The Clearing Corporation has established the following margin levels and spread credits for Phase 1 of the Global Clearing Link.

Euro Link Margin Rates	Margin Rate	Volatility Interval
DAX	€9000	N/A
Dow Jones Euro STOXX 50	€2500	N/A
Dow Jones STOXX 50	€1900	N/A
Dow Jones Euro STOXX –Banks	€1250	N/A
Dow Jones STOXX 600-Banks	€1250	N/A
Dow Jones Global Titans 50	€1500	N/A
Euro-Buxl	€4000	15%
Euro-Bund	€1600	15%
Euro-Bobl	€1200	15%
Euro-Schatz	€500	15%
Three-Month Euribor	$700	15%
One-month-EONIA	$200	N/A

Euro Link Intra-Commodity Spread Charges	Spot Month	Back Month
DAX	€150	€150
Dow Jones Euro STOXX 50	€90	€90
Dow Jones STOXX 50	€120	€120
Dow Jones Euro STOXX –Banks	€90	€90
Dow Jones STOXX 600-Banks	€100	€100
Dow Jones Global Titans 50	€250	€250
Euro-Buxl	€400	€160
Euro-Bund	€300	€130
Euro-Bobl	€120	€250
Euro-Schatz	€100	€200
Three-Month Euribor	$200	$200
One-month-EONIA	$100	$100

Euro Link Inter-Commodity Spread Offsets	Method 4 Spread Offset
Euro-Buxl vs Euro-Bund vs Euro-Bobl vs Euro-Schatz	12%
Three-Month Euribor vs One-month-EONIA	32%
Dow Jones Euro STOXX –Banks vs Dow Jones STOXX 600-Banks	20%
DAX vs Dow Jones STOXX 50 vs Dow Jones Euro STOXX 50	20%

Euro Link Inter-Exchange Spread Credits	Spread Credit
Euro-Bund vs US Treasury Bonds (1:1)	70%
Euro-Bund vs 10-Year Treasury Notes (1:1)	75%
Euro-Bund vs 5-Year Treasury Notes (1:1)	75%
Euro-Bund vs 2-Year Treasury Notes (1:1)	75%
Euro- Bobl vs US Treasury Bonds (1:1)	55%
Euro- Bobl vs 10-Year Treasury Notes (1:1)	70%
Euro- Bobl vs 5-Year Treasury Notes (1:1)	75%
Euro- Bobl vs 2-Year Treasury Notes (1:1)	70%
Euro- Schatz vs US Treasury Bonds (1:1)	35%
Euro- Schatz vs 10-Year Treasury Notes (1:1)	45%
Euro- Schatz vs 5-Year Treasury Notes (1:1)	50%
Euro- Schatz vs 2-Year Treasury Notes (1:1)	55%

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
Richard Crilly	786-3842	richard.crilly@clearingcorp.com
Marc MacQuarrie	786-5732	marc.macquarrie@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