Required for: all applicants, for any role.

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  CCPE Participant / Membership Agreement
  *** PLACEHOLDER — FINAL DOCUMENT PENDING ***
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PARTICIPANT / MEMBERSHIP AGREEMENT

By acknowledging below, the applicant, on behalf of the firm it represents, agrees to the terms of
participation (membership) in the Chicago Commercial Paper Exchange, including:

1. The firm agrees to be bound by the Exchange Rules and all Exchange policies and procedures as
   amended from time to time.

2. The firm agrees to the rights and obligations of a participant for each role for which it is
   approved (Issuer, Investor, Dealer, Market Maker, Trader).

3. Participation continues until terminated in accordance with the Exchange Rules; the Exchange may
   suspend or terminate participation for cause.

(This is placeholder text describing the intended scope only. The final, authoritative Participant /
Membership Agreement will replace this document. The acknowledgment you provide in the portal is
recorded now and will be reconciled against the final document.)