(CMS-31) SWITCH OF GUARANTEE

Notice No. CMS-31
March 12, 2002

COMMODITY EXCHANGE, INC.

SWITCH OF GUARANTEE

Please be advised that effective immediately, March 11, 2002, Ralph Baldino
(RYNO-7961), Michael Heffernan (HEFF-6225), Karl Kovarik (KK-7270), Peter
Laskaris (EAL-7266), Paul Short (PJAS-7740) and Jonathan Stefanick
(STIF-6025) will no longer be guaranteed by Man International, Inc.
However, Messrs. Baldino, Heffernan, Kovarik, Laskaris, Short and Stefanick
will remain members guaranteed by FC Stone, LLC.

Furthermore, be advised that effective immediately, March 11, 2002, Richard
Pront (REP-7145) will no longer be guaranteed by Man International, Inc.
However, Mr. Pront will remain a member guaranteed by FC Stone, LLC.

In connection therewith, notification of any claims against the
aforementioned individual arising out of transactions executed on the
Exchange up to the close of business on March 11, 2002, must be submitted to
the Corporate Secretary's Office within the (10) days.

Inquiries regarding the above should be directed to the Member Services
Department at 212-299-2370.