade Fannie
Mae Benchmark Notes or Freddie Mac Reference Notes and to remit federal funds to
the short Clearing Member's account at the short Clearing Member's bank
(Regulation 4580.01) in payment for delivery of the notes. Contract grade Fannie
Mae Benchmark Notes or Freddie Mac Reference Notes must be transferred and
payment must be made before 1:00 p.m. (Chicago time) on delivery day. All
deliveries must be assigned by the Clearing Corporation. Where a commission
house as a member of the Clearing Corporation has an interest both long and
short for customers on its own books, it must tender to the Clearing Corporation
such notices of intention to deliver as it received from its customers who are

                                     4504

<PAGE>

                              Delivery Procedures
                              -------------------

short. (04/01/00)

4542.02   Wire Failure - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or the short Clearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m.
(Chicago time) on the next business day on which the Federal Reserve wire is
operable. Interest shall accrue to the long paid by the short beginning on the
day at which the notes were to be originally delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 4542.01 and 4549.04 and that all other provisions of
Regulations 4542.01 and 4549.04 have been complied with. (04/01/00)

4546.01   Date of Delivery - Delivery of Long Term Fannie Mae Benchmark Notes or
Freddie Mac Reference Notes may be made by the short upon any permissible
delivery day of the delivery month the short may select. Delivery of Long Term
Fannie Mae Benchmark Notes and Freddie Mac Reference Notes must be made no later
than the last business day of that month. (04/01/00)

4547.01   Delivery Notices - (See Regulation 1047.01) (04/01/00)

4548.01   Method of Delivery - (See Regulation 1048.01) (04/01/00)

4549.00   Time of Delivery, Payment, Form of Delivery Notice - (See Rule
1049.00) (04/01/00)

4549.02   Buyer's Report of Eligibility to Receive Delivery - (See Regulation
1049.02) (04/01/00)

4549.03   Seller's Invoice to Buyers - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m. (Chicago time), or by such other time designated
by the Board of Directors, on the day of intention except on the last intention
day of the month, where such invoices shall be delivered to the Clearing House
by 3:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors. Upon receipt of such invoices, the Clearing House shall promptly make
them available to buyers to whom they are addressed, by placing them in buyers'
mail boxes provided for that purpose in the Clearing House. (04/01/00)

4549.04   Payment - Payment shall be made in federal funds. The long obligated
to take delivery must take delivery and make payment before 1:00 p.m. (Chicago
time) on the day of delivery, except on banking holidays when delivery must be
taken and payment made before 9:30 a.m. (Chicago time) the next business day.
Adjustments for differences between contract prices and delivery prices
established by the Clearing House shall be made with the Clearing House in
accordance with its by-laws and resolutions. (04/01/00)

4549.05   Buyers Banking Notification - The long Clearing Member shall provide
the short Clearing member by 4:00 p.m. (Chicago time) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of Fannie Mae Benchmark Notes or Freddie Mac
Reference Notes. (04/01/00)

4550.00   Duties of Members - (See Rule 1050.00) (04/01/00)

                                     4505

<PAGE>

                              Delivery Procedures
                              -------------------

4551.01   Office Deliveries Prohibited - (See Regulation 1051.01) (04/01/00)

4554.00   Failure to Accept Delivery - (See Rule 1054.00) (04/01/00)

                                     4506

<PAGE>

                              Regularity of Banks
                              -------------------

Ch45 Regularity of Banks

4580.01   Banks - For purposes of these regulations relating to trading in Long
Term Fannie Mae Benchmark Notes and Freddie Mac Reference Notes, the word "Bank"
(Regulation 4542.01) shall mean a U.S. commercial bank (either Federal or State
charter) that is a member of the Federal Reserve System and with capital
(capital, surplus and undivided earnings) in excess of one hundred million
dollars ($100,000,000). (04/01/00)

                                     4507

<PAGE>

===============================================================================
Chapter 46A (Standard Options)
Long Term Fannie Mae(R)Benchmark Note(SM) and Freddie Mac Reference Note(SM)
Futures Options
===============================================================================

<TABLE>
<S>                                                                                                        <C>
         Ch 46A Trading Conditions.........................................................................4602A
                A4601.00     Authority.....................................................................4602A
                A4601.01     Application of Regulations....................................................4602A
                A4602.01     Nature of Long Term Fannie Mae  Benchmark  Note and Freddie Mac Reference
                             Note Futures Put Options......................................................4602A
                A4602.02     Nature of Long Term Fannie Mae  Benchmark  Note and Freddie Mac Reference
                             Futures Call Options..........................................................4602A
                A4603.01     Trading Unit..................................................................4602A
                A4604.01     Striking Prices...............................................................4603A
                A4605.01     Payment of Option Premium.....................................................4603A
                A4606.01     Option Premium Basis..........................................................4603A
                A4607.01     Exercise of Option............................................................4603A
                A4607.02     Automatic Exercise............................................................4603A
                A4608.01     Expiration of Option..........................................................4604A
                A4609.01     Months Traded In..............................................................4604A
                A4610.01     Trading Hours.................................................................4604A
                A4611.01     Position Limits and Reportable Positions......................................4604A
                A4612.01     Margin Requirements...........................................................4604A
                A4613.01     Last Day of Trading...........................................................4604A
</TABLE>

                                     4601A

<PAGE>

================================================================================
Chapter 46A(Standard Options)
Long Term Fannie Mae(R)Benchmark Note(SM) and Freddie Mac Reference Note(SM)
Futures Options
================================================================================

*Note: These contacts are listed for trading by the Chicago Board of Trade
 ----
pursuant to Commodity Futures Trading Commission exchange certification
procedures.

Ch46A Trading Conditions

A46601.00 Authority - (See Rule 2801.00) (04/01/00)

A4601.01  Application of Regulations - Transactions in put and call options on
Long Term Fannie Mae(R) Benchmark Note(SM) and Freddie Mac Reference Note(SM)
futures contracts shall be subject to the general rules of the Association as
far as applicable and shall also be subject to the regulations contained in this
chapter which are exclusively applicable to trading in put and call options on
Long Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures
contracts. (See Rule 490.00.) Options on Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures are listed for trading pursuant to Commodity
Futures Trading Commission exchange certification procedures. (02/01/01)

A4602.01  Nature of Long Term Fannie Mae Benchmark Note and Freddie Mac
Reference Note Futures Put Options - - The buyer of one (1) Long Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures put option may exercise
his option at any time prior to expiration (subject to Regulation A4607.01), to
assume a short position in one (1) Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract of a specified contract month at a
striking price set at the time the option was purchased. The seller of one (1)
Long Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures put
option incurs the obligation of assuming a long position in one (1) Long Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract of a
specified contract month at a striking price set at the time the option was
sold, upon exercise by a put option buyer. (04/01/00)

A4602.02  Nature of Long Term Fannie Mae Benchmark Note and Freddie Mac
Reference Note Futures Call Options - The buyer of one (1) Long Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures call option may exercise
his option at any time prior to expiration (subject to Regulation A4607.01), to
assume a long position in one (1) Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract of a specified contract month at a
striking price set at the time the option was purchased. The seller of one (1)
Long Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures call
option incurs the obligation of assuming a short position in one (1) Long Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract of a
specified contract month at a striking price set at the time the option was
sold, upon exercise by a call option buyer. (04/01/00)

A4603.01  Trading Unit - One (1) Long Term Fannie Mae Benchmark Note and Freddie
Mac Reference Note futures contract of a specified contract month on the Chicago
Board of Trade. (04/01/00)

A4604.01  Striking Prices - Trading shall be conducted for put and call options
with striking prices in integral multiples of one (1) point per Long Term Fannie
Mae Benchmark Note and Freddie Mac Reference Note futures contract. At the
commencement of trading for such option contracts, the following strike prices
shall be listed: one with a striking price closest to the previous day's
settlement price on the underlying Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract, the next fifteen consecutive higher
and the next fifteen consecutive lower striking prices closest to the previous
day's settlement price; and all strike prices listed for all other option

                                     4602A

<PAGE>

                           Ch46A Trading Conditions
                           ------------------------

contract months listed at that time. If the previous day's settlement price is
midway between two striking prices, the closest price shall be the larger of the
two. When a sale in the underlying Long Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract occurs at a price greater than or
equal to the fifteenth largest striking price, a new striking price one
increment higher than the existing striking prices will be added. When a sale in
the underlying Long Term Fannie Mae Benchmark Note and Freddie Mac Reference
Note futures contract occurs at a price less than or equal to the fifteenth
smallest striking price, a new striking price one increment lower than the
existing striking prices will be added. When a new strike price is added for an
option contract month, the same strike price will be added to all options
contract months or which that strike price is not already listed. All new strike
prices will be added prior to the opening of trading on the following business
day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions. (04/01/00)


A4605.01  Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (04/01/00)

A4606.01  Option Premium Basis - The premium for Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures options shall be in multiples of one
sixty-fourth (1/64) of one point ($1,000) of a Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures contract which shall equal $15.63
per 1/64 and $1,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract

If options are quoted in volatility terms, the minimum price fluctuation shall
be .10 percent (e.g., 10.0%, 10.1%, 10.2%, etc.). (04/01/00)

A4607.01  Exercise of Option - The buyer of a Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures option may exercise the option on
any business day prior to expiration by giving notice of exercise to the
Clearing Corporation by 6:00 p.m. (Chicago time), or by such other time
designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. (Chicago time)
on the expiration date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions; and

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. (Chicago
          time) on the last day of trading. (04/01/00)

A4607.02  Automatic Exercise - Notwithstanding the provisions of Regulation
4607.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors, on the last day of trading, except that such notice may be given to
the Clearing Corporation prior to 10:00 a.m. (Chicago time) on the expiration
date:

i)        to correct errors or mistakes made in good faith;

ii)       to take appropriate action as the result of unreconciled Exchange
          option transactions; and

                                     4603A

<PAGE>

                           Ch46A Trading Conditions
                           ------------------------

iii)      in exceptional cases involving a customer's inability to communicate
          to the member firm exercise instructions or the member firm's
          inability to receive such instructions prior to 6:00 p.m. (Chicago
          time) on the last day of trading. (04/01/00)

A4608.01     Expiration of Option - Unexercised Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures options shall expire at 10:00 a.m.
(Chicago time) on the first Saturday following the last day of trading.
(04/01/00)

A4609.01     Months Traded In - Trading in Long Term Fannie Mae Benchmark Note
and Freddie Mac Reference Note futures options may be scheduled in such months
as determined by the Exchange. For options that are traded in months in which
Long Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures are
not traded, the underlying futures contract is the next futures contract that is
nearest to the expiration of the option. For example, the underlying futures
contract for the October or November option contract is the December futures
contract. (04/01/00)

A4610.01     Trading Hours - The hours of trading of options on Long Term Fannie
Mae Benchmark Note and Freddie Mac Reference Note futures contracts shall be
determined by the Board. On the last day of trading in an expiring option, the
closing time for such option shall be the same as the close of trading of the
Regular Daytime open outcry trading session for the corresponding Long Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract,
subject to the provisions of the second paragraph of Rule 1007.00. Long Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures options shall
be opened and closed for all months and strike prices simultaneously or in such
a manner as the Regulatory Compliance Committee shall direct. (04/01/00)

A4611.01     Position Limits and Reportable Positions - (See Regulation 495.01)
(04/01/00)

A4612.01     Margin Requirements - (See Regulation 431.05) (04/01/00)

A4613.01     Last Day of Trading - No trades in Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures put and call options expiring in the
current month shall be made after the close of trading of the Regular Daytime
open outcry trading session for the corresponding Long Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures contract on the last Friday which
precedes by at least two business days the last business day of the month
preceding the option month.1 If such Friday is not a business day, or there is a
Friday which is not a business day which precedes by one business days the last
business day of the month preceding the option month, the last day of trading
will be the business day prior to such Friday. (07/01/01)


<PAGE>


<TABLE>
<CAPTION>
================================================================================
Chapter 49
10-Year Interest Rate Swap Futures
================================================================================
<S>                                                            <C>
     Ch49  Trading Conditions.................................  4902
           4901.01  Authority.................................  4902
           4902.01  Application of Regulations................  4902
           4904.01  Unit of Trading...........................  4902
           4905.01  Months Traded In..........................  4902
           4906.01  Price Basis...............................  4902
           4907.01  Hours of Trading..........................  4902
           4909.01  Last Day of Trading.......................  4902
           4909.02  Liquidation During the Delivery Month.....  4902
           4910.01  Margin Requirements.......................  4902
           4912.01  Position Limits and Reportable Positions..  4902

     Ch49  Delivery Procedures................................  4903
           4936.01  Standards.................................  4903
           4942.01  Delivery on Futures Contracts.............  4903
           4947.01  Payment...................................  4903
</TABLE>

<PAGE>



================================================================================
Chapter 49
10-Year Interest Rate Swap Futures
================================================================================

Ch49 Trading Conditions

4901.01  Authority - Trading in 10-Year Interest Rate Swap futures may be
conducted under such terms and conditions as may be prescribed by regulation.
(11/01/01)

4902.01  Application of Regulations - Transactions in 10-Year Interest Rate
Swap futures contracts shall be subject to the general rules of the Exchange as
far as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in 10-Year Interest Rate
Swap futures contracts.  10-Year Interest Rate Swap futures are listed for
trading by the Exchange pursuant to Commodity Futures Trading Commission
exchange certification procedures. (11/01/01)

4904.01  Unit of Trading - The unit of trading shall be the notional price of
the fixed-rate side of a 10-year interest rate swap that has notional principal
equal to $100,000, and that exchanges semiannual interest payments at a fixed
rate of 6% per annum, measured according to a 30/360 daycount convention, for
floating interest rate payments, based on the 3-month London interbank offered
rate (hereafter, LIBOR) and measured according to an actual/360 daycount
convention, and that otherwise conforms to the terms prescribed by the
International Swap and Derivatives Association, Inc. (hereafter, ISDA) for the
purpose of computing the daily fixing of ISDA Benchmark Rates for U.S. dollar
interest rate swaps. (06/01/02)

4905.01  Months Traded In - Trading in 10-Year Interest Rate Swap futures may be
scheduled in such months as determined by the Exchange. (11/01/01)

4906.01  Price Basis - The price of 10-Year Interest Rate Swap futures contracts
shall be quoted in points. One point equals $1,000.00. The minimum price
fluctuation shall be one thirty-second (1/32) of one point or thirty-one dollars
and twenty-five cents ($31.25) per contract except for intermonth spreads,
where minimum price fluctuations shall be in multiples of one-fourth of one
thirty-second point per 100 points ($7.8125 per contract. Contracts shall not
be made on any other price basis. (04/01/02)

4907.01 Hours of Trading - The hours of trading in 10-Year Interest Rate Swap
futures shall be determined by the Board. Trading in an expiring 10-Year
Interest Rate Swap futures contract shall cease at 11:00 a.m. New York time on
the last trading day of said futures contract, subject to the otherwise
applicable provisions of the second paragraph of Rule 1007.00. That is, on the
last day of trading in an expiring future, a bell shall be rung at 11:00 a.m.
New York time designating the beginning of the close of the expiring future.
Trading shall be permitted thereafter for a period not to exceed one minute, and
quotations made during this time shall constitute the close. Following the
above-described closing procedure, the Modified Closing Call will be conducted
in accordance with Regulation 1007.02. The market shall be opened and closed for
all months simultaneously or in such other manner as the Regulatory Compliance
Committee shall direct. (06/01/02)

4909.01  Last Day of Trading - The last trading day of a 10-Year Interest Rate
Swap futures contracts shall be the second London business day before the third
Wednesday of the contract's delivery month. (11/01/01)

4909.02  Liquidation During the Delivery Month - After trading has ceased in
contracts for future delivery in the current delivery month (in accordance with
Regulation 4909.01 of this chapter), outstanding contracts shall be liquidated
by cash settlement as prescribed in Regulation 4942.01. (11/01/01)

4910.01  Margin Requirements - (See Regulation 431.03). (11/01/01)

4912.01  Position Limits and Reportable Positions - (See Regulation 425.01).
(11/01/01)

<PAGE>



Ch49  Delivery Procedures

4936.01  Standards - The contract grade shall be the final settlement price of
the unit of trading (as defined in Regulation 4904.01 of this chapter) on the
last day of trading (as defined in Regulation 4909.01 of this chapter).

The final settlement price shall be based upon the ISDA Benchmark Rate** for a
10-year U.S. dollar interest rate swap for the last day of trading, as published
on the last day of trading on Reuters page ISDAFIX1 (or other Reuters page as
shall be designated by ISDA for the purpose of publishing and disseminating ISDA
Benchmark Rates for U.S. Dollar interest rate swaps). Determination of the final
settlement price on the basis of said ISDA Benchmark Rate shall be as prescribed
in Regulation 4942.01 of this chapter.

Hereafter in this chapter, the ISDA Benchmark Rate for a 10-year U.S. dollar
interest rate swap shall be referenced as "the ISDA Benchmark," and ISDAFIX1 (or
other Reuters page as shall be designated by ISDA for the purpose of publishing
and disseminating ISDA Benchmark Rates for U.S. dollar interest rate swaps)
shall be referenced as "Reuters".

If Reuters fails to report the ISDA Benchmark for the last day of trading on the
last day of trading, then the final settlement price shall be based upon the
ISDA Benchmark for the next available business day to be reported by Reuters.
(06/01/02)

4942.01  Delivery on Futures Contracts - Delivery against 10-Year Interest
Rate Swap futures contracts shall be made by cash settlement through the
Clearing House following normal variation margin procedures. Generally, final
settlement value (defined below) shall be calculated on the last day of trading
after Reuters has published the ISDA Benchmark for the last day of trading.
Generally, such publications will occur at 11:30 a.m. New York time on the last
day of trading. For exceptions to this, see 4936.01.

The final settlement value shall be determined as follows:

     Final Settlement Value = $100,000 * [6/r + ( 1-6/r)*(1 + 0.01*r/2)/-20/]

where r represents the ISDA Benchmark for the last day of trading, expressed in
percent terms.  For example, if the ISDA Benchmark for the last day of trading
is five and one quarter percent, then r is equal to 5.25.

The final settlement price shall be the final settlement value, so determined,
rounded to the nearest one quarter of one thirty-second of a price point.

Example:  Suppose the ISDA Benchmark on the last day of trading is 5.50.  The
final settlement value will be $103,806.81.  To render this in terms of price
points and quarters of thirty-seconds of price points, note that it is between
103-25.75/32nds and 103-26/32nds (where each price point equals $1,000) --

103-26/32nds                 =           $  103,812.50
Final settlement value       =           $  103,806.81
103-25.75/32nds              =           $103,804.6875

The final settlement value is nearer to 103-25.75/32nds.  Thus, the final
settlement price is obtained by rounding down to 103-25.75/32nds.

In the event that the final settlement value is at the exact midpoint between
any two adjacent quarters of one thirty-second of a price point, the final
settlement price will be obtained by rounding up to the nearest one quarter of a
thirty-second of a price point. (06/01/02)

4947.01  Payment - (See Regulation 1049.04) (11/01/01)

----------
**ISDA Benchmark mid-market par swap rates collected at 11:00 a.m. by Reuters
  Limited and Garban Intercapital plc and published on Reuters page ISDAFIX1.
  Source: Reuters Limited.

<PAGE>

================================================================================
Chapter 50
10-Year Interest Rate Swap Futures Options
================================================================================

<TABLE>
     <S>                                                                                  <C>
     Ch50 Trading Conditions .........................................................    5002
          5000.01  Authority .........................................................    5002
          5001.01  Application of Regulations ........................................    5002
          5002.01  Nature of 10-Year Interest Rate Swap Futures Put Options ..........    5002
          5002.02  Nature of 10-Year Interest Rate Swap Futures Call Options .........    5002
          5003.01  Trading Unit ......................................................    5002
          5004.01  Strike Prices .....................................................    5002
          5005.01  Payment of Option Premium .........................................    5002
          5006.01  Option Premium Basis ..............................................    5003
          5007.01  Exercise of Option ................................................    5003
          5008.01  Expiration of Option ..............................................    5003
          5009.01  Months Traded In ..................................................    5003
          5010.01  Trading Hours .....................................................    5003
          5011.01  Position Limits and Reportable Positions ..........................    5003
          5012.01  Margin Requirements ...............................................    5003
          5013.01  Last Day of Trading ...............................................    5003
</TABLE>

                                      5001

<PAGE>

================================================================================
Chapter 50
10-Year Interest Rate Swap Futures Options
================================================================================

Ch50 Trading Conditions

5000.01   Authority - Trading in put and call options on 10-Year Interest Rate
Swap futures contracts may be conducted under such terms and conditions as may
be prescribed by regulation. (12/01/02)

5001.01   Application of Regulations - Transactions in put and call options on
10-Year Interest Rate Swap futures contracts shall be subject to the general
rules of the Exchange as far as applicable and shall also be subject to the
regulations contained in this Chapter which are exclusively applicable to
trading in put and call options on 10-Year Interest Rate Swap futures contracts.
(See Rule 490.00.) Options on 10-Year Interest Rate Swap futures are listed for
trading by the Exchange pursuant to Commodity Futures Trading Commission
exchange certification procedures. (12/01/02)

5002.01   Nature of 10-Year Interest Rate Swap Futures Put Options - The buyer
of one (1) 10-Year Interest Rate Swap futures put option may exercise his option
at any time prior to expiration (subject to Regulation 5007.01), to assume a
short position in one (1) 10-Year Interest Rate Swap futures contract of a
specified contract month at a strike price set at the time the option was
purchased. The seller of one (1) 10-Year Interest Rate Swap futures put option
incurs the obligation of assuming a long position in one (1) 10-Year Interest
Rate Swap futures contract of a specified contract month at a strike price set
at the time the option was sold, upon exercise by a put option buyer. (12/01/02)

5002.02   Nature of 10-Year Interest Rate Swap Futures Call Options - The buyer
of one (1) 10-Year Interest Rate Swap futures call option may exercise his
option at any time prior to expiration (subject to Regulation 5007.01), to
assume a long position in one (1) 10-Year Interest Rate Swap futures contract of
a specified contract month at a strike price set at the time the option was
purchased. The seller of one (1) 10-Year Interest Rate Swap futures call option
incurs the obligation of assuming a short position in one (1) 10-Year Interest
Rate Swap futures contract of a specified contract month at a strike price set
at the time the option was sold, upon exercise by a call option buyer.
(12/01/02)

5003.01   Trading Unit - One (1) 10-Year Interest Rate Swap futures contract of
a specified contract month on the Board of Trade of the City of Chicago, Inc.
(12/01/02)

5004.01   Strike Prices - Trading shall be conducted for put and call options
with strike prices in integral multiples of one (1) point per 10-Year Interest
Rate Swap futures contract. At the commencement of trading for such option
contracts, the following strike prices shall be listed: one with a strike price
closest to the previous day's settlement price on the underlying 10-Year
Interest Rate Swap futures contract, the next fifteen (15) consecutive higher
and the next fifteen (15) consecutive lower strike prices closest to the
previous day's settlement price; and all strike prices listed for all other
option contract months listed at the time. If the previous day's settlement
price is midway between two strike prices, the closest price shall be the larger
of the two. When a sale in the underlying 10-Year Interest Rate Swap futures
contract occurs at a price greater than or equal to the fifteenth largest strike
price, a new strike price one increment higher than the existing strike prices
will be added. When a sale in the underlying 10-Year Interest Rate Swap futures
contract occurs at a price less than or equal to the fifteenth smallest strike
price, a new strike price one increment lower than the existing strike prices
will be added. When a new strike price is added for an option contract month,
the same strike price will be added to all option contract months for which that
strike price is not already listed. All new strike prices will be added prior to
the opening of trading on the following business day.

The Exchange may modify the procedure for the introduction of strike prices as
it deems appropriate in order to respond to market conditions. (12/01/02)

5005.01   Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (12/01/02)

                                      5002

<PAGE>

                            Ch50 Trading Conditions

5006.01   Option Premium Basis - The premium for 10-Year Interest Rate Swap
futures options shall be in multiples of one sixty-fourth (1/64) of one point
($1,000.00) rounded up to the nearest one cent or fifteen dollars and
sixty-three cents ($15.63) per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract.
(12/01/02)

**5007.01 Exercise of Option - The buyer of a 10-Year Interest Rate Swap futures
option may exercise the option on any business day up to and including the day
such option expires by giving notice of exercise to the Clearing House by 6:00
p.m. Chicago time, or by such other time designated by the Board of Directors,
on such day. In-the-money options** that have not been liquidated or exercised
on the last day of trading in such option shall be automatically exercised in
the absence of contrary instructions delivered to the Clearing House by 6:00
p.m. Chicago time, or by such other time designated by the Board of Directors,
on the last day of trading by the clearing member representing the option buyer.
(12/01/02)

**An option is in-the-money if the settlement price of the underlying futures
contract is less in the case of a put, or greater in the case of a call, than
the exercise price of the option.

5008.01   Expiration of Option - Unexercised 10-Year Interest Rate Swap futures
options shall expire at 6:00 p.m. on the day of termination of trading. (See
Regulation 5013.01.) (12/01/02)

5009.01   Months Traded In - Trading in 10-Year Interest Rate Swap futures
options may be scheduled in such months as determined by the Exchange.
(12/01/02)

5010.01   Trading Hours - The hours of trading of options on 10-Year Interest
Rate Swap futures shall be determined by the Board. Trading in an expiring
option contract shall cease at 11:00 a.m. New York time on the last trading day
of said option contract subject to the otherwise applicable provisions of the
second paragraph of Rule 1007.00. 10-Year Interest Rate Swap futures options
shall be opened and closed for all months and strike prices simultaneously or in
such a manner as the Exchange shall direct. (12/01/02)

5011.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(12/01/02)

5012.01   Margin Requirements - (See Regulation 431.05)  (12/01/02)

5013.01   Last Day of Trading - Trading in an expiring option contract shall
terminate at the same time and date as the underlying futures contract, that is,
at 11:00 a.m. New York time on the second London business day before the third
Wednesday of the underlying futures contract's delivery month. (12/01/02)

                                      5003

<PAGE>


================================================================================
Chapter 51

5-Year Interest Rate Swap Futures
================================================================================
                 Ch51 Trading Conditions.................................  5102
                      5101.01  Authority.................................  5102
                      5102.01  Application of Regulations................  5102
                      5104.01  Unit of Trading...........................  5102
                      5105.01  Months Traded In..........................  5102
                      5106.01  Price Basis...............................  5102
                      5107.01  Hours of Trading..........................  5102
                      5109.01  Last Day of Trading.......................  5102
                      5109.02  Liquidation During the Delivery Month.....  5102
                      5110.01  Margin Requirements.......................  5103
                      5112.01  Position Limits and Reportable Positions..  5103

                 Ch51 Delivery Procedures................................  5103
                      5136.01  Standards.................................  5103
                      5142.01  Delivery on Futures Contracts.............  5103
                      5147.01  Payment...................................  5103



<PAGE>



================================================================================
Chapter 51
5-Year Interest Rate Swap Futures
================================================================================

Ch51 Trading Conditions

5101.01   Authority - Trading in 5-Year Interest Rate Swap futures may be
conducted under such terms and conditions as may be prescribed by regulation.
(07/01/02)

5102.01   Application of Regulations - Transactions in 5-Year Interest Rate Swap
futures contracts shall be subject to the general rules of the Exchange as far
as applicable and shall also be subject to the regulations contained in this
chapter, which are exclusively applicable to trading in 5-Year Interest Rate
Swap futures contracts. 5-Year Interest Rate Swap futures are listed for trading
by the Exchange pursuant to Commodity Futures Trading Commission exchange
certification procedures. (07/01/02)

5104.01   Unit of Trading - The unit of trading shall be the notional price of
the fixed-rate side of a 5-year interest rate swap that has notional principal
equal to $100,000, and that exchanges semiannual interest payments at a fixed
rate of 6% per annum, measured according to a 30/360 daycount convention, for
floating interest rate payments, based on the 3-month London interbank offered
rate (hereafter, LIBOR) and measured according to an actual/360 daycount
convention, and that otherwise conforms to the terms prescribed by the
International Swap and Derivatives Association, Inc. (hereafter, ISDA) for the
purpose of computing the daily fixing of ISDA Benchmark Rates for U.S. dollar
interest rate swaps. (07/01/02)

5105.01   Months Traded In - Trading in 5-Year Interest Rate Swap futures may be
scheduled in such months as determined by the Exchange. (07/01/02)

5106.01   Price Basis - The price of 5-Year Interest Rate Swap futures contracts
shall be quoted in points. One point equals $1,000.00. The minimum price
fluctuation shall be one thirty-second (1/32) of one point or thirty-one dollars
and twenty-five cents ($31.25) per contract, except for intermonth spreads,
where minimum price fluctuations shall be in multiples of one-fourth of one
thirty-second point per 100 points ($7.8125) per contract. Contracts shall not
be made on any other price basis. (07/01/02)

5107.01   Hours of Trading - The hours of trading in 5-Year Interest Rate Swap
futures shall be determined by the Board.

Trading in an expiring 5-Year Interest Rate Swap futures contract shall cease at
11:00 a.m. New York time on the last trading day of said futures contract,
subject to the otherwise applicable provisions of the second paragraph of Rule
1007.00.  That is, on the last day of trading in an expiring future, a bell
shall be rung at 11:00 a.m. New York time designating the beginning of the close
of the expiring future.  Trading shall be permitted thereafter for a period not
to exceed one minute, and quotations made during this time shall constitute the
close.  Following the above-described closing procedure, the Modified Closing
Call will be conducted in accordance with Regulation 1007.02.

The market shall be opened and closed for all months simultaneously or in such
other manner as the Regulatory Compliance Committee shall direct.  (07/01/02)

5109.01  Last Day of Trading   - The last trading day of a 5-Year Interest Rate
Swap futures contract shall be the second London business day before the third
Wednesday of the contract's delivery month.  (07/01/02)

5109.02  Liquidation During the Delivery Month   - After trading has ceased in
contracts for future delivery in the current delivery month (in accordance with
Regulation 5109.01 of this chapter), outstanding contracts shall be liquidated
by cash settlement as prescribed in Regulation 5142.01.  (07/01/02)


<PAGE>

5110.01  Margin Requirements - (See Regulation 431.03). (07/01/02)

5112.01  Position Limits and Reportable Positions - (See Regulation 425.01).
(07/01/02)


                            Ch51 Delivery Procedures

5136.01  Standards   - The contract grade shall be the final settlement price of
the unit of trading (as defined in Regulation 5104.01 of this chapter) on the
last day of trading (as defined in Regulation 5109.01 of this chapter).

The final settlement price shall be based upon the ISDA Benchmark Rate** for a
5-year U.S. dollar interest rate swap for the last day of trading, as published
on the last day of trading on Reuters page ISDAFIX1 (or other Reuters page as
shall be designated by ISDA for the purpose of publishing and disseminating ISDA
Benchmark Rates for U.S. Dollar interest rate swaps). Determination of the final
settlement price on the basis of said ISDA Benchmark Rate shall be as prescribed
in Regulation 5142.01 of this chapter.

Hereafter in this chapter, the ISDA Benchmark Rate for a 5-year U.S. dollar
interest rate swap shall be referenced as the "the ISDA Benchmark," and ISDAFIX1
(or other Reuters page as shall be designated by ISDA for the purpose of
publishing and disseminating ISDA Benchmark Rates for U.S. dollar interest rate
swaps) shall be referenced as "Reuters".

If Reuters fails to report the ISDA Benchmark for the last day of trading on the
last day of trading, then the final settlement price shall be based upon the
ISDA Benchmark for the next available business day to be reported by Reuters.
(07/01/02)

5142.01  Delivery on Futures Contracts   - Delivery against 5-Year Interest Rate
Swap futures contracts shall be made by cash settlement through the Clearing
House following normal variation margin procedures.  Generally, final settlement
value (defined below) shall be calculated on the last day of trading after
Reuters has published the ISDA Benchmark** for the last day of trading.
Generally, such publications will occur at 11:30 a.m. New York time on the last
day of trading. For exceptions to this, see 5136.01.

The final settlement value shall be determined as follows:

     Final Settlement Value = $100,000 * [ 6/r + ( 1-6/r)*(1 + 0.01*r/2)-10 ]

where r represents the ISDA Benchmark for the last day of trading, expressed in
percent terms.  For example, if the ISDA Benchmark for the last day of trading
is five and one quarter percent, then r is equal to 5.250.

The final settlement price shall be the final settlement value, so determined,
rounded to the nearest one quarter of one thirty-second of a price point.

Example:  Suppose the ISDA Benchmark on the last day of trading is 5.500.  The
final settlement value will be $102,160.02.  To render this in terms of price
points and quarters of thirty-seconds of price points, note that it is between
102-05/32nds and 102-05.25/32nds (where each price point equals $1,000) --

102-05.25/32nds              $102,164.0625
Final settlement value       $  102,160.02
102-05/32nds                 $  102,156.25

The final settlement value is nearer to 102-05/32nds.  Thus, the contract
expiration price is obtained by rounding down to 102-05/32nds.

In the event that the final settlement value is at the exact midpoint between
any two adjacent quarters of one thirty-second of a price point, the final
settlement price will be obtained by rounding up to the nearest one quarter of a
thirty-second of a price point. (07/01/02)

5147.01  Payment   - (See Regulation 1049.04)  (07/01/02)


__________________

** ISDA Benchmark mid-market par swap rates collected at 11:00 a.m. by Reuters
Limited and Garban Intercapital plc and published on Reuters page ISDAFIX1.
Source: Reuters Limited.

<PAGE>

================================================================================
Chapter 52
5-Year Interest Rate Swap Futures Options
================================================================================

  Ch52 Trading Conditions................................................. 5202
       5200.01  Authority................................................. 5202
       5201.01  Application of Regulations................................ 5202
       5202.01  Nature of 5-Year Interest Rate Swap Futures Put Options... 5202
       5202.02  Nature of 5-Year Interest Rate Swap Futures Call Options.. 5202
       5203.01  Trading Unit.............................................. 5202
       5204.01  Strike Prices............................................. 5202
       5205.01  Payment of Option Premium................................. 5202
       5206.01  Option Premium Basis...................................... 5203
       5207.01  Exercise of Option........................................ 5203
       5208.01  Expiration of Option...................................... 5203
       5209.01  Months Traded In.......................................... 5203
       5210.01  Trading Hours............................................. 5203
       5211.01  Position Limits and Reportable Positions.................. 5203
       5212.01  Margin Requirements....................................... 5203
       5213.01  Last Day of Trading....................................... 5203

                                      5201

<PAGE>

================================================================================
Chapter 52
5-Year Interest Rate Swap Futures Options
================================================================================

Ch52 Trading Conditions

5200.01   Authority - Trading in put and call options on 5-Year Interest Rate
Swap futures contracts may be conducted under such terms and conditions as may
be prescribed by regulation. (12/01/02)

5201.01   Application of Regulations - Transactions in put and call options on
5-Year Interest Rate Swap futures contracts shall be subject to the general
rules of the Exchange as far as applicable and shall also be subject to the
regulations contained in this Chapter which are exclusively applicable to
trading in put and call options on 5-Year Interest Rate Swap futures contracts.
(See Rule 490.00.) Options on 5-Year Interest Rate Swap futures are listed for
trading by the Exchange pursuant to Commodity Futures Trading Commission
exchange certification procedures. (12/01/02)

5202.01   Nature of 5-Year Interest Rate Swap Futures Put Options - The buyer of
one (1) 5-Year Interest Rate Swap futures put option may exercise his option at
any time prior to expiration (subject to Regulation 5207.01), to assume a short
position in one (1) 5-Year Interest Rate Swap futures contract of a specified
contract month at a strike price set at the time the option was purchased. The
seller of one (1) 5-Year Interest Rate Swap futures put option incurs the
obligation of assuming a long position in one (1) 5-Year Interest Rate Swap
futures contract of a specified contract month at a strike price set at the time
the option was sold, upon exercise by a put option buyer. (12/01/02)

5202.02   Nature of 5-Year Interest Rate Swap Futures Call Options - The buyer
of one (1) 5-Year Interest Rate Swap futures call option may exercise his option
at any time prior to expiration (subject to Regulation 5207.01), to assume a
long position in one (1) 5-Year Interest Rate Swap futures contract of a
specified contract month at a strike price set at the time the option was
purchased. The seller of one (1) 5-Year Interest Rate Swap futures call option
incurs the obligation of assuming a short position in one (1) 5-Year Interest
Rate Swap futures contract of a specified contract month at a strike price set
at the time the option was sold, upon exercise by a call option buyer.
(12/01/02)

5203.01   Trading Unit - One (1) 5-Year Interest Rate Swap futures contract of a
specified contract month on the Board of Trade of the City of Chicago, Inc.
(12/01/02)

5204.01   Strike Prices - Trading shall be conducted for put and call options
with strike prices in integral multiples of one (1) point per 5-Year Interest
Rate Swap futures contract. At the commencement of trading for such option
contracts, the following strike prices shall be listed: one with a strike price
closest to the previous day's settlement price on the underlying 5-Year Interest
Rate Swap futures contract, the next fifteen (15) consecutive higher and the
next fifteen (15) consecutive lower strike prices closest to the previous day's
settlement price; and all strike prices listed for all other option contract
months listed at the time. If the previous day's settlement price is midway
between two strike prices, the closest price shall be the larger of the two.
When a sale in the underlying 5-Year Interest Rate Swap futures contract occurs
at a price greater than or equal to the fifteenth largest strike price, a new
strike price one increment higher than the existing strike prices will be added.
When a sale in the underlying 5-Year Interest Rate Swap futures contract occurs
at a price less than or equal to the fifteenth smallest strike price, a new
strike price one increment lower than the existing strike prices will be added.
When a new strike price is added for an option contract month, the same strike
price will be added to all option contract months for which that strike price is
not already listed. All new strike prices will be added prior to the opening of
trading on the following business day.

The Exchange may modify the procedure for the introduction of strike prices as
it deems appropriate in order to respond to market conditions. (12/01/02)

5205.01   Payment of Option Premium - The option premium must be paid in full by
each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (12/01/02)

                                      5202

<PAGE>

                            Ch52 Trading Conditions
                            -----------------------

5206.01   Option Premium Basis - The premium for 5-Year Interest Rate Swap
futures options shall be in multiples of one sixty-fourth (1/64) of one point
($1,000.00) rounded up to the nearest one cent or fifteen dollars and
sixty-three cents ($15.63) per contract.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract.
(12/01/02)

**5207.01 Exercise of Option - The buyer of a 5-Year Interest Rate Swap futures
option may exercise the option on any business day up to and including the day
such option expires by giving notice of exercise to the Clearing House by 6:00
p.m. Chicago time, or by such other time designated by the Board of Directors,
on such day. In-the-money options** that have not been liquidated or exercised
on the last day of trading in such option shall be automatically exercised in
the absence of contrary instructions delivered to the Clearing House by 6:00
p.m. Chicago time, or by such other time designated by the Board of Directors,
on the last day of trading by the clearing member representing the option buyer.
(12/01/02)

**An option is in-the-money if the settlement price of the underlying futures
contract is less in the case of a put, or greater in the case of a call, than
the exercise price of the option.

5208.01   Expiration of Option - Unexercised 5-Year Interest Rate Swap futures
options shall expire at 6:00 p.m. on the day of termination of trading. (See
Regulation 5013.01.) (12/01/02)

5209.01   Months Traded In - Trading in 5-Year Interest Rate Swap futures
options may be scheduled in such months as determined by the Exchange.
(12/01/02)

5210.01   Trading Hours - The hours of trading of options on 5-Year Interest
Rate Swap futures shall be determined by the Board. Trading in an expiring
option contract shall cease at 11:00 a.m. New York time on the last trading day
of said option contract subject to the otherwise applicable provisions of the
second paragraph of Rule 1007.00. 5-Year Interest Rate Swap futures options
shall be opened and closed for all months and strike prices simultaneously or in
such a manner as the Exchange shall direct. (12/01/02)

5211.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(12/01/02)

5212.01   Margin Requirements - (See Regulation 431.05) (12/01/02)

5213.01   Last Day of Trading - Trading in an expiring option contract shall
terminate at the same time and date as the underlying futures contract, that is,
at 11:00 a.m. New York time on the second London business day before the third
Wednesday of the underlying futures contract's delivery month. (12/01/02)

                                      5203

<PAGE>



==============================================================================
Chapter 53
CBOT(R) mini-sized Dow/SM/ Futures ($5 Multiplier)
==============================================================================

       Ch53 Trading Conditions..........................................  5302
            5301.01  Authority..........................................  5302
            5302.01  Application of Regulation..........................  5302
            5303.01  Emergencies, Acts of God, Acts of Government.......  5302
            5304.01  Unit of Trading....................................  5302
            5305.01  Months Traded In...................................  5302
            5306.01  Price Basis........................................  5302
            5307.01  Hours of Trading...................................  5302
            5308.01  Price Limits and Trading Halts.....................  5302
            5309.01  Last Day of Trading................................  5302
            5309.02  Liquidation During the Delivery Month..............  5302
            5310.01  Margin Requirements................................  5303
            5312.01  Position Limits and Reportable Positions...........  5303

     Ch 53 Delivery Procedures..........................................  5303
            5336.01  Standards..........................................  5303
            5342.01  Delivery on Futures Contracts......................  5303
            5342.02  Final Settlement Price.............................  5303
            5342.03  The Final Settlement Day...........................  5303
            5347.01  Payment............................................  5303
            5348.01  Disclaimer.........................................  5303


<PAGE>

================================================================================
Chapter 53
CBOT(R) mini-sized DowSM Futures ($5 Multiplier)/1/
================================================================================

Note:  These contracts are listed for trading by the Chicago Board of Trade
pursuant to Commodity Futures Trading Commission exchange certification
procedures.

Ch53 Trading Conditions

5301.01  Authority - Trading in CBOT(R) mini-sized Dow/SM/ futures ($5
multiplier) may be conducted under such terms and conditions as may be
prescribed by regulation. (04/01/02)

5302.01  Application of Regulation - Futures transactions in CBOT(R) mini-sized
Dow/SM/ ($5 multiplier) contracts shall be subject to the general rules of the
Exchange as far as applicable and shall also be subject to the regulations
contained in this chapter, which are exclusively applicable to trading in
CBOT(R) mini-sized Dow/SM/ ($5 multiplier) contracts. CBOT(R) mini-sized Dow/SM/
($5 multiplier) futures are listed for trading by the Exchange pursuant to
Commodity Futures Trading Commission exchange certification procedures.
(04/01/02)

5303.01  Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either, is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. (04/01/02)

5304.01  Unit of Trading -- The unit of trading shall be $5.00 times the Dow
Jones Industrial Average/SM/. The Dow Jones Industrial Average/SM/ is a price-
weighted index of 30 of the largest and most liquid U.S. stocks. (04/01/02)

5305.01  Months Traded In - The months listed for trading are March, June,
September and December, at the discretion of the Exchange. (04/01/02)

5306.01  Price Basis - The price of CBOT(R) mini-sized Dow/SM/ ($5 multiplier)
futures shall be quoted in index points. One index point is worth $5.00. The
minimum price fluctuation shall be one point per contract ($5.00). Contracts
shall not be made on any other price basis. (04/01/02)

5307.01  Hours of Trading - The hours of trading for future delivery in CBOT(R)
mini-sized Dow/SM/ futures ($5.00 multiplier) shall be determined by the Board.

The market shall be opened and closed for all months simultaneously, or in such
other manner as  the Exchange shall direct. (04/01/02)

5308.01  Price Limits and Trading Halts - (See Regulation 1008.01.)
(04/01/02)

5309.01  Last Day of Trading - The last day of trading in CBOT(R) mini-sized
Dow/SM/ futures ($5 multiplier) contracts deliverable in the current delivery
month shall be the trading day immediately preceding the final settlement day
(as described in Regulation 5342.03). (04/01/02)

5309.02  Liquidation During the Delivery Month - After trading in contracts for
future delivery in the current delivery month has ceased, in accordance with
Regulation 5309.01 of this chapter, outstanding contracts for such delivery
shall be liquidated by cash settlement as prescribed in Regulation 5342.01.
(04/01/02)
_____________________
/1/ "Dow Jones/SM/", "The Dow/SM/", Dow Jones Industrial Average/SM/" and
"DJIA/SM/" are service marks of Dow Jones & Company, Inc. and have been licensed
for use for certain purposes by the Board of Trade of the City of Chicago, Inc.
("CBOT(R)"). The CBOT's futures and futures option contracts based on the Dow
Jones Industrial Average/SM/ are not sponsored, endorsed, sold or promoted by
Dow Jones/SM/, and Dow Jones/SM/ makes no representation regarding the
advisability of trading in such products.

<PAGE>



                           Ch 53 Delivery Procedures

5310.01   Margin Requirements - (See Regulation 431.03.) (04/01/02)

5312.01  Position Limits and Reportable Positions - (See Regulation 425.01.)
(04/01/02)

Ch 53 Delivery Procedures

5336.01  Standards - The contract grade shall be the final settlement price (as
described in Regulation 5342.02) of the CBOT(R) mini-sized Dow/SM/ ($5
multiplier) on final settlement day (as described in Regulation 5342.03).
(04/01/02)

5342.01  Delivery on Futures Contracts - Delivery against the CBOT(R) mini-sized
Dow/SM/ futures ($5 multiplier) contract must be made through the Clearing
Corporation. Delivery under these regulations shall be on the final settlement
day (as described in regulation 5342.03) and shall be accomplished by cash
settlement as hereinafter provided.

Clearing members holding open positions in a CBOT(R) mini-sized Dow/SM/ futures
($5 multiplier) contract at the time of termination of trading shall make
payment to and receive payment through the Clearing Corporation in accordance
with normal variation settlement procedures based on a settlement price equal to
the final settlement price (as described in Regulation 5342.02). (04/01/02)


<PAGE>



If the designated primary market for a component stock does not open on the day
scheduled for the determination of the final settlement price, then the final
settlement price shall be based on the next opening price for the component
stock.

If a component stock does not trade on the day scheduled for determination of
the final settlement price while the primary market for the stock is open for
trading, the last sale price of the stock will be used to calculate the final
settlement price. (04/01/02)

5342.03  The Final Settlement Day - The final settlement day shall be defined as
the third Friday of the contract month, or if the Dow Jones Industrial
Average/SM/ is not scheduled to be published for that day, the first preceding
business day for which the Dow Jones Industrial Average/SM/ is scheduled to be
published. (04/01/02)

5347.01  Payment - (See Regulation 1049.04.) (04/01/02)

5348.01  Disclaimer  -

CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier) are not sponsored, endorsed,
sold or promoted by Dow Jones. Dow Jones makes no representation or warranty,
express or implied, to the owners of CBOT(R) mini-sized Dow/SM/ futures ($5
multiplier) contracts or any member of the public regarding the advisability of
trading in CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier) contracts. Dow
Jones' only relationship to the Exchange is the licensing of certain trademarks
and trade names of Dow Jones and of the Dow Jones Industrial Average/SM/ which
is determined, composed and calculated by Dow Jones without regard to the
Chicago Board of Trade or CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier)
contracts. Dow Jones has no obligation to take the needs of the Chicago Board of
Trade or the owners of CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier)
contracts into consideration in determining, composing or calculating the Dow
Jones Industrial Average/SM/. Dow Jones is not responsible for and has not
participated in the determination of the timing of, prices at, or quantities of
CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier) contracts to be listed or in
the determination or calculation of the equation by which CBOT(R) mini-sized
Dow/SM/ futures ($5 multiplier) contracts are to be converted into cash. Dow
Jones has no obligation or liability in connection with the administration,
marketing or trading of CBOT(R) mini-sized Dow/SM/ futures ($5 multiplier)
contracts.

<PAGE>



                           Ch 53 Delivery Procedures

DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW
JONES INDUSTRIAL AVERAGE/SM/ OR ANY DATA INCLUDED THEREIN AND DOW JONES SHALL
HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE
CHICAGO BOARD OF TRADE, OWNERS OF CBOT(R) mini-sized DOW/SM/ FUTURES ($5
MULTIPLIER) CONTRACTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW
JONES INDUSTRIAL AVERAGE/SM/ OR ANY DATA INCLUDED THEREIN. DOW JONES MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
DOW JONES INDUSTRIAL AVERAGE/SM/ OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING
LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO
THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW JONES
AND THE CHICAGO BOARD OF TRADE. (04/01/02)

<PAGE>

================================================================================
Chapter 56
CBOT(R) Dow Jones-AIG Commodity Index(SM) Futures
================================================================================

     Ch56 Trading Conditions................................................5602
          5601.01  Authority................................................5602
          5602.01  Application of Regulations...............................5602
          5603.01  Emergencies, Acts of God, Acts of Government.............5602
          5604.01  Unit of Trading..........................................5602
          5605.01  Months Traded In.........................................5602
          5606.01  Price Basis..............................................5602
          5607.01  Hours of Trading.........................................5602
          5608.01  Price Limits and Trading Halts...........................5603
          5609.01  Last Day of Trading......................................5603
          5609.02  Liquidation During the Delivery Month....................5603
          5610.01  Margin Requirements......................................5603
          5612.01  Position Limits and Reportable Positions.................5603

     Ch 56 Delivery Procedures..............................................5604
          5636.01  Standards................................................5604
          5642.01  Delivery on Futures Contracts............................5604
          5642.02  Final Settlement Price...................................5604
          5642.03  The Final Settlement Day.................................5604
          5647.01  Payment..................................................5604
          5648.01  Disclaimer...............................................5605

                                     5601

<PAGE>

================================================================================
Chapter 56
CBOT(R) Dow Jones-AIG Commodity Index (SM)
Futures/1/
================================================================================

Ch56 Trading Conditions

5601.01   Authority - Trading in CBOT Dow Jones-AIG Commodity Index(SM) futures
may be conducted under such terms and conditions as may be prescribed by
Regulation. (11/01/01)

5602.01   Application of Regulations - Futures transactions in CBOT Dow
Jones-AIG Commodity Index(SM) ("DJ-AIGCI(SM)") futures contracts shall be
subject to the general rules of the Exchange as far as applicable and shall also
be subject to the regulations contained in this chapter, which are exclusively
applicable to trading in CBOT Dow Jones-AIG Commodity Index(SM) futures. CBOT
Dow Jones-AIG Commodity Index(SM) futures contracts are listed for trading by
the Exchange pursuant to Commodity Futures Trading Commission exchange
certification procedures. (11/01/01)

5603.01   Emergencies, Acts of God, Acts of Government - If delivery or
acceptance or any precondition or requirement of either, is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. (11/01/01)

5604.01   Unit of Trading - The unit of trading shall be $100.00 times the Dow
Jones-AIG Commodity Index(SM) Futures Price Index which corresponds to each
futures contract.

The Dow Jones-AIG Commodity Index(SM) (DJ-AIGCI(SM)) is a liquidity and world
production, dollar-weighted, arithmetic average of prices of up to 23 exchange-
traded physical commodity futures contracts which satisfy specified criteria.
The futures price index is calculated as the fair value of the basket of futures
contracts in the DJ-AIGCI(SM) for a specific contract month. The futures price
index is identical to the calculation of the weighted average value (WAV1) of
the lead futures in the DJ-AIGCI(SM) divided by four (4) and rounded to one
decimal place. The futures price index incorporates no rolling forward of
futures contracts and is quoted only until the expiration of the corresponding
DJ- AIGCI(SM) futures contract. For any January contract, the futures price
index shall be determined using the prior year's DJ-AIGCI(SM) specifications.
February through December contracts shall use the current year's DJ-AIGCI(SM)
specifications. The DJ-AIGCI(SM) specifications criteria, calculation, and roll
procedures are defined in the Dow Jones-AIG Commodity Index(SM) Handbook.
(09/01/02)

5605.01   Months Traded In - The months listed for trading are January,
February, April, June, August, October and December, at the discretion of the
Exchange. (11/01/01)

5606.01   Price Basis - The price of the CBOT Dow Jones-AIG Commodity Index(SM)
futures shall be quoted in points. One point equals $100.00. The minimum price
fluctuation shall be 0.1 (1/10) points per contract ($10.00 per contract).
Contracts shall not be made on any other price basis. (11/01/01)

5607.01   Hours of Trading - The hours of trading for future delivery in CBOT
Dow Jones-AIG Commodity Index(SM) futures shall be determined by the Exchange.

The market shall be opened and closed for all months simultaneously, or in such
other manner as the
_____________________

/1/  "Dow Jones," AIG (R)" Dow Jones-AIG Commodity Index(SM)," and DJ-AIGCI(SM)"
     are service marks of Dow Jones & Company, Inc. and American International
     Group, Inc., as the case may be, and have been licensed for use for certain
     purposes by the CBOT. The CBOT Dow Jones- AIG Commodity Index futures and
     futures options are not sponsored, endorsed or sold by Dow Jones, AIG,
     American International Group, or any of their respective subsidiaries or
     affiliates, and none of Dow Jones, AIG, American International Group, or
     any of their respective subsidiaries or affiliates, makes any
     representation regarding the advisability of investing in such product(s)."

                                     5602

<PAGE>

                            Ch56 Trading Conditions
                            -----------------------

Exchange shall direct. (11/01/01)

5608.01 Price Limits and Trading Halts - There are no price limits for CBOT Dow
Jones-AIG Commodity Index(SM) futures. (11/01/01)

5609.01   Last Day of Trading - The last day of trading in CBOT Dow Jones-AIG
Commodity Index(SM) futures contracts deliverable in the current delivery month
shall be the eleventh business day of the contract month (as described in
Regulation 5642.03). (11/01/01)

5609.02   Liquidation During the Delivery Month - After trading in contracts for
future delivery in the current delivery month has ceased, in accordance with
Regulation 5609.01 of this chapter, outstanding contract for such delivery shall
be liquidated by cash settlement as prescribed in Regulation 5642.01. (11/01/01)

5610.01   Margin Requirements - (See Regulation 431.03) (11/01/01)

5612.01   Position Limits and Reportable POsitions - (See Regulation 425.01)
(11/01/01)

                                     5603










<PAGE>

Ch 56 Delivery Procedures

5636.01   Standards - The contract grade shall be the final settlement price (as
described in Regulation 5642.02) of the Dow Jones-AIG Futures Price Index on
final settlement day (as described in Regulation 5642.03). (11/01/01)

5642.01   Delivery on Futures Contracts - Delivery against the CBOT Dow
Jones-AIG Commodity Index(SM) futures contracts must be made through the
Clearing Corporation.  Delivery under these regulations shall be on the final
settlement day (as described in regulation 5642.03) and shall be accomplished by
cash settlement as hereinunder provided.

Clearing members holding open positions in a CBOT Dow Jones-AIG Commodity
Index(SM) futures contract at the time of termination of trading shall make
payment to and receive payment through the Clearing Corporation in accordance
with normal variation settlement procedures based on a settlement price equal to
the final settlement price (as described in Regulation 5642.02). (11/01/01)

5642.02   Final Settlement Price - The final settlement price shall be based on
a special quotation of the Dow Jones-AIG Futures Price Index which corresponds
to the expiring contract as the close of business on the final settlement day
(as described in Regulation 5642.03). This special quotation will consist of the
Dow Jones-AIG Futures Price Index which corresponds to the expiring contract
calculated using the settlement prices of the component futures on final
settlement day, except as noted below.

If an exchange that a component or components of the futures price index is
trading on is not open on the final settlement day because of a scheduled
closing, then the contribution to the final settlement price for the affected
component or components shall be based on the settlement quotation of the first
preceding trading day.

If a component contract month's settlement price on the final settlement day is
unavailable because of an unanticipated and/or unannounced closure of the
component contract market, then the price of such component contract to be used
in calculating the final settlement price shall be the next available
settlement price.

If the settlement price of a component contract is a limit bit or offer on the
final settlement day, then that contract's contribution to the final settlement
price is deferred up to ten business days.  In the event that a component
contract's settlement price is a limit bid or offer on the final settlement day,
the price to be used is the first settlement price after the final settlement
day that is not a limit bid or offer. If the settlement price is a limit bid or
offer for ten consecutive business days following the final settlement day, the
contract's settlement price on the tenth subsequent business day shall be used
as the contract's contribution to the final settlement price. (11/01/01)

5642.03   The Final Settlement Day - The final settlement day shall be defined
as the eleventh business day of the contract month, or if the Dow Jones-AIG
Futures Price Index is not published for that day, the first preceding business
day for which the Dow Jones-AIG Futures Price Index was published. (11/01/01)

5647.01   Payment - (See Regulation 1049.04.) (11/0101)

                                     5604




<PAGE>

                           Ch 56 Delivery Procedures
                           -------------------------

5648.01   Disclaimer - The CBOT Dow Jones-AIG Commodity Index(SM) futures and
futures options are not sponsored, endorsed or sold by Dow Jones, American
International Group, AIG or any of their affiliates. None of Dow Jones, American
International Group, AIG or any of their affiliates makes any representation or
warranty, express or implied, to the owners of or counterparts to the futures
and futures options or any member of the public regarding the advisability of
investing in securities or commodities generally or in the futures or futures
options particularly. The only relationship of such persons to the Licensee is
the licensing of certain trademarks, trade names and service marks and of the
Dow Jones-AIG Commodity Index(SM), which is determined, composed and calculated
by Dow Jones in conjunction with AIG without regard to the CBOT or the CBOT Dow
Jones-AIG Commodity Index(SM) futures or futures options. Dow Jones and AIG have
no obligation to take the needs of the CBOT or the owners of the futures or
futures options into consideration in determining, composing or calculating Dow
Jones-AIG Commodity Index(SM). None of Dow Jones, American International Group,
AIG or any of their affiliates is responsible for or has participated in the
determination of the timing of, prices at, or quantities of the Dow Jones-AIG
Commodity Index(SM) futures or futures options to be issued or in the
determination or calculation of the equation by which the futures or futures
options are to be converted into cash. None of Dow Jones, American International
Group, AIG or any of their affiliates shall have any obligation or liability in
connection with the administration, marketing or trading of the futures or
futures options. Notwithstanding the foregoing, AIG, American International
Group and their respective affiliates may independently issue and/or sponsor
financial products unrelated to the Products currently being issued by Licensee,
but which may be similar to and competitive with the Products.

NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG OR ANY OF THEIR AFFILIATES
GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW JONES-AIG COMMODITY
INDEX(SM) OR ANY DATA INCLUDED THEREIN AND NONE OF DOW JONES, AMERICAN
INTERNATIONAL GROUP, AIG OR ANY OF THEIR AFFILIATES SHALL HAVE ANY LIABILITY FOR
ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NONE OF DOW JONES, AMERICAN
INTERNATIONAL GROUP, AIG OR ANY OF THEIR AFFILIATES MAKES ANY WARRANTY, EXPRESS
OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE CBOT, OWNERS OF THE DOW JONES-
AIG COMMODITY, INDEX(SM) FUTURES OR FUTURES OPTIONS, OR ANY OTHER PERSON OR
ENTITY FROM THE USE OF DOW JONES-AIG COMMODITY INDEX(SM) OR ANY DATA INCLUDED
THEREIN. NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG OR ANY OF THEIR
AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH
RESPECT TO THE DOW JONES-AIG COMMODITY INDEX(SM) OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, AMERICAN
INTERNATIONAL GROUP, AIG OR ANY OF THEIR AFFILIATES HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES,
EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY
BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS AMONG DOW JONES, AIG AND THE
CBOT, OTHER THAN AMERICAN INTERNATIONAL GROUP. (11/01/01)

                                     5605


<PAGE>

================================================================================
Chapter 57
Medium Term Fannie Mae(R) Benchmark Notes(SM) and Freddie Mac Reference
Notes(SM) (4 Years to 5 Years 3 Months)
================================================================================


<TABLE>
<CAPTION>
         <S>                                                                                                <C>
         Ch57 Trading Conditions........................................................................... 5702
                5701.00      Authority..................................................................... 5702
                5702.01      Application of Regulation..................................................... 5702
                5703.01      Emergencies, Acts of God, Acts of Government.................................. 5702
                5704.01      Unit of Trading............................................................... 5703
                5705.01      Months Traded In.............................................................. 5703
                5706.01      Price Basis................................................................... 5703
                5707.01      Hours of Trading.............................................................. 5703
                5709.01      Last Day of Trading........................................................... 5703
                5709.02      Liquidation in the Last Seven Days of Delivery Months......................... 5703
                5710.01      Margin Requirements........................................................... 5703
                5712.12      Position Limits and Reportable Positions...................................... 5703

         Ch57 Delivery Procedures.......................................................................... 5704
                5736.01      Standards..................................................................... 5704
                5742.01      Deliveries of Futures Contracts............................................... 5704
                5742.02      Wire Failure.................................................................. 5704
                5746.01      Date of Delivery.............................................................. 5705
                5747.01      Delivery Notices.............................................................. 5705
                5748.01      Method of Delivery............................................................ 5705
                5749.00      Time of Delivery, Payment, Form of Delivery Notice............................ 5705
                5749.02      Buyer's Report of Eligibility to Receive Delivery............................. 5705
                5749.03      Seller's Invoice to Buyers.................................................... 5705
                5749.04      Payment....................................................................... 5705
                5749.05      Buyers Banking Notification................................................... 5705
                5750.00      Duties of Members............................................................. 5705
                5751.01      Office Deliveries Prohibited.................................................. 5705
                5754.00      Failure to Accept Delivery.................................................... 5706

         Ch57 Regularity of Banks.......................................................................... 5707
                5780.01      Banks......................................................................... 5707
</TABLE>


                                     5701

<PAGE>

================================================================================
Chapter 57
Medium Term Fannie Mae(R)Benchmark Notes(SM) and Freddie Mac Reference Notes(SM)
(4 Years to 5 Years 3 Months)
================================================================================
*Note:  These contracts are listed for trading by the Chicago Board of Trade
 ----
pursuant to Commodity Futures Trading Commission exchange certification
procedures.

Ch57 Trading Conditions

5701.00   Authority - (See Rule 1701.00) (02/01/01)

5702.01   Application of Regulation - Futures transactions in Medium Term Fannie
Mae(R) Benchmark Notes(SM) and Freddie Mac Reference Notes(SM) shall be subject
to the general rules of the Association as far as applicable and shall also be
subject to the regulations contained in this chapter, which are exclusively
applicable to trading in Medium Term Fannie Mae Benchmark Notes and Freddie Mac
Reference Notes. Medium Term Fannie Mae Benchmark Notes and Freddie Mac
Reference Notes are listed for trading by the Association pursuant to Commodity
Futures Trading Commission exchange certification procedures. (02/01/01)

5703.01   Emergencies, Acts of God, Acts of Government - If the delivery or
acceptance or any precondition or requirement of either is prevented by strike,
fire, accident, act of government, act of God or other emergency, the seller or
buyer shall immediately notify the Chairman. If the Chairman determines that
emergency action may be necessary, he shall call a special meeting of the Board
and arrange for the presentation of evidence respecting the emergency condition.
If the Board determines that an emergency exists, it shall take such action
under Rule 180.00 as it deems necessary under the circumstances and its decision
shall be binding upon all parties to the contract. For example, and without
limiting the Board's power, it may extend delivery dates and designate
alternative delivery points in the event of conditions interfering with the
normal operations of approved facilities.

In the event the Board determines that there exists a shortage of deliverable
Fannie Mae Benchmark Notes and/or Freddie Mac Reference Notes, it may, upon a
two-thirds vote under Rule 180.00, take such action as may be in the Board's
sole discretion appear necessary to prevent, correct or alleviate the condition.
Without limiting the foregoing or the authority of the Board under Rule 180.00,
the Board may:

     (1) designate as deliverable, callable Fannie Mae Benchmark Notes and
     Bonds, and/or Freddie Mac Reference Notes and Bonds otherwise meeting the
     specifications and requirements stated in this chapter;

     (2) designate as deliverable one or more issues of Fannie Mae Benchmark
     Notes and Freddie Mac Reference Notes and/or Fannie Mae Benchmark Bonds and
     Freddie Mac Reference Bonds having maturities shorter than four years, or
     longer than five year three months and otherwise meeting the specifications
     and requirements stated in this chapter; and/or

                                     5702

<PAGE>

                              Regularity of Banks
                              -------------------

     (3) determine a cash settlement based on the current cash value of an 6%
     coupon rate, four year to five year three month Fannie Mae Benchmark Note
     and/or Freddie Mac Reference Note, as determined by using the current cash
     market yield curve for Fannie Mae Benchmark Notes and Freddie Mac Reference
     Notes on the last day of trading. (02/01/01)

5704.01   Unit of Trading - The unit of trading shall be Fannie Mae Benchmark
Notes or Freddie Mac Reference Notes having a face value at maturity of one
hundred thousand dollars ($100,000) or multiples thereof. (02/01/01)

5705.01   Months Traded In - Trading in Medium Term Fannie Mae Benchmark Note
and Freddie Mac Reference Note futures may be scheduled in such months as
determined by the Exchange. (02/01/01)

5706.01   Price Basis - Minimum price fluctuations shall be in multiples of
one-half of one thirty-second (1/32) point per 100 points ($15.625 rounded up to
the nearest 1(cent) per contract) except for intermonth spreads, where minimum
price fluctuations shall be in multiples of one-fourth of one thirty-second
point per 100 points ($7.8125 per contract). Par shall be on the basis of 100
points. Contracts shall not be made on any other price basis. (02/01/01)


5707.01   Hours of Trading - The hours of trading for future delivery in Medium
Term Fannie Mae Benchmark Notes and Freddie Mac Reference Notes shall be
determined by the Board. On the last day of trading in an expiring future, the
closing time for such future shall be 12:00 noon (Chicago time), subject to the
provisions of the second paragraph of Rule 1007.00.

The market shall be opened and closed for all months simultaneously, or in such
other manner as the Regulatory Compliance Committee shall direct. (02/01/01)

5709.01   Last Day of Trading - No trades in Medium Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures deliverable in the current month
shall be made during the last seven business days of that month and any
contracts remaining open must be settled by delivery or as provided in
Regulation 5709.02 after trading in such contracts has ceased. (02/01/01)

5709.02   Liquidation in the Last Seven Days of Delivery Month - After trading
in contracts for future delivery in the current delivery month has ceased in
accordance with Regulation 5709.01 of this chapter, outstanding contracts may be
liquidated by the delivery of book-entry Fannie Mae Benchmark Notes or Freddie
Mac Reference Notes (Regulation 5742.01) or by mutual agreement by means of a
bona fide exchange of such current futures for actual Fannie Mae Benchmark Notes
or Bonds and/or Freddie Mac Reference Notes or Bonds or comparable instruments.
Such exchange must, in any event, be made no later than the fifth business day
immediately preceding the last business day of the delivery month. (02/01/01)

5710.01   Margin Requirements - (See Regulation 431.03) (02/01/01)

5712.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(02/01/01)




                                     5703

<PAGE>

                              Delivery Procedures
                              -------------------

Ch57 Delivery Procedures

5736.01   Standards - The contract grade for delivery on futures contracts made
under these regulations shall be non-callable Fannie Mae Benchmark Notes or
non-callable Freddie Mac Reference Notes which have an original issue size of at
least $3 billion and an original maturity of not more than five years three
months and which have a remaining maturity of not less than four years as
defined below. All notes delivered against a contract must be of the same issue.
For settlement, the time to maturity of a given issue is calculated in complete
one month increments (e.g., 4 years, 5 months, and 14 days is taken to be 4
years and 5 months) from the first day of the delivery month. The price at which
a note with this time to maturity and with the same coupon rate as this issue
will yield 6%, according to bond tables prepared by the Financial Publishing Co.
of Boston, Mass., is multiplied by the settlement price to arrive at the amount
at which the short invoices the long.
Fannie Mae Benchmark Notes and Freddie Mac Reference Notes deliverable against
futures contracts under these regulations must have semi-annual fixed coupon
payments.

Interest accrued on the notes shall be charged to the long by the short on the
basis of a 360 - day year consisting of twelve 30 - day months.

New issues of Fannie Mae Benchmark Notes and Freddie Mac Reference Notes which
satisfy the standards in this regulation shall be added to the deliverable grade
as they are issued. To be eligible for delivery in the current month, the newly
issued notes must have been issued and settled at least three business days
before the first eligible day for delivery (see 5742.01).

If during the issuance of notes Fannie Mae or Freddie Mac re-opens an existing
issue, thus rendering the existing issue indistinguishable from the newly issued
one, the older issue would be deliverable if it meets the following standards.
The reopening must have an original issue size of at least $3 billion, and meet
the maturity standards of this chapter at the time of the reopening.

The Exchange reserves the right to exclude any new issue from deliverable status
or to further limit outstanding issues from deliverable status.

5742.01   Deliveries of Futures Contracts - Deliveries against Medium Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contracts shall
be by book-entry transfer between accounts of Clearing Members at qualified
banks (Regulation 5780.01) in accordance with Department of Housing and Urban
Development Title 24 CFR Part 81. Delivery must be made no earlier than the
first business day of the month and no later than the last business day of the
month. Notice of intention to deliver shall be given to the Board of Trade
Clearing Corporation by 8:00 p.m. (Chicago time), or by such other time
designated by the Board of Directors, on the second business day preceding
delivery day. In the event the long Clearing Member does not agree with the
terms of the invoice received from the short Clearing Member, the long Clearing
Member must notify the short Clearing Member, and the dispute must be settled by
9:30 a.m. (Chicago time) on delivery day. The short Clearing Member must have
contract grade Fannie Mae Benchmark Notes or Freddie Mac Reference Notes in
place at his bank in acceptable (to his bank) delivery form no later than 10:00
a.m. (Chicago time) on delivery day. The short Clearing Member must notify his
bank (Regulation 5780.01) to transfer contract grade Fannie Mae Benchmark Notes
or Freddie Mac Reference Notes by book-entry to the long Clearing Member's
account at the long Clearing Member's bank on a delivery versus payment basis.
That is, payment shall not be made until the notes are delivered. On delivery
day, the long Clearing Member must make funds available by 7:30 a.m. (Chicago
time) and notify his bank (Regulation 5780.01) to accept contract grade Fannie
Mae Benchmark Notes or Freddie Mac Reference Notes and to remit federal funds to
the short Clearing Member's account at the short Clearing Member's bank
(Regulation 5780.01) in payment for delivery of the notes. Contract grade Fannie
Mae Benchmark Notes or Freddie Mac Reference Notes must be transferred and
payment must be made before 1:00 p.m. (Chicago time) on delivery day. All
deliveries must be assigned by the Clearing Corporation. Where a commission
house as a member of the Clearing Corporation has an interest both long and
short for customers on its own books, it must tender to the Clearing Corporation
such notices of intention to deliver as it received from its customers who are
short. (02/01/01)

5742.02   Wire Failure - In the event that delivery cannot be accomplished
because of a failure of the Federal Reserve wire or because of a failure of
either the long Clearing Member's bank or the short Clearing Member's bank
access to the Federal Reserve wire, delivery shall be made before 9:30 a.m.
(Chicago time) on the next business day on which the Federal Reserve wire is
operable. Interest shall accrue to the long paid by the short beginning on the
day at which the notes were to be originally

                                     5704

<PAGE>

                              Delivery Procedures
                              -------------------

delivered.

In the event of such failure, both the long and short must provide documented
evidence that the instructions were given to their respective banks in
accordance with Regulations 5742.01 and 5749.04 and that all other provisions of
Regulations 5742.01 and 5749.04 have been complied with. (02/01/01)
5746.01   Date of Delivery - Delivery of Medium Term Fannie Mae Benchmark Notes
or Freddie Mac Reference Notes may be made by the short upon any permissible
delivery day of the delivery month the short may select. Delivery of Medium Term
Fannie Mae Benchmark Notes and Freddie Mac Reference Notes must be made no later
than the last business day of that month. (02/01/01)

5747.01   Delivery Notices - (See Regulation 1047.01) (02/01/01)

5748.01   Method of Delivery - (See Regulation 1048.01) (02/01/01)

5749.00   Time of Delivery, Payment, Form of Delivery Notice - (See Rule
          1049.00) (02/01/01)

5749.02   Buyer's Report of Eligibility to Receive Delivery - (See Regulation
          1049.02) (02/01/01)

5749.03   Seller's Invoice to Buyers - Upon determining the buyers obligated to
accept deliveries tendered by issuers of delivery notices, the Clearing House
shall promptly furnish each issuer the names of the buyers obligated to accept
delivery from him and a description of each commodity tendered by him which was
assigned by the Clearing House to each such buyer. Thereupon, sellers (issuers
of delivery notices) shall prepare invoices addressed to their assigned buyers
describing the documents to be delivered to each such buyer. Such invoices shall
show the amount which buyers must pay to sellers in settlement of the actual
deliveries, based on the delivery prices established by the Clearing House, and
adjusted for applicable interest payments. Such invoices shall be delivered to
the Clearing House by 2:00 p.m. (Chicago time), or by such other time designated
by the Board of Directors, on the day of intention except on the last intention
day of the month, where such invoices shall be delivered to the Clearing House
by 3:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors. Upon receipt of such invoices, the Clearing House shall promptly make
them available to buyers to whom they are addressed, by placing them in buyers'
mail boxes provided for that purpose in the Clearing House. (02/01/01)

5749.04   Payment - Payment shall be made in federal funds. The long obligated
to take delivery must take delivery and make payment before 1:00 p.m. (Chicago
time) on the day of delivery, except on banking holidays when delivery must be
taken and payment made before 9:30 a.m. (Chicago time) the next business day.
Adjustments for differences between contract prices and delivery prices
established by the Clearing House shall be made with the Clearing House in
accordance with its by-laws and resolutions. (02/01/01)

5749.05   Buyers Banking Notification - The long Clearing Member shall provide
the short Clearing member by 4:00 p.m. (Chicago time) on the day of intention,
one business day prior to delivery day, with a Banking Notification. The Banking
Notification form will include the following information: the identification
number and name of the long Clearing Member; the delivery date; the notification
number of the delivery assignment; the identification number and name of the
short Clearing Member making delivery; the quantity of the contract being
delivered; the long Clearing Member's bank, account number and specific Federal
Wire instructions for the transfer of Fannie Mae Benchmark Notes or Freddie Mac
Reference Notes. (02/01/01)

5750.00   Duties of Members - (See Rule 1050.00) (02/01/01)

5751.01   Office Deliveries Prohibited - (See Regulation 1051.01) (02/01/01)

5754.00   Failure to Accept Delivery - (See Rule 1054.00) (02/01/01)

                                     5705

<PAGE>

                              Regularity of Banks
                              -------------------

Ch57 Regularity of Banks

5780.01   Banks - For purposes of these regulations relating to trading in
Medium Term Fannie Mae Benchmark Notes and Freddie Mac Reference Notes, the word
"Bank" (Regulation 5742.01) shall mean a U.S. commercial bank (either Federal or
State charter) that is a member of the Federal Reserve System and with capital
(capital, surplus and undivided earnings) in excess of one hundred million
dollars ($100,000,000). (02/01/01)

                                     5706

<PAGE>

<TABLE>
<CAPTION>
================================================================================================================
Chapter 58A
Medium Term Fannie Mae(R)Benchmark Notes(SM) and Freddie Mac
Reference Notes(SM) Futures Options
================================================================================================================
         <S>                                                                                               <C>
         Ch 58A Trading Conditions.........................................................................5802A
                A5801.00     Authority.....................................................................5802A
                A5801.01     Application of Regulations....................................................5802A
                A5802.01     Nature  of  Medium  Term  Fannie  Mae  Benchmark  Note  and  Freddie  Mac
                             Reference Note Futures Put Options............................................5802A
                A5802.02     Nature  of  Medium  Term  Fannie  Mae  Benchmark  Note  and  Freddie  Mac
                             Reference Futures Call Options................................................5802A
                A5803.01     Trading Unit..................................................................5802A
                A5804.01     Striking Prices...............................................................5803A
                A5805.01     Payment of Option Premium.....................................................5803A
                A5806.01     Option Premium Basis..........................................................5803A
                A5807.01     Exercise of Option............................................................5803A
                A5807.02     Automatic Exercise............................................................5803A
                A5808.01     Expiration of Option..........................................................5804A
                A5809.01     Months Traded In..............................................................5804A
                A5810.01     Trading Hours.................................................................5804A
                A5811.01     Position Limits and Reportable Positions......................................5804A
                A5812.01     Margin Requirements...........................................................5804A
                A5813.01     Last Day of Trading...........................................................5805A
</TABLE>

                                     5801A

<PAGE>

================================================================================
Ch58A Trading Conditions
Medium Term Fannie Mae(R)Benchmark Notes(SM) and
Freddie Mac Reference Notes(SM) Futures Options
================================================================================

*Note:  These contacts are listed for trading by the Chicago Board of Trade
 ----
pursuant to Commodity Futures Trading Commission exchange certification
procedures.

Ch58A Trading Conditions

A58601.00  Authority - (See Rule 2801.00) (02/01/01)
A5801.01 Application of Regulations - Transactions in put and call options on
Medium Term Fannie Mae(R) Benchmark Notes(SM) and Freddie Mac Reference
Notes(SM) futures contracts shall be subject to the general rules of the
Association as far as applicable and shall also be subject to the regulations
contained in this chapter which are exclusively applicable to trading in put and
call options on Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference
Note futures contracts. (See Rule 490.00.) Options on Medium Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures are listed for trading
pursuant to Commodity Futures Trading Commission exchange certification
procedures. (02/01/01)

A5802.01     Nature of Medium Term Fannie Mae Benchmark Note and Freddie Mac
Reference Note Futures Put Options - The buyer of one (1) Medium Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures put option may exercise
his option at any time prior to expiration (subject to Regulation A5807.01), to
assume a short position in one (1) Medium Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract of a specified contract month at a
striking price set at the time the option was purchased. The seller of one (1)
Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures put
option incurs the obligation of assuming a long position in one (1) Medium Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract of a
specified contract month at a striking price set at the time the option was
sold, upon exercise by a put option buyer. (02/01/01)

A5802.02     Nature of Medium Term Fannie Mae Benchmark Note and Freddie Mac
Reference Note Futures Call Options - The buyer of one (1) Medium Term Fannie
Mae Benchmark Note and Freddie Mac Reference Note futures call option may
exercise his option at any time prior to expiration (subject to Regulation
A5807.01), to assume a long position in one (1) Medium Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures contract of a specified contract
month at a striking price set at the time the option was purchased. The seller
of one (1) Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note
futures call option incurs the obligation of assuming a short position in one
(1) Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures
contract of a specified contract month at a striking price set at the time the
option was sold, upon exercise by a call option buyer. (02/01/01)

A5803.01     Trading Unit - One (1) Medium Term Fannie Mae Benchmark Note and
Freddie Mac Reference Note futures contract of a specified contract month on the
Chicago Board of Trade. (02/01/01)

A5804.01     Striking Prices - Trading shall be conducted for put and call
options with striking prices in integral multiples of one-half (1/2) point per
Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures
contract. At the commencement of trading for such option contracts, the
following strike prices shall be listed: one with a striking price closest to
the previous day's settlement price on the underlying Medium Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures contract, the next twelve
consecutive higher and the next twelve consecutive lower striking prices closest
to the previous day's settlement price; and all strike prices listed for all
other option contract months listed at that time. If the previous day's
settlement price is midway

                                     5802A

<PAGE>

                           Ch58A Trading Conditions
                           ------------------------

between two striking prices, the closest price shall be the larger of the two.
When a sale in the underlying Medium Term Fannie Mae Benchmark Note and Freddie
Mac Reference Note futures contract occurs at a price greater than or equal to
the twelfth largest striking price, a new striking price one increment higher
than the existing striking prices will be added. When a sale in the underlying
Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures
contract occurs at a price less than or equal to the twelfth smallest striking
price, a new striking price one increment lower than the existing striking
prices will be added. When a new strike price is added for an option contract
month, the same strike price will be added to all options contract months for
which that strike price is not already listed. All new strike prices will be
added prior to the opening of trading on the following business day.

The Exchange may modify the procedure for the introduction of striking prices as
it deems appropriate in order to respond to market conditions. (02/01/01)

A5805.01   Payment of Option Premium - The option premium must be paid in full
by each clearing member to the Clearing House and by each option customer to his
commission merchant at the time that the option is purchased, or within a
reasonable time after the option is purchased. (02/01/01)

A5806.01   Option Premium Basis - The premium for Medium Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures options shall be in
multiples of one sixty-fourth (1/64) of one point ($1,000) of a Medium Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract which
shall equal $15.63 per 1/64 and $1,000 per full point.

However, when both sides of the trade are closing transactions, the option
premium may range from $1.00 to $15.00 in $1.00 increments per option contract

If options are quoted in volatility terms, the minimum price fluctuation shall
be .10 percent (e.g., 10.0%, 10.1%, 10.2%, etc.). (02/01/01)

A5807.01   Exercise of Option - The buyer of a Medium Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures option may exercise the option on
any business day prior to expiration by giving notice of exercise to the
Clearing Corporation by 6:00 p.m. (Chicago time), or by such other time
designated by the Board of Directors, on such day. Notwithstanding the
foregoing, the buyer may exercise the option prior to 10:00 a.m. (Chicago time)
on the expiration date:

i)         to correct errors or mistakes made in good faith;

ii)        to take appropriate action as the result of unreconciled Exchange
           option transactions; and

iii)       in exceptional cases involving a customer's inability to communicate
           to the member firm exercise instructions or the member firm's
           inability to receive such instructions prior to 6:00 p.m. (Chicago
           time) on the last day of trading. (02/01/01)

A5807.02   Automatic Exercise - Notwithstanding the provisions of Regulation
5807.01, after the close on the last day of trading, all in-the-money options
shall be automatically exercised, unless notice to cancel automatic exercise is
given to the Clearing Corporation.

Notice to cancel automatic exercise shall be given to the Clearing Corporation
by 6:00 p.m. (Chicago time), or by such other time designated by the Board of
Directors, on the last day of trading, except that such notice may be given to
the Clearing Corporation prior to 10:00 a.m. (Chicago time) on the expiration
date:

i)         to correct errors or mistakes made in good faith;

ii)        to take appropriate action as the result of unreconciled Exchange
           option transactions; and

iii)       in exceptional cases involving a customer's inability to communicate
           to the member firm

                                     5803A

<PAGE>

                           Ch58A Trading Conditions
                           ------------------------

           exercise instructions or the member firm's inability to receive such
           instructions prior to 6:00 p.m. (Chicago time) on the last day of
           trading. (02/01/01)

A5808.01   Expiration of Option - Unexercised Medium Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures options shall expire at 10:00 a.m.
(Chicago time) on the first Saturday following the last day of trading.
(02/01/01)

A5809.01   Months Traded In - Trading in Medium Term Fannie Mae Benchmark Note
and Freddie Mac Reference Note futures options may be scheduled in such months
as determined by the Exchange. For options that are traded in months in which
Medium Term Fannie Mae Benchmark Note and Freddie Mac Reference Note futures are
not traded, the underlying futures contract is the next futures contract that is
nearest to the expiration of the option. For example, the underlying futures
contract for the October or November option contract is the December futures
contract. (02/01/01)

A5810.01   Trading Hours - The hours of trading of options on Medium Term Fannie
Mae Benchmark Note and Freddie Mac Reference Note futures contracts shall be
determined by the Board. On the last day of trading in an expiring option, the
closing time for such option shall be the same as the close of trading of the
Regular Daytime open outcry trading session for the corresponding Medium Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures contract,
subject to the provisions of the second paragraph of Rule 1007.00. Medium Term
Fannie Mae Benchmark Note and Freddie Mac Reference Note futures options shall
be opened and closed for all months and strike prices simultaneously or in such
a manner as the Regulatory Compliance Committee shall direct. (02/01/01)

A5811.01   Position Limits and Reportable Positions - (See Regulation 425.01)
(02/01/01)

A5812.01   Margin Requirements - (See Regulation 431.05)  (02/01/01)

                                     5804A

<PAGE>

                           Ch58A Trading Conditions
                           ------------------------

A5813.01   Last Day of Trading - No trades in Medium Term Fannie Mae Benchmark
Note and Freddie Mac Reference Note futures put and call options expiring in the
current month shall be made after the close of trading of the Regular Daytime
open outcry trading session for the corresponding Medium Term Fannie Mae
Benchmark Note and Freddie Mac Reference Note futures contract on the last
Friday which precedes by at least two business days the last business day of the
month preceding the option month./1/ If such Friday is not a business day, or
there is a Friday which is not a business day which precedes by one business day
the last business day of the month preceding the option month, the last day of
trading will be the business day prior to such Friday. (07/01/01)


<PAGE>

Appendix Summary


------------
 APPENDIX

------------


<PAGE>

Appendix Summmary

APPENDIX SUMMARY

1.      Reserved
2.      Summary of Membership Privileges
3.      Exchange Floor Operations and Procedures
        A.  Guidelines for Guests and Visitors While on the Exchange Floor of
the Chicago Board of Trade
        B.  Instructions for Floor Clerk Access to the Floor of the Board of
Trade of the City of Chicago
        C.  Dress Code
        D.  Pit Openings and Closings
        E.  Contract Month Symbols
        F.  Reserved
        G.  Guidelines - Badge Validation and Return
4.      Futures Commission Merchants
        A.  Reserved
        B.  Procedures for Relief Requests/Financial Requirements
        C.  Reserved
        D.  Reserved
        E.  Financial Requirements for Agricultural Regularity
5.      Reserved
6.      Arbitration Fees
        A.  Member Claims
        B.  Non-Member Claims
7.      Reserved
8.      Reserved
9.      Reserved
9B      Implementation Regulations of e-cbot
10.     Grains
        A.  Regular Warehousemen - Chicago and Burns Harbor Switching Districts
        B.  Regular Warehousemen - St. Louis-East St. Louis and Alton Switching
Districts
        C.  Regular Warehousemen - Minneapolis and St. Paul Switching Districts
        D.  Regular Warehousemen - Toledo, Ohio Switching District

        E.  Reserved

        F.  Reciprocal Switching Charges within Chicago, IL and Burns Harbor, IN
        G.  Grain Load-Out Procedures
10C(A)  Corn and Soybean Shipping Stations
10S(A)  Soybean Only Shipping Stations
11.     Soybean Oil
        A.  Regular Shippers
        B.  Differentials
12.     Soybean Meal
        A.  Regular Shippers
        B.  Differentials
13. Reserved

14. Reserved

m14A        Approved Brands for Mini-Sized Silver
m14B        Depositories and Weighmasters for Mini-Sized Silver

m15A        Approved Brands for Mini-Sized Gold
m15B        Depositories and Weighmasters for Mini-Sized Gold
16. Reserved

*17. Government National Mortgage Association (GNMA) Collateralized Depositary
     Receipt (CDR)


<PAGE>

         A.  Approved Depositaries
         B.  Approved Originators

18-36.       Reserved

37.     Rough Rice
        A.  Reserved
        B.  Rough Rice Regular Warehouses Delivery Differentials
        C.  Definitions
        D.  Minimum Financial Requirements for Rough Rice Regularity
39-46.  Reserved


* Not reprinted in Rulebook. Copies are available from the Secretary's Office.



<PAGE>

                                  Appendix 2

APPENDIX 2

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                      COMMITTEE              CBOE TRADING           DISSOLUTION
                     VOTE           APPOINTMENTS              PRIVILEGES               RIGHTS
------------------------------------------------------------------------------------------------
<S>               <C>          <C>                      <C>                     <C>
FULL              Yes          Yes                               Yes                    Yes
------------------------------------------------------------------------------------------------
AM                Yes          Yes                                No                1/6 of Full
                  (1/6)                                                            Members Share
------------------------------------------------------------------------------------------------
COM               None         As Advisor                         No                .005 of Full
                                                                                   Members Share
------------------------------------------------------------------------------------------------
GIM               None         As Advisor                         No                .11 of Full
                                                                                   Members Share
------------------------------------------------------------------------------------------------
IDEM              None         As Advisor                         No                .005 of Full
                                                                                   Members Share
------------------------------------------------------------------------------------------------
DELEGATES         None         Member of specified          Only for Full              None
                               committees; Advisor on          Delegate
                               others
------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
                              TRADING PRIVILEGES                  COMMUNICATION FROM EXCHANGE FLOOR
<S>                 <C>                                     <C>
-------------------------------------------------------------------------------------------------------
FULL                All CBOT (& CBOE) Contracts             Allowed in all contracts
-------------------------------------------------------------------------------------------------------
AM                  All Existing & Prospective Futures &    Allowed only in contracts for which Trading
                    Option Contracts in Government          Privileges are specified
                    Instruments Mkt., Index, Debt &
                    Energy Mkt., & Comm. Options Mkt.
-------------------------------------------------------------------------------------------------------
COM                 All Options Contracts listed on the     Allowed only in contracts for which Trading
                    Exchange                                Privileges are specified
-------------------------------------------------------------------------------------------------------
GIM                 U.S. T-Bond, U.S. T-Note (6-10 yr.),    Allowed only in contracts for which Trading
                    (5 yr.), (2 yr.), Agency Note           Privileges are specified
                    (Long-Term and Medium Term) & Interest
                    Rate Swap futures
-------------------------------------------------------------------------------------------------------
IDEM                30-Day Fed Funds, mini-sized            Allowed only in contracts for which Trading
                    Eurodollar, CBOT(R) DJIA(SM)
                    Index, mini-sized DJIA(SM) Index,       Privileges are specified
                    DJAIGCI(SM) Index, Muni Note
                    Index, X-Fund, Silver & Gold
                    futures
-------------------------------------------------------------------------------------------------------
DELEGATES           Those contracts authorized for the      In those contracts authorized for the
                    specific Membership or Membership       Membership or Interest delegated
                    Interest.
-------------------------------------------------------------------------------------------------------
</TABLE>


                                  Page 1 of 2

<PAGE>

                                  Appendix 2

                       CBOT(R) TRADING PRIVILEGE SUMMARY
                       ---------------------------------

                               (as of 01/01/03)


FULL MEMBERSHIP
----------------
-  All futures & options.
   ----------------------

ASSOCIATE MEMBERSHIP
--------------------

-  Treasury Bond, Long-Term Treasury Note, Medium-Term Treasury Note, Short Term
   Treasury Note, Long-Term Agency Note, Medium-Term Agency Note, 10-Year
   Interest Rate Swap, 5-Year Interest Rate Swap and CBOT(R) DJIA(SM) futures
                                                                      -------
   and options;
   ------------

-  30-Day Fed Fund, Municipal Note Index, mini- sized Treasury Bond, mini-sized
   10-Year Treasury Note, mini-sized Eurodollar, mini-sized N.Y. Gold,
   mini-sized N.Y. Silver, CBOT(R) DJ- AIG CI(SM), and mini-sized DJIA(SM)
   futures;
   -------


-  Corn, Oat, Rough Rice, Soybean, Soybean Meal, Soybean Oil and Wheat options.
                                                                       -------


GIM MEMBERSHIP INTEREST
-----------------------


-  Treasury Bond, mini-sized Treasury Bond, Long-Term Treasury Note, mini-sized
   10-Year Treasury Note, Medium-Term Treasury Note, Short Term Treasury Note,
   Long-Term Agency Note, Medium-Term Agency Note, 10-Year Interest Rate Swap
   and 5-Year Interest Rate Swap futures.
                                 -------









IDEM MEMBERSHIP INTEREST
------------------------

-  30-Day Fed Fund, Municipal Note Index, mini-sized N.Y. Gold, mini-sized N.Y.
   Silver, X-Fund, CBOT(R) DJ-AIGCI(SM), CBOT(R) DJIA(SM), mini-sized Eurodollar
   and mini-sized DJIA(SM) futures.
                           -------






COM MEMBERSHIP INTEREST
-----------------------


-  Treasury Bond, Long-Term Treasury Note, Medium-Term Treasury Note, Short Term
   Treasury Note, Long-Term Agency Note, Medium-Term Agency Note, 10-Year
   Interest Rate Swap, 5-Year Interest Rate Swap, CBOT(R) DJIA(SM), Corn, Oat,
   Rough Rice, Soybean, Soybean Meal, Soybean Oil and Wheat options.
                                                            -------





                                  Page 2 of 2

<PAGE>

                                  Appendix 3A


APPENDIX 3A - GUIDELINES FOR GUESTS AND VISITORS WHILE ON THE EXCHANGE FLOOR OF
THE CHICAGO BOARD OF TRADE

1.   Bringing guests on the Exchange Floor is a privilege extended to all
     members who comply with the Rules pertaining thereto.

2.   Guests shall be admitted to the Exchange Floor between 1/2 hour before the
     opening on each Floor and 1/2 hour after the close on each Floor.

3.   No more than 50 guests shall be allowed on the Exchange Floor at any one
     time during trading hours.

4.   A member may reserve a time for five guests, which reservation will be held
     no longer than ten minutes. Such reservation privileges will be denied if
     they are abused.

5.   Guests must be accompanied by a member at all times. Both the guest and the
     host member will sign on to and off of the Floor. The guest will wear, on
     visible display, a guest badge. The member will be responsible for the
     guest's conduct on the Floor.

     6.  A)   A guest may remain on the Floor for a period of 30 minutes; if he
     has not signed out, he will be paged. It will be the member's
     responsibility to see that the guest leaves the Floor within five minutes
     of being paged and that the guest returns the badge to the Service Desk on
     the 4th Floor. Failure to return the guest badge immediately will subject
     the member to a minimum fine of twenty-five dollars.

         B)   At the end of the initial 30 minutes, a guest may ask to extend
     his visit for (a) subsequent period(s) of 30 minutes, although such
     extension(s) will not be granted if there are more than 50 guests on the
     Floor at any one time.

         C)   If necessary, an All Day Guest Pass may be obtained for a foreign
     visitor, firm executive, firm branch employee, customer or consultant (and
     other persons with the approval of the Floor Conduct Committee Chairman) by
     completing a short application form at the fourth floor Service Desk.
     Except for the 30-minute time limit, the same guidelines apply to All Day
     Guests, including the requirement that they be accompanied at all times by
     a member.

7.   No privileges other than admittance to the Floor may be extended to a
     guest. A guest is specifically prohibited from performing any functions of
     an employee of a member or of a member firm. Entering a trading pit, using
     a telephone, using the market display equipment and blocking the area are
     also prohibited.

8.   Guests of management for business purposes only shall be allowed in the
     Exchange Floor.

9.   The President of the Exchange may issue special permits beyond the above
     limit (five individuals) when he deems it in the interest of the Exchange
     to do so. On a case-by-case basis, he may schedule admission to the Floor
     for small groups who have made appropriate arrangements.

     (Tour Groups: can be no larger than 12, can visit between the hours of
     10:30 a.m. and 12:15 p.m., must be escorted at all times, are limited to 15
     minutes per tour, will be limited to no more than two groups on the Floor
     at any one time, and all such groups must be coordinated through the
     Communications Department.)

10.  No other guests of staff members may be allowed on the Exchange Floor.

11.  Members shall accompany guests in the Member's cafeteria.

12.  No guests may be allowed on the Exchange Floor more than five times in one
     month.

13.  No guest may be allowed on the Exchange Floor who is under twelve years of
     age.

14.  Members who violate and/or allow their guest(s) to violate any of these
     guidelines may be denied visitor's privileges for a period of up to six
     months and/or fined appropriately.

<PAGE>

                                  Appendix 3B

APPENDIX 3B - INSTRUCTIONS FOR FLOOR CLERK ACCESS TO
THE FLOOR OF THE BOARD OF TRADE OF THE CITY OF CHICAGO

     Please be advised that access to the Floor of the Board of Trade of the
City of Chicago (hereinafter referred to as the Exchange) is a right of
membership. Associate Members and GIM, IDEM and COM Membership Interest Holders
have floor access rights only with respect to specified contracts (See Rules
211.00, 291.00, 292.00 and 293.00). Any and all access by non-members is solely
a privilege extended by the membership for the strictly limited purposes
outlined below. Any violation of any of these instructions shall be just cause
for the revocation of the privilege.

     Functions and Responsibilities of Floor Clerks on the Exchange Floor:
A.   Floor Clerks and Trainee-Floor Clerks may perform only the following duties
     and no others while on the Floor of the Exchange:

          1.  Receive messages (including trading cards and written orders) from
     their employers or members representing such employers;

          2.  Deliver said messages (including trading cards and written orders)
     and communicate orders to the pit from their position or communication
     instrument by use of hand signals or verbal communication;

          3.  Write broker's cards from endorsed orders, endorse orders from
     broker's cards and write the brokers' acronym on the broker's order, during
     trading hours on the Exchange Floor and for a reasonable period of time
     thereafter;

          4.  Operate order processing terminals;

          5.  Receive and write up orders from, and report order status to,
     their employers and their employers' duly registered Associated Persons,
     Introducing Brokers, proprietary traders and customers with respect to
     commodities traded on the Floor;

          6.  Communicate information of any nature directly to an individual
     Member, provided that the information communicated may only concern a
     contract which is within that individual Member's membership category;

          7.  Communicate information of any nature to a trader who is trading
     for the proprietary account of the clerk's member firm employer or for the
     proprietary account of a firm which has one of the following relationships
     to the clerk's member firm employer:

              - 100% parent firm;

              - Wholly owned subsidiary; or

              - Affiliate through a common 100% parent firm;

          8.  Provide market information (not the clerk's own personal opinion)
     regarding activities on the Floor to any of the following:

              -     duly registered Associated Persons of the clerk's member
     firm employer;

              -     duly registered Introducing Brokers of the clerk's member
     firm employer; and

              -     established customers of the clerk's member firm employer;

              For the purposes of this section 8., an "established customer"
     shall be defined as an individual or entity which has an open and active
     trading account with the clerk's member firm employer.

              A clerk may initiate contact with any of the foregoing to provide
     market information provided that the clerk expresses no personal opinion
     regarding market direction or specific trades.

              A clerk may relay the opinions of a member or of the clerk's
     member firm employer with the prior approval of such member or member firm
     employer to any of the following:

                    -     duly registered Associated Persons of the clerk's
     member firm employer;

                    -     duly registered Introducing Brokers of the clerk's
     member firm employer; and

                                  Page 1 of 5

<PAGE>

                                  Appendix 3B

               -    established customers of the clerk's member firm employer.

          9.  Initiate contact with a customer of the clerk's member firm
     employer to report the status of that customer's order;

Floor Clerks and Trainee-Floor Clerks may not, while on the Floor of the
Exchange, perform any other duties except those explicitly prescribed above.
The following Exchange Floor activities are permissible only for members and
only with respect to the contracts in which they have membership privileges.
The following activities are prohibited for Floor Clerks and Trainee Floor
Clerks:

          1.  Soliciting customer business;

          2.  Trading for their own accounts or having any interest in a trading
     account, except as prescribed in Regulation 301.05;

          3.  Being an RCR or an Associated Person, a Commodity Pool Operator or
     a Commodity Trading Advisor under the Commodity Exchange Act.

          4.  Initiating orders or trades of any sort, including arbitrage;

          5.  Exercising discretion of any sort with respect to any order,
     including arbitrage;

          6.  Loitering by or in the trading pits;

          7.  Being compensated on a commission or per contract basis.

B.   Trade Checkers (only) may perform only the following duty and no others
     --------------
     while on the Floor of the Exchange.

          1.  Check and reconcile trades of, for, and on behalf of their member
     firm employers. Absent extraordinary circumstances, the Floor Governors
     Committee would expect such Trade Checkers to be off the Floor of the
     Exchange by 10:30 a.m.

              This 10:30 a.m. limitation does not apply to floor clerks who are
     employed by individual members.

Trade Checkers may not, while on the Floor of the Exchange, perform any other
                   ----
duties except that explicitly prescribed above.  The following is a list of the
most common abuses of the Trade Checker privilege:

          1.  Loitering by or in the trading pits or congregating in unassigned
     areas;

          2.  Communicating in any manner with members or member firms;

          3.  Entering verbal orders with members or member firms;

          4.  Trading for their own accounts;

          5.  Being or acting in any other capacity, including chartist, with a
     member or member firm;

          6.  Being an RCR or Associated Person under the Commodity Exchange
     Act, as amended by the Commodity Futures Trading Commission Act of 1974.

C.   Personnel

          1.  Emergency Personnel - See Floor Clerks and Trainee-Floor Clerks
     (Paragraph A above);

          2.  Summer Personnel - See Floor Clerks and Trainee-Floor Clerks
     (Paragraph A above);

D.   Registered Commodity Representatives (RCRs) and Applicant Observers may
     -------------------------------------
     perform only the following duty and no other while on the Floor of the
     Exchange:

          1.  Observe the various floor activities of the members and other
     privileged non-members who have been allowed access to the Floor.  Such
     observation shall be limited to a period of two weeks (ten market days).

RCR Observers and Applicant Observers may not, while on the Floor of the
Exchange, perform any other duties except that explicitly prescribed above.  The
following are the areas most prone to abuse and which the RCR Observer and
Applicant Observer must be especially aware of:

          1.  Loitering by or in the Trading pits or congregating in unassigned
     areas;

                                 Page 2 of 5

<PAGE>

                                  Appendix 3B

          2.  Answering phones;

          3.  Placing verbal orders with members of member firms;

          4.  Writing orders;

          5.  Trading for their own accounts;

          6.  Being or acting in  any other capacity, including chartist, with a
     member or member firm.

E.   The Floor Conduct Committee has established a special broker assistant
     badge, in addition to a regular floor clerk badge, and has set up the
     following guidelines to be used in issuing this special badge.

              A broker assistant badge will only be issued for the following
     purposes:

          -   a broker having a high volume of orders and who needs an assistant
              to hold and sort the orders;

          -   Consistent with these duties, a broker assistant also may
              communicate market information by means of hand signals and verbal
              communication.

              A badge will not be issued if used for the following reasons:

          -   card counting - if a floor clerk is a card counter, he/she must
              quickly enter and take the cards and count them outside of the pit
              and;

          -   Information - a floor clerk who obtains information about other
              brokers or another commodity.

     Please keep in mind that the abuses of the floor clerk badge will still be
     upheld for those issued a broker assistant badge, as follows:

          1.  Loitering by or in the trading pits or congregating in unassigned
              areas.

          2.  Not properly displaying their assigned floor badges.

          3.  Trading for their own accounts.

          4.  Being or acting in any other capacity, including chartist, with a
              member or member firm. A limited exception to this provision
              applies, only with respect to agricultural markets, as follows.
              Clearing firms may arrange with floor brokers to place clearing
              firm floor clerks in pits to perform broker assistant
              responsibilities for such floor brokers when conditions of high
              volume/high volatility occur. Such arrangements must be registered
              with the Exchange as prescribed by the Exchange. Under these
              arrangements, clearing firms will continue to be responsible for
              these clerks' supervision and compensation. When conditions of
              high volume/high volatility are not present, such clerks will
              return to their normal duties on behalf of their clearing firm
              employers.

          5.  Being an Associated Person under the Commodity Exchange Act, as
              amended by the Commodity Futures Trading Commission Act of 1974.

     The committee advises members that the Board of Directors gave fining
     authority to the Floor Conduct Committee of up to $500 for conduct
     violations of Floor Employees of Members.  The fining authority begins
     December 21, 1981.

     Your cooperation in this matter would be greatly appreciated.

F.   The Exchange has established guidelines regarding the use of headsets in
     the Trading Pits:

          1.  Brokers' Assistants and Floor Clerks with headset privileges shall
     be subject to all applicable CBOT Rules and Regulations, including Rule
     301.00; Regulations 301.01, 301.05 and 310.01; and this Appendix.  In
     addition, members who either sponsor or employ an individual utilizing a
     headset are responsible for ensuring that the sponsored or employed
     individual complies with the Exchange's Headset Policy.

          2.  All members and member firms are eligible to receive authorization
     to utilize headsets.  The authority to govern the administration of the use
     of headsets (including who has authorization and where an authorized
     individual may utilize the headset apparatus) rests with the Floor
     Committee.  The Floor Committee should establish fair and equitable
     guidelines for

                                  Page 3 of 5

<PAGE>

                                  Appendix 3B

     administering the use of headsets, and when administering its guidelines,
     the Floor Committee should consult with the relevant Pit Committee. The
     Floor Committee shall not arbitrarily deny any member or member firm the
     use of a headset.

          3.  Headsets may be worn by Brokers' Assistants, Floor Clerks, and
     Members who have been authorized by the Floor Committee.  "Brokers'
     Assistants" and "Floor Clerks" as used in preceding sentence may include
     members and membership interest holders who do not have membership
     privileges in the contract for which the headset is being utilized.

          4.  A Broker's Assistant or Floor Clerk wearing a headset may
     communicate order information and fill information but may not communicate
     his or her personal opinion regarding activities in the trading pit
     including, but not limited to, interpretations of technical or fundamental
     market factors or perspective with respect to member trading sentiment or
     trading bias. Any other information may be communicated via a headset if
     the information has been conveyed to the headset operator directly by a
     member (providing that the member conveying the information has trading
     privileges in the relevant underlying market). In addition, Brokers'
     Assistants and Floor Clerks wearing headsets may communicate via a headset
     any market information that is clearly within the respective pit's "public
     domain". In other words, individuals who are wearing headsets may
     communicate any market information that has been "publicly" exposed to the
     respective trading pits. The member sponsor or member employer of the
     individual wearing the headset is responsible for the content and nature of
     any headset communications.

          Only members on the floor may communicate with non-members located off
     the floor for the purposes of communicating or receiving market news and
     personal opinion regarding interpretations of technical or fundamental
     market factors or perspective with respect to a member's trading sentiment
     or trading bias.  This level of communication is restricted to members with
     trading privileges in the respective contract who are located on the floor
     communicating with other members or non-members located either on or off of
     the trading floor.

          5.   Headsets may communicate between trading pits and from pit to
     Exchange floor booth spaces in any CBOT(R) trading room. This includes COM
     Membership Interest Holders communicating with a floor broker or the floor
     broker's broker assistant in a futures pit for the purposes of entering
     futures orders.

     Direct communication via headsets located in or around the Exchange's
     trading pits to and from off-site locations is only allowed provided the
     individual assigned to a headset adheres to the following requirements when
     communicating with any individual off the Exchange floor:

              -  Headset communications shall be permissible between the DowSM
                 pits and the floors of other exchanges which trade equity-
                 related products.

              -  An individual member located outside a trading pit (e.g., at a
                 floor booth or in an off-site office) may communicate via
                 headset with a member or clerk in or around a trading pit
                 provided that the individual member has trading privileges in
                 the contract which is traded in the pit which the individual
                 accesses.

              -  Members off the floor can enter orders via headsets for their
                 customer, proprietary and personal accounts provided they have
                 trading privileges in the respective contract.

              -  Members off the floor utilizing headsets for the purposes of
                 entering customer orders directly into the pit must comply with
                 Exchange audit trail regulations previously mandated by the
                 CFTC which require that customer orders be: recorded on member
                 firm floor order tickets; contain the account identification of
                 the customer; contain an exchange designated time stamp upon
                 receipt and upon confirmation of an execution. The Exchange
                 provides a telephonic link between the booth and the pit to
                 allow for a floor broker to communicate directly with a member
                 who is located off the floor, while simultaneously allowing
                 personnel at the member firm's booth to record the required
                 audit trail information.

                                  Page 4 of 5

<PAGE>

                                  Appendix 3B

               -  Floor brokers who utilize headsets in conjunction with an
                  electronic order routing/endorsement system are not required
                  to maintain a booth to pit link provided that customer orders
                  are entered electronically and the order entry system provides
                  the requisite audit trail.

               -  Floor brokers receiving orders from another member not present
                  on the Exchange Floor may record such trades on their trading
                  cards in lieu of obtaining an order ticket. However, the
                  executing member must record the order instructions, account
                  designation, and execution time on the member's order.

               -  Only Members located on the floor may communicate with non-
                  members located off the floor for the purpose of placing
                  orders for the member's personal trading account or the member
                  firm's proprietary account in CBOT contracts and non-CBOT
                  markets.

               -  Members or members' broker assistants located on the floor may
                  communicate with non-members located off of the trading floor
                  to accept orders or instructions to change orders from the
                  non-member for agricultural and financial futures and options
                  contracts. The requisite audit trail requirements must be met
                  utilizing the booth to pit link unless the FCM authorizes the
                  executing floor broker to accept the non-member's order
                  without the booth to pit link. Under such authorization of the
                  FCM, the executing floor broker is responsible for meeting all
                  audit trail requirements including: recording customer orders
                  on member firm floor order tickets; recording the account
                  identifier of the customer; and time stamping the customer
                  order upon receipt and upon confirmation of an execution.

                  Member firms may also permit member or non-member employees
                  (including APs) located off the floor to communicate orders
                  for its proprietary or customer accounts directly to a floor
                  broker or his broker assistant without requiring the booth to
                  pit link upon the member firm's sole discretion. Under this
                  provision, the floor broker would be responsible for capturing
                  the required audit trail information.


          6.    Any and all headset communications must be voice recorded by the
     member or member firm authorized to use the headset(s). Members and member
     firms are permitted to utilize their own recording devices, providing that
     the devices meet reasonable standards with respect to quality and
     reliability, or members and member firms may utilize an Exchange
     administered voice recording system for a fee to be paid to the Exchange by
     the member or member firm utilizing the Exchange's system.

          7.    For reasons relating to the general safety and space concerns
     that arise out of the use of wired headsets, the Floor Committee is
     encouraged to facilitate, as the development of technology permits, a
     movement to a wireless headset only environment.

          8.    Authorization to use a headset does not entitle the authorized
     individual to a particular spot or site within a pit. In addition, Floor
     Clerks utilizing headsets may not loiter in the trading pits and must exit
     the trading pits when they are not conducting business. (06/01/01)

                                  Page 5 of 5

<PAGE>

APPENDIX 3C - DRESS CODE

APPENDIX 3-C - DRESS CODE

Members and member firms must make every effort to ensure that their employees
and guests conform to the Chicago Board of Trade's Dress Code, as hereafter
defined. The Dress Code is designed to provide a safe and businesslike
atmosphere on the trading floor for all members and employees; an individual may
be refused access to the trading floor for violating the Dress Code. Members and
Member firms are subject to fines and/or other disciplinary measures imposed by
the Floor Conduct Committee for individual violations of the dress code and
violations of the dress code by their employees.

The Chicago Board of Trade Dress Code requires "Business Dress Attire" to be
worn at all times on the trading floor-not only during trading hours.  "Business
Dress Attire" is defined as conventional and businesslike attire which is neat,
clean and presentable; does not pose a safety hazard or distraction to the
wearer or others; and that which conforms to the following provisions:

     A)   Jackets (Suit Coat, Blazer or a Trading Jacket as prescribed by the
          Association) must be worn on the trading floor by Members and
          employees at all times.  No trading jackets from other Exchanges are
          allowed on the floor.  Guests may not wear trading jackets on the
          Exchange floor during trading hours. The display of patches or buttons
          with crude or offensive slogans is prohibited.

     B)   Badges, as prescribed by the Association, designating Member trading
          and access rights and non-member affiliation and access rights must be
          worn at all times. Badges must be worn in plain view, on the upper
          front of the jacket (not inside pockets or attached to lower pockets.)
          Badges from other Exchanges are prohibited. The wearing of out-dated,
          unauthorized or lapsed membership badges from the Exchange is
          prohibited. Badges must not be defaced, altered, or affixed with
          stickers or pictures not approved by the Association.

     C)   Men must wear ties (bow ties or neckties) at all times on the trading
          floor, with the exception of days when there is an early close for any
          part of the Exchange. Ties must be in good condition, knotted in a
          conventional manner, and drawn up to at least the second button from
          the collar. Collared shirts that can be worn with a tie must be worn
          at all times on the trading floor and must be neat, presentable and
          businesslike. Shirts must be clean, neat, presentable, tucked in and
          buttoned up to at least the second button from the collar. Golf-type
          shirts are permitted. Turtleneck sweaters for men are not allowed.
          Crewneck sweaters worn over a collared shirt are permitted if a
          necktie is visible; a trading jacket must also be worn. Shirts with
          offensive, crude or distracting slogans or pictures are prohibited.
          Pants or slacks must be neat, presentable and businesslike. Work
          pants, athletic pants and blue jeans are prohibited.

     D)   Women must wear pants, skirts or dresses that are neat, presentable,
          and businesslike. Skirts may be no shorter than two inches above the
          knee and must be significantly longer than the trading coat. Full,
          generously cut, businesslike split skirts may be worn. Shirts,
          blouses, sweaters or other tops must be neat, presentable, and
          businesslike. Shirts with offensive, crude or distracting slogans or
          pictures are prohibited. Work pants, athletic pants and blue jeans are
          prohibited. Attire should not expose the body in an inappropriate
          manner (e.g. bare midriffs, backs or thighs.)


<PAGE>



     E)   Shoes must be worn at all times. Shoes must neither be of a design nor
          worn in a manner which presents a safety hazard. Slippers and sandals
          with no backs are prohibited. Women may wear slingback or open-toe
          sandals that are businesslike. High platform shoes or high heeled
          shoes or boots with soles and/or heels greater than three inches are
          not permitted. Athletic shoes are permitted. Shoes must be in neat
          condition and must be tied or fastened at all times.

     F)   Shirts: T-Shirts, sweatshirts, athletic jerseys, hooded shirts,
          flannel shirts, hospital scrubs and shirts bearing messages,
          advertisements, pictures or slogans are prohibited. Attire should not
          expose the body in a manner inappropriate for business (e.g. bare
          midriffs, chests, or backs.)

     G)   Pants: The following are all prohibited: blue jeans, stone washed
          jeans, bib overalls, fatigues, tie dyes, shorts of any kind, tightly
          fitting stretch pants, spandex pants, bicycling pants, painter pants,
          sweat pants, athletic/exercise pants, pants with elastic at the
          ankles, tights worn in lieu of pants, pants with slogans,
          advertisements, or work loops, and any pants shorter than 2 inches
          above the ankle.

     H)   Piercing & Jewelry:  Jewelry may not be worn if it presents a safety
          hazard to the wearer or others.

     I)   Miscellaneous:  All headgear or head coverings are prohibited, except
          for religious reasons.  Sunglasses are prohibited unless they have
          prescription lenses.


In Summary: All dirty, frayed, faded, torn, badly wrinkled, revealing or
unbusinesslike clothing is prohibited. All clothing intended for athletic
activity or appropriate for manual labor is prohibited. Attire, worn by members,
employees or their guests, which exposes the body in a manner inappropriate for
a business atmosphere is prohibited from the trading floor at all times.

While the foregoing is comprehensive and employers and security staff shall
enforce the dress code as defined above, they are not limited to the specific
examples given.  02/01/02

                                       2

<PAGE>


                                  Appendix 3D

APPENDIX 3D - CHICAGO BOARD OF TRADE PIT OPENINGS AND
CLOSINGS/ELECTRONIC TRADING HOURS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
  Commodity
     Code                   Commodity                  Symbol                  Open            Close       Type        Room
----------------------------------------------------------------------------------------------------------------------------------
                                                  pit           a/c/e
----------------------------------------------------------------------------------------------------------------------------------
<S>              <C>                             <C>            <C>           <C>             <C>         <C>          <C>
       W                 Wheat                    W             ZW            9:30 am         1:15 pm    Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
                     Wheat Options
       W                (Puts)                   WZ             OZW           9:30 am        1:15 p.m.   Regular        Main
                        (Calls)                  WY                                                      Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       C                 Corn                     C             ZC            9:30 am         1:15 pm    Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       C              Corn Options
                         (Puts)                  PY             OZC           9:30 am         1:15 pm    Regular        Main
                         (Calls)                 CY                                                      Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       O                   Oats                   O             ZO            9:30 am         1:15 pm     Call          Main
----------------------------------------------------------------------------------------------------------------------------------
                       Oats Options
       O                  (Puts)                 OV             OZO           9:30 am         1:15 pm     Call          Main
                          (Calls)                OO                                                       Call          Main
----------------------------------------------------------------------------------------------------------------------------------
       S                  Soybeans                S             ZS            9:30 am         1:15 pm    Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
                       Soybean Options
       S                    (Puts)               PZ             OZS           9:30 am         1:15 pm    Regular        Main
                            (Calls)              CZ                                                      Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       2F            Agency Notes (10 Year)      DN             AN            7:20 am         2:00 pm    Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
                 Agency Notes (10 Year) Options
       2F                   (Puts)               DNP            OAN           7:20 am         2:00 pm    Regular      Financial
                            (Calls)              DNC                                                     Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
       2G            Agency Notes (5 year)       DF             AF            7:20 am         2:00 pm    Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
                 Agency Notes (5 Year) Options
       2GP                  (Puts)               DFP            OAF           7:20 am         2:00 pm    Regular      Financial
       2GC                  (Calls)              DFC                                                     Regular
----------------------------------------------------------------------------------------------------------------------------------
       06                 Soybean Meal           SM             ZM            9:30 am         1:15 pm     Call          Main
----------------------------------------------------------------------------------------------------------------------------------
                      Soybean Meal Options
       06                   (Puts)               MZ             OZM           9:30 am         1:15 pm     Call          Main
                            (Calls)              MY                                                       Call          Main
----------------------------------------------------------------------------------------------------------------------------------
       07                 Soybean Oil            BO             ZL            9:30 am         1:15 pm     Call          Main
----------------------------------------------------------------------------------------------------------------------------------
                      Soybean Oil Options
       07                    (Puts)              OZ             OZL           9:30 am         1:15 pm     Call          Main
                             (Calls)             OY                                                       Call          Main
----------------------------------------------------------------------------------------------------------------------------------
       11            CBOT(R)DJIA(SM) Index       DJ             ZD            7:20 am         3:15 pm    Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
                 CBOT(R)DJIA(SM) Index Options
       11                    (Puts)              DJP            OZD           7:20 am         3:15 pm    Regular      Financial
                             (Calls)             DJC                                                     Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
       14              Rough Rice Futures        RR             ZR           9:15 a.m.       1:30 p.m.   Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       14              Rough Rice Options
                             (Puts)              RRP            OZR          9:15 a.m.       1:30 p.m.   Regular        Main
                             (Calls)             RRC                                                     Regular        Main
----------------------------------------------------------------------------------------------------------------------------------
       **                X-Fund Futures          **                          9:15 a.m.       1:15 p.m.   Regular      Financial
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

*See Electronic Trading Schedule (a/c/e/ trading only).
**X-Fund codes/ticker symbols established as applicable/per contract.


                                  Page 1 of 3

<PAGE>

                                   Appendix 3D


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Commodity
  Code              Commodity                        Symbol            Open         Close      Type        Room
--------------------------------------------------------------------------------------------------------------------
                                                 pit        a/c/e
--------------------------------------------------------------------------------------------------------------------
<S>       <C>                                    <C>        <C>       <C>          <C>        <C>        <C>
   17                T-Bonds                     US          ZB       7:20 am      2:00 pm    Regular    Financial
--------------------------------------------------------------------------------------------------------------------

   17            T-Bonds Options                 PG          OZB      7:20 am      2:00 pm    Regular    Financial
                     (Puts)                      CG                                           Regular    Financial
                     (Calls)

--------------------------------------------------------------------------------------------------------------------
   21                T-Notes                     TY          ZN       7:20 am      2:00 pm    Regular    Financial
                 (6 1/2- 10 Year)
--------------------------------------------------------------------------------------------------------------------

   21        Long Term T-Note Options            TP          OZN      7:20 am      2:00 pm    Regular    Financial
                     (Puts)                      TC                                           Regular    Financial
                     (Calls)

--------------------------------------------------------------------------------------------------------------------
   25            T-Notes (5 Year)                FV          ZF       7:20 am      2:00 pm    Regular    Financial
--------------------------------------------------------------------------------------------------------------------

   25       Medium Term T-Note Options           FP          OZF      7:20 am      2:00 pm    Regular    Financial
                     (Puts)                      FL                                           Regular    Financial
                     (Calls)

--------------------------------------------------------------------------------------------------------------------
   26            T-Notes (2 Year)                TU          ZT       7:20 am      2:00 pm    Regular    Financial
--------------------------------------------------------------------------------------------------------------------

   26       Short Term T-Note Options            TUP         OZT      7:20 am      2:00 pm    Regular    Financial
                     (Puts)                      TUC                                          Regular    Financial
                     (Calls)

--------------------------------------------------------------------------------------------------------------------
   41            30-Day Fed Fund                 FF          ZQ       7:20 am      2:00 pm    Regular    Financial
--------------------------------------------------------------------------------------------------------------------

   42           10-year Municipal                MB          ZU       7:20 am      2:00 pm    Regular    Financial
                    Note Index

--------------------------------------------------------------------------------------------------------------------
   AI         CBOT(R)DJ-AIGCI Index                          AI          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
   NG       5-Year Interest Rate Swap            NG          SA       7:20 a.m.    2:00 p.m.  Regular    Financial
--------------------------------------------------------------------------------------------------------------------
   NI       10-Year Interest Rate Swap           NI          SR       7:20 am      2:00 pm    Regular    Financial
--------------------------------------------------------------------------------------------------------------------
   YE         mini-sized Eurodollars                         YE          *            *         n/a         n/a
                (first 20 months)
--------------------------------------------------------------------------------------------------------------------
   YE         mini-sized Eurodollars                         YE2         *            *         n/a         n/a
                (deferred months)
--------------------------------------------------------------------------------------------------------------------
   YG          mini-sized N.Y. Gold                          YG          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
   YH           mini-sized T-Bonds                           YH          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
   YI         mini-sized N.Y Silver                          YI          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
   YM     mini-sized Dow(SM) ($5 mult.)                      YM          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
   YN      mini-sized T-Notes (10 Yr.)                       YN          *            *         n/a         n/a
--------------------------------------------------------------------------------------------------------------------
</TABLE>


*See Electronic Trading Schedule (a/c/e trading only).

SUPPLEMENTAL INFORMATION

  See pertinent contract chapters re: last trading day closing times for
  expiring futures.

  Wheat Options open by call.

  DJIA(SM) Index, Corn, Soybean, Rough Rice and Wheat Options will close by call
  on the last day in an expiring series.

                                   Page 2 of 3

<PAGE>


                                   Appendix 3D

                          Electronic Trading Schedule
                          ---------------------------
--------------------------------------------------------------------------------
                               trading session begins       trading session ends
--------------------------------------------------------------------------------
*Financials
(futures & options)
--------------------------------------------------------------------------------
   Monday                      8:00 p.m. Sunday             4:00 p.m. Monday
--------------------------------------------------------------------------------
   Tuesday                     8:00 p.m. Monday             4:00 p.m. Tuesday
--------------------------------------------------------------------------------
   Wednesday                   8:00 p.m. Tuesday            4:00 p.m. Wednesday
--------------------------------------------------------------------------------
   Thursday                    8:00 p.m. Wednesday          4:00 p.m. Thursday
--------------------------------------------------------------------------------
   Friday                      8:00 p.m. Thursday           4:00 p.m. Friday
--------------------------------------------------------------------------------
Grains & Soybean
Complex
(futures & options)
--------------------------------------------------------------------------------
   Monday                      8:30 p.m. Sunday             6:00 a.m. Monday
--------------------------------------------------------------------------------
   Tuesday                     8:30 p.m. Monday             6:00 a.m. Tuesday
--------------------------------------------------------------------------------
   Wednesday                   8:30 p.m. Tuesday            6:00 a.m. Wednesday
--------------------------------------------------------------------------------
   Thursday                    8:30 p.m. Wednesday          6:00 a.m. Thursday
--------------------------------------------------------------------------------
   Friday                      8:30 p.m. Thursday           6:00 a.m. Friday
--------------------------------------------------------------------------------
CBOT(R) DJIA (SM) Index
(futures & options)
--------------------------------------------------------------------------------
   Monday                      8:15 p.m. Sunday             7:00 a.m. Monday
--------------------------------------------------------------------------------
   Tuesday                     8:15 p.m. Monday             7:00 a.m. Tuesday
--------------------------------------------------------------------------------
   Wednesday                   8:15 p.m. Tuesday            7:00 a.m. Wednesday
--------------------------------------------------------------------------------
   Thursday                    8:15 p.m. Wednesday          7:00 a.m. Thursday
--------------------------------------------------------------------------------
   Friday                      8:15 p.m. Thursday           7:00 a.m. Friday
--------------------------------------------------------------------------------
CBOT(R) mini-sized
Dow(SM)($5)
Index (futures)
--------------------------------------------------------------------------------
   Monday                      8:15 p.m. Sunday             4:00 p.m. Monday
--------------------------------------------------------------------------------
   Tuesday                     8:15 p.m. Monday             4:00 p.m. Tuesday
--------------------------------------------------------------------------------
   Wednesday                   8:15 p.m. Tuesday            4:00 p.m. Wednesday
--------------------------------------------------------------------------------
   Thursday                    8:15 p.m. Wednesday          4:00 p.m. Thursday
--------------------------------------------------------------------------------
   Friday                      8:15 p.m. Thursday           4:00 p.m. Friday
--------------------------------------------------------------------------------
mini-sized NY Silver
& Gold (futures)
--------------------------------------------------------------------------------
   Monday                      8:15 p.m. Sunday             1:45 p.m. Monday
--------------------------------------------------------------------------------
   Tuesday                     8:15 p.m. Monday             1:45 p.m. Tuesday
--------------------------------------------------------------------------------
   Wednesday                   8:15 p.m. Tuesday            1:45 p.m. Wednesday
--------------------------------------------------------------------------------
   Thursday                    8:15 p.m. Wednesday          1:45 p.m. Thursday
--------------------------------------------------------------------------------
   Friday                      8:15 p.m. Thursday           1:45 p.m. Friday
--------------------------------------------------------------------------------
CBOT(R) DJ-AIGCI(SM)
(futures)
--------------------------------------------------------------------------------
Monday thru Friday             8:15 a.m.                    1:30 p.m.
--------------------------------------------------------------------------------
                                                                      (01/01/03)

* T-Bonds, T-Notes (2 Year, 5 Year and 6 1/2 - 10 Year), Agency Note (10 Year
and 5 Year), and Interest Rate Swap (10 Year and 5 Year) Futures & Options;
Municipal Note Index, 30-Day Fed Funds, mini-sized T-Bond, mini-sized 10 Yr.
T-Note and mini-sized Eurodollar Futures

                                  Page 3 of 3



<PAGE>

                                  Appendix 3E


APPENDIX 3E - CONTRACT MONTH SYMBOLS

<TABLE>
<CAPTION>
First Year Month Symbols
----------------------------------------------------------------------------------------------------
<S>                  <C>    <C>           <C>    <C>                 <C>   <C>                  <C>
January -            F      April -       J      July -              N     October -            V
----------------------------------------------------------------------------------------------------
February -           G      May -         K      August -            Q     November -           X
----------------------------------------------------------------------------------------------------
March -              H      June -        M      September -         U     December -           Z
----------------------------------------------------------------------------------------------------
Second Year Month Symbols
----------------------------------------------------------------------------------------------------
January -            A      April -       D      July -              L     October -            R
----------------------------------------------------------------------------------------------------
February -           B      May -         E      August -            O     November -           S
----------------------------------------------------------------------------------------------------
March -              C      June -        I      September -         P     December -           T
----------------------------------------------------------------------------------------------------
</TABLE>

Third Year Month Symbols
------------------------

Same as first year symbols with the year noted.


<PAGE>

                                  Appendix 3G

APPENDIX 3G - GUIDELINES - BADGE VALIDATION AND RETURN

1.   In each of the following circumstances, the referenced individual's
     membership floor access badge must be returned to the Member Services and
     Member Firm Staff Services ("Member Services") Department as indicated if
     the transaction involves the individual's only membership or all of his/her
     memberships:

          a.   A membership seller within 30 days the effective date of the
     membership sale; (Membership sale proceeds will not be released to the
     seller unless the badge has been returned).

          b.   A membership transferor within 30 days after the transfer has
     occurred.

          c.   A membership delegator within 30 days after the effectiveness
     of the delegation agreement.

2.   Each membership delegate must return the applicable delegate badge to the
     Member Services Department within 30 days after the delegation agreement's
     termination or expiration.

3.   Upon the effective date of any Exchange suspension of membership
     privileges, the suspended individual must return his/her membership floor
     access badge to the Member Services Department within 30 days of the
     effective date of the suspension for the suspension's duration.

4.   Upon the termination or expiration of any delegation agreement, the
     Exchange will delete the terminated delegate's identifying acronym from
     Exchange computer records after the delegate's 30-day grace period expires.

5.   Only Exchange-issued badges will be permissible for floor access. Sewn-on
     badges will not be permissible.

6.   No member, membership interest holder or delegate will be relieved of
     responsibility for returning the badge, even if lost, without specific
     approval of the Floor Conduct Committee.

     All cases involving lost membership floor access badges should be referred
     to the Member Services Department which shall have the authority to issue a
     replacement badge. Member Services will issue a replacement badge only to
     individuals with valid membership floor access privileges and who are
     current in their dues. Any problems or unusual circumstances involving a
     lost membership floor access badge will be referred to the Floor Conduct
     Committee.

     All cases involving lost floor clerk badges will be referred to the Co-
     Chairman or, in his absence, the Vice-Chairman of the Floor Conduct
     Committee. No floor clerk will be issued a replacement badge or be relieved
     of responsibility for returning the badge without specific approval of the
     Co-Chairman or, in his absence, the Vice Chairman of the Floor Conduct
     Committee.

7.   Floor clerk badge applicants must present acceptable identification when
     filing their applications. Exchange staff will verify member's co-
     signatures on floor clerk badge applications and will process such
     applications in no less than 24 hours after receipt.

                                                                        03/01/94



<PAGE>


                                                                     APPENDIX 4B

             PROCEDURES FOR RELIEF REQUESTS/FINANCIAL REQUIREMENTS

Procedures for Relief Requests Under CBOT Regulation 285.05 Financial
---------------------------------------------------------------------
Requirements and Related CFTC Regulations
-----------------------------------------

A member FCM that has filed any relief request with the Exchange need not file
such request with the CFTC. The Exchange will promptly advise the CFTC of the
request and use its best efforts to provide the CFTC with all pertinent
information available to the Exchange. "Relief request" means a request--

          1.   under CFTC Regulation 1.17(d) for exemption from the minimum
               debt/equity ratio;

          2.   under CFTC Regulation 1.17(e) to withdraw equity capital;

          3.   under CFTC Regulation 1.17(f)(2)(ii) for approval of
               consolidation;

          4.   under CFTC Regulation 1.17(f)(1)(v)(B) for approval of terms in a
               secured demand note relating to conditions for the making of a
               demand;

          5.   under CFTC Regulation 1.17(h)(2)(vii) to prepayment of
               subordinated borrowings;

          6.   under CFTC Regulation 1.17(h)(4) for approval of emergency
               subordination;

          7.   under CFTC Regulation 1.10(e) approval of a change in fiscal-year
               election; or

          8.   under CFTC Regulation 1.10(f) and Section 1.16(f) for a filing
               extension.

                                                                        12/01/01

<PAGE>

                                  Appendix 4C



<PAGE>

   APPENDIX 4E - MINIMUM FINANCIAL REQUIREMENTS FOR AGRICULTURAL REGULARITY

The minimum financial requirements for firms which are regular to deliver
agricultural products are:

1.   Working Capital - (current assets less current liabilities) must be greater
     than or equal to $2,000,000. Firms which do not have $2,000,000 in Working
     Capital must deposit with the Exchange $5,000 per contract which it is
     regular to deliver, up to a maximum of $2,000,000, less SEC haircuts, as
     specified in SEC Rule 15c3-1(c)(2)(vi), (vii) and (viii) plus 3% in the
     event of liquidation;

2.   New Worth - (Total assets less total liabilities) divided by the firm's
     allowable capacity (measured in contracts) must be greater than $5,000; The
     net worth of a firm regular to deliver corn or soybeans must be greater
     than or equal to $5,000,000. The operator of a shipping station issuing
     corn or soybean shipping certificates may only issue new shipping
     certificates when the total value of all outstanding shipping certificates
     and the new shipping certificates, at the time of issuance of the new
     shipping certificates, does not exceed 25% of net worth;

3.   Each firm which is regular to deliver agricultural products is required to
     file a yearly certified financial statement within 90 days of the firm's
     year-end. Each such firm is also required to file within 45 days of the
     statement date an unaudited semi-annual financial statement. However, each
     operator of a shipping station issuing corn or soybean shipping
     certificates is required to file within 45 days of the statement dates
     unaudited quarterly financial statements for each of the three quarters
     which do not end on such firm's year-end. In addition, the Exchange may
     request additional financial information as it deems appropriate;

4.   A Letter of Attestation must accompany all unaudited financial statements.
     The Letter of Attestation must be signed by the Chief Financial Officer or
     if there is none, a general partner, executive officer, or managerial
     employee who has the authority to sign financial statements on behalf of
     the firm and to attest to their correctness and completeness.

5.   For the requirements for notification of capital reductions, see Regulation
     285.03.

6.   Any change in the organizational structure of a firm that is regular for
     delivery requires that the firm notify the Exchange prior to such change.
     Changes in organizational structure shall include, but not be limited to, a
     corporation, limited liability company, general partnership, limited
     partnership or sole proprietorship that changes to another form. Prior to
     any such change occurring, the firm is also required to notify the Exchange
     in writing of any name change.
                                                                        11/01/01

<PAGE>

                                  Appendix 6A

APPENDIX 6A - FEE SCHEDULE: Member Claims

--------------------------------------------------------------------------------
Amount of Claim
--------------------------------------------------------------------------------
    $2,500 or less........................................   $150.00
    More than $2,500......................................   $250.00
--------------------------------------------------------------------------------
Stenographic Fees*
--------------------------------------------------------------------------------
    For attendance at a meeting:
    2-1/2 hour minimum....................................   $ 50.00
    Per Hour..............................................   $ 20.00
    Per Half Hour.........................................   $ 10.00
    For transcript:
    Original per page.....................................   $  2.00/page
    Carbon per page.......................................   $   .90/page
    Original per page (Daily copy)........................   $  2.60/page
    Carbon per page (Daily copy)..........................   $   .90/page
------------------------------------------------------------ -------------------

*Only for oral hearings.


<PAGE>

                                  Appendix 6B

APPENDIX 6B - FEE SCHEDULE: Customer and Non-Member Claims

--------------------------------------------------------------------------------
Amount of Claim
--------------------------------------------------------------------------------
    $2,500 or less........................................   $150.00
    More than $2,500......................................   $350.00
--------------------------------------------------------------------------------

Unassociated Arbitrators*
------------------------
         $50 per unassociated arbitrator per hearing** for claims heard pursuant
         to Regulation 630.12 [$2,500 or less] [minimum charge of $150].

         $100 per unassociated arbitrator per hearing date** for claims heard
         pursuant to Regulation 630.08 [more than $2,500] [minimum charge of
         $300].***

--------------------------------------------------------------------------------
Stenographic Fees*
--------------------------------------------------------------------------------
    For attendance at a meeting:
    2-1/2 hour minimum....................................   $ 50.00
    Per Hour..............................................   $ 20.00
    Per Half Hour.........................................   $ 10.00
    For transcript:
    Original per page.....................................   $  2.00/page
    Carbon per page.......................................   $   .90/page
    Original per page (Daily copy)........................   $  2.60/page
    Carbon per page (Daily copy)..........................   $   .90/page
--------------------------------------------------------------------------------

  *      Optional

 **      Hearings are normally scheduled for 2:15 p.m. and seldom last more than
         2-1/2 hours. If a hearing lasts in excess of 2-1/2 hours, requires an
         additional hearing date, or is continued on less than 24 hours' notice
         to the Administrator, fees will be charged for an additional hearing
         date.

***      These direct incremental costs attendant upon the provision of
         unassociated arbitrators will be paid by the member in cases involving
         customer claims regardless of the outcome of the arbitration unless the
         arbitrators decide that the customer has acted in bad faith in
         initiating, or participating in, the arbitration proceeding. Such
         incremental costs shall be allocated between the parties in the
         arbitrators' discretion in cases involving non-member claims.


<PAGE>

APPENDIX 9B - IMPLEMENTATION REGULATIONS OF e-cbot CONCERNING TECHNICAL
EQUIPMENT

1    Definitions

1.1  Network

The Network (the "Network") includes the entirety of all hardware elements
combined in each network node as well as all necessary components for the
connection of the network nodes (transmission lines for telecommunications,
etc.) which form the technical basis for the implementation of trading on e-
cbot, Eurex Deutschland and Eurex Zurich (the "Alliance Exchanges"). The Network
is constructed in a radial form and contains, as network nodes in particular,
the central host node of e-cbot, the central host node of  the Eurex Deutschland
and Eurex Zurich ("the Eurex Exchanges"), and the access points and all
components of Participant Front End Installations.

1.2  Electronic Data Processing System

The Electronic Data Processing System (the "EDP System") includes both the
Network and the operation-ready installed application of one or more of the
Alliance Exchanges.

1.3  Participant Front End Installation

A Participant Front End Installation consists of one or more computers which
enable trading on e-cbot (a Participant Front End System according to subsection
1.4 or a Multi-Member- Front End System according to subsection 1.5) and Network
components by which the connection to the Network  is made. In addition, the
Participant Front End Installation shall include all necessary components for
the maintenance of such Exchange Participant's internal network connections
(e.g., Gateways, Routers, etc.), provided that they are located in a network
area reserved for the Exchange (the 'Logical Network'). Additional hardware
elements are not components of the Participant Front End Installation, although
they may be connected thereto, to the extent that they satisfy the interfacing
demands established by the Exchange and - if required- have been registered at
the Exchange.

1.4  Participant Front End System

A Participant Front End System consists of at least one Exchange Participant's
computer integrated into the Network, and is equipped with sufficient capacity
and data security options in order to secure the technical basis on the part of
the Exchange Participant for participation on e-cbot. A Participant Front End
System is a component of the Participant Front End Installation (subsection 1.3)
and as such is part of the Network.


<PAGE>

1.5  Multi-Member-lntegrated System Server

(a)  Two or more Exchange Participants may access e-cbot by means of a common
     Front End System (Multi- Member-Front End System), which is a component of
     the Front End Installation (subsection 1.3). In such cases, the Exchange
     Participants should notify the Exchange to adjust the capacity of the
     telecommunications connection accordingly. A Multi-Member Front End System-
     should be installed as a 2-LAN configuration and connected as a MISS group
     with two servers.
(b)  CBOT Direct - e-cbot may maintain a MISS group as part of a Front End
     Installation through which one or more Exchange Participants may access e-
     cbot with the approval of their primary clearing member.

1.6  Logical Network

The Logical Network includes, in addition to the Network, all components at the
Exchange Participant's site which are connected for technical reasons to the
Network. Such components must be located in a network area reserved for the
Exchange.

1.7  Data Transmission Equipment

Telecommunication within the Network occurs by means of Data Transmission
Equipment, consisting of access points, routers and data transmission lines. A
Participant Front End System or a Multi-Member Front End System shall always be
connected by at least two data transmission lines to an access point.

1.8  Network Parameters

Network Parameters are values, dependent on the network software and its
underlying operating system software, which control the communication between
computers within a network. Network Parameters are installed with standard
settings prescribed by the Exchange upon the initial installation of the
software relating to network functions.

1.9  Auto-Quote Machines

Auto-Quote Machines are automatic quotation systems for options and futures. On
the basis of pricing information and additional parameters determined by the
Exchange Participant, quotes are automatically generated by an Auto-Quote
Machine and transmitted into the EDP System.

1.10 Electronic Eyes

Electronic Eyes are computer programs which continuously receive market prices
of Exchange products from the EDP System  and evaluate such market prices. As
soon as the price of an order or quote which is received by the Electronic Eye
lies within the range previously set by the Exchange Participant, the Electronic
Eye automatically generates an order which is then transmitted through the
programmable interfaces made available via the Participant Front End System to
the EDP System for execution.


<PAGE>

1.11  Third Party Software

Third party software is software which is not provided by or on behalf of e-cbot
and which is connected by an Exchange Participant to the programmable interface
of the EDP System.

1.12  Location

Subject to Regulation 9X.06, Location within the meaning of this provision means
the entirety of all business premises occupied by an Exchange Participant within
a building in which Participant Front End Installations have been installed for
the purpose of active options and futures trading. Business premises in which
Participant Front End Installations are only employed in emergencies or for the
purpose of engaging in technical simulated tests are not deemed to constitute a
Location within the meaning of this provision.


2     Connection to the EDP System

2.1   Requirements

Upon admission to participate in options and futures trading, the Exchange
Participant is connected to the EDP System. This connection is subject to the
Exchange Participant's compliance with Exchange Rules, including these
Implementation Regulations. By the establishment of such connection, the EDP
System shall not be compromised on the basis of Location or any other technical
grounds.  Each Exchange Participant undertakes to ensure that it is entitled to
connect each of its Participant Front End Installations to the EDP System  and
to execute trading on e-cbot, according to the national laws and regulations
effective in the country of each respective Location.

2.2   Installation of Participant Front End Installations

Each of an Exchange Participant's Front End Installations, if not employed in
emergencies or for the purpose of participating in technical simulated tests
(subsection 1.12) must be installed at a Location of the Exchange Participant
and should be configured redundantly.

Upon receipt of prior notification from an Exchange Participant or from an
applicant for Exchange admission, the Exchange may permit the installation and
the operation of a Participant Front End Installation at the business premises
of a third party engaged by the Exchange Participant or applicant for Exchange
admission to operate such Participant Front End Installation, if the application
of and compliance with the provisions of the rules and regulations of the
Exchange and supplemental conditions thereto are ensured, in particular in
respect of such third party. By means of appropriate agreements concluded with
the third party, the Exchange Participant or applicant for Exchange admission
shall secure the granting to the Exchange by the third party of the right to
inspect the business premises of such third party at all times for the purpose
of determining compliance with the requirements for the installation and
operation of a Participant Front End Installation.


<PAGE>

2.3  Installation of Several Participant Front End Systems

An Exchange Participant may apply for the connection of several Participant
Front End Systems. The Exchange may limit the number of Participant Front End
Systems applied for by an Exchange Participant for cause, including reasons
relating to system performance.

2.4  Connection of Quote Machines/Electronic Eyes

Upon special application by an Exchange Participant, the Exchange may permit the
connection of Auto-Quote Machines and/or Electronic Eyes to the EDP System
through the programmable interfaces made available via the Participant Front End
System, provided that the Exchange Participant continuously ensures that the
Auto-Quote Machines and/or Electronic Eyes

..   are installed at the Locations of the Exchange Participant and

..   are given parameters which correspond to at least one member for the
    Exchange Participant and

..   are controlled by at least one such person during trading hours.


3   Technical Requirements

The technical requirements set forth herein are binding on all Exchange
Participants; divergence from such regulations shall require the written consent
of the Exchange. The Exchange may at any time examine the configurations and
Network Parameters of an Exchange Participant and require the modification of
divergent values. In modifying such values,  the Exchange Participant is
required to effect such technical modifications to its Participant Front End
Installation as are required by the Exchange within any timeframe imposed by the
Exchange. Upon request from the Exchange , the Exchange Participant is obligated
to grant the Exchange access to the technical infrastructure employed by it for
establishing a connection with the EDP System to facilitate the carrying out of
technical inspections. Such access and/or any right of inspection is subject to
applicable local law.  If modifications are not completed within the time frame
imposed by the Exchange, the Exchange may restrict or bar the Exchange
Participant's access to the EDP System.


4   Hardware

4.1 Requirements

EDP equipment which ensures the orderly execution of trading over the EDP System
must be made available by Exchange Participants.


<PAGE>

4.2  Permitted Trading Platforms

The Alliance Exchanges shall specify permitted trading platforms for
installation on the Participant Front End Installation connected to the EDP
System.

4.3  Approved Hardware Configurations

All hardware configurations planned by an Exchange Participant must be approved
by the Exchange - by submitting the configuration questionnaire supplied by or
on behalf of the Exchange and filled in by the Exchange Participant- prior to
their installation; the same shall apply to modifications.

4.4  Responsibility for Operation

The operation of the Participant Front End Installation (including integrated
Routers) is the sole responsibility of the Exchange Participant. Each Exchange
Participant shall guarantee that it will operate its Participant Front End
Installation in an orderly manner, and that, by such operation, the operation
and functionality of trading and clearing on the Alliance Exchanges shall not be
compromised.


5 Software

5.1  Exchange Software

The Exchange shall make available to the Exchange Participants the application
software without source code. Subject to the rules and regulations of the
Exchange, including these Implementation Regulations, an Exchange Participant is
hereby granted a non-exclusive, non-transferable, revocable license to use the
current version of the application software as made available by the Exchange
solely for trading on e-cbot at an approved Location and may neither alter nor
copy such software without the consent of the Exchange. The foregoing shall not
apply to the production of copies of the application software if such copies are
produced solely for data storage purposes. Each Exchange Participant is
responsible for the installation of the application software on the components
of his Participant Front-End installation.

5.2  Participant's Operating System Software

The Exchange shall specify each version of the operating system software valid
at the time, including all necessary components, used for operation of the
current version of the application software on the Participant Front End
Installation.


5.3  Registration of Third Party Software

If an Exchange Participant intends to connect Third Party Software to the
programmable interface of the EDP System, the Exchange Participant shall assign
an electronic identifier to such Third Party Software before connecting it to
the programmable interface, observing the Exchange's instructions as to the


<PAGE>

systematic composition of such identifier, and shall have the Third Party
Software registered at the Exchange.

Each Exchange Participant shall ensure that the identifier assigned to Third
Party Software used by it will be sent together with each transmission to the
EDP System, when the registered Third Party Software communicates with the EDP
System  via the programmable interface. In case the EDP System is impaired by
the Third Party Software connected to the programmable interface, the  Exchange
may prohibit the connection of such software with immediate effect.

5.4  Responsibility for the Use of Third Party Software

The application software made available by the Exchange includes interfaces for
front and back office systems. The Exchange Participant itself is responsible
for the software which uses these interfaces.


6    Extent of Use of Data Transmission Equipment

An Exchange Participant may use the Data Transmission Equipment which serves
trading on e-cbot solely for trading on e-cbot unless otherwise approved in
writing by the Exchange. However, the Exchange reserves the right to use the
Data Transmission Equipment also for trading and clearing on other institutions.


7    Transmission Lines for Telecommunication

7.1  Control of Transmission Lines

The Exchange shall control the lines for the entire physical network/Network.
Installation and operation of the transmission lines for telecommunications
which are necessary for the connection between the Participant Front End
Installation and the Exchange shall be carried out by the Exchange or may be
contracted out by the Exchange.

7.2  Range of Transmission Lines

e-cbot shall make available a connection to the Location of the Exchange
Participant, provided that the transmission paths and types of connection
supported by e-cbot are available for such Exchange Participant and, under
normal conditions and adequate expense, able to be established and operated
while meeting the security and quality standards set forth by e-cbot.

7.3  Connection to Network

A Participant Front End Installation may only be connected to the access point
designated by the Exchange, and such connection must be by means of at least two
transmission lines.


<PAGE>

7.4  Security Against Failure

In order to increase security against failure, Participant Front End
Installations may be connected to the Network by means of more than two lines.

7.5  Number of Transmission Lines

Notwithstanding these regulations, the Exchange can set a minimum and maximum
number of the transmission lines necessary for an Exchange Participant to
connect its Participant Front End Installation to the EDP System, to the extent
that such action is necessary for reasons relating to system performance or for
other serious reasons.


8    Network Parameters


8.1  Specification of Network Parameters

To ensure the security of the Network and to protect the Participant Front End
Installations, each Exchange Participant shall comply with the following Network
Parameters.

..   An Exchange Participant's computers which are not components of the
    Participant Front End Installation may only access the Participant Front End
    Systems of such Exchange Participant and may not access other computers in
    the Network;

..   Only the computers of the Participant Front End Installation may access or
    be accessed from the Network;

..   Unauthorized access by a Participant Front End Installation to the computers
    of the Alliance Exchanges is prohibited,

..   Communication between Exchange Participants by means of the Network  is
    prohibited.

8.3 Compliance With Network Parameters

Upon installation of the Participant Front End Installation and Network
components, the Exchange Participant shall establish and maintain the Network
Parameters selected by the Exchange.

8.4 Reservation of Network Areas

The Exchange reserves network areas for its Logical Network. The network areas
selected by the Exchange can only be used for participation on the Exchange.
Within its own network, each Exchange Participant may use any network areas that
are not reserved for the Exchange.



<PAGE>

8.5  Node Numbers/Node Names

The Exchange shall assign node numbers and node names for the entire Logical
Network. Within the Network, only the nodes authorized by the Exchange by
assignment of node numbers may communicate with the EDP System.

Consequently, no computer that has not received a corresponding node number from
the Exchange may be connected by the Exchange Participants in the network areas
reserved by the Exchange. The transfer of the assigned node number and the
related node name to a computer with a function other than that as applied for
is prohibited.


9    Emergency Plan

9.1  Responsibility

Each Exchange Participant is responsible for taking appropriate measures for
emergency planning and management.

9.2  Emergency Computer Center

An Exchange Participant may establish an inactive emergency computer center
(computer failure center) and, if necessary, may connect this center with an
inactive line to an access point. The costs incurred by the Exchange shall in
such case be paid by the Exchange Participant.

9.3  Connection Between Two Locations

It an Exchange Participant operates at two or more Locations, he may supply any
two Locations with a connection in order to ensure breakdown protection in the
event of a disruption of the connection between one Location and an access
point.


10   Personnel

Each Exchange Participant is obligated to maintain a sufficient number of
qualified personnel at all times during trading hours and to guarantee their
availability by telephone in order to ensure the orderly operation of the
components of the EDP System which are in the control of the Exchange
Participant, particularly in order to take the necessary measures at the
instruction of the Exchange in the event of a technical disruption. In addition,
each Exchange Participant shall provide the Exchange with the name and telephone
number of a person to be contacted in the event of a technical disruption.


<PAGE>

11   Costs


11.1 Hardware and Software

The costs for the purchase, installation and maintenance of all hardware and
software used by an Exchange Participant shall be borne by the Exchange
Participant, and shall not be borne by the Exchange, provided that the
application software referred to in subsection 5.1 shall be made available by
the Exchange without additional cost.

11.2 Telecommunications Networks

The one-time and the continuing costs for establishing and operating the
Network, including the expenses for telecommunications transmission lines, will
be levied on Exchange Participants in the form of a fee established  by the
Exchange.


12   Technical Problems

12.1 Measures

During technical disruptions, the Board may suspend or restrict access to the
EDP System for one, several or all Exchange Participants, regardless of whether
such problems appear at one or more of the Alliance Exchanges or at one, several
or all Exchange Participants. The Exchange may resume trading or re-commence
after an interruption, even if one or several Exchange Participants still do not
have access to the EDP System for e-cbot if in the opinion of the Board of
Directors an orderly market continues to exist or is once again possible.

12.2 Information to Exchange Participants / Exchange Participants' Obligation to
Cooperate

Exchange Participants are obligated to inform themselves about technical
requirements and changes by means of the media made available by the Exchange.
The Exchange shall, to the extent possible, inform the Exchange Participants
without undue delay of any technical problems. In case of technical problems of
the EDP System, Exchange Participants are obligated to grant the Exchange or its
representatives access to their Locations in which Participant Front End Systems
are installed  for problem resolution.

12.3 Suspension of Options and Futures Trading

In the event of the suspension of trading on the basis of technical problems,
the Exchange shall place the EDP System on 'halt status', so that no more inputs
can be effected by Exchange Participants.

The resumption of trading after a trading suspension pursuant to the foregoing
regulation shall begin with a new Pre-Trading Period pursuant to Regulation
9x.09. Subsequently, trading will proceed consistently with Exchange Rules and
Regulations.

The Exchange shall inform Exchange Participants without delay of the reduced
time of the trading period.


<PAGE>




                                 Appendix 10A


APPENDIX 10A - ELEVATORS IN THE CHICAGO AND BURNS HARBOR SWITCHING DISTRICTS
(WHEAT & OATS)

Following is a listing of the elevators in the Chicago and Burns Harbor
Switching Districts approved as regular for the delivery of Wheat and Oats
through June 30, 2004:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                                CAPACITY IN
        WAREHOUSE                     LOCATION                    BUSHELS
--------------------------------------------------------------------------------
<S>                          <C>         <C>       <C>          <C>
  Cargill, Inc.              Cargill     Burns     Harbor       5,473,000
                             Portage, IN

  Chicago & Illinois         Chicago                            9,156,000

  River Marketing LLC
--------------------------------------------------------------------------------
</TABLE>

Note:  All elevators are Federally licensed.

                                                                       07/01/02


<PAGE>




                                 Appendix 10B

APPENDIX 10B - ELEVATORS IN THE ST. LOUIS AND EAST ST. LOUIS SWITCHING DISTRICTS
(WHEAT)

Following is a listing of the elevators in the St. Louis, East St. Louis and
Alton Switching districts approved as regular for the delivery of Wheat through
June 30, 2004:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
                                                                                        CAPACITY IN
        WAREHOUSE                            LOCATION                                     BUSHELS
-----------------------------------------------------------------------------------------------------------
<S>                                    <C>                         <C>                   <C>
Archer-Daniels-Midland Co.             St. Louis                   Elevator                 2,154,000
                                       St. Louis, MO

Cargill Inc.                                                       Elevator                 2,481,000
                                       East St. Louis, IL

-----------------------------------------------------------------------------------------------------------
</TABLE>

Note:    All Elevators listed are Federally licensed.

                                                                        07/01/02


<PAGE>


                                  Appendix 10C


APPENDIX 10C - ELEVATORS IN THE MINNEAPOLIS AND ST. PAUL SWITCHING DISTRICTS
(OATS)

Following is a listing of the elevators in the Minneapolis and St. Paul, MN
Switching Districts which are approved as regular for the delivery of Oats
through June 30, 2004:

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                                           CAPACITY IN
     WAREHOUSE                           LOCATION                           BUSHELS
------------------------------------------------------------------------------------------------
<S>                                    <C>                  <C>            <C>
Bunge North                            Midway               Elevator        2,643,000
America, Inc.                          Minneapolis, MN

                                       Port Bunge           Elevator        9,275,000
                                       Savage, MN

Cargill, Inc.                          Port                  Cargill       13,762,000
                                       Elevator                  "C"
                                       Savage, MN

Cenex Harvest States                   HSC Savage           Elevator          641,000
Co-Operatives                          Savage, MN

                                       Elevator #2                          1,400,000
                                       St. Paul, MN

                                       St. Paul         Elevator "M"        1,331,000
                                       St. Paul, MN

                                       Calumet              Elevator        1,323,000
ConAgra, Inc.                          Minneapolis, MN
                                       Electric Steel       Elevator
                                       Minneapolis, MN                      4,579,000

                                       Malt-One             Elevator        2,348,000
                                       Minneapolis, MN

                                       Marquette            Elevator        3,830,000
                                       Minneapolis, MN

                                       Shakopee             Elevator        1,122,000
                                       Shakopee, MN

                                       Delmar #4/Washburn          C
General Mills Operations, Inc.         Minneapolis, MN                      9,636,000

                                       Washburn             Elevator        2,400,000
                                       Checkerboard     Elevator   B
                                       Minneapolis, MN

                                       Washburn         D-Elevator T        4,047,000
                                       Minneapolis, MN

                                       Fridley              Elevator        4,955,000
                                       Fridley, MN
                                       Washburn E. S00      Elevator        3,553,000
                                       Washburn, MN
------------------------------------------------------------------------------------------------
</TABLE>

NOTE:  ALL ELEVATORS ARE FEDERALLY LICENSED.

                                                                  07/01/02


<PAGE>




                                 APPENDIX 10D

APPENDIX 10D - ELEVATORS IN THE TOLEDO, OHIO SWITCHING DISTRICT (WHEAT)

Following is a listing of the elevators in the Toledo, Ohio Switching District
which are approved as regular for the delivery of Wheat through June 30, 2004:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                                                      CAPACITY IN
            WAREHOUSE                             LOCATION                              BUSHELS
-----------------------------------------------------------------------------------------------------
<S>                                <C>                                               <C>
The Andersons Agricultural Group Andersons-Illinois Elevator                          20,559,000
L.P.                               Maumee, Ohio

                                   Reynolds Road Elevator                                983,000
                                   Toledo, Ohio

                                   River Elevator                                      7,232,000
                                   Toledo, Ohio

                                   Conant Street Elevator                              6,316,000
                                   Maumee, Ohio

                                   Edwin Drive Elevator                                6,732,000
                                   Toledo, Ohio

Archer-Daniels-Midland Co.         Toledo Elevator                                     9,795,000
d/b/a ADM Grain Company            Toledo, Ohio

                                   Ottawa Lake Elevator                                7,680,000
                                   Ottawa Lake, MI
-----------------------------------------------------------------------------------------------------
</TABLE>
NOTE: ALL ELEVATORS ARE FEDERALLY LICENSED.

                                                                        07/01/02


<PAGE>

                                 Appendix 10F

APPENDIX 10F - RECIPROCAL AND INTERMEDIATE SWITCHING CHARGES

REFERENCE GUIDE ONLY - EFFECTIVE MAY 1, 1997
THE FOLLOWING RECIPROCAL AND INTERMEDIATE SWITCHING CHARGES APPLY AT ELEVATORS
REGULAR FOR DELIVERY WITHIN THE CHICAGO, IL AND BURNS HARBOR, IN SWITCHING
DISTRICTS. RATES ARE IN DOLLARS PER CAR UNLESS OTHERWISE INDICATED.

<TABLE>
<CAPTION>
                                 RESULT AND/OR INTERMEDIATE
ELEVATOR:                        RECIPROCAL CARRIER:                               CARRIER AND END RESULT:
---------                        -------------------                               -----------------------
CARGILL                          CR OR IHB LINE HAUL                               DIRECT CONNECTION WITH ALL
                                                                                   OTHER CARRIERS.
BURNS HARBOR, IN                 RATE                                              OTHER CARRIERS.
--------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                               <C>
CHICAGO & ILLINOIS        RIVER  IHB - $242.00 PER CAR
MARKETING, L.L.C.
117/TH/ &                              $166.00 PER CAR (25-CAR)
TORRENCE                               $ 95.00 PER CAR (50-CAR)
CHICAGO, IL                            (PRIVATE CARS, CR, NS)
DIRECT CONECTION WITH ALL OTHER CARRIERS
                                 IHB   $261.00 PER CAR
                                       $184.00 PER CAR (25-CAR)
                                       $110.00 PER CAR (50-CAR)
                                       (ALL OTHER CARRIERS)
                                 CRL - $187.00 PER CAR
--------------------------------------------------------------------------------------------------------------------
</TABLE>

THIS APPENDIX IS ONLY A REFERENCE GUIDE AND SHOULD NOT BE CONSTRUED AS A TRADING
RECOMMENDATION OF THE CHICAGO BOARD OF TRADE. DUE TO THE RAPID CHANGES IN
FREIGHT TARIFFS, WE DO NOT GUARANTEE THIS APPENDIX AS TO ACCURACY OR
COMPLETENESS. FOR CURRENT INFORMATION ON SWITCHING CHARGES CONTACT THE
RESPECTIVE RAIL CARRIER DIRECTLY.

                                                                        01/01/00


<PAGE>

                                 Appendix 10G

APPENDIX 10G - GRAIN LOAD-OUT PROCEDURES

The following is a general outline of procedures for the load-out of grain
covered by Chicago Board of Trade ("CBOT") registered warehouse
receipts/shipping certificates. The procedures are based upon a combination of
CBOT Rules and Regulations and trade practice. Where applicable, CBOT Rules and
Regulations are cited.

1.   Cancellation of the Warehouse Receipt/Shipping Certificate at CBOT
     Registrar's Office.

          a.   To initiate the load-out process, the receipt/certificate holder,
               or owner, requests his clearing firm to cancel the warehouse
               receipt/shipping certificate at the CBOT Registrar's Office or
               requests load-out using the electronic form provided by the
               Cleaning House's Online System.

          b.   The Registrar bills the owner's clearing firm a cancellation fee
               per receipt/certificate. (Internal policy of CBOT Registrar's
               Office.)

          c.   The holder of the shipping certificate will notify the shipper of
               load-out instructions. Notification will be by telephone, telex
               or telefax.

2.   Surrender of the Cancelled Warehouse Receipt/Shipping Certificate.

          a.   The next step is for the owner to surrender the cancelled
               receipt/certificate to the regular warehouseman/shipper or his
               representative agent in Chicago. The agent must be a registered
               clearing member of the CBOT, be located in the vicinity of the
               CBOT and be available during business hours (except Exchange
               holidays). Business hours are 8:00 a.m. - 4:30 p.m., Monday -
               Thursday and 8:00 a.m. - 3:00 p.m. on Friday.

          b.   At this time, the warehouseman/shipper, at his option, may
               require the owner to pay storage/premium and insurance charges
               that have accumulated up to and including the date of surrender.
               (See items 6(a) and (b) below.) The warehouseman's/shipper's
               agent shall accept these payments during business hours.

          c.   At this time, the warehouseman, at his option, may also require
               the owner to pay the warehouseman or his agent a load-out fee of
               up to 6 cents per bushel. A fobbing charge of 4 cents per bushel
               was already paid at the time of delivery of corn and soybean
               shipping certificates. (The maximum load-out/fobbing fee, subject
               to change, is 6 cents per bushel for receipts and 4 cents per
               bushel for certificates. CBOT Regulation 1081.01(11).)

          d.   If the owner decides against loading out grain, he may notify the
               warehouseman's/shipper's agent that warehouse receipts/shipping
               certificates are to be re-issued. The warehouseman's/shipper
               agent, if requested by the owner, shall obtain the
               receipts/certificates from the warehouseman/shipper, and if agent
               is notified by 12:00 noon, re-issued receipts shall be
               deliverable by 4:00 p.m. the following business day. (Any
               reimbursement of expenses for making the grain available for
               loading must be mutually accepted by the maker and taker.
               Notification of agents is notification of principal. All fees are
               a matter between agent and principal.)

3.   Arrangement of Transportation Conveyance.

          a.   Next, the owner arranges for proper conveyance of the grain to be
               loaded out with a carrier; the conveyance may be rail cars,
               barge, or vessel, and must be clean and ready-to-load.

          b.   The owner provides the warehouseman/shipper with written loading
               orders that identify the vessel, barge, or number of rail cars
               that will take delivery of the grain, and that specify the grade
               and estimated number of bushels to be loaded.

          c.   An owner requesting vessel load-out, having surrendered canceled
               receipts/certificates and tendered written loading orders to the
               warehouseman/shipper, is entitled to the warehouse's/shipper's
               current scheduled load-in and load-out lineups, provided the
               owner gives to the warehouseman/shipper the identity of the
               vessel and the estimated-time-of-arrival no more than 5 calendar
               days prior to constructive placement of the vessel.


<PAGE>

                                 Appendix 10G


               In addition, an owner is entitled to receive updated information,
               upon request, on the elevator's/shipping station's scheduled
               load-in and load-out lineups.

          d.   The carrier or its agent notifies the warehouseman/shipper of the
               "constructive placement" of the conveyance. The term
               "constructive placement" is defined in CBOT Regulations
               1081.01(12)A. (1), (2) and (3). Only the warehouseman/shipper can
               order the conveyance to the elevator/shipping station for actual
               placement for loading.

          e.   The warehouseman/shipper is not responsible for the failure of
               the carrier to present clean, ready-to-load conveyance to the
               warehouseman/shipper. (CBOT Regulation 1081.01(12) B.)


4.   Request for Grain Inspection or Stevedoring Service.

          a.   The owner may, at his option and expense, request the
               warehouseman/shipper to arrange inspection and weighing service
               provided by the Federal Grain Inspection Service ("FGIS").

          b.   In case of water load-out (barge or vessel), the owner should
               request the warehouseman/shipper to arrange stevedoring service.
               In this regard, the owner may designate to the
               warehouseman/shipper the stevedoring service he would like to
               use. The owner is responsible for charges incurred for
               stevedoring service.

          c.   The warehouseman/shipper does not control the availability of the
               FGIS and the stevedoring services.

5.       Actual Load-Out.

          a.   The warehouseman/shipper must load-out all conveyances in the
               order of their constructive placement. An operator of a regular
               facility in Chicago, Burns Harbor, along the Illinois Waterway,
               and St. Louis has the obligation of loading grain represented by
               warehouse receipts or shipping certificates giving preference to
               takers of delivery. (CBOT Regulation 1081.01(12) A.)

          b.   The warehouseman/shipper informs the owner of the time of loading
               completion and the release time of the conveyance to the carrier.

          c.   The warehouseman/shipper must advise the owner of any load-out
               difficulties. Inclement weather may delay loading.

          d.   The owner should be familiar with the tariff of the
               warehouse/shipping station where the load-out is to occur.

6.       Final Settlement of All Charges By Invoice

          a.   The owner pays the warehouseman/shipper storage/premium charges
               that have accumulated up to and including the 10th business day
               after constructive placement of the conveyance or the date of
               loading completion, whichever is earlier. (CBOT Regulation
               1081.01(12).) If the owner paid storage/premium charges when he
               surrendered the cancelled warehouse receipt/shipping certificate
               (see item 2(b) above) he now pays storage/premium charges that
               have accumulated since that time as invoiced.

          b.   The owner pays the warehouseman for the FGIS service and the
               stevedoring company for stevedoring service as invoiced.

          c.   With some exceptions for Burns Harbor delivery, the owner pays
               all transportation costs, including switching charges and
               demurrage, if any, to the appropriate transportation company.


<PAGE>

                                 Appendix  10G

*/   The outline provided above is intended to serve only as a general guide to
     grain load-out procedures; certain of the discussed obligations of the
     warehouseman and owners may not apply in a particular situation or may be
     open to negotiation between the parties. Care has been taken in the
     preparation of this outline, but there is no warranty or representation
     expressed or implied by the Chicago Board of Trade or its member firms as
     to the accuracy or completeness of the material herein. In particular, CBOT
     rules and regulations may be revised from time accordingly, current rules
     and regulations, if applicable, should be consulted when there is a
     question about load-out. Please be advised that the U.S. Warehouse Act, as
     amended, a state law may also apply to, or govern, a particular situation.
     If you have legal questions concerning load-out, we recommend that you
     consult your legal counsel. 10/01/01



<PAGE>



                                Appendix 10C A

APPENDIX 10C A - CORN AND SOYBEAN SHIPPING STATIONS

Following is a listing of the shipping stations approved as regular for the
delivery of Corn and Soybeans for the period through June 30, 2004:


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
BOTCC Code         Firm         Location      Mile        Approved   Daily Loading  Max. Certs      Location
                                             Marker       Capacity   Rate (bu/day)                Differential
                                                            (bu)                                   (cents/bu)
<S>                <C>          <C>          <C>        <C>          <C>             <C>         <C>
1750       Cargill, Inc.        Burns               340    5,473,000        165,000      1,094         par
                                Harbor,  IN
1705       Chicago & Illinois   Chicago, IL      329.4R    9,156,000        165,000      1,831         par
           River Marketing, LLC
1715       Louis Dreyfus        Lockport, IL     292.8R      204,000         55,000        220          2
1758       Cargill, Inc.        Morris, IL       263.3R      124,000        110,000        440          2
1752       Louis Dreyfus        Morris, IL       263.0R      304,000         55,000        220          2
1730       ADM/Growmark River   Morris-E, IL     263.0R      587,000         55,000        220          2
           Systems, Inc.
1731       ADM/Growmark River   Morris-W, IL     262.9R      230,000        110,000        440          2
           Systems, Inc.
1759       Cargill, Inc.        Seneca, IL       252.5R      846,000         55,000        220          2
1732       ADM/Growmark River   Ottawa-N, IL     241.8R      988,000         55,000        220        2 1/2
           Systems, Inc.
1753       Cargill, Inc.        Ottawa, IL       238.5L      880,000        110,000        440        2 1/2
1733       ADM/Growmark River   Ottawa-S, IL     236.9L      107,000        110,000        440        2 1/2
           Systems, Inc.
1765       Maplehurst Farms,    Ottawa, IL       236.4R  THROUGH PUT         55,000        220        2 1/2
           Inc.
1701       Consolidated Grain   Utica, IL          229L      681,000         55,000        220        2 1/2
           and Barge Co.
1714       Louis Dreyfus        Utica, IL          229L  THROUGH PUT         55,000        220        2 1/2
1734       ADM/Growmark River   La Salle, IL     223.3R       84,000        110,000        440        2 1/2
           Systems, Inc.
1702       Consolidated Grain   Peru, IL         222.9R            0         55,000        220        2 1/2
           and Barge Co.
1713       Louis Dreyfus        Peru, IL         222.9R  THROUGH PUT         55,000        220        2 1/2
1735       ADM/Growmark River   Spring           218.4R      109,000        110,000        440        2 1/2
           Systems, Inc.        Valley, IL
1754       Cargill, Inc.        Spring           218.3L    1,433,000        110,000        440        2 1/2
                                Valley, IL
1736       ADM/Growmark River   Hennepin, IL     207.7L      500,000        110,000        440        2 1/2
           Systems, Inc.
1760       Cargill, Inc.        Hennepin, IL     207.5L      110,000         55,000        220        2 1/2
1703       Consolidated Grain   Hennepin, IL     207.4R      416,000         55,000        220        2 1/2
           and Barge Co.
1712       Louis Dreyfus        Hennepin, IL     207.4R  THROUGH PUT         55,000        220        2 1/2
1737       ADM/Growmark River   Henry, IL        195.8R      552,000         55,000        220        2 1/2
           Systems, Inc.
1738       ADM/Growmark River   Lacon, IL        189.5L      199,000         55,000        220        2 1/2
           Systems, Inc.
1761       Cargill, Inc.        Lacon, IL        189.3L      487,000        110,000        440        2 1/2
1739       ADM/Growmark River   Chillicothe,     180.5R      172,000         55,000        220        2 1/2
           Systems, Inc.        IL
1740       ADM/Growmark River   Creve  Coeur,    158.1L    1,401,000         55,000        220          3
           Systems, Inc.        IL
1749       Cargill, Inc.        Pekin, IL        153     THROUGH PUT        165,000        660          3
1720       Tomen Grain Company  Pekin, IL        152.2L      732,000        110,000        440          3
-------------------------------------------------------------------------------------------------------------------
</TABLE>

                                Appendix 10C A

                                                                     (01/09/03)


                                  Page 1 of 1

<PAGE>


                                Appendix 10S A


APPENDIX 10S A - SOYBEAN ONLY SHIPPING STATIONS

See Appendix 10C A - CORN AND SOYBEAN SHIPPING STATIONS for shipping stations
approved as regular for the delivery of Soybeans above Illinois River Mile
Marker 151.

Following is a listing of additional shipping stations approved as regular for
the delivery of Soybeans only for the period through June 30, 2004:


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
BOTCC              Firm            Location              Mile          Approved        Daily         Max.       Location
Code                                                    Marker         Capacity       Loading       Certs      Differential
                                                                         (bu)           Rate                    (cents/bu)
                                                                                      (bu/day)
<S>         <C>                    <C>                 <C>            <C>           <C>             <C>         <C>
1755        Cargill, Inc.          Havana-N, IL           119.9L          575,000         55,000       220       3 1/2
1762        Cargill, Inc.          Havana-S, IL           119.8L          738,000         55,000       220       3 1/2
1742        ADM/Growmark River     Havana-N, IL           119.6L        1,093,000         55,000       220       3 1/2
            Systems, Inc.
1743        ADM/Growmark River     Havana-S, IL           119.3L          178,000         55,000       220       3 1/2
            Systems, Inc.
1763        Cargill, Inc.          Beardstown, IL          88.1L          439,000         55,000       220       3 1/2
1744        ADM/Growmark River     Beardstown, IL          91.0R        2,757,000         55,000       220       3 1/2
            Systems, Inc.
1756        Cargill, Inc.          Merdedosia, IL          71.3L          962,000        110,000       440       3 1/2
1745        ADM/Growmark River     Naples, IL              66.1L          310,000         55,000       220       3 1/2
            Systems, Inc.
1706        Zen-Noh Grain Corp.    Naples, IL                65L          THROUGH         55,000       220       3 1/2
                                                                              PUT
1704        Consolidated Grain     Naples, IL                65L        6,247,000         55,000       220       3 1/2
            and Barge Co.
1757        Cargill, Inc.          Florence, IL            55.3R        1,855,000        165,000       660       3 1/2
1747        ADM/Growmark River     St. Louis, MO         UM 184R        2,154,000        220,000       880       6
            Systems, Inc.
1764        Cargill, Inc.          E. St.  Louis, IL     UM 179L        2,481,000        110,000       440       6
1710        Peavey Co., a          Sauget, IL            UM 177L          288,000        110,000       440       6
            ConAgra Trade
            Group company
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                 (10/01/02)
</TABLE>


<PAGE>

                                 Appendix 11A

APPENDIX 11A - CRUDE SOYBEAN OIL

Following is a listing of the firms approved for the delivery of Crude Soybean
Oil through June 30, 2004:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                                                                                 MAXIMUM
                FIRM/FACILITIES                       REGULAR SPACE             RECEIPTS
                                                        (POUNDS)            ALLOWED TO ISSUE
--------------------------------------------------------------------------------------------
<S>                                                   <C>                   <C>
AG PROCESSING, INCORPORATED
    Dawson, MN                                           26,324,000                      438
    Eagle Grove, IA                                      20,000,000                      333
    Emmetsburg, IA                                       88,000,000                    1,466
    Fort Dodge, IA                                       13,000,000                      216
    Manning, IA                                           9,000,000                      150
    Mason City, IA                                       36,000,000                      600
    Omaha, NE                                            40,000,000                      666
    Sergeant Bluff, IA                                   31,500,000                      525
    Sheldon, IA                                          19,200,000                      320
    St. Joseph, MO                                       24,000,000                      400
ANDERSONS AGRICULTURE GROUP L.P., THE
    Logansport, IN                                       20,000,000                      333
ARCHER DANIELS MIDLAND CO.
    Decatur, IL                                         180,000,000                    3,000
    Des Moines, IA                                       40,600,000                      676
    Frankfort, IN                                        39,000,000                      650
    Galesburg, IL                                        11,400,000                      190
    Granite City, IL                                     40,000,000                      666
    Lincoln, NE                                          27,000,000                      450
    Mankato, MN                                          51,000,000                      850
    Mexico, MO                                           43,000,000                      716
    N. Kansas City, MO                                   42,000,000                      700
    Quincy, IL                                           54,500,000                      908
    Taylorville, IL                                      29,900,000                      498
BUNGE MILLING, INC.
    Danville, IL                                         91,500,000                    1,525
BUNGE NORTH AMERICA (SDP WEST), INC.
    Emporia, KS                                          36,600,000                      610
BUNGE NORTH AMERICA,  INC.
    Fort Wayne, IN                                       45,750,000                      762
    Logansport, IN                                       62,000,000                    1,033
CARGILL, INC.
    Ackley, IA                                          240,000,000                    4,000
    Bloomington, IL                                       3,900,000                       65
    Buffalo, IA                                          36,800,000                      613
    Cedar Rapids, IA                                      1,920,000                       32
    Cedar Rapids, (E), IA                                 9,300,000                      155
    Des Moines, IA                                        8,490,000                      141
    Iowa Falls, IA                                       20,000,000                      333
    Kansas City, MO                                       7,000,000                      116
    Lafayette, IN                                         9,000,000                      150
CENEX HARVEST STATES COOPERATIVES
(Harvest States Oilseed Processing & Refining division)
    Mankato, MN                                           6,000,000                      100
CENTRAL SOYA COMPANY, INC.
    Decatur, IN                                         118,950,000                    1,982
    Gibson City, IL                                      50,325,000                      838
CHICAGO & ILLINOIS RIVER MARKETING, LLC
    Chicago, IL                                           4,725,000                       78
INCOBRASA INDUSTRIES, LTD.
    Gilman, IL                                          123,525,000                    2,058
SOUTH DAKOTA SOYBEAN PROCESSORS, INC.
    Chicago, IL                                           9,576,000                      159
    St. Paul, MN                                         29,115,000                      484
    Volga, SD                                           200,700,000                    3,345
ZEELAND FARM SERVICES, INC.
    Chicago, IL                                          52,000,000                      866
    Portage, IN                                          40,980,000                      683

--------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


                                 Appendix 11A


                                                                    09/01/02


                                  Page 2 of 1

<PAGE>


                                 Appendix 11B

APPENDIX 11B - SOYBEAN OIL DELIVERY DIFFERENTIALS IN CENTS
PER 100 LBS.

<TABLE>
<CAPTION>

DELIVERY TERRITORY/WAREHOUSE LOCATION           DIFFERENTIALS
<S>                                                 <C>
ILLINOIS TERRITORY
   Bloomington, IL                                   PAR
   Danville, IL                                      PAR
   Decatur, IL                                       PAR
   Galesburg, IL                                     PAR
   Gibson City, IL                                   PAR
   Gilman, IL                                        PAR
   Granite City, IL                                  PAR
   Quincy, IL                                        PAR
   Taylorville, IL                                   PAR
EASTERN TERRITORY
   Decatur, IN                                       (30)
   Fort Wayne, IN                                    (30)
   Frankfort, IN                                     (30)
   Indianapolis, IN                                  (30)
   Lafayette, IN                                     (30)
   Logansport, IN                                    (30)
   Portage, IN                                       (30)
EASTERN IOWA TERRITORY
   Ackley, IA                                        (20)
   Buffalo, IA                                       (20)
   Cedar Rapids, IA                                  (20)
   Cedar Rapids (E), IA                              (20)
   Des Moines, IA                                    (20)
   Iowa Falls, IA                                    (20)
   Mason City, IA                                    (20)
SOUTHWEST TERRITORY
   Kansas City, MO                                   (5)
   Mexico, MO                                        (5)
   N. Kansas City, MO                                (5)
   St. Joseph, MO                                    (5)
   Emporia, KS                                       (5)
NORTHWEST TERRITORY
   Eagle Grove, IA                                   (55)
   Emmetsburg, IA                                    (55)
   Fort Dodge, IA                                    (55)
   Manning, IA                                       (55)
   Sergeant Bluff, IA                                (55)
   Sheldon, IA                                       (55)
   Dawson, MN                                        (55)
   Mankato, MN                                       (55)
   St. Paul, MN                                      (55)
   Lincoln, NE                                       (55)
   Omaha, NE                                         (55)
   Volga, SD                                         (55)
</TABLE>



<TABLE>
<CAPTION>

DIFFERENTIALS FOR SOYBEAN OIL DELIVERY MONTHS JANUARY THRU DECEMBER 2003
Illinois          Eastern       Eastern Iowa       Southwest       Northwest
--------          -------       ------------       ---------       ---------
<S>              <C>           <C>                <C>             <C>
Par               (40)          (10)               15              (55)
</TABLE>


( ) - Differentials enclosed by parentheses ( ) are discounts.


                                                                        09/01/02


<PAGE>


                                 Appendix 12A


APPENDIX 12A - SOYBEAN MEAL

Following is a listing of the firms approved for the delivery of Soybean Meal
through June 30, 2004:


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
                                                  DAILY RATE             MAXIMUM
               FIRM/FACILITY                      OF LOADING           CERTIFICATES
                                                    (TONS)           BONDED TO ISSUE
-----------------------------------------------------------------------------------------
<S>                                                <C>                <C>
Ag Processing Incorporated
    Eagle Grove, IA                                 1,600                   265
    Manning, IA                                       600                   123
    Mason City, IA                                    700                   114
    Emmetsburg, IA                                    700                   117
    Sergeant Bluff, IA                              1,000                   172
    Sheldon, IA                                       840                   160
    St. Joseph, MO                                    620                    99
Archer-Daniels-Midland Co.
    Decatur, IL                                     2,000                   345
    Des Moines, IA                                  1,500                   253
    Fostoria, OH                                      600                   103
    Frankfurt, IN                                     800                   128
    Galesburg, IL                                     400                    70
    Little Rock, AR                                   400                    78
    Mexico, MO                                        700                   115
    N. Kansas City, MO                                800                   140
    Quincy, IL                                      2,000                   349
    Taylorville, IL                                   700                   125
Bunge Milling Inc.
    Danville, IL                                      960                 1,144
Bunge North America (SDP West), Inc.
    Council Bluffs, IA                              2,500                   575
Bunge North America, Inc.
    Cairo, IL                                       2,000                   300
    Decatur, AL                                       960                   144
    Marks, MS                                       1,200                   330
Cargill, Inc.
    Bloomington, IL                                   600                    90
    Cedar Rapids (E), IA                            1,500                   225
    Des Moines, IA                                  1,100                   165
    Guntersville, AL                                  900                   205
    Iowa Falls, IA                                  1,500                   225
    Kansas City, MO                                 1,500                   225
    Lafayette, IN                                     850                   128
    Sioux City, IA                                   2000                   330
    Sidney, OH                                      1,500                   225
Central Soya Company, Incorporated
    Bellevue, OH                                      750                   124
    Decatur, IN                                     2,000                 1,000
    Gibson City, IL                                   800                   220
    Morristown, IN                                  1,000                   160
Consolidated Grain & Barge Company
    Mt. Vernon, IN                                  1,000                   210
    Incobrasa Industries, Ltd.                      1,300                   273
    Gilman, IL
Owensboro Grain Company
    Owensboro, KY                                   1,600                   553
Riceland Foods, Incorporated
    Stuttgart, AR                                     325                    98
----------------------------------------------------------------------------------------
</TABLE>



                                                                        01/01/03


<PAGE>

                                 Appendix 12B

APPENDIX 12B - SOYBEAN MEAL LOCATIONS
APPROVED FOR DELIVERY AND THEIR DISCOUNTS OR PREMIUMS


CENTRAL TERRITORY - AT CONTRACT PRICE
Bloomington,IL
Cairo, IL
Danville, IL
Decatur, IL
Galesburg, IL
Gibson City, IL

Gilman, IL

Quincy, IL
Taylorville, IL
Owensboro, KY
EASTERN IOWA TERRITORY - $4.50 DISCOUNT
Cedar Rapids, (East), IA
Des Moines, IA
Iowa Falls, IA
MIDSOUTH TERRITORY - $6.50 PREMIUM
Decatur, AL
Guntersville, AL
Helena, AR
Little Rock, AR
Marks, MS
Stuttgart, AR.
MISSOURI TERRITORY - AT $1.00 PREMIUM
Kansas City, MO
Mexico, MO
N. Kansas City, MO
St. Joseph, MO
NORTHERN TERRITORY - $4.00 DISCOUNT
Eagle Grove, IA
Council Bluffs, IA
Emmetsburg, IA
Manning, IA
Mason City, IA
Sergeant Bluff, IA
Sheldon, IA
Sioux City, IA
NORTHEAST TERRITORY -$1.50 PREMIUM
Bellevue, OH
Decatur, IN
Fostoria, OH
Frankfurt, IN

                                  Page 1 of 2

<PAGE>

                                 Appendix 12B

NORTHEAST TERRITORY -$1.50 PREMIUM (Continued)

Lafayette, IN
Morristown, IN
Mt. Vernon, IN
Sidney, OH

DIFFERENTIALS FOR SOYBEAN MEAL DELIVERY MONTHS JANUARY THRU DECEMBER 2003


Central  Northeast  Mid South  Missouri    Eastern Iowa  Northern
-------  ---------  ---------  --------    ------------  --------

Par      +$1.50     +$6.50     +$1.00      -$4.50        -$4.00

                                                                        12/01/02


                                  Page 2 of 2

<PAGE>

                                 Appendix m14A

APPENDIX m14A - BRANDS APPROVED FOR DELIVERY
AGAINST CBOT mini-sized NEW YORK SILVER CONTRACTS

<TABLE>
<CAPTION>
                                                              COMPUTER
PRODUCER                             REFINED AT               CODE           BRAND MARKS
--------                             ----------               ----           -----------
<S>                                  <C>                      <C>              <C>
The Anaconda Company                 Perth Amboy, N.J.        UMCO           * UMS CO.

ASARCO Incorporated                  Amarillo, Texas          ASAT             ASARCO SILVER - AMARILLO,
                                                                               TEXAS
                                     Baltimore, M.D.          ASBA           * ASARCO BALTIMORE, MARYLAND
                                     Perth Amboy, N.J.        ASCP           * AS & R CO.-PERTH AMBOY, N.J.
                                     Perth Amboy, N.J.        ASPA           * ASARCO-PERTH AMBOY, NEW JERSEY
                                     Selby, CA                SGSR           * SELBY GOLD & SILVER REFINERY,
                                                                               SAN FRANCISCO, CAL.

Britannia Refined Metals Co.         Northfleet, England      BLCO             BLCo.

Broken Hill Associated Smelters
 Pty. Ltd.                           Port Pirie, Australia    BHAS             BHAS

The Bunker Hill Company              Kellogg, Idaho           HILL           * BUNKER HILL

Cerro de Pasco Corporation           La Oroya, Peru           CDPP           * C de P PERU

Cominco Ltd.                         Trail, British Columbia  TADA             TADANAC

Compania de Real Monte
 y Pachuca                           Pachuca, Mexico          RDMM             R del M

Comptoir Lyon-Alemand Louyot         Noisy le Sec, France     CLAP           * COMPTOIR-LYON-ALEMAND,
                                                                               LOUYOT & CIE-PARIS
                                                              CLAL             COMPTOIR-LYON-ALEMAND,
                                                                               LOUYOT-PARIS

Degussa A.G.                         Hanau, Germany           DEGU             DEGUSSA  (with 1/2 sun and
                                                                               1/4 moon within diamond)

Degussa Corporation, Metz Div.       South Plainfield, N.J.   METZ             DEGUSSA (with 1/2 sun and
                                                                               1/4 moon within diamond,
                                                                               also Metz est. 1921)

Dowa Mining Co. Ltd.                 Kosaka City, Japan       DOWA             DOWA (with crossed hammers
                                                                               within circle)

Empresa Minera del Peru S.A.         La Oroya, Peru           CPPE             CP-PERU

Engelhard Corporation                Chessington, England     ENCI             ENGELHARD LONDON
                                     Carteret, N.J.           ENNE             ENGELHARD

Engelhard Corporation                Ivry, France             ECMP             ENGELHARD (with Compagnie Des
                                                                               Metaux Precieux-Paris within an oval)

*No longer produced
</TABLE>



<PAGE>

                                Appendix m14A
<TABLE>
<CAPTION>
                                                              COMPUTER
PRODUCER                             REFINED AT               CODE           BRAND MARKS
--------                             ----------               ----           -----------
<S>                                  <C>                     <C>             <C>
Furukawa Metals Co. Ltd.             Nikko City, Japan        TRIA             OPEN TRIANGLE (like letter A,
                                                                               brand name "Yamaichi")

Golden West Refining Corporation     Attleboro, Mass.         GWHH             HH HANDY & HARMAN REFINING
Limited, Handy & Harman Refining                                               GROUP
Group Inc.

Handy & Harman                       Attleboro, Mass.         HAND           * HH HANDY & HARMAN SILVER
                                     Fairfield, Conn.         HARM           * HH HANDY & HARMAN SILVER
                                                                               Fairfield, Conn.)

INCO Limited                         Sudbury, Ontario         ORCO             ORC

Industrial Minera Mexico, S.A.       Monterrey, Mexico        ASMO           * ASARCO-MONTERREY
                                     Monterrey, Mexico        IMMM             IMM-MONTERREY

Johnson Matthey Limited              Brampton, Ontario        JMJM             JOHNSON MATTHEY-JM
                                                                               (with crossed hammers and assay stamp:
                                                                               JM LTD.-CANADA-ASSAY OFFICE)
                                     Brampton, Ontario        JMCA           * JM (with crossed hammers)
                                     Brampton, Ontario        JMMC           * J.M. & M. Ltd.

Johnson Matthey Chemicals Ltd.       Royston, England         JMLO             JOHNSON MATTHEY LONDON
                                     Royston, England         JMCF           * JMCF

Johnson Matthey Refining, Inc.       Salt Lake City, Utah     JMRI             JOHNSON MATTHEY-JM
                                                                               (with crossed hammers and assay stamp:
                                                                               J.M.R.I.-U.S.A.-ASSAY OFFICE)

Kam-Kotia Mines Ltd.                 Cobalt, Ontario          CRKO           * CRK

Kennecott Corporation                Magma, Utah              KUEU             KUE

Metalli Preziosi S.p.A.              Milan, Italy             MPSP             METALLI PREZIOSI S.p.A. MILANO
                                                                               (with MP)

n.v. Union Miniere s.a.              Hoboken, Belgium         MHOV           * HOBOKEN 999.7+
- Business Unit Hoboken              Hoboken, Belgium         HOBN             HOBOKEN 999+

Metalor USA Refining Corp.           N. Attleboro, Mass.      META             METAUX PRECIEUX SA METALOR
                                                                               (in a circle with letters MUS in center)

Metalor Precieux SA Metalor          Neuchatel, Switzerland   MPOR             METAUX PRECIEUX SA METALOR
                                                                               (in a circle with letters MP in center)

Met-Mex Penoles, SA de CV            Monterrey, Mexico        MPSA           * METALURGICA MEXICANA
                                                                               PENOLES S.A.
                                     Torreon, Mexico          POPM             PRODUCT OF PENOLES MEXICO

Mitsubishi Materials  Corporation    Kagawa, Japan            DIAM             Three diamonds forming a triangle

No. 1 Mining Corporation             Namtu, Burma             BRMA             BURMA MINES

Noranda Metallurgy Inc.-
 Copper                              Montreal East, Quebec    CCRL             CCR CANADA

</TABLE>

*No longer produced

<PAGE>

                                 Appendix m14A

<TABLE>
<CAPTION>
                                                              COMPUTER
PRODUCER                              REFINED AT              CODE           BRAND MARKS
--------                              ----------              ----           -----------
<S>                                   <C>                     <C>            <C>

Norddeutsche Affinerie A.G.           Hamburg, W. Germany     NAHA             NORDDEUTSCHE AFFINERIE
                                                                               HAMBURG

PGP Industries Inc.                   Duncan, South Carolina  PGPI             PGP

Rand Refinery Limited                 Germiston, Transvaal    RRSA             RAND REFINERY LTD.
                                                                               (with RR Ltd. on underside)

Rudarsko Metalursko Hernijski
  Kombinat, Trepca                    Zvecan, Yugoslavia      TREP             TREPCA

Sabin Metal Corporation               Scottsville, N.Y.       SABN             SMC

Sheffield Smelting Co. Ltd.           Sheffield, England      SSCL           * THE SHEFFIELD SMELTING CO. LTD.

United States Assay Office            Denver, Colorado        USDE           * SEAL OF UNITED STATES (with
                                      New York, New York      USNY             year and location of production)
                                      Philadelphia, Pa.       USPH
                                      San Francisco, Cal.     USSF

United States Metals Refining Co.,    Carteret, N.J.          DRW            * DRW
division of Amax Copper, Inc.

U.S. Smelting, Refining & Mining      East Chicago, Ill.      USSC           * USSCO

Zaklady Metalurginczne Trzebinia      Trzebinia, Poland       ZTMP             ZTM

</TABLE>
*No longer produced


                                                                       10/01/01

<PAGE>


                                 Appendix m14B

                APPENDIX m14B - CBOT LICENSED DEPOSITORIES AND
                     WEIGHMASTERS FOR mini-sized NY SILVER


     CBOT LICENSED DEPOSITORIES AND WEIGHMASTERS FOR mini-sized NY SILVER

<TABLE>
<CAPTION>
Depository                                    Facilities                          Computer Code
----------                                    ----------                          -------------
<S>                                           <C>                                 <C>
      NEW YORK
      --------

SCOTIA MOCATTA DEPOSITORY,                    26 Broadway                             3001
A DIVISION OF THE BANK OF NOVA SCOTIA         New York, NY
26 Broadway
New York, NY 10004
Orders: (212) 912-8530

HSBC BANK USA                                 1 West 39th Street, SC 2 Level          5001
1 West 39th Street, SC 2 Level                New York, NY
New York, NY 10018                            425 Sawmill River Road                  5002
Orders: (212) 525-6439                        Ardsley, NY

BRINK'S INCORPORATED                          652 Kent Avenue                         4001
Suite 400                                     Brooklyn, NY
580 5th Avenue
New York, NY 10036
Orders: (718) 260-2200

      DELAWARE
      --------

DELAWARE DEPOSITORY SERVICE COMPANY, LLC      3601 North Market Street                6001
3601 North Market Street                      Wilmington, DE
Wilmington, DE 19802
Orders: (302) 765-3884                        4200 Governor Printz Blvd.              6002
                                              Wilmington, DE
</TABLE>

             ADDITIONAL LICENSED WEIGHMASTERS FOR NEW YORK SILVER

                   International Testing Laboratories, Inc.
                             578-582 Market Street
                               Newark, NJ 07105
                            Orders: (201) 589-4772

                               Ledoux & Company
                               359 Alfred Avenue
                               Teaneck, NJ 07666
                           Orders: NJ (201) 837-7160


                                                                        06/01/02

                                  Page 1 of 1


<PAGE>

                                 Appendix m15A

APPENDIX m15A - BRANDS APPROVED FOR DELIVERY
AGAINST CBOT mini-sized NY GOLD CONTRACTS

<TABLE>
<CAPTION>
PRODUCER                          REFINED AT                  CODE      BRAND MARKS
--------                          ----------                  ----      -----------
<S>                               <C>                         <C>       <C>
AGR Joint Venture                 Perth, Australia            PMAU      THE PERTH MINT AUSTRALIA
                                                                        (with swan motif mint mark
                                                                        within circle)

Argor, S.A.                       Chiasso, Switzerland        ARGO     *ARGOR S.A. CHIASSO-ASA

Argor-Heraeus SA                  Mendrisio, Switzerland      ARHE      ARGOR-HERAEUS SA, A-H,
                                                                        SWITZERLAND

ASARCO Incorporated               Amarillo, Texas             ASAT      ASARCO GOLD-AMARILLO,
                                                                        TEXAS

Casa da Moeda do Brasil           Rio de Janeiro, Brazil      CASA      CASA DA MOEDA DO
                                                                        BRASIL-CMB

Compagnie des Metaux Precieux     Ivry, France                CMPP     *COMPAGNIE DES METAUX
                                                                        PRECIEUX PARIS (may also
                                                                        contain letters CMP)
                                  Ivry, France                SDBS     *SOCIETE DE BANQUE SUISSE

Companhia Real de Metais          Sao Paulo, Brazil           CRDM      CRM

Comptoir Lyon-Alemand Louyot      Noisy le Sec, France        CLAL      COMPTOIR-LYON-ALEMAND,
                                                                        LOUYOT-PARIS (with Affineur
                                                                        Fondeur within octagon)

Degussa A.G.                      Hanau, Germany              DEGU      DEGUSSA FEINGOLD (with 1/2
                                                                        sun and 1/4 moon within diamond)

Degussa Canada Limited            Burmington, Ontario         DECA     *DEGUSSA CANADA LTD. (with
                                                                        1/2 sun and 1/4 moon within diamond)

Degussa S.A.                      Guarulhos, Brazil           DEBR      DEGUSSA S.A. (with 1/2 sun
                                                                        and 1/4 moon within diamond)

H.Drijfhout & Zoon's              Amsterdam, Netherlands      HDZA      H. DRIJFHOUT & ZOON-
 Edelmetaalbedrijven BV                                                 AMSTERDAM-MELTERS (within
                                                                        octagon)
</TABLE>

<PAGE>


                                 Appendix m15A

<TABLE>
<CAPTION>
                                                             COMPUTER
PRODUCER                             REFINED AT                CODE      BRAND MARKS
--------                             ----------                ----      -----------
<S>                                  <C>                     <C>         <C>
Engelhard Corporation                Carteret, N.J.            ENNE        ENGELHARD (may also be
                                                                           ENGELHARD NEW JERSEY-U.S.A.
                                                                           or ENGELHARD U.S.A.)
                                     Carteret, N.J.            BAKE      * BAKER (within circle atop triangle)
                                     Chessington, England      ENCI        ENGELHARD LONDON
                                     Thomastown, Australia     ENTH      * ENGELHARD AUSTRALIA
                                     Aurora, Ontario           ENAU      * ENGELHARD (with circle connected to 1/2 moon to
                                                                           left of name; may also be ENGELHARD INDUSTRIES
                                                                           OF CANADA LTD.

Engelhard Corporation                Anaheim, California       ECAL        ENGELHARD (with "w" prefixed serial number)

                                     Ivry, France              ECMP        ENGELHARD (with Compagnie Des Metaux Precieux-Paris
                                                                           within an oval)

Golden West Refining Corporation     Attleboro, Mass           GWHH      * HH HANDY & HARMAN REFINING GROUP
Limited, Handy & Harman Refining
Group Inc.

Handy & Harman                       Attleboro, Mass           HAND      * HH HANDY & HARMAN

W.C. Heraeus, G.m.b.H.               Hanau, Germany            HERA        HERAEUS FEINGOLD (with Heraeus Edelmetalle GmbH-
                                                                           Hanau encircling three roses)

Heraeus Incorporated                 Newark, N.J.              HERI        HERAEUS FEINGOLD (with capital letter "E" preceding
                                                                           serial number)

Heraeus Ltd.                         Kowloon, Hong Kong        HERH        HERAEUS FEINGOLD (with capital letter "H" preceding
                                                                           serial number)

Homestake Mining Company             Lead, South Dakota        HMCO        HOMESTAKE MINING COMPANY (with HMC all within circle)

Johnson Matthey, Inc.                Winslow, New Jersey       MBUS      * MATTHEY BISHOP U.S.A. (within an oval)

Johnson Matthey Limited              Brampton, Ontario         JMMC      * JOHNSON MATTHEY & MALLORY-CANADA (within an oval)
                                     Brampton, Ontario         JMCA      * JM (with crossed hammers)
                                     Brampton, Ontario         JMJM        JOHNSON MATTHEY-JM (with crossed hammers and assay
                                                                           stamp; J.M. LTD.-CANADA-ASSAY OFFICE)
</TABLE>

<PAGE>


                                 Appendix m15A

<TABLE>
<CAPTION>
                                                             COMPUTER
PRODUCER                             REFINED AT                CODE      BRAND MARKS
--------                             ----------                ----      -----------
<S>                                  <C>                     <C>         <C>
Johnson Matthey Limited (Australia)  Kogarah, Australia        MGPS      * MATTHEY GARRETT PTY. SYDNEY REFINERS (within an oval)
                                     Kogarah, Australia        JMLA      * JOHNSON MATTHEY LIMITED AUSTRALIA

Johnson Matthey Chemicals Ltd.       Royston, England          JMLO        JOHNSON MATTHEY LONDON (within an oval)

Johnson Matthey & Pauwels S.A.       Brussels, Belgium         JMPA      * JOHNSON MATTHEY & PAUWELS (within an oval)

Johnson Matthey Refining, Inc.       Salt Lake City, Utah      JMRI        JOHNSON MATTHEY-JM (with crossed hammers and assay
                                                                           stamp: J.M.R.I. U.S.A.-ASSAY OFFICE)

Kennecott Utah Copper Corporation    Magna, Utah               KUAU        KUC

Metallurgie Hoboken Overpelt S.A.    Hoboken, Belgium          MHOV      * METALLURGIE HOBOKEN OVERPELT

n.v. Union Miniere s.a.              Hoboken, Belgium          HOBO        Hoboken 9999
- Business Unit Hoboken

Metalli Preziosi S.p.A.              Milan, Italy              MPSP        METALLI PREZIOSI S.p.A. MILANO-AFFINAZIONE
                                                                           (with MP within a circle)

Metalor USA Refining Corp.           Attleborough, Mass.       META        METAUX PRECIEUX SA METALOR-MP (with "MUS" Assay mark)

Metaux Precieux S.A. Metalor         Neuchatel, Switzerland    MPSA        METAUX PRECIEUX SA - NEUCHATEL (with MP within a circle)
                                     Neuchatel, Switzerland    SBCO        SWISS BANK CORPORATION

Mitsubishi Metal Corporation         Osaka, Japan              MMCO      * MITSUBISHI METAL CORPORATION (with three diamond mark
                                                                           within oval)

Mitsubishi Materials Corporation     Kagawa, Japan             MITS        Three diamonds forming a triangle

Noranda Mines Limited, CCR Division  Montreal East, Quebec     CCRL      * CANADIAN COPPER REFINERS LIMITED MONTREAL EAST, CANADA
                                                                           (within an oval)
</TABLE>

<PAGE>

                                 Appendix m15A
<TABLE>
<CAPTION>
                                                                       COMPUTER
PRODUCER                                 REFINED AT                    CODE                   BRAND MARKS
--------                                 ----------                    ----                   ------------
<S>                                      <C>                          <C>                    <C>
Noranda Mines Limited,                   Montreal East, Quebec         NORA                   *  NORANDA MINES LIMITED-
  CCR Division                                                                                   CCR, MONTREAL EAST,
                                                                                                 CANADA (within an oval)

Noranda Metallurgy Inc. - Copper         Montreal East, Quebec         NINC                      NORANDA MINES Inc. - CCR,
                                                                                                 MONTREAL EAST, CANADA
                                                                                                 (within an oval)

Norddeutsche Affinerie AG                Hamburg, W. Germany           NAHA                      NORDDEUTSCHE AFFINERIE
                                                                                                 HAMBURG

PAMP, S.A.                               Castel S. Pietro,             PAMP                      PAMP-SUISSE Produits Artistiques
                                                                                                 Metaux Precieux Switzerland

Rand Refinery Limited                    Germiston Transvaal           RRSA                      RAND REFINERY Ltd. SOUTH
                                                                                                 AFRICA (encircling picture of
                                                                                                 springbok)

Royal Canadian Mint                      Ottawa, Canada                RCMI                      ROYAL CANADIAN MINT
                                                                                                 (encircling a crown)

Sabin Metal Corporation                  Scottsville, N.Y.             SABN                      SMC

Schone Edelmetaal NV                     Amsterdam, Netherlands        GSNV                      GUARANTEED BY SCHONE N.V.
                                                                                                 AMSTERDAM

Sheffield Smelting Co. Ltd.              Sheffield, England            SSCL                   *  THE SHEFFIELD SMELTING CO.
                                                                                                 LTD. - LONDON & SHEFFIELD

Tanaka Kikinzoku Kogyo K.K.              Ichikawa, Japan               TTME                      TANAKA TOKYO-MELTERS

United States Metals Refining            Carteret, N.J.                DRW                    *  DRW
  Co., division of Amax Copper, Inc.

U.S.S.R.                                 Moscow, U.S.S.R.              CCCP                      CCCP (with hammer and sickle)

Valcambi, S.A.                           Balerna, Switzerland          CRSU                      CREDIT SUISSE
</TABLE>

                                                                        10/01/01


<PAGE>


                                 Appendix m15B

APPENDIX m15B--CBOT LICENSED DEPOSITORIES AND
WEIGHMASTERS FOR mini-sized NY GOLD

<TABLE>
<CAPTION>

Depository                                      Facilities                           Computer Code
----------                                      ----------                           -------------
<S>                                             <C>                                  <C>

NEW YORK

SCOTIAMOCATTA DEPOSITORY                        26 Broadway                              3001
A DIVISION OF THE BANK OF NOVA SCOTIA           New York, NY
  26 Broadway
  New York, NY 10004
  (Orders: (212) 912-8530)

HSBC Bank USA                                   1 West 39th Street, SC 2 Level           5001
  1 West 39th Street, SC 2 Level                New York, NY
  New York, NY 10018
  (Orders: (212) 525-6439)                      425 Sawmill River Road                   5002
                                                Ardsley, NY
</TABLE>

            ADDITIONAL LICENSED WEIGHMASTERS FOR mini-sized NY GOLD
            -------------------------------------------------------

                   International Testing Laboratories, Inc.
                             578-582 Market Street
                               Newark, NJ 07105
                           (Orders: (973) 589-4772)

                               Ledoux & Company
                               359 Alfred Avenue
                               Teaneck, NJ 07666
                          (Orders: NJ (201) 837-7160)

                                                                    07/01/02

                                  Page 1 of 1


<PAGE>


APPENDIX 37B - ROUGH RICE REGULARITY

                             ROUGH RICE REGULARITY
                             ---------------------

The following applications for a declaration of regularity for the delivery of
Rough Rice have been approved through June 30, 2004:


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                                    Total           Maximum              Storage Rate*          Load-Out rate
        FIRM/FACILITY                             Capacity          Receipts         (per hundred weight        (per hundred
                                                   (cwt.)         Deliverable              per day)                 weight
------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                <C>                        <C>
ACH GRAIN STORAGE, LLC
Brinkley, AR                                      505,800                252         29.22/100 of a cent        20.00 cents

ADM-RICELAND PARTNERSHIP
Waldenburg, AR                                    400,000                200         34.00/100 of a cent        22.22 cents

FARMER'S GRANARY, INC.
Patterson, AR                                     900,000                450         29.19/100 of a cent        22.22 cents

GULF RICE ARKANSAS LLC
Harrisburg, AR                                    953,000                476         34.00/100 of a cent        22.22 cents

HARVEST RICE, INC.                                272,250                136         34.00/100 of a ct.         22.22 cents
McGehee, AR

POINSETT RICE & GRAIN, INC.
Waldenburg, AR                                    830,250                415         29.67/100 of a cent        22.22 cents
Diaz, AR                                          444,150                222         29.67/100 of a cent        22.22 cents

PRODUCER'S RICE MILL, INC.
Stuttgart, AR                                     122,000                 61         28.89/100 of a ct.         20.00 cents
Stuttgart, AR (mill site)                         400,000                200         28.89/100 of a ct.         20.00 cents
Wynne, AR                                         478,000                239         28.89/100 of a ct.         20.00 cents

RICELAND FOODS, INC.
Dumas, AR                                         450,000                225         34.00/100 of a ct.         22.22 cents
Fair Oaks, AR                                     450,000                225         34.00/100 of a ct.         22.22 cents
Hickory Ridge, AR                                 338,000                169         34.00/100 of a ct.         22.22 cents
Jonesboro, AR                                   2,250,000              1,125         34.00/100 of a ct.         22.22 cents
McGehee, AR                                       300,000                150         34.00/100 of a ct.         22.22 cents
Newport, AR                                       360,000                180         34.00/100 of a ct.         22.22 cents
Stuttgart, AR- Dryer                            1,600,000                800         34.00/100 of a ct.         22.22 cents
Mill Site
Weiner, AR                                        450,000                225         34.00/100 of a ct.         22.22 cents
Wheatly, AR                                       450,000                225         34.00/100 of a ct.         22.22 cents
------------------------------------------------------------------------------------------------------------------------------
</TABLE>


* Storage rate cap of 34/100 of a cent applies to all receipts issued on and
after 05/01/95


                                                                    12/01/02


<PAGE>

APPENDIX 37C - DEFINITIONS

FIRST POSITION DAY -  Shall be the second business day prior to the first
business day of the delivery month.
FIRST NOTICE DAY -    Shall be the business day prior to the first business day
of the delivery month.
FIRST DELIVERY DAY -      Shall be the first business day of the delivery month.
LAST TRADING DAY -    Shall be the business day prior to the last seven business
days of the delivery month.
LAST NOTICE DAY -     Shall be the business day prior to the last business day
of the delivery month.
LAST DELIVERY DAY -   Shall be the last business day of the delivery month.

                                                                        11/01/94




<PAGE>

APPENDIX 37D - MINIMUM FINANCIAL REQUIREMENTS FOR ROUGH RICE REGULARITY

The minimum financial requirements for firms which are regular to deliver Rough
Rice are:
          1.   Working Capital - (current assets less current liabilities) must
     be greater than or equal to $1,000,000. Firms which do not have $1,000,000
     in working capital must deposit with the Exchange $5,000 per contract which
     they are regular to deliver, up to a maximum of $1,000,000 less SEC
     haircuts, as specified in SEC Rule 15c3-1(c) (2) (vi), (vii) and (viii)
     plus 3% in the event of liquidation.

          2.   Net Worth - (Total assets less total liabilities) divided by the
     firm's allowable capacity (measured in contracts) must be greater than
     $5,000.

          3.   Each firm which is regular to deliver Rough Rice is required to
     file a yearly certified financial statement within 90 days of the firm's
     year-end. Each such firm is also required to file within 90 days of the
     statement date an unaudited semi-annual financial statement. In addition,
     the Exchange may request additional financial information as it deems
     appropriate;

          4.   A Letter of Attestation must accompany all financial statements.
     The Letter of Attestation must be signed by the Chief Financial Officer or
     if there is none, a general partner, executive officer, or managerial
     employee who has the authority to sign financial statements on behalf of
     the firm and to attest to their correctness and completeness.

          5.   For the requirements for notification of capital reductions, see
     Regulation 285.03.

          6.   Any change in the organizational structure of a firm that is
     regular for delivery requires that the firm notify the Exchange prior to
     such change. Changes in organizational structure shall include, but not be
     limited to, a corporation, limited liability company, general partnership,
     limited partnership or sole proprietorship that changes to another form.
     Prior to such change occurring, the firm is also required to notify the
     Exchange in writing of any name change.

                                                                        11/01/01



<PAGE>

APPENDIX 47 - PRICE EVALUATION PROVIDERS FOR THE CURRENT MORTGAGE PRICE INDEX
FOR MORTGAGE FUTURES

Bank of America Securities Inc.
Bear, Stearns & Co. Inc.
Credit Suisse First Boston corporation
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
Lehman Brothers Inc.
J.P. Morgan Chase Securities Inc.
Morgan Stanley Dean Witter & Co.
Salomon Smith Barney Inc.

                                                                      (04-01-01)