VOLUME 21 - BULLETIN #154

The Board of Governors of the Board of Trade Clearing Corporation is pleased to announce that at its meeting on Wednesday, July 18, 2001, Dennis M. Murray was elected to the Board and Governor Michael C. Dawley was appointed First Vice Chairman of the Board. These appointments follow the resignation from the Board of Bernard W. Dan as Governor and First Vice Chairman.

Mr. Murray was elected to the Clearing Corporation’s Board of Governors for a term expiring in February 2002 to fill a vacancy caused by Mr. Dan’s resignation from the Board. Mr. Murray is a Vice President with J.P. Morgan Futures, Inc., where he is Regional Operations Manager for the Americas. At J.P. Morgan Futures, Mr. Murray manages and directs clearing, processing, settlements, deliveries and treasury operations, plus collateral management, accounting and client services.

Mr. Dawley is Vice President, Global Co-Head of Futures Services at Goldman, Sachs & Co. in New York. Mr. Dawley oversees Goldman Sachs’ global futures business. Mr. Dawley was elected to a three-year term as Governor of the Clearing Corporation in February 2000.

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