The following are highlights from the Annual Meeting of Stockholders of the Board of Trade Clearing Corporation held on February 19, 2003:

Election of Governors

The following individuals were elected to the Board of Governors, each to serve for a three-year term expiring in February, 2006:

Michael C. Dawley, Vice President, Global Futures Services, Goldman, Sachs & Co. (Group A Governor)

Mr. Dawley is Vice President, Global Futures Services, at Goldman, Sachs & Co. ("Goldman Sachs") in New York. He is a member of the firm’s senior management team with responsibilities including exchange, clearing, and regulatory oversight. Mr. Dawley has been with Goldman Sachs for 18 years, the first 11 years in Chicago and the last 7 years in New York. He began his career at E.F. Hutton and has been involved in the industry for 25 years in numerous different capacities, including independent trader, sales and marketing, and head of global futures operations. Mr. Dawley currently is a member of the Chicago Board of Trade and Chicago Mercantile Exchange. He also is a member of the CBOT FCM Committee and the CME Clearing House Risk Committee, and is Vice Chairman of the Futures Industry Association.

Mr. Dawley was elected to a three-year term as Governor of the Clearing Corporation in February, 2000 and was re-elected to a second term as a Governor of the Clearing Corporation in February, 2003. Mr. Dawley served as First Vice Chairman of the Board from July, 2001 to February, 2002 and as Chairman of the Board from February, 2002 to February, 2003. Mr. Dawley was re-elected to serve as Chairman of the Board through February, 2004.

Wendell A. Kapustiak, Managing Director, Merrill Lynch, Pierce, Fenner & Smith Incorporated (Group A Governor)

Mr. Kapustiak is Managing Director of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”). He has over 27 years of experience in the derivatives industry, during this time gaining experience as a trader and introducing broker, as well as background in futures research, operations and technology. From 1996 to 2000, Mr. Kapustiak was based in London where he held the positions of Director of Global Futures Clearing, Director of Global Futures Operations, and Director of Futures, Debt and Core Operations at Merrill Lynch. Mr. Kapustiak relocated to Chicago in 2000 to assume his present role as Merrill Lynch’s Director of Global Futures Operations. Mr. Kapustiak was elected to a three-year term as a Governor of the Clearing Corporation in February, 2000 and was re-elected to a second three-year term on the Clearing Corporation Board in February, 2003.

Gerald F. Corcoran, Chief Executive Officer, R.J. O'Brien & Associates, Inc. (Group B Governor)

Mr. Corcoran has worked in the derivatives industry since 1987, when he joined R. J. O’Brien & Associates, Inc. (“RJO”). During his tenure with RJO, Mr. Corcoran has served RJO in several capacities, including that of Chief Financial Officer, Chief Operating Officer, and has served as RJO’s Chief Executive Officer since June, 2000. Mr. Corcoran also is a member of RJO’s Board of Directors. Mr. Corcoran was elected to a three-year term as a Governor of the Clearing Corporation in February, 2003.

Mr. Corcoran is a former member of the Chicago Mercantile Exchange, where he served on the Clearing House Committee.