executing trades by open auction for the proprietary accounts of a member firm
may participate in the Exchange’s CTI 2/1 Conversion Program.

CTI3: Electronic Trading — Applies to orders entered by a member or a non-
member Registered User for the account of another individual member or an
account controlled by such other individual member.

CTI3: Open Auction — Applies to orders that a member executes on behalf of
another individual member, or for an account such other member controls or in
which such other member has an ownership or financial interest.

CTI4: Electronic Trading and Open Auction — Applies to all
orders/transactions not included in CTI categories 1, 2, or 3. These typically are
orders entered by or on behalf of non-member entities.

540.13 Application of Rules and Regulations

The Provisions of this s Chapter s shall apply 10 to all members, member firms, Qualified

A nedaAffiliates and qualified
pools hedge funds. or other collective investment t vehicles as defined in Regulation
230.03, 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.



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addition, the proceeds of the sale or transfer of any registered memberships or registered
shares of Class A common stock shall be subject to claims pursuant to Regulation

249.01(g) and Rule 252.00.

230.06 Additional Seat Requirement

A pool, hedge fund or other collective investment vehicle that was approved in the Equity
Member Firm category. pursuant to Regulation 230.02 and Appendix 2D, A-firm

may take up to eighteen months from
the date of its registration approval, if such approval was granted prior to April 26, 2006,
to acquire and complete the registration of its six required memberships and 129,352
shares of Class / A common n stock of CBOT Holdings. | Howeversne-suet firm will-be

Until such time as the membership/ and stock requirement has been met, the any such

pool, hedge fund or other collective investment vehicle

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snember-firms will continue to be charged exchange transaction fees at the non-member
level. Once the membership+ and stock requirement has been completely satisfied, the
Exchange will grant an adjustment to the appropriate member fee level via a fee credit.
This adjustment period will not exceed eighteen months. If the member firm takes more
than eighteen months to meet the membership# and stock requirement, the Exchange will
grant an adjustment only for the eighteen months immediately prior to meeting the
membership/stock requirements.

244.00 Exchange Service Fees

(a) members and member firms. Each Series B-1 (Full), Series B-2 (Associate),
Series B-3 (GIM), Series B-4 (IDEM), or Series B-5 (COM) member (hereinafter
referred to as members”), and member firm shall be obligated to pay, at such times and
in such manner as the Exchange may prescribe, fees for transactions executed by open
auction and on e-cbot, as described below and in accordance with the fee schedule set
forth in Appendix 2B, which is incorporated into this Rule by reference. In that
Appendix, the applicable rate specifications shall be per contract/per side, and the
applicable volume specifications shall be per calendar month.



within such extension of said such 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 Exchange’s approval of the
eligible business organization for member firm status shall be deemed void.

230.03 MemberFirm Qualified Affiliates and Designated Passive Investor Entities
Pools, Hedge Funds, and Other Collective Investment Vehicles

(i) MemberFirm Qualified Affiliates - For purposes of this+egulation Appendix 2D, the
term “mempber-firm Qualified aA ffiliate” shall mean a non-futures commission merchant,
non-clearing entity that is not a pool, hedge fund or other collective investment vehicle
which is wholly owned by one or more member firms, which wholly owns a member
firm, or which is wholly owned by the same parent company(ies) as a member firm.
Except in those circumstances where the qualifying Series B membership may be leased
by the Qualified Affiliate, the Series B membership and/or shares of Class A common
stock of CBOT Holdings that must be registered in order to qualify a Qualified Affiliate
may be owned by the member firm (if not also necessary to qualify the member firm), or
by the Qualified Affiliate or its member-principals or member-employees. For purposes
of the Membership Umbrella set forth in Appendix 2D, the required Series B
memberships and/or shares of Class A common stock may be owned by the member
firm, or by one or more of its Qualified Affiliates or member-principals or member-
employees of such Qualified Affiliates.

(ii) Pools, Hedge Funds or Other Collective Investment Vehicles — The Series B
memberships and/or shares of Class A common stock that must be registered in order to
qualify Pools, Hedge Funds or Other Collective Investment Vehicles, as set forth in
Appendix 2D, may be owned by the member firm, or by one or more of the qualified
pools, hedge funds or collective investment vehicles or by member-principals or member-
employees of such qualified pools, hedge funds or collective investment vehicles.

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A member firm that is qualified by the registration of one or more Series B-] (Full)
memberships shall be entitled to member firm transaction fees for all contracts traded on
the Exchange. A member firm that is qualified solely by the registration of a Series B-2
(Associate), Series B-4 (IDEM) or Series B-S (COM) membership shall only be entitled
to member firm transaction fees with respect to those contracts in which such members
have trading privileges, respectively. However, no Investment Only Member Firm shall
be entitled to member firm transaction fees.

In order to qualify a new clearing member firm or a new registered futures commission
merchant member firm, whether or not such firm is a current member firm in another
category, the applicant shall submit the firm’s 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. However, a Sole Proprietor that is seeking to qualify as a
clearing member firm shall submit a financial statement in the form designated by the
Exchange. In order to qualify a firm in all other firm membership categories, the
applicant shall submit such financial information of the firm that may be required, in the
discretion of the Exchange.

If a member firm desires to change its member firm category, it must submit any
documents required by the Exchange, and it must obtain the approval of the Exchange.
The Exchange may, in its discretion, waive or modify any of the foregoing requirements
regarding the submission of financial information, or grant temporary approval pending
the submission of such financial information, in the case of changes in member firm
category that are necessitated by reorganization of current member firms.

Upon receipt of an application to qualify a new member firm, the Exchange shall, within
fifteen days thereafter, make the name of the firm available to the membership.

No membership nor any particular shares of Class A common stock of CBOT Holdings
may be registered on behalf of more than one member firm or memberfirm Qualified
Aeffiliate.

Except as provided in Regulation 221.09, no membership registered for any member firm
under Rule 230.00 may be 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


p

ind qualified

(iii) ihn plicable to Designations of Member Firm Affliates and
Fnvestor Entities — All designations of member-firm Qualified Aaffiliates_ai
pools, hedge funds and other collective investment vehicles, as set forth in

Appendix 2D, passiveinvesterentities, as deseribedin-paragraphsi)-and ii) above,

hall b, by tte the fol, zp fa) af dh +o-by ffaeti. the
designation must be documented with, and approved by, the Exchange in such manner as

the Exchange prescribes, before they will become effective. The Exchange may
withdraw its approval of such a designation for good cause.

230.04 Liability of Registered Memberships and Registered Shares - Member firms
and member—firm Qualified Aaffiliates_and qualified pools, hedge funds and other
collective investment vehicles, as described in Regulation 230.03 and Appendix 2D, shall
be subject to all requirements and prohibitions contained in the Rules and Regulations
that are applicable to members, unless otherwise specified in the Rules and Regulations.
All nominees on memberships registered to qualify a member firm, ermemberfirm
Qualified Aaffiliate or pool, hedge fund or other collective investment vehicle shall be
subject to discipline, and all registered memberships and registered shares of Class A
common stock of CBOT Holdings shall be subject to sale by the Exchange for the acts or
delinquencies of the any member firm, or-any memberfirm Qualified Aaffiliate, or pool, *
hedge fund or other collective investment vehicle which is qualified by such registered
memberships or shares, as well as for those of such nominees or any member-
shareholders who have registered such shares en-behalt-ef in order to qualify the member
firm, Qualified Affiliate, or pool, hedge fund or other collective investment vehicle. In



September 27, 2006 aa
IF THE S ARIAT
Ms. Eileen A. Donovan OFC.Gr Tike
Acting Secretary
Commodity Futures Trading Commission
Three Lafayette Center

1155 21 Street, N.W.
Washington, D.C. 20581

Reference File # 2723.01
Rule Certification
Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®)
hereby submits the following, as indicated in the attached texts:

- Revised Rules/Regulations 221.00, 230.00, 230.01 through 230.04, 230.06,
244.00, 244.08, 252.00, 270.01, 332.03, 540.13 (additions underlined; deletions
struck through) and new Rulebook Appendix 2D.

CBOT Rulebook Chapter 2 currently provides for several categories of member firm.
These vary in terms of the type of Exchange business they conduct, their CBOT
membership and CBOT Holdings, Inc. stock registration requirements, and their
Exchange transaction fee treatment. The referenced revisions generally will reformat and
consolidate the CBOT’s existing member firm categories into a single new Rulebook
Appendix 2D, which will be cross-referenced within the appropriate rules and
regulations.

More specifically, the revisions include the following:

- Further differentiate among the categories of clearing firms and proprietary trading
firms;

- Add categories of member firm affiliates that may qualify without any share
requirements;

- Permit Registered Trading FCMs to qualify with additional categories of memberships;
- Reduce the share requirements under the “membership umbrella” category with respect

to firms that qualify with 5 Series B-1 (Full) memberships for agricultural contracts only,
to make the share requirements consistent with those for other firms;


All such fees collected from non-member customers shall be remitted by the
member or member firm at such times and in such manner as the Exchange may
prescribe.

No member firm 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 Exchange under this Rule.

(c) surcharges. Exchange transaction fee surcharges, exchange fees for non-trade
transactions, and clearing fees are set forth in Appendix 2B, which is incorporated into
this Rule by reference.

(d) revenue. The Exchange shall have the authority in its discretion to suspend any
of the fees specified in this Rule at any time during a fiscal year.

(e) reports. Each member or member firm subject to the provisions of this Rule
shall submit to the Exchange such reports as the Exchange may deem necessary for the
administration of this Rule.

(f) 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 Exchange to levy such
additional assessments, charges or fees upon the membership as it may deem necessary or
advisable.

244.08 Eategery2e) Fees for Pools, Hedge Funds or Other Collective Investment
Vehicles — Equity Members

Member firms qualified under the Pools, Hedge Funds or Other Collective Investment
Vehicles Equity Member Firm category, pursuant to Regulation 230.02 and Appendix

, Regulation 230.02 Categery(2e) will be granted the same fee treatment that as the
proprietary accounts of Equity Member Firms that are Registered Clearing or Equity
FCMs or Corporate Clearing or Equity Proprietary Firms, pursuant to Regulation 230.02

and Appendix 2D, Gategery-(4a),1b)(2a)-and- 2b} nember-firms receive where the
trade is either initiated-or executed by a non-member for those firms’ accounts.

252.00 Proceeds of Membership and Class A Common Stock

(a) GRANT OF SECURITY INTEREST. Each member of the Exchange
grants to the Exchange for the benefit of the Exchange, the Clearing Services
Provider, such member’s Primary Clearing Member, all other Clearing Members
and all other members of the Exchange, a security interest in the shares of Class A
common stock of CBOT Holdings associated with each of such member’s
memberships in the Exchange, which, for purposes of this Rule 252.00, includes
(1) all shares of Class A common stock, Series A-2 and Class A common stock,
Series A-3 of CBOT Holdings associated with each of such member’s
memberships (regardless of holder); and (2) all restricted and unrestricted shares of
Class A common stock of CBOT Holdings registered on behalf of, or which
qualify, CBOT Clearing Members, _ member firms, memberfirm Qualified
Aaffiliates and designated-p: : tities pools, hedge funds or other



(1) Open auction fee caps — with respect to open auction trades for a Series B-1
(Full), Series B-2 (Associate), Series B-3 (GIM), Series B-4 (IDEM) or Series B-5
(COM) member’s own account, the maximum of fees paid by any such member shall be
$20,000 per year per person who executes the trades, With respect to open auction trades
for the proprietary account of a Closely Held Clearing Proprietary Firm or a Closely Held

Equity Proprietary Firm, Regulation 230.02, CategoryHa)}, 1), 2a)}-(2b), Ba} or Bb)
#ember-firm-or a member firm Qualified Aaffiliate of either such a firm, as-definedia
Regulation 230-03, as set forth in Appendix 2D, which are initiated and executed by the
same member, who is registered with the Exchange as a trader for the account pursuant to
procedures established by the Exchange, the maximum of fees paid by any such member
firm or memberfirm Qualified Aaffiliate shall be $20,000 per year per person who
initiates and executes the trades,

(2) Open auction floor broker fee - Open auction trades executed by a member as
a floor broker for others shall incur a floor brokerage charge of 2 cents per contract/per
side. Provided, however, that this charge shall not apply to trades which are both
initiated and executed by the same member for the account of a member, or the
proprietary account of a member firm. The maximum of fees paid by any Series B-1
(Full), Series B-2 (Associate), Series B-3 (GIM), Series B-4 (IDEM) or Series B-5
(COM) member pursuant to this subsection shall be $20,000 per year. When a member
executes trades as a floor broker for others and also executes open auction trades for his
or her own account, the maximum of fees paid by such member for all such open auction
trades collectively shall be $20,000 per year.

(3) Firm-owned memberships — Notwithstanding subparagraphs (a)(1) and (a)(2)
above, the fees applicable with respect to memberships 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 own account, in cases where the individual is
not a principal of the member firm which owns his/her membership. For purposes of this
paragraph, an individual shall be deemed a principal of a member firm if he/she holds a
majority ownership interest in that firm and/or meets other such criteria as the Exchange
may prescribe by regulation; and

(ii) Trades executed by such member on behalf of any account other than the
proprietary account or a customer account of the member firm owner of the membership,
or its member-firm Qualified Aaffiliate, as defined in Regulation 230.03.

(b) non-members. Each member firm handling the funds of non-member customers
shall include, in the statements to such customers, fees for the open auction and e-cbot
transactions executed for the accounts of such customers in accordance with the fee
schedule set forth in Appendix 2B. In that Appendix, the applicable rate specifications
shall be per contract/per side, and the applicable volume specifications shall be per
calendar month.


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are not required to be in the name of the same individuals. All such membership or share
registrations may be terminated at any time by the Exchange, or by the member firm, the
nominees or the registering shareholders, as applicable, with the prior written approval of
the Exchange.

No shares of Class A common stock of CBOT Holdings that are qualifying a member
firm, or a member-firm Qualified Aaffiliate under Regulation 230.02 or 230.03, may be
sold, pledged, hypothecated, lent, re-registered or otherwise transferred without the prior
written approval of the Exchange. Each member or memberfism Qualified Aaffiliate is
deemed to acknowledge that the Exchange has control over such shares and must comply
with any policies or procedures established by the Exchange to effect control over such
shares.

All memberships and/or shares of Class A common stock of CBOT Holdings that are
owned by a member firm that is not a clearing member firm or a registered futures
commission merchant may be in the name of a principal or employee of, and may be
registered (except as provided in Regulation 249.01(b)(i)) on behalf of, another member
firm which is wholly owned by such member firm, which wholly owns such member
firm, or which is wholly owned by the same parent company(ies) as such member firm.
During the term that any such memberships or shares that are necessary to qualify the
member firm are registered on behalf of such other member firm, the member firm
owning the memberships or shares will not be entitled to member firm transaction fees.
However, any such member firm will remain subject to all applicable Exchange Rules
and Regulations, including the disciplinary procedures set forth in Chapter 5, and the
arbitration procedures set forth in Chapter 6.

230.01 Ownership of Registered Memberships and Registered Shares - For purposes
of Rule 230.00 and Regulation 230.02, all Series B memberships and all shares of Class
A common stock of CBOT Holdings registered on behalf of a member firm must be
owned by either the member firm, another member firm which is wholly owned by such
member firm, which wholly owns such member firm, or which is wholly owned by the
same parent company(ies) as such member firm, or the nominees or member-
shareholders who registered such memberships or shares, except in those instances where
a leased membership and/erthe+ “5-H £Class-A-eer teek may be
registered for a member firm or a member-firm Qualified aAffiliate under Rule 230.00 or
Regulation 230.02 or 230.03.

230.02 Registration of Memberships and Class A Shares for a Member Firm

An individual desiring to register a membership and/or shares of Class A common stock
of CBOT Holdings in order to qualify an eligible business organization as a member firm
under Rule 230.00, and an eligible business organization seeking to qualify as a member
firm, shall submit applications in the forms designated by the Exchange. The categories
of member firms and the numbers of memberships and/or numbers of shares of Class A
common stock of CBOT Holdings that must be registered on behalf of a member firm in
each category are listed in Appendix 2D belew. Only shares of Class A common stock
that are maintained in an account with the CBOT Holdings transfer agent may be
registered for a firm.


Appendix 2D

FIRM MEMBERSHIP TYPE

TRADING RIGHTS AND CLASS A
SHARES

EQUITY MEMBER FIRMS

Closely Held Clearing Proprietary Firms’
Corporate Clearing Proprietary Firms”
Registered Equity FCMs

Sole Proprietor Clearing Member

1 Series B-1 (Full) and 27,338 shares

Closely Held Equity Proprietary Firms!
Corporate Equity Proprietary Firms?

Qualified A ffiliates* of Closely Held
Clearing or Equity Proprietary Firms,
Corporate Clearing or Equity Proprietary
Firms, or Registered Clearing or Equity
FCMs

1 Series B-1 (Full) and 27,338 shares; or
1 Series B-2 (Associate) and 10,000 shares

Registered Clearing FCMs

2 Series B-1 (Full) and 54,676 shares

Membership Umbrella — Unlimited
Number of Qualified A ffiliates®

4 Series B-1 (Full), 2 Series B-2
(Associate) and 129,352 shares; or

5 Series B-1 (Full) and 129,352 shares
(Agricultural Only)

' Closely Held Proprietary Firms must be wholly owned by members or by members and employees of the firm.

? Proprietary Firms that are not wholly owned by members or by members and employees of the firm must have a
business purpose deemed appropriate by the Exchange, including cash grain firms, financial institutions, market
makers designated by the Exchange, proprietary trading firms that do not otherwise meet the definition of a Pool,
Hedge Fund or Other Collective Investment Vehicle, or other forms of business approved by the Exchange.

5 Qualified Affiliates are non-FCM, non-clearing entities that are not pools, hedge funds or other collective
investment vehicles, and which are wholly owned by one or more member firms, wholly own a member firm, or are
wholly owned by the same parent company(ies) as a member firm.


e-cbot Member Firms

1 Series B-1 (Full) — Leased; or
1 Series B-2 (Associate) —- Leased

INVESTMENT ONLY MEMBER
FIRMS

Investment Only Member Firms

1 Series B-1 (Full)

1 Series B-2 (Associate)
1 Series B-3 (GIM)

1 Series B-4 (IDEM)

1 Series B-5 (COM)



Additions are underlined; Deletions are strack through.

221.00 Delegation - An individual member may delegate the trading rights and privileges
of a Series B-1 (Full), Series B-2 (Associate), Series B-3 (GIM), Series B-4 (IDEM), or
Series B-5 (COM) membership to an individual (a "delegate") upon the following terms
and conditions:

eR RK

(c) (1) The member shall remain liable for an amount up to, but not in excess of, the

value of the Series B membership being delegated (andthe “ssh £#ClassA.
+ock—_of-CBROTHeldi: oS d- ke 49—th tent—th: 5 bch:
pistered_for berfi filet der Regulation 230.03) for the debts, acts and

delinquencies of the delegate (or-the member firm affiliate, if applicable) arising from the
use by the delegate (erthe-member—firm—affiliateif-applieable) of the Series B
membership. The Series B membership so ’ delegated fand the tessor's-shares of Class-&

a 7 may be sold to satisfy
any such ibility i in "accordance with the Rules and Regulations of the Exchange.
Delegation shall not relieve the member of any of his obligations or liabilities which he
might otherwise have by virtue of being a member of the Exchange to other members of
the Exchange;

(2) Upon the termination or expiration of the delegation agreement, the Exchange shall
make notice thereof available to the membership. Thereafter, all members and delegates

who may have claims against the delegate (or any member firm affiliate for which the

leased seat and,if-applicable, thet h A tock-of CBOE

Heldings-have has been registered pursuant to Gemution 230.03) may file claims
pursuant to Regulation 249.01(g). The member entering into a delegation agreement shall
be responsible for the payment of those claims allowed by the Exchange and not satisfied
promptly by the delegate (or+he-memberfirm-affiiate; if applicable), but only to the
extent of the value of the Series B membership s so delegated (andthe tesser’s-shares-of

fall A, tock-of CBOT Holdings if 1y-to-th tent-that-such-shi
D

ee RK

230.00 Registration - An cligible business organization may qualify as a member firm of
the Exchange if the required numbers of memberships and/or shares of Class A common
stock of CBOT Holdings are registered on behalf of the firm, as specified in Regulation
230.02 and Appendix 2D.

All registered memberships must be in the name of a principal or employee of the
member firm. Such principal or employee shall be referred to as a “nominee” with
respect to the membership. All registered shares of Class A common stock of CBOT
Holdings must be in the name of the member firm, or one or more member-principals or
member-employees of the member firm. Registered memberships and registered shares


September 27, 2006
Ms. Eileen A. Donovan
Page Two

- Modify the membership and share requirements for Pools, Hedge Funds or Other
Collective Investment Vehicles — Equity Members that wish to qualify more than six
such entities, and for Registered Clearing or Equity FCMs under the membership
umbrella that also wish to qualify a pool, hedge fun or other collective investment
vehicle;

- Clarify that for purposes of qualifying member firm affiliates, the required memberships
and/or shares may be owned by the member firm or by the member firm affiliates or their
member-principals or member-employees; and

- Clarify that the memberships and/or shares that must be registered to qualify pools,
hedge funds, or other collective investment vehicles may be owned by the member firm
or by one or more of the pools, hedge funds, or other collective investment vehicles or
their member-principals or member-employees.

The CBOT intends to implement these revisions as of October 1, 2006.

There were no opposing views concerning these revisions.

The CBOT certifies that these revisions conform with the Commodity Exchange Act and
the rules thereunder.

Sincerely,

Paul J. Draths
Vice President and Secretary

b091906


collective investment vehicles under Rule 230.00 or Regulation 230.02 or 230.03,
and the proceeds thereof for the purpose of securing such member’s, member
firm’s, memberfism Qualified Aaffiliates’ or designated-passive-investorentities”
pools’, hedge funds’ or other collective investment vehicles’ obligations, whether
direct or indirect, absolute or contingent, under the Certificate of Incorporation,
Bylaws and Rules and Regulations of the Exchange, including, without limitation,
this Rule 252.00.

kk kk

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 firm
or memberfirm Qualified Aaffiliate, as defined in Regulation 230.03, is insolvent; is
failing to meet the minimum capital requirements of the Exchange, if applicable, 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 Exchange; 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 such member firm or memberfinn
Qualified Aaffiliate as he deems appropriate in the circumstances.

Any member firm or member—firm Qualified Aaffiliate failing or refusing to comply
promptly with a restriction imposed by the Chairman may be fined, suspended, or
expelled by the Exchange.

Nothing in this Regulation shall preclude disciplinary action for the violation of any Rule
or Regulation of the Exchange which contributed to the condition for which restrictions
are imposed under this Regulation.

332.03 Customer Type Indicator (CTI) Codes

Each clearing member must identify cach transaction executed on the Floor of the
Exchange or on e-cbot, on the record of transactions that is submits to the Clearing
Services Provider, with the correct customer type indicator (“CTI”) code. The CTI codes
are as follows:

CTI 1: Electronic Trading and Open Auction: - Applies to transactions
initiated and executed by an individual member for his/her own account, for an
account he/she controls, or for an account in which he/she has an ownership or
financial interest. However, transactions initiated and executed by a member for
the proprietary account of a member firm must be designated as CT]2
transactions.

CTI2: Electronic Trading and Open Auction — Applies to orders entered/trades
executed for the proprietary accounts of a member firm or member-firm Qualified
Aaffiliate, as defined in Regulations 230.02 or 230.03. Members initiating and


Pools, Hedge Funds or Other Collective
Investment Vehicles —- Equity Members

4 Series B-1 (Full), 2 Series B-2
(Associate) and 129,352 shares*

TRADING MEMBER FIRMS

Proprietary Trading Firms”
Registered Trading FCMs

Qualified Affiliates* of any Equity or
Trading Member Firm (excluding Pools,
Hedge Funds or Other Collective
Investment Vehicles — Equity or Trading
Members)

1 Series B-] (Full); or

1 Series B-2 (Associate); or
1 Series B-4 (IDEM); or

1 Series B-S (COM)

Qualified Affiliates* of any Equity or
Trading Member Firm (excluding Pools,
Hedge Funds or Other Collective
Investment Vehicles — Equity or Trading
Members)

1 Series B-1 (Full) - Leased; or

1 Series B-2 (Associate) - Leased; or
1 Series B-4 (IDEM) - Leased; or

1 Series B-5 (COM) - Leased

Pools, Hedge Funds or Other Collective
Investment Vehicles — Trading

2 Series B-1 (Full) and
1 Series B-2 (Associate)?

Members

e-cbot MEMBER FIRMS

* Qualifies up to six pools, hedge funds or other collective investment vehicles where the member firm exercises
trading control over, is under common trading control with, or wholly owns such entities. Each additional Series B-
1 (Full) membership and 27,338 shares or Series B-2 (Associate) membership and 10,000 shares will qualify an
additional such entity. A Registered Clearing FCM or Registered Equity FCM that qualifies for the Membership
Umbrella may also qualify a pool, hedge fund or other collective investment vehicle, over which it or any of its
Qualified Affiliates exercises trading control, through the registration of an additional Series B-] (Full) membership
and 27,338 shares or Series B-2 (Associate) membership and 10,000 shares for each such entity that it wishes to
qualify for Equity Member Firm transaction fees, or through the registration of an additional Series B-] (Full) or
Series B-2 (Associate) membership for each such entity that it wishes to qualify for Trading Member Firm
transaction fees.

* Qualifies up to three pools, hedge funds or other collective investment vehicles where the member firm exercises
trading control over, is under common trading control with, or wholly owns such entities. Each additional Series B-
1 (Full) or Series B-2 (Associate) membership will qualify an additional such entity.