Partnership Deal between Eurex and

The Clearing Corporation completed

Dennis A. DuttererPresident and CEONovember 5, 2003

Partnership Deal between Eurex andThe Clearing Corporation completed

Shareholders have approved partnership deal with Eurex and new CCorp equity structure 50 out of 87 shareholders for,

34 against, 2 abstentions Equity stake oversubscribed in new equity;

$105.6 million total equity capital Shareholders have approved Eurex equity stake

in CCorp 48 shareholders hold 86% of CCorp capital Eurex holds 14% of CCorp capital

Partnership Deal between Eurex andThe Clearing Corporation completed (cont.) New governance structure

Nine member Board of Directors Eurex takes seat on Board of Directors Other shareholders elect remaining 8 Board members One share – one vote

New capital structure Separate Guaranty Fund Shareholder capital of $ 105.6 million Shareholders need not be clearing participants Non-shareholders can become clearing participants,

expanding the range of clearing business partners

CCorp Shareholder structure

Broad range of all market user groups representedin new shareholder structure, including small firmsand individuals

Highlights of the Clearing Solution

CCorp to clear for Eurex US

CCorp to offer clearing for Eurex AG in the US

Global Clearing Agreement gives CCorp customers

direct access to Eurex’s European products

Eurex customers worldwide can choose Eurex

Clearing or CCorp to clear Eurex US products

CCorp retains its independence

Nearly 80 years of experience in clearing and processing

derivatives products for a variety of clients

Partnership Deal between Eurex and

The Clearing Corporation completed

Rudolf FerschaCEO Eurex

November 5, 2003

Eurex‘s Role as CCorp Shareholder

Eurex has paid in full its $ 15 million contribution and received 14.3 percent in CCorp

Eurex has taken seat on CCorp Board

Due to positive shareholder vote clearing services contract is now unconditional and final

Clearing services contract will run for seven years with automatic three year renewal

Eurex Ownership Structure 14.3 percent stake in CCorp is held by U.S. Exchange

Holdings, which is held 100 percent by Eurex AG, Zurich

Ownership in Eurex

Deutsche Börse AG – 50 % of equity/85 % of revenue share

Listed in Frankfurt, majority owned (53 percent) by U.S. and UK institutional investors

100 percent free float, more than 36,000 shareholders Only 2 Shareholders above 5 percent German banks have sold most of their shares in

Deutsche Börse and now own less than 1 percent od Deutsche Börse AG shares

SWX Swiss Exchange – 50 % of equity/15 % of revenue share

owned by 55 financial institutions

Leveraging existing infrastructure

Clearing platform currently used by the industry will continue to be available

Eurex US will leverage existing CCorp participant network and infrastructure

Deal between Eurex und CCorp marks an important milestone in establishing Eurex US

Deal forms basis for long term clearing partnership