1. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Eris Exchange Cleared Interest Rate Swap Futures

2. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Table of Contents 2 US Regulatory Imperative3 Eris Exchange Overview5 Next Steps to Access Eris Exchange15

3. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Regulatory Imperative

4. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Regulatory Imperative: Cleared Swaps 4  The primary result of the Wall Street Reform and Consumer Protection Act – the “Dodd- Frank Act”… “The Wall Street reform bill will – for the first time – bring comprehensive regulation to the over-the- counter derivatives marketplace. Derivatives dealers will be subject to robust oversight. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. The Commission looks forward to implementing the Dodd-Frank bill to lower risk, promote transparency and protect the American public.” –CFTC Chairman Gary Gensler, July 21, 2010  The CFTC and the SEC, in consultation with the Federal Reserve, are undertaking a massive and historic rulemaking effort to implement the Dodd-Frank Act  The Dodd-Frank Act will be fully effective on July 15, 2011

5. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Eris Exchange Overview

6. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Eris Exchange: Corporate Overview  Eris Exchange is a Delaware LLC that operates as an Exempt Board of Trade (EBOT) Initial product is an Interest Rate Swap Future, cleared at CME Clearing House  Founding Partners – Major Independent Liquidity Providers Chicago Trading Company, DRW Trading Group, GETCO, Infinium Capital Management, Nico Holdings  Management Team – Deep Industry Experience Former senior executives from CME Group and CFTC 6 April, 2010 Eris Exchange receives a CFTC Letter related to EBOT Notification June CME Clearing and Eris Exchange sign long-term Clearing Services Agreement July Eris Exchange on-boards initial FCM’s and Market Makers August Customers and market makers execute initial trades with multiple FCM’s September Eris Exchange surpasses $4B in notional volume traded October Eris Exchange surpasses $10B in notional volume traded NovemberEris Exchange and State Street announce electronic trading platform LOI Key Milestones

7. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Value Proposition 7  Replication of OTC Swap Economics  Dollar-for-Dollar tracking, includingn costs of posting collateral  Full Flexibility of OTC Swaps  Any coupon, any date  Flows Seamlessly through Futures Systems  Possible due to “Single Price” design  Futures Exchange Regulation  Eris Exchange is under the CFTC’s jurisdiction  Regulatory framework is well-known and well-understood  Wide Access  No ISDAs Required  Any of 50+ CME Clearing Firms with >$50 million can on-board clients  Cleared at CME Clearing  Existing $8 billion guarantee fund stands behind trades  Capital Efficiencies  SPAN margining  Soon-to-be Eligible for Cross-Margining (upon receiving recognition as a DCM)  Transparency  Streaming, executable quotes  Independent liquidity providers compete on price  Efficiencies in the “unwind” process  Futures product design allows clients to “unwind” with any third party

8. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. The Product: Interest Rate Swap Futures Plain vanilla, fixed-for-floating interest rate swap based on 3m LIBOR  Notional: $1 million face per contact  Maturity: Matures on any business day out to 30 years  Coupon: Any coupon to six decimals (0.123456)  Price: Six digits to the right of the decimal (100.123456) market values to the penny Par swaps are booked at a price of 100, by convention Each one point move equates to $10,000 on a $1M notional trade (e.g., 100 to 101)  Final Settlement Value: 100 + net accumulated value of cash flows – total return on modified variation margin  Day Count: Fixed side 30/360, Floating side Actual/360  Daily Settlement: Composite curve from market makers, end users, third-party sources 8

9. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Example Swap: 10-yr, $1M, 3.000% Coupon 9 Eris Futures Price = 100 A NPV of OTC Swap B Historical “payments” reinvested daily C Cumulative Daily Interest Adjustment ++ – $30.85 100 + 5.000 + (2.489) – 0.003085 102.5079 = ($24,890)$50,000 Initiate using rate Unwind using NPV Single price for futures bookkeeping

10. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Trade Execution  Today: Live trading of Eris Interest Rate Swap Futures through Web-based RFQ Platform  RFQ-based trading with multiple independent liquidity providers to initiate par swaps and unwind aged positions  Block trade support for pre-negotiated, bilateral trades above size thresholds  Q1 2011: Streaming Quotes in Central Limit Order Book through State Street electronic trading platform  Streaming, executable quotes in Central Limit Order Book for standard maturity par swaps  RFQ model for non-standard maturities and unwinds  Block trade support for pre-negotiated, bilateral trades above size thresholds 10

11. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Example Trade Flow 11 1. Client Trades Par Swap in Rate Terms 2. Trade Confirmed to CME Clearing, FCM and Trading Firm 3. Par Swap Assigned a Futures Price = 100.000 4. Futures Contract entered into FCM bookkeeping systems 5. Initial Margin applied based on SPAN 10-Year initial margin – 3.64% of notional 6. Eris Exchange and CME calculate and apply settlement curve daily 7. Futures price moves (e.g., to 100.2540) and variation margin is applied Price based on ∑ NPV + cumulative payments received - modified variation margin 8. Client requests price to unwind in NPV terms Cumulative payments received and modified variation margin are known and static intra-day 9. Client trades unwind in NPV terms 10. Unwind Trade Confirmed to CME Clearing and FCM systems Position is closed and final margin moves

12. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Clearing, Margin and Fees  Initial margin is collected by CME Clearing House Levels calculated by CME based on SPAN 5-day VaR, based on a 4-year history Held in CME’s new OTC “Customer Sequestered” account class Standard forms of collateral are accepted, including Cash, Treasuries and other instruments  Daily variation margin is paid/collected each day in the same manner as any standard futures contract  Coupon and interest accruals typically associated with uncleared interest rate swaps are embedded in the contract price, and do not require payments/collections outside of daily variation margin  Exchange fees charged to buyer and seller based on notional value and tenor of trade 12

13. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Next Steps to Access Eris Exchange

14. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Next Steps to Access Eris Exchange  Eris Exchange is fully operational today  Contact Eris Exchange or go to www.erisfutures.com to learn more, view the trading platform and learn about user agreements  Contact your FCM to sign the Participant Agreement and set up access 14 Eris Exchange Contacts  Neal Brady Chief Executive Officer neal.brady@erisfutures.com 312-253-9056  Michael Riddle Head of Business Development & Operations michael.riddle@erisfutures.com312-626-2699  Stephen Humenik Head of Legal and Regulatory Affairs stephen.humenik@erisfutures.com 312-626-2681

15. Proprietary & Confidential Copyright © 2010 Eris Exchange LLC. All rights reserved. Version Created 2010-11-12 Canada Futures trading is not suitable for all investors, and involves the risk of loss. Futures are leveraged instruments, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. All references to options refer to options on futures. Eris Exchange is the trademark of Eris Exchange LLC. The Eris Logo is a trademark of the Eris Exchange. The information within this presentation has been compiled by Eris Exchange for general purposes only. Eris Exchange assumes no responsibility for any errors or omissions. Although every attempt has been made to ensure the accuracy of the information within this presentation, Eris Exchange assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. The information contained in this presentation does not constitute legal or investment advice. The information contained in this presentation represents the views and opinions of the speaker and are not necessarily the views of Eris Exchange. All matters pertaining to rules and specifications herein are made subject to and are superseded by official Eris Exchange LLC rules. Current rules should be consulted in all cases concerning contract specifications. Copyright © 2010 Eris Exchange LLC. All rights reserved.