TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	May 8, 2007
SUBJECT:	Chicago Climate Exchange Delivery and Option Expiration Dates for May 2007 Contracts

Listed below are the relevant delivery and expiration dates for the Chicago Climate Exchange May 2007 contracts.

Delivery Dates
Product	Code	First Position	First Notice	First Delivery	Last Trade	Last Notice	Last Delivery
Sulfur Dioxide	KS	May 17	May 18	May 21	May 31	Jun 1	Jun 4
Nitrogen - Bank	NA	May 18	May 21	May 22	May 29	May 30	May 31
Nitrogen – Vintage 07	NB	May 18	May 21	May 22	May 29	May 30	May 31
Nitrogen – Vintage 08	NC	May 18	May 21	May 22	May 29	May 30	May 31
Nitrogen – Vintage 09	ND	May 18	May 21	May 22	May 29	May 30	May 31

To help promote error free delivery processing, the Clearing Corporation requires all tender quantities be confirmed before the tender record will be included in delivery processing for assignment. The confirmation is performed using the Tender Confirmation screen in OTIS®. Clearing Participants are reminded of the importance of verifying this information before confirming their tender records.

Option Expiration Dates
Product	Code	Expiration
Sulfur Dioxide	KS	May 15

The deadline to submit at the money, out of the money exercise requests and cancellation of in the money exercises is 5:00 p.m. on expiration day.  Clearing Participants that need to verify their authorization code for special exercise requests should contact CSS. All exercise activity is performed using the Option Exercise Entry and Option Exercise Inquiry selections in Position Management.

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: