VOLUME 20 – BULLETIN #47

TO:	ALL CLEARING MEMBERS
FROM:	Dennis A. Dutterer President and Chief Executive Officer
DATE:	February 16, 2000
SUBJECT:	Annual Meeting of Stockholders Held on February 16, 2000

The following are highlights from the Annual Meeting of Stockholders of the Board of Trade Clearing Corporation (“BOTCC^®”) held on February 16, 2000:

Election of Governors

The following individuals were elected to the Board of Governors, each to serve for a three-year term expiring in February, 2003:

Mr. Dawley is Vice President, Global Head of Futures Operations at Goldman, Sachs & Co. ("Goldman Sachs") in New York. Mr. Dawley joined Goldman Sachs in 1985 reporting to the Partner in charge of Futures Services. His responsibilities with Goldman Sachs have been concentrated in the area of futures with a focus on international clients, exchanges, technology and related operational issues. Mr. Dawley's work at Goldman Sachs also involves substantial interaction with regulators, exchanges, and clearing houses globally. Presently, Mr. Dawley oversees Goldman Sachs' futures operations in Tokyo, Seoul, Hong Kong, Singapore, London, Paris, Frankfurt, Chicago, New York and Montreal. Prior to joining Goldman Sachs, Mr. Dawley worked on the floor of the Chicago Board of Trade for E.F. Hutton (from 1978-1982) and traded independently.

Mr. Dawley currently serves as a Director of the FIA Operations Division. Mr. Dawley also is a member of the Goldman Sachs Global Exchange Review Committee, which reports to Goldman Sachs' Risk Committee. The Global Exchange Review Committee periodically reviews and evaluates, on an internal basis, exchanges and clearing entities worldwide.

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Mr. Dawley, originally from Chicago, is married and now lives in Sleepy Hollow, New York. He works with several charities, including Habitat for Humanity, Trout Unlimited and Goldman Sachs Community Teamworks.

Wendell A. Kapustiak, Senior Vice President, Merrill Lynch Futures Inc. (Group A Governor)

Mr. Kapustiak is a Senior Vice President of Merrill Lynch Futures Inc. and a First Vice President and Senior Director of Merrill Lynch International. For the last four years he has lived in London where he has held the positions of Director of Global Futures Clearing, Director of Global Futures Operations, and Director of Futures, Debt and Core Operations. Mr. Kapustiak will relocate to Chicago during the summer of 2000 to once again assume the role of Director of Global Futures Operations. Before joining Merrill Lynch in 1994 he was Vice President of Futures Research with Dean Witter Discover, and before that he ran Operations and Technology for Discount Corporation of New York Futures. Mr. Kapustiak started his career in mortgage banking and joined ACLI Government Securities in 1976, rising to the position of Vice President, Senior Mortgage Securities Trader. While with ACLI he purchased a T-Bond Permit on the Chicago Board of Trade. In 1980 he joined Mark Lahey and Co., an introducing broker, and executed client orders, eventually converting the Permit to an Associate Membership. He joined LaSalle Capital Management, rising to the post of President, before joining Discount Corporation in 1986.

Mr. Kapustiak is a member of the Board of Directors and Chairman of the Operations Committee of the London Clearing House. He is a member of the London Chapter of the Futures Industry Association and a member of the Steering Committee for the Clearing and Settlement Forum of the Futures and Options Association in London.

Mr. Kapustiak received his B.A. in 1972 and Masters of Management in 1974 from Northwestern University, with concentrations in Finance and Economics.

Michael A. Manning, Executive Vice President, Chief Operating Officer, Rand Financial Services, Inc. (Group B Governor)

Mr. Manning, who has worked in the futures industry for over 27 years, is the Executive Vice President and Chief Operating Officer of Rand Financial Services, Inc. Prior to assuming his position with Rand Financial Services, Mr. Manning was Senior Vice President at Goldberg Brothers and its successor, LIT America, Inc., where he was responsible for the operations and floor trader divisions. While at LIT, Mr. Manning also served as a member of the executive committee, in addition to serving on LIT's Board of Directors. Prior to LIT, Mr. Manning worked at

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Salomon Brothers. This is Mr. Manning's second three-year term as a BOTCC Governor.

Mr. Manning has been a member of the CBOT since 1989, where he has served as a full member Director since 1995. Mr. Manning currently serves on the Regulatory Compliance, Strategy and Technology Committees, as well as the Trading Floor Efficiency Sub-committee. Mr. Manning has also served on the CBOT/CME Common Clearing, Floor Conduct, Hearing, Membership, Human Resources and Operations Committees, plus several task forces. Mr. Manning is a member of the Index and Option Market Division of the Chicago Mercantile Exchange. He is also a member of the New York Mercantile Exchange, the New York Board of Trade, and the New York Commodities Exchange.

Mr. Manning is a former member of his local school board, the last two years as President. A Native of Chicago, Mr. Manning and his wife, Diane, reside in Valparaiso, Indiana with their four children.