Document:

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                       MORGAN STANLEY SELECT EQUITY TRUST
                     SELECT S&P INDUSTRIAL PORTFOLIO 2001-4
                            REFERENCE TRUST AGREEMENT

         This Reference Trust Agreement dated October 1, 2001 between MORGAN
STANLEY DW INC., as Depositor, and The Bank of New York, as Trustee, sets forth
certain provisions in full and incorporates other provisions by reference to the
document entitled "Morgan Stanley Dean Witter Select Equity Trust, Trust
Indenture and Agreement" (the "Basic Agreement") dated September 30, 1993 as
amended on December 30, 1997. Such provisions as are incorporated by reference
constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

                        In consideration of the premises and of the mutual
  agreements herein contained, the Depositor and the Trustee agree as follows:

                                       I.
                     STANDARD TERMS AND CONDITIONS OF TRUST

         Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended as follows:

         A.       The first sentence of Section 2.01 is amended to add the
         following language at the end of such sentence: "and/or cash (or a
         letter of credit in lieu of cash) with instructions to the Trustee to
         purchase one or more of such Securities which cash (or cash in an
         amount equal to the face amount of the letter of credit), to the extent
         not used by the Trustee to purchase such Securities within the 90-day
         period following the first deposit of Securities in the Trust, shall be
         distributed to Unit Holders on the Distribution Date next following
         such 90-day period or such earlier date as the Depositor and the
         Trustee determine".

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         B.       Section 2.03 is amended to add the following to the end of the
         first paragraph thereof. The number of Units may be increased through a
         split of the Units of decreased through a reverse split thereof, as
         directed by the Depositor, which revised number of Units shall be
         recorded by Trustee on its books.

         C.       The first sentence of Section 2.06 is amended to add the
         following language after "Securities"))": "and/or cash (or a letter of
         credit in lieu of cash) with instructions to the Trustee to purchase
         one or more Additional Securities which cash (or cash in an amount
         equal to the face amount of the letter of credit), to the extent not
         used by the Trustee to purchase such Additional Securities within the
         90-day period following the first deposit of Securities in the Trust,
         shall be distributed to Unit Holders on the Distribution Date next
         following such 90-day period or such earlier date as the Depositor and
         the Trustee determine".

         D.       Article III, entitled "Administration of Trust", Section 3.01
         Initial Cost shall be amended as follows:

         Section 3.01 Initial Cost shall be amended to substitute the following
language:

         SECTION 3.01. INITIAL COST The costs of organizing the Trust and sale
of the Trust Units shall, to the extent of the expenses reimbursable to the
Depositor provided below, be borne by the Unit Holders, PROVIDED, HOWEVER, that,
to the extent all of such costs are not borne by Unit Holders, the amount of
such costs not borne by Unit Holders shall be borne by the Depositor and,
PROVIDED FURTHER, HOWEVER, that the liability on the part of the Depositor under
this section shall not include any fees or other expenses incurred in connection
with the administration of the Trust subsequent to the deposit referred to in
Section 2.01. Upon notification from the Depositor that the primary offering
period is concluded, the Trustee shall withdraw from the Account or Accounts
specified in the Prospectus or, if no Account is therein specified, from the
Principal Account, and pay to the Depositor the Depositor's reimbursable
expenses of organizing the Trust and sale of the Trust Units in an amount
certified to the Trustee by the Depositor. If the balance of the Principal
Account is insufficient to make such withdrawal, the Trustee shall, as di-

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rected by the Depositor, sell Securities identified by the Depositor, or
distribute to the Depositor Securities having a value, as determined under
Section 4.01 as of the date of distribution, sufficient for such reimbursement.
The reimbursement provided for in this section shall be for the account of the
Unitholders of record at the conclusion of the primary offering period and shall
not be reflected in the computation of the Unit Value prior thereto. As used
herein, the Depositor's reimbursable expenses of organizing the Trust and sale
of the Trust Units shall include the cost of the initial preparation and
typesetting of the registration statement, prospectuses (including preliminary
prospectuses), the indenture, and other documents relating to the Trust, SEC and
state blue sky registration fees, the cost of the initial valuation of the
portfolio and audit of the Trust, the initial fees and expenses of the Trustee,
and legal and other out-of-pocket expenses related thereto, but not including
the expenses incurred in the printing of preliminary prospectuses and
prospectuses, expenses incurred in the preparation and printing of brochures and
other advertising materials and any other selling expenses. Any cash which the
Depositor has identified as to be used for reimbursement of expenses pursuant to
this Section shall be reserved by the Trustee for such purpose and shall not be
subject to distribution or, unless the Depositor otherwise directs, used for
payment of redemptions in excess of the per-Unit amount allocable to Units
tendered for redemption.

         E.       The third paragraph of Section 3.05 is hereby amended to add
the following sentence after the first sentence thereof: "Depositor may direct
the Trustee to invest the proceeds of any sale of Securities not required for
the redemption of Units in eligible money market instruments selected by the
Depositor which will include only negotiable certificates of deposit or time
deposits of domestic banks which are members of the Federal Deposit Insurance
Corporation and which have, together with their branches or subsidiaries, more
than $2 billion in total assets, except that certificates of deposit or time
deposits of smaller domestic banks may be held provided the deposit does not
exceed the insurance coverage on the instrument (which currently is $100,000),
and provided further that the Trust's aggregate holding of certificates of
deposit or time deposits issued by the Trustee may not ex-

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ceed the insurance coverage of such obligations and U.S. Treasury notes or bills
(which shall be held until the maturity thereof) each of which matures prior to
the earlier of the next following Distribution Date or 90 days after receipt,
the principal thereof and interest thereon (to the extent such interest is not
used to pay Trust expenses) to be distributed on the earlier of the 90th day
after receipt or the next following Distribution Date."

         F.       The first sentence of each of Sections 3.10, 3.11 and 3.12 is
amended to insert the following language at the beginning of such sentence,
"Except as otherwise provided in Section 3.13,".

         G.       The following new Section 3.13 is added

         Section 3.13. EXTRAORDINARY EVENT-SECURITY RETENTION AND VOTING. In the
event the Trustee is notified of any action to be taken or proposed to be taken
by holders of the securities held by the Trust in connection with any proposed
merger, reorganization, spin-off, split-off or split-up by the issuer of stock
or securities held in the Trust, the Trustee shall take such action or refrain
from taking any action, as appropriate, so as to insure that the securities are
voted as closely as possible in the same manner and in the same general
proportion as are the securities held by owners other than the Trust. If stock
or securities are received by the Trustee, with or without cash, as a result of
any merger, reorganization, spin-off, split-off or split-up by the issuer of
stock or securities held in the Trust, the Trustee at the direction of the
Depositor may retain such stock or securities in the Trust. Neither the
Depositor nor the Trustee shall be liable to any person for any action or
failure to take action with respect to this section.

         H.       Section 1.01 is amended to add the following definition: (9)
"Deferred Sales Charge" shall mean any deferred sales charge payable in
accordance with the provisions of Section 3.14 hereof, as set forth in the
prospectus for a Trust. Definitions following this definition (9) shall be
renumbered.

         I.       Section 3.05 is hereby amended to add the following paragraph
after the end thereof: On each Deferred Sales Charge payment date set forth in
the prospectus for

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a Trust, the Trustee shall pay the account created pursuant to Section 3.14
the amount of the Deferred Sales Charge payable on each such date as stated
in the prospectus for a Trust. Such amount shall be withdrawn from the
Principal Account from the amounts therein designated for such purpose.

         J.       Section 3.06B(3) shall be amended by adding the following:
"and any Deferred Sales Charge paid".

         K.       Section 3.08 shall be amended by adding the following at the
end thereof: "In order to pay the Deferred Sales Charge, the Trustee shall sell
or liquidate an amount of Securities at such time and from time to time and in
such manner as the Depositor shall direct such that the proceeds of such sale or
liquidation shall equal the amount required to be paid to the Depositor pursuant
to the Deferred Sales Charge program as set forth in the prospectus for a Trust.

         L.       Section 3.14 shall be added as follows:

         Section 3.14. Deferred Sales Charge. If the prospectus for a Trust
specifies a Deferred Sales Charge, the Trustee shall, on the dates specified in
and as permitted by the prospectus, withdraw from the Income Account if such
account is designated in the prospectus as the source of the payments of the
Deferred Sales Charge, or to the extent funds are not available in that account
or if such account is not so designated, from the Principal Account, an amount
per Unit specified in the prospectus and credit such amount to a special,
non-Trust account maintained at the Trustee out of which the Deferred Sales
Charge will be distributed to the Depositor. If the Income Account is not
designated as the source of the Deferred Sales Charge payment or if the balances
in the Income and Principal Accounts are insufficient to make any such
withdrawal, the Trustee shall, as directed by the Depositor, either advance
funds, if so agreed to by the Trustee, in an amount equal to the proposed
withdrawal and be entitled to reimbursement of such advance upon the deposit of
additional monies in the Income Account or the Principal Account, sell
Securities and credit the proceeds thereof to such special Depositor's account
or credit Securities in kind to such special Depositor's Account. Such
directions shall identify the Securities, if any, to be

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sold or distributed in kind and shall contain, if the Trustee is directed by the
Depositor to sell a Security, instructions as to execution of such sales. If a
Unit Holder redeems Units prior to full payment of the Deferred Sales Charge,
the Trustee shall, if so provided in the prospectus, on the Redemption Date,
withhold from the Redemption Price payment to such Unit Holder an amount equal
to the unpaid portion of the Deferred Sales Charge and distribute such amount to
such special Depositor's account or, if the Depositor shall purchase such Unit
pursuant to the terms of Section 5.02 hereof, the Depositor shall pay the
Redemption Price for such Unit less the unpaid portion of the Deferred Sales
Charge. The Depositor may at any time instruct the Trustee to distribute to the
Depositor cash or Securities previously credited to the special Depositor's
account.

         M.       Reference to "Morgan Stanley Dean Witter Select Equity Trust"
is replaced by "Morgan Stanley Select Equity Trust".

         N.       Reference to "Dean Witter Reynolds Inc." is replaced by
"Morgan Stanley DW Inc."

         O.       Section 2.03 is amended to add the following to the end of the
first paragraph thereof. The number of Units may be increased through a split of
the Units of decreased through a reverse split thereof, as directed by the
Depositor, which revised number of Units shall be recorded by Trustee on its
books.

                                      II.
                      SPECIAL TERMS AND CONDITIONS OF TRUST

         The following special terms and conditions are hereby agreed to:

         A.       The Trust is denominated Morgan Stanley Select Equity Trust
Select S&P Industrial Portfolio 2001-4 (the "S&P Industrial Trust").

         B.       The publicly traded stocks listed in Schedule A hereto are
those which, subject to the terms of this Indenture, have been or are to be
deposited in trust under this Indenture.

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         C.       The term, "Depositor" shall mean Morgan Stanley DW Inc.

         D.       The aggregate number of Units referred to in Sections 2.03 and
9.01 of the Basic Agreement is 25,144 for the S&P Industrial Trust.

         E.       A Unit is hereby declared initially equal to 1/25,144th for
the S&P Industrial Trust.

         F.       The term "In-Kind Distribution Date" shall mean
December 11, 2002.

         G.       The term "Record Dates" shall mean May 1, 2002, August 1,
2002, and January 2, 2003 and such other date as the Depositor may direct.

         H.       The term "Distribution Dates shall mean May 15, 2002,
August 15, 2002, and on or about January 9, 2003 and such other date as the
Depositor may direct.

         I.       The term "Termination Date" shall mean January 2, 2003.

         J.       The Depositor's Annual Portfolio Supervision Fee shall be a
maximum of $0.25 per 100 Units.

         K.       The Trustee's Annual Fee as defined in Section 6.04 of the
Indenture shall be $0.72 per 100 Units.

         L.       For a Unit Holder to receive an "in-kind" distribution during
the life of the Trust, such Unit Holder must tender at least 25,000 Units for
redemption. There is no minimum amount of Units that a Unit Holder must tender
in order to receive an "in-kind" distribution on the In-Kind Date or in
connection with a rollover.

         M.       The Indenture is amended to provide that the period during
which the Trustee shall liquidate the Trust Securities shall not exceed 20
business days commencing on the first business day following the In-Kind Date.

               (Signatures and acknowledgments on separate pages)

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The Schedule of Portfolio Securities in the prospectus included in this
Registration Statement is hereby incorporated by reference herein as Schedule A
hereto.

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                                                                 Exhibit 10.9

Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("*****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.

                                  CONFIDENTIAL

                LICENSING AGREEMENT FOR THE NASDAQ 100 INDEX-Registered
Trademark- OR NASDAQ 100-RELATED FINANCIAL PRODUCTS TRADED ON ORGANIZED MARKETS

            THIS AGREEMENT is dated as of April 3, 1996, and is made by and
between The Nasdaq Stock Market, Inc. (NASDAQ), a Delaware Corporation which is
a subsidiary of the National Association of Securities Dealers, Inc. (NASD)
(NASD with its affiliates are collectively referred to as the CORPORATIONS),
whose principal offices are located at 1735 K Street, N.W., Washington, D.C.
20006, and the Chicago Mercantile Exchange (LICENSEE or CME), whose principal
offices are located at 10 South Wacker Drive, Chicago, Illinois, 60606.

            WHEREAS,  Nasdaq possesses certain rights in the Nasdaq
100-Registered Trademark-Index (INDEX); and

            WHEREAS, Nasdaq possesses certain rights to Nasdaq-Registered
Trademark-, Nasdaq 100-Registered Trademark-, and Nasdaq 100
Index-Registered Trademark- as trade names, trademarks, or service marks
(MARKS); and

            WHEREAS, Nasdaq determines the components of the Index and
calculates, maintains and disseminates the Index; and

            WHEREAS, Licensee desires to use and Nasdaq desires to license the
right to use the Index and Marks solely in connection with the (i) creation,
trading, clearing, settlement, marketing, and promotion of Futures Contracts and
Options on Futures Contracts (as defined in Sections 1 (e) and (f) below)
overlying the Index and (ii) making disclosure about such contracts under
applicable law, rules, and regulations in order to indicate that The Nasdaq
Stock Market, Inc. is the source of the Index, pursuant to the terms and
conditions hereinafter set forth.

            NOW THEREFORE, in consideration of the premises and the mutual
covenants and conditions herein contained, Licensee and Nasdaq, intending to be
legally bound, agree as follows:

SECTION 1.  DEFINITIONS.  For purposes of this Agreement, the following
definitions shall apply:

            (a) "Exchange Act" shall mean the Securities Exchange Act of 1934,
            as amended from time to time.

            (b) "SEC" shall mean the Securities and Exchange Commission, as from
            time to time constituted or, if at any time after the execution of

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            this Agreement the SEC is not existing and performing the duties now
            assigned to it under the Exchange Act, then the regulatory body
            performing such duties at such time.

            (c) "CEA" shall mean the Commodity Exchange Act, as amended from
            time to time.

            (d) "CFTC" shall mean the Commodity Futures Trading Commission, as
            from time to time constituted or, if at any time after the
            execution of the Agreement the CFTC is not existing and performing
            the duties now assigned to it under the CEA, then the regulatory
            body performing such duties at such time.

            (e) "Futures Contracts" shall mean:

                (i)      (A) all instruments the trading of which is within
                       the exclusive jurisdiction of CFTC (assuming for this
                       purpose that the instruments were traded in the United
                       States regardless of where they are actually traded),
                       (B) which are regulated by the CFTC as futures
                       contracts (assuming for this purpose that such
                       instruments were traded in the United States
                       regardless of where they are actually traded) and (C)
                       the CME has the authority under its articles, bylaws,
                       and rules to trade such instruments; and

                (ii)     those instruments which as of the Effective Date
                       meet all of the requirements specified in clause (i)
                       but subsequent to the Effective Date fail to meet the
                       requirements of clause (i) (A) solely because the CFTC
                       or its successor no longer has exclusive regulatory
                       jurisdiction over such instruments.

                (iii)    For purposes of this Agreement, the term "Futures
                       Contract" shall never include a forward contract or swap.

            (f) "Options on Futures" shall mean options to purchase or sell
            Futures Contracts.

            (g) "Nasdaq 100 Futures Contracts" shall collectively mean Futures
            Contracts and Options on Futures as defined herein that are listed
            for trading on the CME, the GLOBEX-Registered Trademark-
            Electronic Trading System ("GLOBEX System"), or any other
            electronic trading system sponsored by the CME, and are based upon
            the Nasdaq 100 Index-Registered Trademark-.

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            (h) "A.M.-Settled Futures" shall mean futures contracts where the
            final index settlement value is derived using the first or a group
            of the first reported sale prices of each index-component security
            on the day the final index settlement value is determined, except
            that the last reported sale price for any such security shall be
            used in any case where that security does not open for trading on
            the day the final index settlement value is determined.

            (i) "A.M.-Settled Futures Options" shall mean options overlying
            A.M.-Settled Futures.

SECTION 2.  TERM AND LIFE OF AGREEMENT.

            2.1 The initial term of this Agreement is from the date of this
Agreement to the date which is five years from the date on which Nasdaq 100
Futures Contracts commence trading on Licensee's market (such date hereinafter
referred to as the EFFECTIVE DATE). This agreement is automatically extended for
an additional five-year period unless Licensee gives Notice (as defined in
Section 25) at least 180 days prior to the end of the initial Term; and provided
further that neither party has terminated this Agreement earlier in accordance
with the terms of this Agreement. Thereafter, this Agreement shall continue to
extend for additional five-year periods unless either party gives Notice of
termination of this Agreement to the other at least 120 days prior to the end of
the then current period. Licensee shall give Notices to Nasdaq of the date on
which Nasdaq 100 Futures Contracts commence trading on Licensee's market. The
period of time commencing on the date of this Agreement and ending on the date
of termination of this Agreement is referred to in this Agreement as the TERM of
this Agreement.

            2.2 The period from the date of this Agreement until the date of
expiration of the final Nasdaq 100 Futures Contracts is referred to in this
Agreement as the LIFE of this Agreement. Each anniversary of the Effective Date
during the Life of this Agreement is referred to in this Agreement as an
ANNIVERSARY. Each period between the Effective Date or any Anniversary and the
next succeeding Anniversary or the date of termination of the Life of this
Agreement is referred to in this Agreement as a CONTRACT Year.

SECTION 3.  SCOPE OF LICENSE; SCOPE OF EXCLUSIVITY.

            3.1 Nasdaq hereby grants Licensee non-transferable and
non-sub-licensable licenses (a) to use the Index in connection with creation,
trading, marketing, clearing, settlement and promotion of Nasdaq 100 Futures
Contracts that are issued during the Life (as defined in Section 2.2) of this
Agreement and traded by open outcry on the CME, GLOBEX, or any other electronic
trading system sponsored by the CME; and (b) to use the Marks solely in
materials referring or relating to the Index during the Life of this Agreement.
Except as expressly provided in this Agreement, no license is granted to use the
Index or Marks for any other use, including as part of a news service or for
collateral products, without Consent (as defined in Section 26) of Nasdaq.

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            3.2 The license granted herein shall be exclusive for a period of
three-and-one-half years from the date Nasdaq 100 Futures Contracts commence
trading on the CME (such date three-and-one-half years after the date Nasdaq 100
Futures Contracts commence trading on the CME being the CONTINUING EXCLUSIVITY
DETERMINATION DATE) and for each calendar year thereafter provided that the
combined average daily trading volume in Nasdaq 100 Futures Contracts and
Options on Nasdaq 100 Futures Contracts exceeds ***** contracts a day measured
over the calendar quarter immediately preceding the continuing exclusivity
determination date and anniversaries of such date: (1) on any organized
commodity exchange located anywhere in the world during the hours of 9:30 a.m.
through 4:15 p.m., Eastern Time ("E.T."); and (2) on any organized commodity
exchange located in the Americas (hereinafter the WESTERN HEMISPHERE) throughout
the entire day (I.E., 24 hours), and accordingly Nasdaq shall not grant any
license to use the Index in connection with the trading, marketing and promotion
of Futures Contracts or Options on Futures that would be traded: (1) any time
during the hours of 9:30 a.m. through 4:15 p.m., E.T., on any organized
commodity exchange located anywhere in the world; or (2) any time during the day
on any organized commodity exchange located in the Western Hemisphere. It is
expressly understood that nothing in this Agreement shall preclude Nasdaq from:
(i) permitting Nasdaq 100 Futures Contracts to be traded on a market owned,
operated or controlled by any of the Corporations, or (ii) granting licenses to
third parties to use the Index in connection with the issuance, trading,
marketing and promotion of derivative products which are not Futures Contracts
or Options on Futures. For purposes of this Agreement, trading in Nasdaq 100
Futures Contracts through GLOBEX shall be deemed to occur outside the Western
Hemisphere.

            3.3 Nasdaq acknowledges that Licensee may, during the Life of this
Agreement, disseminate the value of the Index and prices and quotations of any
Nasdaq 100 Futures Contracts to quotation vendors, news services, and other
similar commercial entities for informational purposes in connection with the
marketing and trading of Nasdaq 100 Futures Contracts.

            3.4 Nasdaq 100 Futures Contracts shall be designated as
"A.M.-Settled Futures" and "A.M.-Settled Futures Options" (as defined in
Sections 1(h) and (i)).

SECTION 4.  FEES.

            4.1 Licensee shall pay Nasdaq fees for the use of the Index and
Marks (FEES) in accordance with the provisions of this Section 4. As payment for
the licenses granted herein, the CME shall pay to Nasdaq a one-time lump sum fee
of ***** upon the commencement of trading in Nasdaq 100 Futures Contracts on or
through the facilities of the CME, plus a fee for each trade of a Nasdaq 100
Futures Contract on or through the facilities of the CME or the GLOBEX System at
a rate of ***** per trade (I.E., per round turn including both sides of the
trade).

            4.2 All fees to be paid by Licensee shall be paid in immediately
available United States funds. In the event that there are Annual Fees, such are
due as of the effective date of this Agreement, or by the beginning date of any
subsequent Term. Fees established as due by a particular date are due by that
date. All other Fees are due

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within 30 days of the date established for the production of the report or
date of the invoice upon which the Fee is based. Any amount not paid within
30 days after its due date is subject to interest at the rate of 1-1/2% per
month (or the highest rate permitted by law) until paid, plus cost of
collection, including reasonable in-house and outside attorneys' fees. If in
the future any tax, charge or assessment is imposed on Nasdaq with respect to
this Agreement or the licenses or services provided by Nasdaq under this
Agreement (other than a personal property or income tax), including any
requirement that Licensee deduct or withhold any tax, charge or assessment
from the amounts due to Nasdaq under provisions of this Agreement other than
this sentence, then Licensee shall either: (i) increase the amounts otherwise
due to Nasdaq such that the net amount received by Nasdaq after such tax,
charge, or assessment, equals one hundred percent (100%) of the amounts due
before the tax, charge or assessment; or (ii) at Licensee's election
terminate this Agreement by delivering Notice to Nasdaq, as provided in
Section 25, within sixty (60) days after receiving Notice of the imposition.
Alternatively, if any such tax, charge or assessment is imposed on Licensee
with respect to this Agreement or the licenses or services provided by Nasdaq
under this Agreement (other than a tax imposed generally on exchange
transactions), then Licensee may terminate this Agreement by delivering
Notice to Nasdaq, as provided in Section 25, within sixty (60) days after
receiving Notice of the imposition.

            4.3 Licensee shall pay Nasdaq Nasdaq's then current fee applicable
to vendors for supplying subscribers with real-time calculations of Nasdaq
market indices, provided, however, that an amount equal to the amount of the fee
shall be credited against the amount due Nasdaq under Section 4.2.

SECTION 5. AUDIT RIGHTS. During the Life of this Agreement, Nasdaq shall have
the right, with reasonable Notice to Licensee, during normal business hours, to
audit on a confidential basis any relevant books and records of Licensee to
ensure that the type and amount of Fees calculated or stated to be payable to
Nasdaq are complete and accurate. Licensee shall pay Nasdaq's documented
out-of-pocket expenses of such audit (including reasonable in-house and outside
accountant and attorneys' fees, if incurred) if Nasdaq determines that Licensee
has not paid, calculated, and/or reported Fees of more than five percent of that
due Nasdaq under this Agreement.

SECTION 6.  REVIEW OF MATERIALS.

            6.1 Licensee shall submit to Nasdaq for review a copy of any
material submitted to any regulatory body or governmental agency in order to
obtain and maintain approval for the creation, trading, clearance, and
settlement of Nasdaq 100 Futures Contracts on Licensee's market. To the extent
practicable, such material, or a copy of the then best draft shall be given to
Nasdaq at least 3 business days before their submittal to the body or agency
(but in any event, a copy of the final document shall be sent by Notice to
Nasdaq no later than 3 business days after submittal to the agency or body).

            6.2 Licensee shall give Nasdaq a copy, within 3 business days of
receipt, of any notice, correspondence, process, or other material received from
any regulatory body, governmental agency, or any court, during or after the
approval process,

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which indicates that Nasdaq 100 Futures Contracts are, or might be in
violation of, or otherwise not subject to approval because of, any new or
existing statute, rule, law, regulation, order, opinion, judgement, or
injunction of the CFTC, a court, an arbitration panel, or governmental body
or agency.

            6.3 Licensee shall provide Nasdaq with a copy of any informational,
promotional or other materials referring or relating to Nasdaq 100 Futures
Contracts, including any circular, advertisement, or brochure, at least 3
business days prior to its initial dissemination to third parties. Licensee need
not resupply a copy of any material which is substantially like material
previously submitted to Nasdaq and is identical as it describes the Corporations
or their operations, the markets operated by the Corporations, the Index or the
Marks, or the authorization, review, or endorsement of the Corporations of
Nasdaq 100 Futures Contracts.

            6.4 If Nasdaq reasonably objects by Notice or fax transmission to
Licensee to any material as it describes the Corporations or their operations,
the markets operated by the Corporations, the Index or the Marks, or the
authorization, review, or endorsement of the Corporations of Nasdaq 100 Futures
Contracts, Licensee shall alter or withdraw such material to Nasdaq's
satisfaction within 30 days of receipt of Nasdaq's objection. If Licensee
refuses to so alter or withdraw, Nasdaq may terminate this Agreement upon 30
days Notice to Licensee, with an opportunity to cure within that period.

SECTION 7. PROTECTION OF MARKS. Nasdaq will use reasonable efforts to maintain
and protect the value of its Index and Marks. However, nothing shall obligate
Nasdaq to undertake an action or settlement, or refrain from an action or
settlement, with respect to any particular potential, threatened, or actual
infringement of its Index or Marks. Licensee shall cooperate with Nasdaq in the
maintenance, registration, and policing of Nasdaq's rights in the Index and the
Marks. Such cooperation is not a waiver of either party's assertion of
attorney/client, work product, or other privilege.

SECTION 8.  CALCULATION OF INDEX.

            8.1 At no cost to Licensee other than the Fees, Nasdaq, or its
agent: (a) shall compute and make available to the CME the value of the Index at
least ***** during Nasdaq's normal trading hours; and (b) shall compute and
disseminate to Licensee's communications center the "OPENING INDEX VALUE" of the
Index on each trading day that is the last scheduled day of trading in the
securities comprising the Index prior to the expiration of any Nasdaq 100
Futures Contracts traded on Licensee's market. As used in this Section 8.1, the
term "Opening Index Value" shall mean the Index Value derived using the "Opening
Volume-Weighted Prices" of the securities in the Index. The "Opening
Volume-Weighted Price" for a particular Index-component security shall be
calculated based on *****, except that if an Index-component security does not
open for trading on The Nasdaq Stock Market on that day, then the reported sale
price for the security last received and processed by The Nasdaq Stock Market
shall be used to calculate the Opening Index Value. In the event that Nasdaq
implements a "UNITARY OPENING PRICE PROCEDURE," the Opening Index Value will be
calculated using such

                                       6

<Page>

unitary opening prices instead of Volume-Weighted Prices. As used in this
Section 8.1, the term "UNITARY OPENING PRICE PROCEDURE" shall mean a
methodology, practice, procedure, or mechanism used by The Nasdaq Stock
Market to generate opening prices for Index-component securities that
involves gathering, processing, and executing buying and selling interest in
Index-component securities at one price at the opening of trading on The
Nasdaq Stock Market. Nasdaq, or its agent, shall maintain a back-up computer
system to perform calculations of the Index in the case of failure of the
primary computer system and use its best efforts to resume promptly the
calculation of the Index in the event of a failure of the primary computer
system.

            8.2 Licensee agrees that the Index is a product of the selection,
coordination, arrangement, and editing of Nasdaq and that such efforts involve
the considerable expenditure of time, effort, and judgment by Nasdaq. As between
the parties, Licensee recognizes that Nasdaq possesses certain rights to the
Index and the Marks. No license is granted to Licensee to calculate the Index.
While Nasdaq will use reasonable efforts based on sources deemed reliable in
calculating the Index, NASDAQ DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF
THE INDEX OR OF THE DATA USED TO CALCULATE THE INDEX OR DETERMINE THE INDEX
COMPONENTS, OR THE UNINTERRUPTED OR UNDELAYED CALCULATION OR DISSEMINATION OF
THE INDEX. NASDAQ DOES NOT GUARANTEE THAT THE INDEX ACCURATELY REFLECTS PAST,
PRESENT, OR FUTURE MARKET PERFORMANCE. NASDAQ IS NOT RESPONSIBLE FOR ANY
MANIPULATION OR ATTEMPTED MANIPULATION OF THE INDEX. Nasdaq is free to pick and
alter the components and method of calculation of the Index without Consent of
Licensee.

            8.3 Nasdaq shall give Licensee ***** Notice of the cessation of
calculation or dissemination of the Index. However, Nasdaq shall either continue
to provide Licensee with a calculation of the Index for the Life of this
Agreement, or, on a confidential basis, provide Licensee with the then
applicable method of calculation of the Index. Licensee may terminate the Term
of this Agreement on the date Noticed by Nasdaq of the cessation of calculation
or dissemination of the Index.

            8.4 If the parties agree to permit Licensee, on an interim and
confidential basis, to calculate the Index during any period that Nasdaq is
unable to calculate the Index, Nasdaq agrees to pay Licensee for its reasonable,
marginal, and direct costs associated with calculating the Index over that
period of time.

            8.5 Upon receipt of any Notice of termination of the calculation or
dissemination of the Index by Nasdaq, the CME may also elect, by written Notice
to Nasdaq, to redesignate the Nasdaq 100 Index and Nasdaq 100 Futures Contracts
based thereon as the CME's index ("Substitute Index") and continue to trade such
alternative contracts ("CME Substitute Contracts"), except that, from the time
of receipt of such Notice of election until termination of the Life of this
Agreement, such Substitute Index shall be described in a manner to clearly
differentiate it from the Nasdaq 100 Index. In the event of such an election,
the CME shall have no obligation to make any payment to Nasdaq based upon the
trading of such CME Substitute Contracts. After such election,

                                       7

<Page>

the CME may promote CME Substitute Contracts based upon the CME's Substitute
Index provided that the terms "Nasdaq," "Nasdaq 100, and "Nasdaq 100 Index"
are not utilized by the CME and the CME prominently disclaims any
relationship with Nasdaq in respect of the Substitute Index and Substitute
Index Contracts.

            Upon the CME's written request pursuant to this Section 8.5, Nasdaq
shall, for the purpose of facilitating the CME's compilation and use of its own
Substitute Index, provide the CME with a current and accurate list of the
companies, shares outstanding and divisors for the Nasdaq 100 Index as well as
any changes in such information through the Life of this Agreement, and Nasdaq
hereby grants to the CME a continuing non-exclusive and royalty-free license to
use such information thereafter for the purposes of the CME's Substitute Index.

SECTION 9.  MARKING OF LICENSEE'S USE.

            9.1 Licensee shall include the following language in its rules at or
prior to the time that Nasdaq 100 Futures Contracts start to trade on Licensee's
market (in conspicuous type, such as at least 11 point type and the second
paragraph in bold) so as to be enforceable under applicable local law(s):

            Nasdaq 100 Index Futures and Options on Nasdaq 100 Index Futures
            (Products) are not sponsored, endorsed, sold or promoted by The
            Nasdaq Stock Market, Inc., (including its affiliates) (Nasdaq, with
            its affiliates, are referred to as the CORPORATIONS). The
            Corporations have not passed on the legality or suitability of, or
            the accuracy or adequacy of descriptions and disclosures relating
            to, the Products. The Corporations make no representation or
            warranty, express or implied, to the holder of any position in the
            Products or any member of the public regarding the advisability of
            investing in financial instruments generally or in the Products
            particularly, or the ability of the Nasdaq 100 Index to track
            general stock market performance. The Corporations' only
            relationship to the Chicago Mercantile Exchange (LICENSEE) is in the
            licensing of certain trademarks, service marks, and trade names of
            the Corporations and the use of the Nasdaq 100 Index, which is
            determined, composed and calculated by Nasdaq without regard to
            Licensee or the Products. Nasdaq has no obligation to take the needs
            of the Licensee or the holder of any position in the Products into
            consideration in determining, composing or calculating the Nasdaq
            100 Index. The Corporations are not responsible for and have not
            participated in the determination of the timing of, prices at, or
            quantities of the Products to be issued, or in the determination or
            calculation of the equation by which the Products are to be
            converted into cash, in the case of Nasdaq 100 Futures, or futures
            contracts, in the case of Options on Nasdaq 100 Futures. The
            Corporations have no liability in connection with the
            administration, marketing or trading of the Products.

            THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED
            CALCULATION OF THE NASDAQ 100 INDEX-Registered Trademark- OR ANY
            DATA INCLUDED THEREIN. THE

                                       8
<Page>

            CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE
            RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE
            NASDAQ 100 INDEX-Registered Trademark-, ANY OPENING, INTRA-DAY,
            OR CLOSING VALUE THEREOF, OR ANY DATA INCLUDED THEREIN, OR RELATING
            THERETO, IN CONNECTION WITH THE TRADING OF NASDAQ 100 FUTURES OR
            OPTIONS ON NASDAQ 100 FUTURES OR FOR ANY OTHER PURPOSE. THE
            CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY
            DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
            PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ 100
            INDEX-Registered Trademark-, ANY OPENING, INTRA-DAY, OR CLOSING
            VALUE THEREOF, OR ANY DATA INCLUDED THEREIN OR RELATED THERETO, OR
            ANY NASDAQ 100 FUTURES CONTRACT OR OPTION ON A NASDAQ 100 FUTURES
            CONTRACT. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
            THE CORPORATIONS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,
            INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN
            IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

            9.2 In all other materials relating or referring to Nasdaq 100
Futures Contracts or Options on Nasdaq 100 Futures Contracts, Licensee shall
include at least this much of the above language, or similar formulation:

      The Nasdaq 100 Index-Registered Trademark-, Nasdaq 100-Registered
      Trademark-, and Nasdaq-Registered Trademark- are registered marks of
      The Nasdaq Stock Market, Inc. (which with its affiliates are the
      CORPORATIONS) and are licensed for use by the Chicago Mercantile
      Exchange in connection with the trading of Futures and Futures Options
      based on the Nasdaq 100 Index (Products). The Products have not been
      passed on by the Corporations as to their legality or suitability. The
      Products are not issued, endorsed, sold, or promoted by the
      Corporations. THE CORPORATIONS MAKE NO WARRANTS AND BEAR NO LIABILITY
      WITH RESPECT TO SUCH PRODUCTS.

SECTION 10. LIMITED WARRANTY.

            10.1 Nasdaq warrants that it will calculate the Index in accordance
with its then applicable method for calculations of the Index. ONLY IN THE EVENT
THAT NASDAQ IS UNABLE TO CALCULATE THE INDEX IN A REASONABLY ACCURATE MANNER FOR
AN AFFECTED PERIOD OF OVER SEVEN CONSECUTIVE BUSINESS DAYS, WILL NASDAQ BE
LIABLE FOR BREACH OF THE WARRANTIES CONTAINED IN THIS SECTION, AND THEN ONLY TO
LICENSEE AND SUBJECT TO THE LIMITATIONS IN SECTION 13. THE CORPORATIONS DO NOT
REPRESENT OR WARRANT THAT THE INDEX OR THE MEANS BY WHICH NASDAQ CALCULATES THE
INDEX IS FREE

                                       9
<Page>

OF DEFECTS. THE CORPORATIONS DO NOT REPRESENT OR WARRANT THE TIMELINESS,
SEQUENCE, ACCURACY OR COMPLETENESS OF THE CALCULATION OF THE INDEX, OR THAT
THE INDEX WILL MEET LICENSEE'S REQUIREMENTS. THE FOREGOING WARRANTIES ARE IN
LIEU OF ALL CONDITIONS OR WARRANTIES, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING BUT NOT LIMITED TO, ANY IMPLIED CONDITIONS OR WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, ANY IMPLIED
WARRANTY ARISING FROM TRADE USAGE, COURSE OF DEALING, OR COURSE OF
PERFORMANCE, AND OF ANY OTHER WARRANTY OR OBLIGATION ON THE PART OF THE
CORPORATIONS.

SECTION 11. REFUNDS.

            11.1 Where this Section is cross-referenced, the portion of Fees
refunded shall be the amount of the Fee actually paid which relates to Nasdaq
100 Futures Contracts which have been issued but not yet expired or cancelled.

SECTION 12. INDEMNIFICATION.

            12.1 Nasdaq warrants and represents that it has the right to grant
the rights to use the Index and Marks specified in this Agreement and that the
license shall not infringe the title or any patent, copyright, trade secret,
trademark, service mark, or other proprietary (INTELLECTUAL PROPERTY) right of
any third party. Nasdaq will as its sole and entire liability and obligation to
Licensee for breach of the foregoing warranty and representation defend,
indemnify, and hold harmless (INDEMNIFY) Licensee (including its officers,
directors, employees, and agents) against any and all claims, demands, actions,
suits or proceedings (DISPUTES) asserting that the Index or any Mark infringes
any Intellectual Property right of any third party, and Nasdaq will pay the
third party the total amount of any award, judgment, or settlement (including
all damages however designated) awarded to such third party resulting from the
Dispute to the extent caused by failure of Nasdaq's warranty.

            12.2 Except as provided below, Licensee agrees to Indemnify the
Corporations (including their respective officers, directors, employees, and
agents) from any and all Disputes as the result of Licensee's failure to fulfill
its obligations under this Agreement, claims relating to or arising from a
Nasdaq 100 Futures Contract, or any other matter relating to or arising out of
this Agreement except to the extent directly caused by actions of the
Corporations and will pay the third party the total amount of any award,
judgment, or settlement (including all damages however designated) awarded such
third party resulting from such Dispute except to the extent directly caused by
actions of the Corporations. Notwithstanding anything to the contrary in this
Agreement, the CME shall not indemnify or hold the Corporations harmless against
any and all judgments, damages, costs or losses of any kind (including
reasonable attorneys' fees) as a result of any claim, action or proceeding that
arises out of or relates to: (i) the willful or intentional misconduct of any of
the Nasdaq parties, (ii) miscalculation or errors in the Index or any data
included therein originated by Nasdaq or its agents acting within the

                                       10

<Page>

scope of their authority, or (iii) any breach by Nasdaq of its
representations, warranties or agreements made in this Agreement.

            12.3  The right to be  Indemnified  shall apply to a Dispute  only
if:

            (a)  the party seeking indemnification promptly, and within no more
            than 5 calendar days of its receipt of notice of a Dispute, gives
            Notice to the other party of the Dispute;

            (b) the party seeking indemnification cooperates fully with the
            other party in the defense thereof (such cooperation does not
            require and is without waiver by either party of any attorney/
            client, work product, or other privilege);

            (c) the indemnifying party has sole control of the defense and all
            related settlement negotiations.

            12.4 In the event of a Dispute involving infringement, or if in
Nasdaq's opinion such a Dispute is likely to occur, or if the use of the Index
or Marks is enjoined, Nasdaq may, at its sole option and expense, procure for
Licensee the right to continue using the Index or Marks, replace or modify the
Index or Marks to cause them to become non-infringing, or terminate the Term of
the Agreement (with a refund of Fees as calculated in Section 11).

SECTION 13. LIMITATION OF LIABILITY. EXCEPT FOR LIABILITY RESULTING FROM THE
WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF THE CORPORATIONS AND EXCEPT TO THE
EXTENT STATED IN SECTIONS 12 AND 16, THE TOTAL AMOUNT OF THE CORPORATIONS'
LIABILITY FOR CLAIMS OR LOSSES BASED UPON, ARISING OUT OF, RESULTING FROM OR IN
ANY WAY CONNECTED WITH THE PERFORMANCE OR BREACH OF THIS AGREEMENT, WHETHER
BASED UPON CONTRACT, TORT, WARRANTY, OR OTHERWISE, SHALL IN NO CASE EXCEED THE
AVERAGE ANNUAL LICENSE FEES ACTUALLY PAID TO NASDAQ HEREUNDER (OR IN THE CASE OF
THE FIRST YEAR AFTER THE DATE OF EXECUTION OF THE AGREEMENT, $100,000). THE
ESSENTIAL PURPOSE OF THIS PROVISION IS TO LIMIT THE CORPORATIONS' LIABILITY
UNDER THIS AGREEMENT. BOTH PARTIES UNDERSTAND AND AGREE THAT THE TERMS OF THIS
AGREEMENT REFLECT A NEGOTIATED AND REASONABLE ALLOCATION OF RISK AND LIMITATIONS
GIVEN THE COMMERCIAL REALITIES OF THE TRANSACTIONS.

SECTION 14. CONSEQUENTIAL DAMAGES. EXCEPT AS NOTED IN SECTION 12 AND EXCEPT FOR
BREACH OF SECTION 16, THE CORPORATIONS SHALL NOT BE LIABLE TO THE LICENSEE OR
ANY OTHER PERSON FOR ANY LOST PROFITS, ANTICIPATED PROFITS, LOSS BY REASON OF
SHUTDOWN IN OPERATION OR INCREASED EXPENSES

                                       11

<Page>

OF OPERATION, LOSS OF GOODWILL, LOSS CAUSED IN THE SALE OF, PURCHASE OF, OR
BY NASDAQ 100 FUTURES CONTRACTS, OR CONSEQUENTIAL, INCIDENTAL, INDIRECT,
PUNITIVE, OR SPECIAL DAMAGES, EVEN IF THE CORPORATIONS HAVE BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES.

SECTION 15. FORCE MAJEURE. Notwithstanding any other term or condition of this
Agreement, neither Nasdaq nor Licensee shall be obligated to perform or observe
its obligations undertaken in this Agreement (except for obligations to make
payments hereunder) if prevented or hindered from doing so by any circumstances
beyond its control, including, without limitation, acts of God, perils of the
sea and air, fire, flood, drought, war, explosion, sabotage, terrorism, embargo,
civil commotion, acts of any governmental body, supplier delays, communications
or power failure, equipment or software malfunction, and labor disputes.

SECTION 16. CONFIDENTIALITY. Each party shall protect information declared by
the other to be CONFIDENTIAL or PROPRIETARY. In fulfilling its confidentiality
obligations, each party shall use a reasonable standard of care, which shall not
be less than the standard of care which it uses to protect its own similar
confidential or proprietary information. All confidential or proprietary
information must be conspicuously marked PROPRIETARY or CONFIDENTIAL.
Information revealed orally becomes subject to protection when related to marked
written materials or when designated as PROPRIETARY or CONFIDENTIAL as long as
the designation is confirmed in writing within 10 calendar days of the
designation. Either party (including the Corporations) may disclose information
to the extent demanded by a court, revealed to a government agency with
regulatory jurisdiction over the party (including the Corporations), or in the
party's regulatory responsibilities over its members, associated person,
issuers, or others under the Exchange Act, CEA, or similar applicable law. The
obligation of non-disclosure shall not extend to: (1) information which is then
already in the possession of the party (including the Corporations) while not
under a duty of non-disclosure; (2) information which is generally known or
revealed to the public or within the applicable industry; (3) information which
is revealed to the party (including the Corporations) by a third party--unless
the party (including the Corporations) knows that such third party is under a
duty of nondisclosure; or (4) information which that party (including the
Corporations) develops independently of the disclosure. Each copy, including its
storage media, shall be marked with all notices which appear on the original.
The obligation of non-disclosure shall survive for a period of three years from
the date of disclosure.

SECTION 17. NON-USE OF NASDAQ NAME AND MARKS. Except as provided hereunder,
Licensee shall not use the names National Association of Securities Dealers
Inc., The Nasdaq Stock Market, Inc., "NASD," or "Nasdaq," in any advertising or
promotional media without the prior written consent of Nasdaq. Except as
provided hereunder, Licensee shall not use any trademark, service mark,
copyright, or patent of the Corporations, registered or unregistered, without
written consent of Nasdaq.

                                       12
<Page>

SECTION 18. SURVIVAL OF PROVISIONS. The terms of this Agreement shall apply to
any rights that survive through the Life of this Agreement or the cancellation,
termination, or rescission of this Agreement, namely--Confidentiality, Non-Use
of Nasdaq Name and Marks, Indemnification, any warranties, and any rights that
Licensee may have under Section 8.5.

SECTION 19. CANCELLATION.

            19.1 Either party may elect, without prejudice to any other
rights or remedies, to terminate the Term of this Agreement, upon ***** days
Notice with an opportunity to cure within the stated period, if the other
party has failed to perform any material obligation under this Agreement.
Nasdaq may elect, without prejudice to any other rights or remedies, to
terminate this Agreement, upon ***** days Notice with an opportunity to cure
within the stated period, if Nasdaq 100 Futures Contracts have not commenced
trading on Licensee's market within one year of the date the CFTC designates
Licensee as a contract market to trade Nasdaq 100 Futures Contracts.

            19.2 Either party may elect, without prejudice to any other
rights or remedies, to terminate the Term of this Agreement without Notice,
if a petition in bankruptcy has been filed by or against the other party or
the other party has made an assignment for the benefit of creditors, or a
receiver has been appointed for the other party or any substantial portion of
the other party's property, or the other party's or its officers or directors
takes action approving or make an application for any of the above.

            19.3 Licensee represents and warrants that at each time there is
any Issuance of a Nasdaq 100 Futures Contract it and each of its involved
entities shall have all applicable authority to Issue such futures contract
or futures option contract and that each such futures contract or futures
option contract is issued strictly in accordance with all applicable legal
requirements. If Nasdaq reasonably believes that any Nasdaq 100 Futures
Contracts is illegal or has been illegally issued, Nasdaq may elect, without
prejudice to any other rights or remedies, to terminate this Agreement with
reasonable Notice, provided there is an opportunity to cure within the period
specified in the Notice.

            19.4 Either party may elect, without prejudice to any other
rights or remedies, to terminate this Agreement, with ***** days Notice (or
in the event of an emergency, with such Notice as is practicable), if either
party's ability to perform its obligations under this Agreement is
substantially impaired by any statute, rule, regulation, order, opinion,
judgment, or injunction of the SEC, CFTC, a court, an arbitration panel, or
governmental body or Self-Regulatory Organization with jurisdiction or
control over the party.

            19.5 Upon any termination of the Term of this Agreement, Licensee
shall not list for trading additional series of Options on Nasdaq 100 Futures
Contracts except in expiration months already listed on the date of such
termination; provided, however, that Licensee may continue to list additional
series in the two near-term expiration months until expiration of Options on
Nasdaq 100 Futures Contracts in the last expiration month already listed on the
date of such termination.

                                       13
<Page>

SECTION 20. SUBSEQUENT PARTIES; LIMITED RELATIONSHIP. This Agreement shall inure
to the benefit of and shall be binding upon the parties hereto and their
respective permitted successors, or assigns. Licensee shall not assign this
Agreement (including by operation of law) without the written consent of Nasdaq.
Nothing in this Agreement, express or implied, is intended to or shall (a)
confer on any person other than the parties hereto (and any of the
Corporations), or their respective permitted successors or assigns, any rights
to remedies under or by reason of this Agreement; (b) constitute the parties
hereto partners or participants in a joint venture; or (c) appoint one party the
agent of the other.

SECTION 21. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof, and supersedes
all prior negotiations, communications, writings and understandings.

SECTION 22. GOVERNING LAW. This Agreement shall be deemed to have been made in
the United States, District of Columbia and shall be construed and enforced in
accordance with, and the validity and performance hereof shall be governed by,
the laws of the District of Columbia, without reference to principles of
conflicts of laws thereof. Licensee hereby consents to submit to the
jurisdiction of the courts in or for the District of Columbia in connection with
any action or proceeding instituted relating to this Agreement.

SECTION 23. AUTHORIZATION. This Agreement shall not be binding upon a party
unless executed by an authorized officer of that party. Licensee, Nasdaq, and
the persons executing this Agreement represent that such persons are duly
authorized by all necessary and appropriate corporate or other action to execute
the Agreement on behalf of Nasdaq or Licensee.

SECTION 24. HEADINGS.  Section  headings are included for convenience only and
are not to be used to construe or interpret this Agreement.

SECTION 25. NOTICES. All notices, invoices, and other communications required to
be given in writing under this Agreement (NOTICES) shall be directed to the
persons identified in subsections (a) and (b) below and shall be deemed to have
been duly given upon actual receipt by the parties, or upon constructive receipt
if sent by certified mail, return receipt requested (as of the date of signature
or of first refusal of the return receipt), or any other delivery method which
obtains a signed delivery receipt, addressed to the persons named below at the
addresses identified below or to such other address as any party shall hereafter
specify by written Notice to the other party hereto:

(a)   if to Licensee:
                  Name:         Norman R. Mains
                  Title:        Senior Vice President and Chief Economist
                  Address:      Chicago Mercantile Exchange
                                10 South Wacker Drive
                                Chicago, Illinois  60606
                  Telephone #:  (312) 930-2740

                                       14
<Page>

                  with copies to:

                  Name:         Paul B. O'Kelly
                  Title:        Senior Vice President and General Counsel
                  Address:      Chicago Mercantile Exchange
                                10 South Wacker Drive
                                Chicago, Illinois 60606
                  Telephone #:  (312)930-8510

(b)   if to Nasdaq:

                  Name:         John Wall
                  Title:        Executive  Vice  President,   The  Nasdaq  Stock
                                Market, Inc.
                  Address:      The Nasdaq Stock Market, Inc.
                                11th Floor
                                1735 K Street, N.W.
                                Washington, D.C.  20006
                  Telephone #:  (202) 728-8020

With, in the event of notices of Dispute or default, a required copy to:

      The Nasdaq Stock Market, Inc.
      1735 K Street, N.W.
      Washington, D.C. 20006
      Attn: Office of General Counsel - Nasdaq Contracts Group

SECTION 26. AMENDMENT, WAIVER, AND SEVERABILITY.

            26.1 Except as otherwise provided herein, no provision of this
Agreement may be amended, modified, or waived, unless by an instrument in
writing executed by a duly authorized officer of the party against whom
enforcement of such amendment, modification, or waiver is sought (CONSENT).

            26.2 No failure on the part of Nasdaq or Licensee to exercise, no
delay in exercising, and no course of dealing with respect to any right, power,
or privilege under this Agreement shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power, or privilege preclude
any other or further exercise thereof or the exercise of any other right, power,
or privilege under this Agreement.

            26.3 If any of the provisions of this Agreement, or application
thereof to any person or circumstance, shall to any extent be held invalid or
unenforceable, the remainder of this Agreement, and the application of such
terms or provisions to persons or circumstances other than those as to which
they are held invalid or unenforceable, shall not be affected thereby and each
such term and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

                                       15
<Page>

SECTION 27. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, and such counterparts
together shall constitute but one and the same instrument.

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their duly authorized officers.

The Nasdaq Stock Market, Inc.
(NASDAQ)

By:       /s/ John T. Wall
         ---------------------
Name:    John T. Wall
Title:   Executive Vice President
Date:    April 3, 1996

Chicago Mercantile Exchange
(LICENSEE)

By:       /s/ William J. Brodsky
         ---------------------------
Name:    William J. Brodsky
Title:   President and Chief Executive Officer
Date:    April 5, 1996

                                       16

<Page>

           Amendment to Licensing Agreement for the Nasdaq 100
    Index-Registered Trademark- FOR NASDAQ 100-RELATED FINANCIAL
    PRODUCTS TRADED ON ORGANIZED MARKETS

           This AMENDMENT amends the above referenced Agreement between the
Chicago Mercantile Exchange (CME) and The Nasdaq Stock Market, Inc. (NASDAQ),
dated April 3, 1996, in the following ways.

           1.  CME wishes to disseminate a number which it represents is an
      unofficial value which mimics the value of the Nasdaq 100
      Index-Registered Trademark- (INDEX), but is disseminated more often
      than the Index (QUICK CASH VALUE) only on the floor of its market, and
      only to its members (and incidental invitees) while on the floor of its
      market.

           2.  Using a mutually agreed upon notice, CME will appropriately
      notify its members of the nature of the Quick Cash Value, including,
      that: (1) Nasdaq has no responsibility or liability for the creation,
      calculation, accuracy, or dissemination of the Quick Cash Value; and
      (2) the Quick Cash Value may or may not accurately reflect the value of
      the Index.

           3.  The Quick Cash Value is neither an Index nor a Substitute
      Index for purposes of the Agreement.

Chicago Mercantile Exchange (CME)

By:       /s/ William J. Brodsky
         ---------------------------
Name:    William J. Brodsky
Title:   President and CEO
            AUTHORIZED OFFICER
Date: ________________________

Executed this _____ day of _________, 19___, for and on behalf of:

The Nasdaq Stock Market, Inc. (NASDAQ)
By:       /s/ Richard Ketchum
         ---------------------
Name:    Richard Ketchum
Title:   Executive VP
            AUTHORIZED OFFICER
Date:    5/6/96

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