Clearing Conditions

2 Part Settlement of Transactions at Eurex Deutschland and Eurex Zürich

2.1 Subpart Settlement of Futures Contracts

2.1.5 Sub-Subpart Settlement of Futures Contracts on Dow Jones STOXX^® 600 Sector Indices
(STOXX^® Sector Index Futures)

2.1.5.1 General Provisions
(1) Eurex Clearing AG shall be a contracting party to all payments arising out of the settlement of STOXX^® Sector Index Futures contracts, which are base on the following indices:

Dow Jones STOXX^® 600 Banks Index

Dow Jones STOXX^® 600 Technology Index

Dow Jones STOXX^® 600 Telecommunications Index

Dow Jones STOXX^® 600 Healthcare Index

(2) Clearing Members must fulfill their payment obligations in accordance with the instructions of Eurex Clearing AG.

(3) The following shall apply to the procedures for payment pursuant to paragraph (1): All payments shall be made directly between the Clearing Members through LZB on the Exchange day following the final settlement day. All Clearing Members must ensure their ability to effect payments on the due date thereof by having sufficient credit balances in their account at LZB or in the account at LZB of the correspondent bank which has been instructed by the Clearing Member to handle the clearing of the contract.

2.1.6 Sub-Subpart Settlement of Futures Contracts on Dow Jones EURO STOXX^® Sector Indices
(EURO STOXX^® Sector Index Futures)

2.1.6.1 General Provisions

(1) Eurex Clearing AG shall be a contracting party to all payments arising out of the settlement of EURO STOXX^® Sector Index Futures contracts, which are base on the following indices:

· Dow Jones EURO STOXX® Banks Index

· Dow Jones EURO STOXX® Technology Index

· Dow Jones EURO STOXX® Telecommunications Index

· Dow Jones EURO STOXX® Healthcare Index

· Dow Jones EURO STOXX® Automobile Index

· Dow Jones EURO STOXX® Energy Index

· Dow Jones EURO STOXX® Insurance Index

(2) Clearing Members must fulfill their payment obligations in accordance with the instructions of Eurex Clearing AG.

(3) The following shall apply to the procedures for payment pursuant to paragraph (1): All payments shall be made directly between the Clearing Members through LZB on the Exchange day following the final settlement day. All Clearing Members must ensure their ability to effect payments on the due date thereof by having sufficient credit balances in their account at LZB or in the account at LZB of the correspondent bank which has been instructed by the Clearing Member to handle the clearing of the contract.

2.2 Subpart Settlement of Options Contracts

2.2.29 Sub-Subpart Settlement of Options Contracts on the Dow Jones STOXX^® Sector Indices (STOXX^® Sector Index Options)

2.2.29.1 General Provisions

(1) Eurex Clearing AG shall be a contracting party to all payments arising out of the exercise and assignment of options contracts.

(2) Clearing Members must, in accordance with instructions of Eurex Clearing AG, make payments in respect of exercises and assignments of positions for the Clearing of which they are responsible.

(3) Eurex Clearing AG will inform each Clearing Member of the options contracts assigned to it on the morning of the Exchange day after exercise.

(4) The following provisions shall apply to the procedures for payments pursuant to paragraph (1):

All payments shall be made directly between the Clearing Members through LZB on the Exchange day following the exercise day; this shall also apply if the exercise is not assigned to the writer until the Exchange day following the exercise day. All Clearing Members must ensure their ability to effect payments on the due date thereof through sufficient credit balances in their account at LZB or in the account at LZB of the correspondent bank which has been instructed by the Clearing Member to handle the clearing of the contract.

2.2.29.2 Option Premiums
The balance of the option premiums ("Net Premium") to be paid by the Clearing Members pursuant to subsection 2.2.29.4 of the Conditions for Trading at the Eurex Exchanges and to be reimbursed by Eurex Clearing AG shall be payable by the time specified by Eurex Clearing AG on the Exchange day following the conclusion of the transaction, but generally prior to the commencement of trading at the Eurex Exchanges on such Exchange day.

2.2.29.3 Margin Requirements
(1) The basic provisions for margin requirements are set forth in subsections 1.3.1 through 1.3.5. In addition thereto, the following conditions apply:

(2) Margin must generally be maintained to cover the costs of a potential closing of all positions at their daily settlement price ("Premium Margin"). The daily settlement price of an option series is the price of the last transaction entered into in such option series during the final 15 minutes of an Exchange day. If no transactions are entered into in such option series during such period, or if the use of such daily settlement price would not result in a margin requirement that would be adequate to cover the risk assessment of Eurex Clearing AG, Eurex Clearing AG shall determine the daily settlement price.

(3) For purposes of calculating the margin requirements for all option series, net long positions shall be treated as credit balances.

(4) In addition to the foregoing margin requirements ("Premium Margin"), a further margin requirement ("Additional Margin") shall be calculated in an amount sufficient to cover any change to the cost of closing all options positions assuming the least favorable price developments, as determined by Eurex Clearing AG, until the next calculation of margin.

2.2.29.4 Cash Settlement

(1) Exercised and assigned options positions shall be settled by means of a compensating payment credited to or debited from the internal cash clearing account of the Clearing Member.

(2) The cash settlement shall be equal to the difference between the exercise price of the option series and its final settlement price. The final settlement price shall be determined by Eurex Clearing AG on the exercise day of the option series. The final value of the Dow Jones STOXX^® Sector Indices, calculated on the basis of the average of the respective calculations of the Dow Jones STOXX^® Sector Indices determined on such day from 11:50 a.m. to 12:00 CET, shall be used. The Boards of Management of the Eurex Exchanges may determine another method of calculation of the final settlement price.

2.2.29.5 Default in Payment

Defaults or technical defaults in payment shall be subject to the provisions of subsection 1.7.1 paragraph (4) or subsection 1.7.2 paragraph (5) respectively.