The CME Group will establish clearing services for the OTC Cash Settled Ethanol Options on October 15, 2007 (Modified). The OTC Cash Settled Ethanol Options can be entered for clearing on CME Front End Clearing from 6:36 p.m. to 3:00 p.m. Chicago Time, Sunday through Friday.

Please view the following specifications for OTC Cash Settled Ethanol Options:

Ticker Symbol:

OTC: CEC/CEP

QVS Product Grouping:

Promotional

Trading Unit:

1 Denatured Fuel Ethanol Futures Contract

Clearing Hours:

Electronic, 6:36 p.m. to 3:00 p.m., Chicago Time, Sunday through Friday

Contract Month Cycle:

In accordance with CBOT Ethanol Futures, 24 consecutive months

Underlying Futures Contract:

CBOT Denatured Ethanol Futures

Exercise Style:

European style options that are cash settled on Last Trading Day, exercising the option into the underlying future is not possible

Strike Price Increments:

5 cent increments

Levels of Strike Price Increments:

On the first day of trading there will be 21 strikes listed each for puts and calls. The ATM strike is the one closest to the previous day?s settlement price of the underlying futures contract. If the previous settlement is midway between two strike prices, the closest price shall be the larger of the two. All months: ATM plus +50 cents / -50 cents.

Cabinet Prices:

$1 - $28 in one 1 (one) dollar increments

Min. Price Fluctuation:

1/10th cent per gallon ($29.00 per contract)

Max. Price Fluctuation:

None

Daily Price Limits and Dynamic Price Limit Ranges:

No daily price limits; no dynamic price limits

Position Limits:

None

Last Trading Day:

The Trading day before the expiration day of the underlying futures contract. Settlement is in cash.

Expiration:

1:15 p.m. Chicago Time

Delivery Standards/Exercise Procedures:

The European-Style Look-Alike Options can not be exercised into the underlying CBOT Ethanol Futures contract

ITC Fractional Indicator:

3

ITC Price Formats:

0000279

0000280

0000281

0000282

ITC Special Settlement Price Format:

0000284

ITC Strike Price Fractional Indicator:

2

ITC Strike Price Formats:

0000195

0000200

0000205

0000210

Please contact the Market Data Vendor Help Desk at (312) 341-3163 or cbotvendorsupport@cmegroup.com, if you have any questions.