December 28, 2006

Ms. Eileen A. Donovan s
Acting Secretary s
Commodity Futures Trading Commission r
Three Lafayette Centre :
1155 21* Street, N.W.
Washington, D.C. 20581
Reference File #2752.01 =
Rule Certification

Dear Ms. Donovan:

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

- Revised Electronic Market Maker (EMM) Program for CBOT Denatured Fuel
Ethanol Futures. (A summary of the program’s salient features is attached.
Revisions are bolded and underlined.)

This submission reflects changes in a program that was filed via a previous CBOT submission
dated June 16, 2006 (CBOT Reference File #2680.02). The program revisions will be effective
beginning January 1, 2007.

This initiative has been established and modified pursuant to CBOT Rule 225.00 “General

Enabling Rule for Market Maker Programs”, which authorizes the Chief Executive Officer of the
Exchange to approve such programs.

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

Sincerely,

Paul J. Draths
Vice President and Secretary

b121206


Salient Features of CBOT® Ethanol Futures
Electronic Market Maker (EMM) Program

EMM Obligations

Participants in this non-exclusive EMM program will provide two-sided markets in CBOT
Denatured Fuel Ethanol futures (“Ethanol futures”) on the CBOT’s electronic platform (e-cbot®),
on a continuous basis during specified market hours for such futures, unless prevented from
doing so as a result of extraordinary circumstances beyond the EMM’s reasonable control or due
to position limits,

EMM participants agree that they will make markets in Ethanol futures at agreed upon minimum
size and maximum bid/offer spread levels.

EMM Incentives

In return for an EMM’s fulfillment of its obligations, such EMM will receive the following for
the period coinciding with EMM’s period of participation in this program:

1) Transaction fees: All CBOT electronic transaction fees (excluding clearing fees) will be
rebated for EMM proprietary transactions in Ethanol futures.

2) Exchange Fee Credit Pool (‘““EFCP”): EFCP is defined as 20% of the total electronic
exchange transaction fees collected by the CBOT for Ethanol futures (less EMM fee

rebates), or $20,000, per month (whichever is higher).

a) The minimum volume requirement to be eligible to receive any portion of the
EFCP for any given month will be 10% of the total sides of Ethanol futures traded
on the electronic platform for that month. Incentives drawn from this pool would
be paid to the top two qualifying EMMs on a pro-rata basis. (Their pro-rated
shares would be based on the percentage of total EMM volume that each of the
qualifying EMMs generated for that particular month.) However, if e-cbot
average daily volume in Ethanol futures is less than 25 contracts in any
particular month, no EMM will be eligible to receive any portion of the
EFCP for that particular month,

b) Ifno EMM qualifies for the EFCP, then there will be no payout of the applicable
pool for that particular month, and the EFCP will not roll forward to any future
month,


Term

EMM Agreements will have an initial term expiring December 31, 2006, and may be extended if
mutually agreed.

Termination
EMM Agreements may be terminated for uncorrected material breach, upon a specified notice

period under specified circumstances, as defined in the EMM Agreement, or by mutual consent
at any time.