1. Partnership Deal between Eurex andThe Clearing Corporation completedDennis A. DuttererPresident and CEONovember 5, 2003

2. 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 stakein CCorp • 48 shareholders hold 86% of CCorp capital • Eurex holds 14% of CCorp capital

3. 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

4. CCorp Shareholder structure • Broad range of all market user groups representedin new shareholder structure, including small firmsand individuals

5. 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

6. Partnership Deal between Eurex andThe Clearing Corporation completedRudolf FerschaCEO EurexNovember 5, 2003

7. 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

8. 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 inDeutsche 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

9. 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