On November 24, 2003, The Clearing Corporation (CCorp) will make effective a recalculation of clearing participant’s respective Guaranty Fund requirements. The recalculation will generally reduce Guaranty Fund requirements for clearing participants, especially those that maintain open positions or trade contracts included in the CBOT’s Phase One transition. Clearing participants who maintain cash or securities in the Guaranty Fund may withdraw such balances on November 24^th to the extent that their Guaranty Fund requirement decreases.

On November 21, 2003, CCorp will make available to all clearing participants their recalculated Guaranty Fund requirement. Participants will be able to access their requirement through a revised OMR00011G Infopac report. This report will be enhanced to include the Guaranty Fund Requirement, the total Guaranty Fund excess/deficit, and the Guaranty Fund excess cash and securities.

Clearing participants choosing to withdraw and/or transfer excess cash or securities on or after November 24, 2003 will need to fax a Guaranty Fund Cash Withdrawal Authorization form or a Guaranty Fund Securities Withdrawal form to Treasury Operations at 312-341-0293. Clearing participants may submit such forms beginning on Friday, November 21, 2003; however, clearing participants that want to complete a transfer on Monday, November 24, 2003 must submit the appropriate form by no later than 8am that morning. These forms can be accessed through the Internet at the CCorp’s Clearing Participants web page:

http://www.clearingcorp.com/clearingmembers/index.html

Questions regarding the release of excess guaranty funds can be directed to Steve Sanderson at (312) 986-3471 or steve.sanderson@clearingcorp.com.

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

John Compall		john.compall@clearingcorp.com
Marc MacQuarrie	786-5732	marc.macquarrie@clearingcorp.com
Molly McMahon	786-5731	molly.mcmahon@clearingcorp.com
Jill Turner	786-5718	jill.turner@clearingcorp.com
Thomas Andrews	Director	thomas.andrews@clearingcorp.com
Client Services and Support E-Mail Address		css@clearingcorp.com
Clearing Corporation Web Site		http://www.clearingcorp.com