On June 21, 2001, CME and MEFF, the Spanish Futures and Options Exchange, jointly plan to introduce a new and innovative arrangement involving the new Standard & Poor's European Index futures and options contracts. This clearing related seminar will review the clearing and operational requirements for this exciting new trading alliance.

A number of interested firms were unable to attend the first Seminar to review Clearing aspects for the S&P Europe Products. This second seminar will cover the same material that was discussed in the first seminar. Attached for your further review is a Q&A document with some additional information from any prior distributed document. The additional information includes: 1) ticker and clearing symbols and 2) Exchange and Clearing Fee information.

The basis of the presentation will cover much of the information that is contained in this document. If there is an issue that is not addressed in this document, feel free to forward questions to us in advance of the seminar to kmccoy@cme.com. so that we can be sure to cover that clearing related topic. Lastly, bring the relevant staff in your firm that will be responsible for processing these transactions.

This seminar will be held Tuesday, June 19, 2001 from 10:30 -11:30 a.m., in Committee Rooms "HIJ", located on the 3rd floor of the CME North Tower. Please confirm your attendance e-mail or fax the attached form (Exhibit I) by 12:00 noon, Monday, June 18, cm@cme.com or fax #: (312) 930-8158. If you have any questions, please call Karen F. McCoy at (312) 930-4524 or Mahmoud Ajamia at (312) 634-1595. Your attendance and participation is most appreciated. Thank you.

CME � MEFF Alliance Seminar - Launch of S&P Europe Products- June 21, 2001

Response Form

FIRM NAME____________________________________________

FIRM #_________________________________________________

TELEPHONE NUMBER____________________________________

I will attend the CME-MEFF second launch seminar on Tuesday, June 19, 2001 from 10:30 -11:30 a.m., in Committee Rooms "HIJ".

NAMES________________________________________________

(Fax: (312) 930-8158 or Email: cm@cme.com)