S&P Barra Growth and Value Amendments
September 12, 2005
Page 20 of 22

356C31.B. Trading Unit
The minimum size for requesting a quote and/or trading in a flexible option series is 10 contracts, where each
contract represents an option to buy, in the case of the call, or to sell, in the case of the put, one Standard and
Poor's Value Index futures contract as specified in Chapter 356B. However, parties may request a quote and/or
trade for less than 10 contracts in order to entirely close out a position in a flexible series.
Respondents to a request for quote must be willing to trade at least 10 contracts. However, a respondent may
trade less than 10 contracts if the respondent is entirely closing out a position in the series.

356C31.C, Minimum Fluctuations
(Refer to Rule 356C01. C.-Minimum Fluctuations)

356C31.D. Underlying Futures Contracts

The underlying futures contract for a flexible option shall be any Standard and Poor's Value Index futures
contract that is currently available for trading, as specified in Chapter 356.

356C31.E. Exercise Prices

Exercise prices shall be stated in terms of the Standard and Poor's Value Index futures contract that is
deliverable upon exercise of the option and may be at intervals of .10 for all Standard and Poor's Value Index
levels from .10 through 999.90, e.g., 285.00, 285.10, 285.20, etc. However, for a Request for Quote (RFQ),
strike prices may be stated in .10 Standard and Poor's Value Index points (futures ticks) relative to the
underlying futures contract.

356C31.F. Position Limits

(Refer to Rule 356C01.F Position Limits)

356C31.G. Accumulation of Positions
(Refer to Rule 356C01.G.—Accumulation of Positions)

356C31.H. Exemptions
(Refer to Rule 356C01.H Exemptions)

356C31.1. Termination of Trading

Flexible option expiration dates may be specified for any scheduled Exchange business day up to and including
the day of determination of the Final Settlement Price of the underlying futures contract. If a flexible option
expiration occurs on the same day as the day of determination of the Final Settlement Price of its underlying
futures contract, flexible options trading shall terminate at the same time as the underlying futures on the
business day immediately preceding the day of determination of the Final Settlement Price of the underlying
futures contract. Otherwise, flexible options trading shall terminate at the close of trading on the expiration date
specified for the flexible option. In the event that the underlying futures market does not open on the scheduled
expiration day, the option expiration shall be extended to the next day on which the underlying futures market is
open for trading.

A new flexible option series may not be opened on its last day of trading. However, an existing flexible option
series may be traded on its last day of trading.

356C31.J. Contract Modification
(Refer to Rule 356C01.J. Contract Modification)

356C32. EXERCISE

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the exercise
of flexible options on S&P Value Index futures.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 14 of 22

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 Price Limits corresponding to a 5.0%, 10.0%, 15.0% and 20.0% decline below the
Settlement Price of the preceding RTH session calculated as provided below.

The 5.0%, 10.0%, 15.0% and 20.0% Price Limits shall be calculated at the beginning of each calendar quarter,
based upon the average closing price of the current primary futures contract, during the month prior to the
beginning of the quarter (P) and rounded, as follows.

5.0% Price Limit equals One-half of the 10% Price Limit rounded down to nearest
integral multiple of 1 index point

10.0% Price Limit equals 10% of P rounded down to nearest integral multiple of 5
index points

15.0% Price Limit equals 1.5 times the 10.0% Price Limit rounded down to the
nearest integral multiple of 1 index point

20.0% Price Limit equals 2 times the 10.0% Price Limit

Once the primary futures contract is limit offered at the 5.0% Price Limit, that limit shall apply until the
corresponding limit for the S&P 500 futures contract ceases to apply, pursuant to Rule 351021. If a two-minute
trading halt follows for the S&P 500 futures contract, trading in this futures contract also shall terminate for that
two-minute period, after which time the market shall reopen. The next applicable Price Limit shall apply to
such reopening.

After 1:30 p.m. Chicago time, when the primary futures contract is limit offered at the 10.0% Price Limit, a
10-minute period shall commence, that limit shall apply until the corresponding limit for the S&P 500 futures
contract ceases to apply, pursuant to Rule 35102.1. If a two-minute trading halt follows for the S&P 500 futures
contract, trading in this futures contract also shall terminate for that two-minute period, after which time the
market shall reopen. The next applicable Price Limit shall apply to such reopening.

Before 1:30 p.m. Chicago time, the 10.0% 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 50 per cent of the
stocks underlying the S&P 500 Stock Price Index (selected according to capitalization weights) have reopened.
The next applicable Price Limit shall apply to such reopening.

When the primary futures contract is limit offered at the 15.0% Price Limit, a 10-minute period shall
commence, that limit shall apply until the corresponding limit for the S&P 500 futures contract ceases to apply,
pursuant to Rule 35102.1. If a two-minute trading halt follows for the S&P 500 futures contract, trading in this
futures contract also shall terminate for that two-minute period, after which time the market shall reopen. The
20% Price Limit shall apply to such reopening and shall represent the Total Daily Price Limit.

Trading Halts: If at any time the primary futures contract is limit offered at the 10.0% Price Limit and there is
a trading halt declared in the primary securities market, trading shall be halted. Once trading in the primary
securities market resumes after a trading halt, trading on the S&P 500/CITIGROUP Value Index futures
contract shall resume only after 50 percent of the stocks underlying the S&P 500 Stock Price Index (selected
according to capitalization weights) have reopened. The next applicable Price Limit shall apply to such
reopening.

If at any time the primary futures contract is limit offered at the 20.0% Price Limit and there is a trading halt
declared in the primary securities market, trading shall be halted. Once trading in the primary securities market
resumes after a trading halt, trading on the S&P 500/CITIGROUP Value Index futures contract shall resume
only after 50 percent of the stocks underlying the S&P 500 Stock Price Index (selected according to
capitalization weights) have reopened. The 20% Total Daily Price Limit shall continue to apply subsequent to
such reopening.

Second Day Limits: If the primary futures contract is limit offered at the 20.0% Price Limit as of the close of
Regular Trading Hours, the subsequent RTH trading session shall be subject to modified Jimits as follows.

If, during a RTH trading session subject to Second Day Limits, the primary futures contract is limit offered at
the 5.0%, 10.0% or 15.0% Price Limit, a 10-minute period shall commence. These price limits shall cease to be
in effect at the end of the 10-minute period or 45 minutes preceding the scheduled close of trading. If the


S&P Barra Growth and Value Amendments
September 12, 2005

Page 5 of 22

futures contract also shall terminate for that two-minute period, after which time the market shall reopen. The
20% Price Limit shall apply to such reopening and shall represent the Total Daily Price Limit.

Trading Halts: If at any time the primary futures contract is limit offered at the 10.0% Price Limit and there is
a trading halt declared in the primary securities market, trading shall be halted. Once trading in the primary
securities market resumes after a trading halt, trading on the S&P 500/CITIGROUP Growth Index futures
contract shall resume only after 50 percent of the stocks underlying the S&P 500 Stock Price Index (selected
according to capitalization weights) have reopened. The next applicable Price Limit shall apply to such
reopening.

If at any time the primary futures contract is limit offered at the 20.0% Price Limit and there is a trading halt
declared in the primary securities market, trading shall be halted. Once trading in the primary securities market
resumes after a trading halt, trading on the S&P 500/CITIGROUP Growth Index futures contract shall resume
only after 50 percent of the stocks underlying the S&P 500 Stock Price Index (selected according to
capitalization weights) have reopened. The 20% Total Daily Price Limit shall continue to apply subsequent to
such reopening.

Second Day Limits: If the primary futures contract is limit offered at the 20.0% Price Limit as of the close of
Regular Trading Hours, the subsequent RTH trading session shall be subject to modified limits as follows.

If, during a RTH trading session subject to Second Day Limits, the primary futures contract is limit offered at
the 5.0%, 10.0% or 15.0% Price Limit, a 10-minute period shall commence. These price limits shall cease to be
in effect at the end of the 10-minute period or 45 minutes preceding the scheduled close of trading. If the
primary futures contract is limit offered at the 5.0%, 10.0% or 15.0% Price Limit at the end of the 10-minute
period, or 45-minutes before the scheduled close of trading, trading shall terminate for a period of two minutes,
after which time the market shall reopen. The next applicable Price Limit shall apply to such reopening. The
20% Price Limit shall represent the Total Daily Price Limit.

If, during a RTH trading session subject to Second Day Limits, there is a trading halt declared in the primary
securities market, trading shall be halted. Once trading in the primary securities market resumes after a trading
halt, trading on the S&P 500/CITIGROUP Growth Index futures contract shall resume only after 50 percent of
the stocks underlying the S&P 500 Stock Price Index (selected according to capitalization weights) have
reopened. The 20% Total Daily Price Limit shall apply to such reopening.

Opening Time: The opening time of trading on GLOBEX will be the same as the opening time of GLOBEX
trading of S&P 500 contracts. In particular, the opening time of GLOBEX trading will be delayed until
6:00 p.m. if GLOBEX trading of S&P 500 contracts is delayed until 6:00 p.m.

During Electronic Trading Hours (ETH), there shall be no trading of S&P 500/CITIGROUP Growth Index
futures at a price more than the 5.0% Price Limit above or below the Reference RTH Price. If the market is
limit bid two minutes prior to the opening of RTH, the Price Limit that is 5.0% above the Reference RTH Price
shall be removed at that time.

355B03. SETTLEMENT PROCEDURES

Delivery under the S&P 500/CITIGROUP Growth Index Futures contract shall be by cash settlement.

355B03.A. Final Settlement Price

The Final Settlement Price shall be a special quotation of the S&P 500/Citigroup Growth Index based on the
opening prices of the component stocks in the index, determined on the third Friday of the contract month.

If the S&P 500/Citigroup Growth Index is not scheduled to be published on the third Friday of the contract
month, the Final Settlement Price shall be determined on the first earlier day for which the Index is scheduled to
be published.

If the primary market for a component stock in the index does not open on the day scheduled for determination
of the Final Settlement Price, then the price of that stock shall be determined, for the purposes of calculating the
Final Settlement Price, based on the opening price of that stock on the next day that its primary market is open
for trading.

If a component stock in the index does not trade on the day scheduled for determination of the Final Settlement
Price while the primary market for that stock is open for trading, the price of that stock shall be determined, for
the purposes of calculating the Final Settlement Price, based on the last sale price of that stock. However, if the
President of the Exchange or his delegate determines that there is a reasonable likelihood that trading in the
stock shall occur shortly, the President or his delegate may instruct that the price of stock shall be based, for the


S&P Barra Growth and Value Amendments
September 12, 2005
Page 21 of 22

356C32.A. Exercise of Flexible Option by Buyer
Flexible options may be specified to have either American-style or European-style exercise.
A flexible option with American-style exercise may be exercised by the buyer on any business day that the
option is traded and also on its expiration date. To exercise the option, the clearing member representing the
buyer shall present an exercise notice to the Clearing House by 7:00 P.M. on the day of exercise.
A flexible option with European-style exercise may be exercised by the buyer only on the day that the option
expires. To exercise the option, the clearing member representing the buyer shall present an exercise notice to
the Clearing House by 7:00 P.M. on the day of exercise.
Any flexible option that is in the money and has not been liquidated or exercised prior to its expiration date
shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 P.M. on the expiration
date by the clearing member representing the option buyer, be exercised automatically.

356C32.B. Assignment
(Refer to Rule 356C02.B.—Assignment)

356C03. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT
(Refer to Rule 356C03.-EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT)

356C34, INITIATING A FLEXIBLE OPTION CONTRACT SERIES

For each trading session, the opening of trading in any flexible option series shall occur through a Request For
Quote (RFQ). No RFQs will be accepted within fifteen minutes of the daily scheduled closing time of the
underlying futures or within fifteen minutes prior to the termination of trading of the underlying futures.

356C35. RESPONSE TIME INTERVAL

No trades against the first RFQ submitted for a flexible option series on any trading day may occur prior to the
end of the Response Time Interval. The Response Time Interval shall be a 5 minute period and will begin
immediately upon acceptance of an RFQ by the designated flexible option pit official. The designated flexible
option pit official shall signal the end of the Response Time Interval for each RFQ.

356C36.RFQ TRADING INTERVAL

A flexible option series shall immediately open for trading following the Response Time Interval. Priority for
RFQs is determined by order of submission to the RFQ official, except that all RFQs submitted before the open
shall be treated equally.

356C37.EXPIRATION OF AN RFQ
Trading in a given flexible option series following an RFQ shall remain open for the remainder of the trading
session.

356C38. 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
designated flexible options pit official in a timely manner, including any Jater trades in open flexible contract
term series.

(End of Chapter 356C)

INTERPRETATIONS AND SPECIAL NOTICES RELATING TO CHAPTER 356C

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), licenses the Exchange to use various S&P stock
indices ("S&P Stock Indices") in connection with the trading of futures contracts and options on futures contracts based upon
such indices. S&P shall have no liability for damages, claims, losses or expenses caused by any errors or delays in
calculating or disseminating the S&P Stock Indices.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 18 of 22

356C02.

No person shall own or control a combination of options and underlying futures contracts that exceeds 20,000
futures-equivalent contracts net on the same side of the market in all contract months combined.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's
IOM risk factor for the option series, and a long or short futures-equivalent position in S&P 500/CITIGROUP
Value Index futures or options on futures will be considered to be embedded in a long or short futures-
equivalent position of S&P 500 Stock Price Index futures or options on futures,

Also for purposes of this rule, a long call option, a short put option, and a long underlying futures contract are
on the same side of the market; similarly, a short call option, a long put option, and a short underlying futures
contract are on the same side of the market.

356C01.G. Accumulation of Positions

For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person
or persons, and the positions of all accounts of a person or persons action pursuant to an expressed or implied
agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or
beneficial interest, shall be cumulated.

356C01.H. Exemptions

The foregoing position limits shall not apply to commercially appropriate risk reducing option positions defined
in accordance with Regulation 1.3(z)(1) of the CFTC and meeting the requirements of Rule 543 and shall not
apply to other option positions exempted pursuant to Rule 543.

356C01.1. Termination of Trading

1. Options in the March Quarterly Cycle
For options that expire in the March quarterly cycle, options trading shall terminate at the same date and time as
the underlying futures contract.

2. Options Not in the March Quarterly Cycle
For options that expire in months other than those in the March quarterly cycle, options trading shall terminate
on the third Friday of the contract month. If that day is not a scheduled Exchange business day, options trading
shall terminate on the first preceding business day. In the event that the underlying futures market does not open
on the scheduled expiration day, the option expiration shal] be extended to the next day on which the underlying
futures market is open for trading.

356C01.5. Contract Modification

Specifications shall be fixed as of the first day of trading of a contract except that all options must conform to
government regulations in force at the time of exercise. If the U.S. government, an agency, or duly constituted
body thereof issues an order, ruling, directive, or law inconsistent with these rules, such order, ruling directive,
or law shall be construed to become part of these rules and all open new options contracts shall be subject to
such governmental orders.

EXERCISE

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the exercise
of the S&P 500/CITIGROUP Value Index options.

356C02.A. Exercise of Option by Buyer

An option may be exercised by the buyer on any business day that the option is traded. Exercise of an option is
accomplished by the clearing member representing the buyer presenting an exercise notice to the Clearing
House by 7:00 p.m. on the day of exercise.

An option in the March quarterly cycle that is in the money and has not been liquidated or exercised prior to the
termination of trading shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m.
on the business day following the termination of trading by the clearing member representing the option buyer,
be automatically exercised.


S&P Barra Growth and Value Amendments
September 12, 2005
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355C30.SCOPE OF FLEXIBLE OPTION RULES

Unless otherwise noted below, the following flexible option rules supersede the standard option regulations
presented in the earlier part of this chapter.

355C31. FLEXIBLE OPTION CHARACTERISTICS

355C31.A. Nature of Flexible Contracts

Flexible options on Standard and Poor's Growth Index futures shall be permitted in puts and calls that do not
have the same underlying futures contract, and the same strike price, and the same exercise style, and the same
expiration date as standard listed options that are already available for trading.

Trading in standard options under certain flexible trading procedures shall be permitted prior to the listing of
such options in the standard options pit or on GLOBEX. Once and if these options are listed for trading as
standard options in the standard options pit or on GLOBEX, they will be traded only as standard options in the
standard options pit or on GLOBEX subject to the standard option 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.

355C31.B. Trading Unit

The minimum size for requesting a quote and/or trading in a flexible option series is 10 contracts, where each
contract represents an option to buy, in the case of the call, or to sell, in the case of the put, one Standard and
Poor's Growth Index futures contract as specified in Chapter 355B. However, parties may request a quote
and/or trade for less than 10 contracts in order to entirely close out a position in a flexible series.

Respondents to a request for quote must be willing to trade at least 10 contracts. However, a respondent may
trade less than 10 contracts if the respondent is entirely closing out a position in the series.

355C31.C. Minimum Fluctuations
(Refer to Rule 355C01. C—Minimum Fluctuations)

355C31.D. Underlying Futures Contracts

The underlying futures contract for a flexible option shall be any Standard and Poor's Growth Index futures
contract that is currently available for trading, as specified in Chapter 355B.

355C31.E. Exercise Prices

Exercise prices shall be stated in terms of the Standard and Poor's Growth Index futures contract that is
deliverable upon exercise of the option and may be at intervals of .10 for all Standard and Poor's Growth Index
levels from .10 through 999.90, e.g., 260.00, 260.10, 260.20etc. However, for a Request for Quote (RFQ),
strike prices may be stated in .]0 Standard and Poor's Growth Index points (futures ticks) relative to the
underlying futures contract.

355C31.F. Position Limits

(Refer to Rule 355C01.F —Position Limits)

355C31.G. Accumulation of Positions
(Refer to Rule 355C01.G.-Accumulation of Positions)

355C31.H. Exemptions
(Refer to Rule 355C01.H.-Exemptions)

355C31.1. Termination of Trading

Flexible option expiration dates may be specified for any scheduled Exchange business day up to and including
the day of determination of the Final Settlement Price of the underlying futures contract. If a flexible option
expiration occurs on the same day as the day of determination of the Final Settlement Price of its underlying


S&P Barra Growth and Value Amendments
September 12, 2005

Page 7 of 22

355C01. OPTION CHARACTERISTICS ,

355C01.A. Contract Months, Trading Hours, and Trading Halts

Options contracts shall be listed for such contract months and scheduled for trading during such hours, except as
indicated below, as may be determined by the Board of Directors.

There shall be no trading in any option contract when the S&P 500/CITIGROUP Growth Index primary futures
contract is limit bid or offered at any price limit except at the Total Daily Price Limit on an option's last day of
trading.

There shall be no trading in any option contract during a period when trading in the primary futures contract is
terminated pursuant to Rule 355B02.1.

For purposes of this rule, the primary futures contract shall be defined as the futures contract trading in the lead
month configuration in the pit.

For purposes of this rule, Exchange staff shall have the responsibility of determining whether the primary
futures contract is trading at its limit during Regular Trading Hours (RTH). During Electronic Trading Hours
(ETH), the determination shall be made by the GLOBEX Control Center.

355C01.B. Trading Unit

The trading unit shall be an option to buy, in the case of the call, or to sell in the case of the put, one S&P
500/CITIGROUP Growth Index futures contract as specified in Chapter 355B.

355C01.C. Minimum Fluctuations

The price of an option shall be quoted in index points. Each .01 index point (1 basis point) shall represent $2.5.
The minimum fluctuation shall be .10 index points ($25.00, also known as one tick). Trades may also occur at a
price of .05 index points ($12.50, also known as one-half tick), whether or not such trades result in the
liquidation of positions for both parties to the trade. A trade with a price equal to or Jess than 3.00 index points
may also occur at a price in multiples of .05 index points, e.g., .15 index points ($37.50, also known as one and
one-half ticks), and 1.95 index points ($487.50, also known as nineteen and one-half ticks).

355C01.D. Underlying Futures Contract

1. Options in the March Quarterly Cycle
For options that expire in the March quarterly cycle (i.e., March, June, September, and December), the
underlying futures contract is the futures contract for the month in which the option expires. For example, the
underlying futures contract for an option that expires in March is the March futures contract.
2. Options Not in the March Quarterly Cycle

For options that expire in months other than those in the March quarterly cycle (i.e., January, February, April,
May, July, August, October, and November), the underlying futures contract is the next futures contract in the
March quarterly cycle that is nearest the expiration of the option. For example, the underlying futures contract
for options that expire in January or February is the March futures contract.

355C01.E. Exercise Prices

1. Options in the March Quarterly Cycle

The exercise prices shall be stated in terms of the S&P 500/CITIGROUP Growth Index futures contract which
is deliverable upon exercise of the option. In the third and fourth-nearest contract months in the March
quarterly cycle, the exercise prices shall be an integer divisible by 5 without remainder, e.g., 255, 260, 265, etc.
In all other contract months, the exercise prices shall be number divisible by 2.5 e.g., 255, 257.5, 260, etc.

At the commencement of trading for the fourth-nearest contract month in the March quarterly cycle, the
Exchange shall list all eligible exercise prices in a range of 20 index points above and below the previous day's
settlement price of the underlying futures contract. If any of the foregoing exercise prices are within 2 index
points of the settlement price of the underlying futures contract, then the Exchange shall list an additional
exercise price at the unoccupied level above (or below) the exercise price that is within 2 index points of the
previous day's settlement price. If the previous day's settlement price equals an eligible exercise price, then that
exercise price shall be listed also.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 6 of 22

purposes of calculating the Final Settlement Price, on the opening price of the stock on the next day that it is
traded on its primary market. Factors to be considered in determining whether trading in the stock is likely to
occur shortly shall include the nature of the event and recent liquidity levels in the affected stock.

355B03.B. Final Settlement

Clearing members holding open positions in a S&P 500/CITIGROUP Growth Index futures contract at the time
of termination of trading in that contract shall make payment to or receive payment from the Clearing House in
accordance with normal variation margin procedures based on a settlement price equal to the final settlement
price.

355B04. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT

If delivery or acceptance or any precondition or requirement of either is prevented by a strike, fire, accident,
action of government or act of God, the seller or buyer shall immediately notify the Exchange President. If the
President determines that emergency action may be necessary, he shall call a special meeting of the Board of
Directors and arrange for the presentation of evidence respecting the emergency condition. If the Board
determines that an emergency condition exists, it shall take such action as it deems necessary under the
circumstances and its decision shall be binding upon all parties to the contract.

35B505.-06. [RESERVED]
(End Chapter 355B)

INTERPRETATIONS AND SPECIAL NOTICES
RELATING TO CHAPTER 355B

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), licenses the Exchange to use various S&P stock
indices ("S&P Stock Indices”) in connection with the trading of futures contracts and options on futures contracts based upon
such indices. S&P shall have no liability for damages, claims, losses or expenses caused by any errors or delays in
calculating or disseminating the S&P Stock Indices.

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), does not guarantee the accuracy and/or
completeness of the S&P Stock Indices or any data included therein. S&P makes no warranty, express or implied, as to the
results to be obtained by any person or any entity from the use of the S&P Stock Indices or any data included therein in
connection with the trading of futures contracts, options on futures contracts and any other use. S&P 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 S&P Stock Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P
have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages.

Chapter 355C
Options on S&P 500/ CITIGROUP Growth Index Futures!

355C00. SCOPE OF CHAPTER

This chapter is limited in application to trading in put and call options on the S&P 500/CITIGROUP Growth
Index futures contract ("S&P 500/CITIGROUP Growth Index options”). The procedures for trading, clearing,
inspection, delivery and settlement and any other matters not specifically covered herein shall be governed by
the rules of the Exchange.

" This contract succeeds the S&P\Barra Growth Index, beginning with March 2006 expirations listed for trading on
September 16, 2005


S&P Barra Growth and Value Amendments
September 12, 2005
Page 19 of 22

In the money options that expire in months other than those in the March quarterly cycle and have not been
liquidated or exercised prior to the termination of trading shall, in the absence of contrary instructions delivered
to the Clearing House by 7:00 p.m. on the day of the expiration by the clearing member representing the option
buyer, be exercised automatically.

356C02.B. Assignment
Exercise notices accepted by the Clearing House shall be assigned through a process of random selection to
clearing members with open short positions in the same series. A clearing member to which an exercise notice
is assigned shall be notified thereof as soon as practicable after such notice is assigned by the Clearing House,
but not later than 45 minutes prior to the opening of trading in the underlying futures contract on the following
business day.
The clearing member assigned an exercise notice shall be assigned a short position in the underlying futures
contract if a call was exercised or a long position if a put was exercised. The clearing member representing the
option buyer shall be assigned a long position in the underlying futures contract if a call was exercised and a
short position if a put was exercised.
All such futures positions shall be assigned at a price equal to the exercise price of the option and shall be
marked to market in accordance with Rule 814 on the trading day of acceptance by the Clearing House of the
exercise notice.

356C03. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT

If exercise or assignment or any precondition or requirement of either is prevented by a strike, fire, accident, act
of government or act of God, the seller or buyer shall immediately notify the Exchange President. If the
President determines that emergency action may be necessary, he shall cal] a special meeting of the Board of
Directors and arrange for the presentation of evidence respecting the emergency condition. If the Board
determines that an emergency exists, it shall take such action as it deems necessary under the circumstances and
its decision shall be binding upon all parties to the contract.

356C04, -29. [RESERVED]

FLEXIBLE OPTIONS

356C30. SCOPE OF FLEXIBLE OPTION RULES

Unless otherwise noted below, the following flexible option rules supersede the standard option regulations
presented in the earlier part of this chapter.

356C31. FLEXIBLE OPTION CHARACTERISTICS

356C31.A. Nature of Flexible Contracts

Flexible options on Standard and Poor's Value Index futures shall be permitted in puts and calls that do not have
the same underlying futures contract, and the same strike price, and the same exercise style, and the same
expiration date as standard listed options that are already available for trading.

Trading in standard options under certain flexible trading procedures shal] be permitted prior to the listing of
such options in the standard options pit or on GLOBEX. Once and if these options are listed for trading as
standard options in the standard options pit or on GLOBEX, they will be traded only as standard options in the
standard options pit or on GLOBEX subject to the standard option 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.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 9 of 22

on the scheduled expiration day, the option expiration shall be extended to the next day on which the underlying
futures market is open for trading.

355C01.J. Contract Modification

Specifications shall be fixed as of the first day of trading of a contract except that all options must conform to
government regulations in force at the time of exercise. If the U.S. government, an agency, or duly constituted
body thereof issues an order, ruling, directive, or law inconsistent with these rules, such order, ruling directive,
or law shall be construed to become part of these rules and all open new options contracts shall be subject to
such governmental orders.

355C02. EXERCISE

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the exercise
of the S&P 500/CITIGROUP Growth Index options.

355C02.A. Exercise of Option by Buyer

An option may be exercised by the buyer on any business day that the option is traded. Exercise of an option is
accomplished by the clearing member representing the buyer presenting an exercise notice to the Clearing
House by 7:00 p.m. on the day of exercise.

An option in the March quarterly cycle that is in the money and has not been liquidated or exercised prior to the
termination of trading shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m.
on the business day following the termination of trading by the clearing member representing the option buyer,
be automatically exercised.

In the money options that expire in months other than those in the March quarterly cycle and have not been
liquidated or exercised prior to the termination of trading shall, in the absence of contrary instructions delivered
to the Clearing House by 7:00 p.m. on the day of the expiration by the clearing member representing the option
buyer, be exercised automatically.

355C02.B. Assignment

Exercise notices accepted by the Clearing House shall be assigned through a process of random selection to
clearing members with open short positions in the same series. A clearing member to which an exercise notice
is assigned shall be notified thereof as soon as practicable after such notice is assigned by the Clearing House,
but not later than 45 minutes prior to the opening of trading in the underlying futures contract on the following
business day.

The clearing member assigned an exercise notice shall be assigned a short position in the underlying futures
contract if a call was exercised or a long position if a put was exercised. The clearing member representing the
option buyer shall be assigned a long position in the underlying futures contract if a call was exercised and a
short position if a put was exercised.

All such futures positions shall be assigned at a price equal to the exercise price of the option and shall be
marked to market in accordance with Rule 814 on the trading day of acceptance by the Clearing House of the
exercise notice.

355C03. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT

If exercise or assignment or any precondition or requirement of either is prevented by a strike, fire, accident, act
of government or act of God, the seller or buyer shall immediately notify the Exchange President. If the
President determines that emergency action may be necessary, he shall call a special meeting of the Board of
Directors and arrange for the presentation of evidence respecting the emergency condition. If the Board
determines that an emergency exists, it shall take such action as it deems necessary under the circumstances and
its decision shall be binding upon all parties to the contract.

355C04.-29. | [RESERVED]

FLEXIBLE OPTIONS


cmeé

Chicago Mercantile Exchange

20 South Wacker Drive 312/930.1000 tel
Chicago, IL 60606-7499 312/466.4410 fax
www.cme.com

September 12, 2005

Ms. Jean A. Webb

Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

RE: Section 5ce(c)(1), Part 40.6 - Amendments to the S&P/ Barra
Growth and Value futures and options on futures contracts.
CME Submission# 05-84.

Dear Ms. Webb:

Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) hereby notifies the Commission of
Amendments to the S&P/ Barra Growth (“Growth”) and Value (“Value”) futures and options on futures
contracts. These amendments require the temporary addition of Chapters 355B, 355C, 356B, and 356C.

The Exchange certifies that this action neither violates nor. is inconsistent with any provision of
the Commodity Exchange Act or of the rules thereunder.

Standard & Poor’s is discontinuing its relationship with Barra and creating a new partnership
with Citigroup. These changes in turn will affect the Exchange’s S&P/ Barra Growth and Value
contracts. Beginning in mid-September 2005, S&P will start to disseminate the US S&P/ Citigroup
style Index series. These Indexes will run concurrently with the S&P/ Barra Indexes which will slowly
be phased out. On December 16, 2005, the S&P/ Citigroup Index series will become S&P’s official style
series replacing the Barra Indexes.

Please note that the S&P Citigroup Indexes are not new in nature. These Growth and Value
Indexes will be replacing the current Indexes in a seamless transition retaining all of the same
constituents and characteristics. While there will be a minor adjustment to the methodology in order to
reduce the turnover, the main change is in name only.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 12 of 22

355C37. EXPIRATION OF AN RFQ

Trading in a given flexible option series following an RFQ shall remain open for the remainder of the trading
session.

355C38. 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
designated flexible options pit official in a timely manner, including any later trades in open flexible contract
term series.

(End of Chapter 355C)

INTERPRETATIONS AND SPECIAL NOTICES RELATING TO CHAPTER 355C

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), licenses the Exchange to use various S&P stock
indices ("S&P Stock Indices") in connection with the trading of futures contracts and options on futures contracts based upon.
such indices. S&P shall have no liability for damages, claims, losses or expenses caused by any errors or delays in
calculating or disseminating the S&P Stock Indices.

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), does not guarantee the accuracy and/or
completeness of the S&P Stock Indices or any data included therein. S&P makes no warranty, express or implied, as to the
results to be obtained by any person or any entity from the use of the S&P Stock Indices or any data included therein in
connection with the trading of futures contracts, options on futures contracts and any other use. S&P 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 S&P Stock Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P
have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages.

CLARIFICATION OF NEW NON-AGRICULTURAL OPTION SPECULATIVE POSITION LIMIT RULE

Please note that the new non-agricultural option speculative position limit rule supersedes the speculative position rule for
the underlying futures contract. Therefore, for example, a trader may hold a gross futures position that exceeds the futures
position limit rule if that gross position is part of spread with options, such that the net position across options and futures is
less than the applicable limit set in the options rule.

Chapter 356B
S&P 500/ CITIGROUP Value Index Futures!

356B00. SCOPE OF CHAPTER

This chapter is limited in application to futures trading in the S&P 500/CITIGROUP Value Index. The
procedures for trading, clearing, settlement, and any other matters not specifically covered herein shall be
governed by the rules of the Exchange.

356B01. COMMODITY SPECIFICATIONS

Each futures contract shall be valued at $250.00 times the S&P 500/CITIGROUP Value Index. The S&P
500/CITIGROUP Value Index is a capitalization-weighted index of S&P 500 stocks which have the lowest
price-to-book ratios and which account for approximately 50% of the total capitalization of S&P 500 stocks.

' This contract succeeds the S&P\Barra Value Index, beginning with March 2006 expirations listed for trading on September
16, 2005


S&P Barra Growth and Value Amendments
September 12, 2005
Page 11 of 22

futures contract, flexible options trading shall terminate at the same time as the underlying futures on the
business day immediately preceding the day of determination of the Final Settlement Price of the underlying
futures contract. Otherwise, flexible options trading shall terminate at the close of trading on the expiration date
specified for the flexible option. In the event that the underlying futures market does not open on the scheduled
expiration day, the option expiration shall be extended to the next day on which the underlying futures market is
open for trading.

A new flexible option series may not be opened on its last day of trading. However, an existing flexible option
series may be traded on its last day of trading.

355C31J. Contract Modification
(Refer to Rule 355C01.J—Contract Modification)

355C32. EXERCISE

In addition to the applicable procedures and requirements of Chapter 7, the following shall apply to the exercise
of flexible options on S&P Growth Index futures.

355C32.A. Exercise of Flexible Option by Buyer

Flexible options may be specified to have either American-style or European-style exercise.

A flexible option with American-style exercise may be exercised by the buyer on any business day that the
option is traded and also on its expiration date. To exercise the option, the clearing member representing the
buyer shall present an exercise notice to the Clearing House by 7:00 P.M. on the day of exercise.

A flexible option with European-style exercise may be exercised by the buyer only on the day that the option
expires. To exercise the option, the clearing member representing the buyer shall present an exercise notice to
the Clearing House by 7:00 P.M. on the day of exercise.

Any flexible option that is in the money and has not been liquidated or exercised prior to its expiration date
shall, in the absence of contrary instructions delivered to the Clearing House by 7:00 P.M. on the expiration
date by the clearing member representing the option buyer, be exercised automatically.

355C32.B. Assignment
(Refer to Rule 355C02.B.—Assignment)

355C33. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT
(Refer to Rule 355C03.-EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT)

355C34, INITIATING A FLEXIBLE OPTION CONTRACT SERIES

For each trading session, the opening of trading in any flexible option series shall occur through a Request For
Quote (RFQ). No RFQs will be accepted within fifteen minutes of the daily scheduled closing time of the
underlying futures or within fifteen minutes prior to the termination of trading of the underlying futures.

355C35. RESPONSE TIME INTERVAL

No trades against the first RFQ submitted for a flexible option series on any trading day may occur prior to the
end of the Response Time Interval. The Response Time Interval shall be a 5 minute period and will begin
immediately upon acceptance of an RFQ by the designated flexible option pit official. The designated flexible
option pit official shall signal the end of the Response Time Interval for each RFQ.

355C36. RFQ TRADING INTERVAL

A flexible option series shall immediately open for trading following the Response Time Interval. Priority for
RFQs is determined by order of submission to the RFQ official, except that all RFQs submitted before the open
shall be treated equally.


S&P Barra Growth and Value Amendments
September 12, 2005

Page 8 of 22

Thereafter, for the third and fourth-nearest contract months in the March quarterly cycle, when a sale, bid, offer,
or settlement price in the underlying futures contract occurs at, or passes through, any exercise price, the
Exchange shall list on the next trading day put and call options at the next higher (or next lower) exercise price
within a 20 index point range above (or below) the exercise price at which or through which the underlying
futures sale, bid, offer, or settlement price occurred.
When a contract month becomes the second-nearest contract month in the March quarterly cycle, the Exchange
shall add exercise prices at an interval that is a number divisible by 2.5 in a range of 15 index points above and
below the previous day's settlement price of the underlying futures contract. If the previous day's settlement
price equals an eligible exercise price, then that exercise price shall be listed also, if not previously listed.
Thereafter, and for all other contract months, when a sale, bid, offer, or settlement price, in the underlying
futures contract occurs at, or passes through, any exercise price, the Exchange shall list on the next trading day
put and call options at the next higher (or next lower) exercise price within a 15 index point range above (or
below) the exercise price at which or through which the underlying futures sale, bid, offer, or settlement price
occurred.
New options may be listed for trading up to and including the termination of trading.
The Board may modify the provisions governing the establishment of exercise prices as it deems appropriate.

2. Options Not in the March Quarterly Cycle
Upon demand evidenced in the respective options pit, the Exchange shall list put and call options at any
exercise price listed for trading in the next March quarterly cycle futures option that is nearest the expiration of
the option. New options may be listed for trading up to and including the termination of trading.

355C01.F. Position Limits

No person shall own or control a combination of options and underlying futures contracts that exceeds 20,000
futures-equivalent contracts net on the same side of the market in all contract months combined.

For the purpose of this rule, the futures equivalent of an option contract is 1 times the previous business day's
IOM risk factor for the option series, and a long or short futures-equivalent position in S&P 500/CITIGROUP
Growth Index futures or options on futures -will be considered to be embedded in a long or short futures-
equivalent position of S&P 500 Stock Price Index futures or options on futures.

Also for purposes of this rule, a long call option, a short put option, and a long underlying futures contract are
on the same side of the market; similarly, a short call option, a long put option, and a short underlying futures
contract are on the same side of the market.

355C01.G. Accumulation of Positions

For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person
or persons, and the positions of all accounts of a person or persons action pursuant to an expressed or implied
agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or
beneficial interest, shal] be cumulated.

355C01.H. Exemptions

The foregoing position limits shall not apply to commercially appropriate risk reducing option positions defined
in accordance with Regulation 1.3(z)(1) of the CFTC and meeting the requirements of Rule 543. and shall not
apply to other option positions exempted pursuant to Rule 543.

355C01.1. Termination of Trading

1. Options in the March Quarterly Cycle
For options that expire in the March quarterly cycle, options trading shall terminate at the same date and time as
the underlying futures contract.

2. Options Not in the March Quarterly Cycle
For options that expire in months other than those in the March quarterly cycle, options trading shall terminate
on the third Friday of the contract month. If that day is not a scheduled Exchange business day, options trading
shall terminate on the first preceding business day. In the event that the underlying futures market does not open


S&P Barra Growth and Value Amendments
September 12, 2005
Page 22 of 22

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), does not guarantee the accuracy and/or
completeness of the S&P Stock Indices or any data included therein. S&P makes no warranty, express or implied, as to the
results to be obtained by any person or any entity from the use of the S&P Stock Indices or any data included therein in
connection with the trading of futures contracts, options on futures contracts and any other use. S&P 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 S&P Stock Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P
have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages.

CLARIFICATION OF NEW NON-AGRICULTURAL OPTION SPECULATIVE POSITION LIMIT RULE

Please note that the new non-agricultural option speculative position limit rule supersedes the speculative position rule for
the underlying futures contract. Therefore, for example, a trader may hold a gross futures position that exceeds the futures
position limit rule if that gross position is part of spread with options, such that the net position across options and futures is
less than the applicable limit set in the options rule.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 4 of 22

355B02.G. Termination of Trading
Futures trading shall terminate on the business day immediately preceding the day of determination of the Final
Settlement Price.

355B02.H. Contract Modifications
Specifications shall be fixed as of the first day of trading of a contract. If any U.S. governmental agency or
body issues an order, ruling, directive or law that conflicts with the requirements of these rules, such order,
tuling, 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 government orders.

355B02.1. Price Limits, Trading Halts, and/or Trading Hours

Daily price limits and trading halts of the S&P 500/CITIGROUP Growth Index futures contract shall be
coordinated with trading halts of the underlying stocks listed for trading in the securities markets.

For the purpose of this rule, the primary futures contract shall be defined as the futures contract trading in the
lead month configuration in the pit and Exchange staff shall have the responsibility of determining whether the
primary futures contract is limit 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 Price Limits corresponding to a 5.0%, 10.0%, 15.0% and 20.0% decline below the
Settlement Price of the preceding RTH session calculated as provided below.

The 5.0%, 10.0%, 15.0% and 20.0% Price Limits shall be calculated at the beginning of each calendar quarter,
based upon the average closing price of the current primary futures contract, during the month prior to the
beginning of the quarter (P) and rounded, as follows.

5.0% Price Limit equals One-half of the 10% Price Limit rounded down to nearest
integral multiple of 1 index point

10.0% Price Limit equals 10% of P rounded down to nearest integral multiple of 5
index points

15.0% Price Limit equals 1.5 times the 10.0% Price Limit rounded down to the
nearest integral multiple of 1 index point

20.0% Price Limit equals 2 times the 10.0% Price Limit

Once the primary futures contract is limit offered at the 5.0% Price Limit, that limit shall apply until the
corresponding limit for the S&P 500 futures contract ceases to apply, pursuant to Rule 35102.1. Ifa two-minute
trading halt follows for the S&P 500 futures contract, trading in this futures contract also shall terminate for that
two-minute period, after which time the market shall reopen. The next applicable Price Limit shall apply to
such reopening.

After 1:30 p.m. Chicago time, when the primary futures contract is limit offered at the 10.0% Price Limit, a
10-minute period shall commence, that limit shall apply until the corresponding limit for the S&P 500 futures
contract ceases to apply, pursuant to Rule 35102.1. If a two-minute trading halt follows for the S&P 500 futures
contract, trading in this futures contract also shall terminate for that two-minute period, after which time the
market shall reopen. The next applicable Price Limit shall apply to such reopening.

Before 1:30 p.m. Chicago time, the 10.0% 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 50 per cent of the
stocks underlying the S&P 500 Stock Price Index (selected according to capitalization weights) have reopened.
The 20.0% Price Limit shall apply to such reopening.

When the primary futures contract is limit offered at the 15.0% Price Limit, a 10-minute period shall
commence, that limit shall apply until the corresponding limit for the S&P 500 futures contract ceases to apply,
pursuant to Rule 35102.1. If a two-minute trading halt follows for the S&P 500 futures contract, trading in this


S&P Barra Growth and Value Amendments
September 12, 2005
Page 15 of 22

primary futures contract is limit offered at the 5.0%, 10.0% or 15.0% Price Limit at the end of the 10-minute
period, or 45-minutes before the scheduled close of trading, trading shall terminate for a period of two minutes,
after which time the market shall reopen. The next applicable price limit shall apply to such reopening. The
20% Price Limit shall represent the Total Daily Price Limit.

If, during a RTH trading session subject to Second Day Limits, there is a trading halt declared in the primary
securities market, trading shall be halted. Once trading in the primary securities market resumes after a trading
halt, trading on the S&P 500/CITIGROUP Value Index futures contract shall resume only after 50 percent of
the stocks underlying the S&P 500 Stock Price Index (selected according to capitalization weights) have
reopened. The 20% Total Daily Price Limit shall apply to such reopening.

Opening Time: The opening time of trading on GLOBEX will be the same as the opening time of GLOBEX
trading of S&P 500 contracts. In particular, the opening time of GLOBEX trading will be delayed until
6:00 p.m. if GLOBEX trading of S&P 500 contracts is delayed until 6:00 p.m.

During Electronic Trading Hours (ETH), there shall be no trading of S&P 500/CITIGROUP Value futures at a
price more than the 5.0% Price Limit above or below the Reference RTH Price. If the market is limit bid two
minutes prior to the opening of RTH, the Price Limit that is 5.0% above the Reference RTH Price shall be
removed at that time.

356B03. SETTLEMENT PROCEDURES
Delivery under the S&P 500/CITIGROUP Value Index Futures contract shall be by cash settlement.

356B03.A. Final Settlement Price

The Final Settlement Price shall be a special quotation of the S&P 500/Citigroup Value Index based on the
opening prices of the component stocks in the index, determined on the third Friday of the contract month.

If the S&P 500/Citigroup Value Index is not scheduled to be published on the third Friday of the contract
month, the Final Settlement Price shall be determined on the first earlier day for which the Index is scheduled to
be published.

If the primary market for a component stock in the index does not open on the day scheduled for determination
of the Final Settlement Price, then the price of that stock shall be determined, for the purposes of calculating the
Final Settlement Price, based on the opening price of that stock on the next day that its primary market is open
for trading.

If a component stock in the index does not trade on the day scheduled for determination of the Final Settlement
Price while the primary market for that stock is open for trading, the price of that stock shall be determined, for
the purposes of calculating the Final Settlement Price, based on the last sale price of that stock. However, if the
President of the Exchange or his delegate determines that there is a reasonable likelihood that trading in the
stock shall occur shortly, the President or his delegate may instruct that the price of stock shall be based, for the
purposes of calculating the Final Settlement Price, on the opening price of the stock on the next day that it is
traded on its primary market. Factors to be considered in determining whether trading in the stock is likely to
occur shortly shall include the nature of the event and recent liquidity levels in the affected stock.

356B03.B. Final Settlement

Clearing members holding open positions in a S&P 500/CITIGROUP Value Index futures contract at the time
of termination of trading in that contract shall make payment to or receive payment from the Clearing House in
accordance with normal variation margin procedures based on a settlement price equal to the final settlement
price.

356B04. EMERGENCIES, ACTS OF GOD, ACTS OF GOVERNMENT

If delivery or acceptance or any precondition or requirement of either is prevented by a strike, fire, accident,
action of government or act of God, the seller or buyer shall immediately notify the Exchange President. If the
President determines that emergency action may be necessary, he shall call a special meeting of the Board of
Directors and arrange for the presentation of evidence respecting the emergency condition. If the Board
determines that an emergency condition exists, it shall take such action as it deems necessary under the
circumstances and its decision shall be binding upon all parties to the contract.


S&P Barra Growth and Value Amendments
September 12, 2005
Page 17 of 22

356C01.C. Minimum Fluctuations
The price of an option shall be quoted in index points. Each .01 index point (1 basis point) shall represent $2.5.
The minimum fluctuation shall be .10 index points ($25.00, also known as one tick). Trades may also occur at a
price of .05 index points ($12.50, also known as one-half tick), whether or not such trades result in the
liquidation of positions for both parties to the trade. A trade with a price equal to or less than 3.00 index points
may also occur at a price in multiples of .05 index points, e.g., .15 index points $37.50, also known as one and
one-half ticks), and 1.95 index points ($487.50, also known as nineteen and one-half ticks).

356C01.D. Underlying Futures Contract

1. Options in the March Quarterly Cycle
For options that expire in the March quarterly cycle (i.e., March, June, September, and December), the
underlying futures contract is the futures contract for the month in which the option expires. For example, the
underlying futures contract for an option that expires in March is the March futures contract.

2. Options Not in the March Quarterly Cycle
For options that expire in months other than those in the March quarterly cycle (i.e., January, February, April,
May, July, August, October, and November), the underlying futures contract is the next futures contract in the
March quarterly cycle that is nearest the expiration of the option. For example, the underlying futures contract
for options that expire in January or February is the March futures contract.

356C01.E. Exercise Prices

1. Options in the March Quarterly Cycle
The exercise prices shall be stated in terms of the S&P 500/CITIGROUP Value Index futures contract which is
deliverable upon exercise of the option. In the third and fourth-nearest contract months in the March quarterly
cycle, the exercise prices shall be an integer divisible by 5 without remainder, e.g., 280, 285, 290, etc. In all
other contract months, the exercise prices shall be number divisible by 2.5 e.g., 285, 287.5, 290, etc.
At the commencement of trading for the fourth-nearest contract month in the March quarterly cycle, the
Exchange shall list all eligible exercise prices in a range of 20 index points above and below the previous day's
settlement price of the underlying futures contract. If any of the foregoing exercise prices are within 2 index
points of the settlement price of the underlying futures contract, then the Exchange shall list an additional
exercise price at the unoccupied level above (or below) the exercise price that is within 2 index points of the
previous day's settlement price. If the previous day's settlement price equals an eligible exercise price, then that
exercise price shall be listed also.
Thereafter, for the third and fourth-nearest contract months in the March quarterly cycle, when a sale, bid, offer,
or settlement price in the underlying futures contract occurs at, or passes through, any exercise price, the
Exchange shall list on the next trading day put and call options at the next higher (or next lower) exercise price
within a 20 index point range above (or below) the exercise price at which or through which the underlying
futures sale, bid, offer, or settlement price occurred.
When a contract month becomes the second-nearest contract month in the March quarterly cycle, the Exchange
shall add exercise prices at an interval that is a number divisible by 2.5 in a range of 15 index points above and
below the previous day's settlement price of the underlying futures contract. If the previous day's settlement
price equals an eligible exercise price, then that exercise price shall be listed also, if not previously listed.
Thereafter, and for all other contract months, when a sale, bid, offer, or settlement price, in the underlying
futures contract occurs at, or passes through, any exercise price, the Exchange shall list on the next trading day
put and call options at the next higher (or next lower) exercise price within a 15 index point range above (or
below) the exercise price at which or through which the underlying futures sale, bid, offer, or settlement price
occurred.
New options may be listed for trading up to and including the termination of trading.
The Board may modify the provisions governing the establishment of exercise prices as it deems appropriate.

2. Options Not in the March Quarterly Cycle
Upon demand evidenced in the respective options pit, the Exchange shall list put and call options at any
exercise price listed for trading in the next March quarterly cycle futures option that is nearest the expiration of
the option. New options may be listed for trading up to and including the termination of trading.

356C01.F. Position Limits


S&P Barra Growth and Value Amendments
September 12, 2005

Page 3 of 22
Text of Rule Amendments
(Additions are underlined, deletions are bracketed and overstruck.)
Chapter 355B
S&P 500/ CITIGROUP Growth Index Futures’
355B00. SCOPE OF CHAPTER

355B01.

355B02.

This chapter is limited in application to futures trading in the S&P 500/CITIGROUP Growth Index. The
procedures for trading, clearing, settlement, and any other matters not specifically covered herein shall be
governed by the rules of the Exchange.

COMMODITY SPECIFICATIONS

Each futures contract shall be valued at $250.00 times the S&P 500/CITIGROUP Growth Index. The S&P
500/CITIGROUP Growth Index is a capitalization-weighted index of S&P 500 stocks which have the highest
price-to-book ratios and which account for approximately 50% of the total capitalization of S&P 500 stocks.

FUTURES CALL

355B02.A. Trading Schedule
Futures contracts shall be scheduled for trading during such hours and for delivery in such months as may be
determined by the Board of Directors.

355B02.B. Trading Unit
The unit of trading shall be $250.00 times the S&P 500/CITIGROUP Growth Index.

355B02.C. Price Increments
Bids and offers shall be quoted in terms of the S&P 500/CITIGROUP Growth Index. The minimum fluctuation
of the futures contract shall be .10 index points, equivalent to $25.00 per contract. Trades may also occur in
multiples of .05 index points, for S&P 500/CITIGROUP Growth Index futures calendar spreads executed as
simultaneous transactions pursuant to Rule 542.A.

355B02.D. Position Limits
A person shall not own or control more than 20,000 futures contracts net long or net short in all contract months
combined. For the purpose of this rule, a long or short position in S&P 500/CITIGROUP Growth Index futures
will be considered to be embedded in a long or short position in S&P 500 Stock Price Index futures.
For positions involving options on S&P 500/CITIGROUP Growth Index futures, this rule is superseded by the
option speculative position limit rule.

355B02.E. Accumulation of Positions
For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person
or persons, and the positions of all accounts of a person or persons acting pursuant to an expressed or implied
agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or
beneficial interest, shall be cumulated.

355B02.F. Exemptions

The foregoing position limits shall not apply to (1) bona fide hedge positions meeting the requirements of
Regulation 1.3(z){1) of the CFTC and the rules of the Exchange and (2) other positions exempted pursuant to
Rule 543.

' This contract succeeds the S&P\Barra Growth Index, beginning with March 2006 expirations listed for trading on
September 16, 2005


S&P Barra Growth and Value Amendments
September 12, 2005
Page 2 of 22

All CME Growth and Value contracts listed in 2005 will retain the S&P/ Barra naming and
methodology. All contracts from January 2006 on will be known as the S&P/ Citigroup Growth and
Value Index contracts. The March 2006 contracts will be the first listing under the new name following
the September 2005 expirations. The rules reflecting this new partnership follow below. Chapters 355
B&C and 356 B&C will be added on a temporary basis and be published along with the existing S&P
Barra contracts; Chapters 355, 355A, 356, and 356A. Following the December 2005 expirations,
Chapters 355B&C and 356 B&C referencing the S&P/ Citigroup Indexes will replace the existing S&P/
Barra chapters, noting that all rule language is exactly the same with the exception of the name change.

If you require any additional information regarding this action, please do not hesitate to contact
Ms. Ariel Hantin, Senior Research Analyst at 312-559-4951 or via e-mail at ahantin@cme.com. Please
reference our CME Submission #05-84 on all future correspondence regarding this notification.

Sincerely,

Lei

John W. Labuszewski, Director
Research & Product Development

ce: Mr. Thomas M. Leahy and Mr. Steven B. Benton
CFTC Division of Market Oversight, Product Review & Analysis Section


S&P Barra Growth and Value Amendments
September 12, 2005

Page 13

356B02.

of 22

FUTURES CALL

356B02.A. Trading Schedule

Futures contracts shall be scheduled for trading during such hours and for delivery in such months as may be
determined by the Board of Directors.

356B02.B. Trading Unit
The unit of trading shall be $250.00 times the S&P 500/CITIGROUP Value Index.

356B02.C. Price Increments
Bids and offers shall be quoted in terms of the S&P 500/CITIGROUP Value Index. The minimum fluctuation
of the futures contract shall be .10 index points, equivalent to $25.00 per contract. Trades may also occur in
multiples of .05 index points, for S&P 500/CITIGROUP Value Index futures calendar spreads executed as
simultaneous transactions pursuant to Rule 542.A.

356B02.D. Position Limits
A person shall not own or control more than 20,000 futures contracts net long or net short in all contract months
combined. For the purpose of this rule, a long or short position in S&P 500/CITIGROUP Value Index futures
will be considered to be embedded in a long or short position in S&P 500 Stock Price Index futures.

For positions involving options on S&P 500/CITIGROUP Value Index futures, this rule is superseded by the
option speculative position limit rule:

356B02.E. Accumulation of Positions

For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person
or persons, and the positions of all accounts of a person or persons acting pursuant to an expressed or implied
agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or
beneficial interest, shall be cumulated.

356B02.F. Exemptions
The foregoing position limits shall not apply to (1) bona fide hedge positions meeting the requirements of
Regulation 1.3(z)(1) of the CFTC and the rules of the Exchange and (2) other positions exempted pursuant to
Rule 543.

356B02.G. Termination of Trading

Futures trading shall terminate on the business day immediately preceding the day of determination of the Final
Settlement Price.

356B02.H. Contract Modifications

Specifications shall be fixed as of the first day of trading of a contract. If any U.S. governmental agency or
body issues an order, ruling, directive or law that conflicts with the requirements of 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 government orders.

356B02.1. Price Limits, Trading Halts, and/or Trading Hours

Daily price limits and trading halts of the S&P 500/CITIGROUP Value Index futures contract shall be
coordinated with trading halts of the underlying stocks listed for trading in the securities markets.

For the purpose of this rule, the primary futures contract shall be defined as the futures contract trading in the
lead month configuration in the pit and Exchange staff shall have the responsibility of determining whether the
primary futures contract is limit 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


S&P Barra Growth and Value Amendments
September 12, 2005
Page 16 of 22

356B05.-06. [RESERVED]

(End of Chapter 356B)
INTERPRETATIONS AND SPECIAL NOTICES RELATING TO CHAPTER 356B

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), licenses the Exchange to use various S&P stock
indices ("S&P Stock Indices") in connection with the trading of futures contracts and options on futures contracts based upon
such indices. S&P shall have no liability for damages, claims, losses or expenses caused by any errors or delays in
calculating or disseminating the S&P Stock Indices.

Standard & Poor's, a division of the McGraw-Hill Companies, Inc. ("S&P"), does not guarantee the accuracy and/or
completeness of the S&P Stock Indices or any data included therein. S&P makes no warranty, express or implied, as to the
results to be obtained by any person or any entity from the use of the S&P Stock Indices or any data included therein in
connection with the trading of futures contracts, options on futures contracts and any other use. S&P 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 S&P Stock Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P
have any liability for any special, punitive, indirect or consequential damages (including lost profits), even if notified of the
possibility of such damages.

Chapter 356C
Options on S&P 500/ CITIGROUP Value Index Futures’

356C00. SCOPE OF CHAPTER

This chapter is limited in application to trading in put and call options on the S&P 500/CITIGROUP Value
Index futures contract ("S&P 500/CITIGROUP Value Index options"). The procedures for trading, clearing,
inspection, delivery and settlement and any other matters not specifically covered herein shall be governed by
the rules of the Exchange.

356C01. OPTION CHARACTERISTICS

356CO01.A. Contract Months, Trading Hours, and Trading Halts

Options contracts shall be listed for such contract months and scheduled for trading during such hours, except as
indicated below, as may be determined by the Board of Directors.

There shall be no trading in any option contract when the S&P 500/CITIGROUP Value Index primary futures
contract is limit bid or offered at any price limit except at the Total Daily Price Limit on an option's last day of
trading.

There shall be no trading in any option contract during a period when trading in the primary futures contract is
terminated pursuant to Rule 356B02.1.

For purposes of this rule, the primary futures contract shall be defined as the futures contract trading in the lead
month configuration in the pit.

For purposes of this rule, Exchange staff shall have the responsibility of determining whether the primary
futures contract is trading at its limit during Regular Trading Hours (RTH). During Electronic Trading Hours
(ETH), the determination shall be made by the GLOBEX Control Center.

356C01.B. Trading Unit

The trading unit shall be an option to buy, in the case of the call, or to sell in the case of the put, one S&P
500/CITIGROUP Value Index futures contract as specified in Chapter 356B.

' This contract succeeds the S&P\Barra Value Index, beginning with March 2006 expirations listed for trading on September
16, 2005