Michael J. Brinati, President and Chief Executive Officer, Iowa Grain Company (Group B Governor)

Mr. Michael J. Brinati is President, Chief Executive Officer and a principal shareholder of Iowa Grain Company, a Chicago-based Futures Commission Merchant clearing member. Mr. Brinati joined Iowa Grain Company in 1984, and shortly thereafter assumed management responsibilities as an officer and director of the firm. He has actively participated in executive management of Iowa Grain Company since the commencement of his tenure in 1984, and he assumed responsibilities as President and CEO in 1991. This is Mr. Brinati's second three-year term as a Clearing Corporation Governor.

Mr. Brinati is a full member of the Chicago Board of Trade and has been a member of the CBOT since 1984. He is an active floor broker and proprietary trader in the soybean quadrant on the CBOT trading floor. Mr. Brinati has served on a number of CBOT Committees, including the Soybean, Soymeal and Soyoil Committees, as well as the CBOT Finance & Operations, Computer and Telecommunications Committees and the Task Force for the Mansfield Room. Along with these duties, Mr. Brinati has served and currently serves as director of other private and publicly held companies.

Mr. Brinati received a Bachelor of Science degree from Northern Illinois University in 1983.

John L. Pietrzak, Sole Proprietor, Longwood Trading (Group B Governor)

Mr. John L. Pietrzak has been a sole owner clearing member of the Clearing Corporation, doing business under the name Longwood Trading, since 1997. From 1998 to the present, Mr. Pietrzak has been a Risk Consultant for Cassandra Group and Eroom Securities. From 1997 to 1998, he was a partner with Sparta Group, a Chicago Board Options Exchange proprietary trading firm. From 1995 to 1996, Mr.

Pietrzak was a partner with Cassandra Group, L.P., an equity options trading fund. Prior to beginning his career as a trader in 1979, Mr. Pietrzak was a member of the professional staff at Price Waterhouse & Co.

Mr. Pietrzak has been a full member of the Chicago Board of Trade since 1979 and a member of the Chicago Board Options Exchange since 1987. He served on the CBOT's Board of Directors in 1993, 1994 and 1995. In addition, he has served on many CBOT Committees, including service as Chairman of the Appellate, Communications, Nominating and Workstation Committees and service as a member of the Business Conduct, Common Goals Technical, Market Efficiency, Market Report & Quotations, Market Development, Regulatory Compliance, Strategic Plan Implementation, Strategy, Technology and Corn Committees.

Mr. Pietrzak is active with various charity boards. Mr. Pietrzak received a Bachelor of Arts degree in Accounting and Finance from the University of Notre Dame in 1977.

Mr. Joseph J. Murphy is the President of Refco, Inc., one of the world's largest global FCMs, is the Chief Executive Officer of Refco Global Futures, and is the Executive Vice President of Refco Group Ltd., LLC. The Refco Group provides a broad range of global financial services to clients throughout the world. In addition to being one of the largest institutional and retail brokers, Refco has a significant locals clearing operation. Prior to joining Refco, Mr. Murphy served at HSBC Futures as Executive Managing Director in charge of North American futures, cash securities and OTC derivative sales. Mr. Murphy began his financial career with Chase Manhattan Bank in 1983, where he worked in the treasury, securities and derivatives areas. While at Chase, he focused on balance sheet and distribution issues, sales and trading.

Mr. Murphy has been a full member of the Chicago Board of Trade since 1996. Mr. Murphy's other professional affiliations include memberships with the Chicago Mercantile Exchange, New York Board of Trade, and New York Mercantile Exchange. He is also a member of the Board of Directors of the Futures Industry Association.

Mr. Murphy received his Bachelor of Science degree from Providence College.